Could Ethereum Be Made Obsolete By The New Decentralized Smart Contract Platform EOS?
Some people have put the label “Ethereum hater” on me because I recommended selling it when it hit $400 in June.
I’m far from an Ethereum hater though. In fact, I was recommending it before most people who own Ethereum today even knew it existed. I recommended it to TDV subscribers at $2 in January 2016.
I’ve been a fan of Ethereum from before it even existed. I met with Anthony Di Iorio and super genius Vitalik Buterin at their office at DECENTRAL in Toronto years ago when Ethereum was just a glimmer in Vitalik’s eye.
But, when I first recommended it, 18 months ago, Ethereum had a $150 million market cap. By the time it hit $400 it boasted over a $30 billion market cap. And I felt it had gone too high, too fast.
And it certainly was getting all the buzz with Vladimir Putin promoting Ethereum and Floyd “Money Maker” Mayweather tweeting about it!
And, it turned out I was right that Ethereum had gone too high, too fast as it currently trades below $200.
Aside from that Ethereum has a lot of issues. Being the first platform of its type it has had lots of problems (ahem… DAO) and lots of limitations and issues. Some of them are part of the design itself… which means it will be difficult if not impossible for Ethereum to adapt or change.
This is where Dan Larimer comes in.
DAN LARIMER
Dan Larimer is another Vitalik like genius.
He has already created Bitshares, a decentralized cryptocurrency exchange which currently has a market cap of $280 million.
After that he created Steem, a decentralized social media platform, which has a market cap of $233 million.
I consider Steem to be truly genius. Not only did Larimer imagine how it could be possible but he designed it all from scratch and it has worked nearly flawlessly since its launch about 18 months ago.
On top of this, Dan is an anarcho-capitalist with a deep understanding of Austrian economics. On his personal blog and non-violence profitable.”
He had me at Austrian economics!
And now he has created EOS.
Suffice it for now to say that EOS competes in the same space as Ethereum and potentially has numerous, major advantages. It could realistically be an “Ethereum killer”.
Although It is still in early stage development and hasn’t even launched yet. But this is where you can potentially get massive gains as an early speculator.
EOS has just begun its ICO and you can still purchase as an ICO, and find out more about it here. Note that, as always, it is not available to Americans.
It has also just begun trading this month on a few cryptocurrency exchanges. Bitfinex and Kraken are two of the more popular ones. As I mentioned yesterday, I really like Bitfinex (and you can get 10% off your commissions in the first month by signing up using this link: dollarvigilante.com/bitfinex)
EOS is still in development and just began trading and EOS is already the 11th largest cryptocurrency by market cap, trading at a $400 million market cap near $1.75.
So far, the parent company, block.one, has already raised over $200 million via token sales. An absolutely staggering amount… and also a good backstop for the value of EOS. Barring something quite crazy happening we shouldn’t see EOS trade much below its cash value.
In the meantime, given the current pullback in the cryptocurrency space, I suggest you try to pick some EOS up at current price levels. At the time of this writing it is trading at $1.74 USD. It was trading at over $5 when it launched earlier this month… and we could see it trading well over $5 very quickly once people find out about it.
You can see my recent interview with Dan Larimer on EOS here:
CONCLUSION
EOS has a star studded cryptocurrency team. Aside from Dan Larimer, who I consider one of the top minds in the space and inventor of the delegated-proof-of-stake (DPOS) consensus algorithm, there is also Brock Pierce, creator of the first ICO token, Mastercoin and Ian Grigg is the financial cryptographer.
If they can follow through on their plans to create this platform there is nothing stopping EOS from being as big, or bigger than Ethereum. Ethereum currently has a market cap of $17 billion while EOS has a market cap of $300 million.
In other words, we could see EOS increase in value by more than 50 times if they succeed.
If they don’t, however, it could go to zero.
So, that is the risk/reward.
For those who wished they had bought a few thousand dollars worth of Ethereum 18 months ago when it was $2 this may be your second chance.
If you do buy some I recommend subscribing to The Dollar Vigilante newsletter (HERE) as we regularly cover and update on all the cryptocurrencies, including EOS.
Here is our track record on cryptocurrencies to date:
We will see in the coming year if EOS is yet another massive gain or not.
Is that supposed to be a good thing in your book? Brock Pierce is a typical morally bankrupt swamp creature, convicted (and subsequently covered up) pedophile, and (unsurprisingly given his pedophile leaning) member of the Clinton Global Initiative.
You should be ashamed of naming that creep as if he was some sort of reference. He is a disgrace to EOS and the crypto community at large.
A vile ponzi jumper if ever I saw one.
He is not saying that he is quitting bitconnect. If you look at his original video(not the highly edited one above), he is stating that he is adding more bitconnect. Please don't edit someone else's video's and post them. People on here may think it is true(because they don't do or know how to do the research). Source of original Craig Grant post above edited from:
Last 30 seconds of this video are gold
Wow, Jeff is backing EOS. That carries some weight for EOS in my opinion. At the same time this is speculation powered by EOS release information. Yes EOS is not yet released. So anything could happen. Speculation can lead to incredible investments and returns yet it also can lead to significant losses.
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Great point about speculation, but I believe that with Dan Larimer's track record of success with STEEM and Bitshares under his belt, Jeff is making more of an educated speculative guess than just handing out blind speculative advise here.
If he started out as a Disney child actor, we know where he got his training, but I was unable to find a record of his conviction, only that he was named in an accusation (Wikipedia).
It's just Jeff changing flavors and going with the new vanilla >>> EOS. No matter which flavor is your fla-vo-right....they have ALL been moving looower since Bitcoin traded to $3000 and Dollar Vigilante signaled "sell!" by partying like he wanted it at $1999.
If you waited a week or so you could have actually had BTC below $1900. All because Jeff "aparently" pee'd in teh punchbowl at BTC $3000.
His recent buy call at BTC $2020 was his "initial" attempt at catching falling knives. He's on the record as saying something along the lines that >>> "Bitcoin Cash will hold good value just becuz ETC"survived." Since Jeff is at least "trying" to act like the "ave" bitcoin and general crypto addict by buying bitcoin above $2000 (and not $3 which will always be Jeff's "ultimate" claim to fame), we will see how he handles the first 50% correction in bitcoin (and everything else) since 2013..."if" that is going to happen here. And if it is going to happen anywhere...one would "think/ass-oom" that it "might" happen here. Can teh cryptoid nation at least "collectively" agree on that? :-)You ready, Dollar Vigilante?
Thats rediculous, being a moral police over affiliation of brock peirce who gives a crap eos is here to make money for us. jeff is helping us with his tip off, u may have more in common with that swamp creature then you know.
I undeerstand you however do you agree that EOS will be the next Etherium ? or even better? your point on this topic is needed.
Nobody cares what he does in his free time as long his code kicks ass.
Lmao did you make this? It's great.
Nope, I wish I had
So far EOS got a ton of attention, a ton of market cap, the token value is still low, I think it's a good idea to buy and hold, accumulate more and more.
Eventually a block chain operating system (as Dan Larimer puts it), EOS will explode with the very first app developed on top of EOS.
Resteemed.
I totally agree. I have a similar sentiment for NEO, Stratis, and Lisk for similar and some different reasons.
Having used Steemit for a while and realising how well built it is I'm really excited about EOS
Now hold on.... even Bitcoin can make both obsolete with RSK.
Yes, I agree. Very exciting that RSK is almost coming!
You' right dude..
Never heard of this! Just googled it. Do I understand it correct that Bitcoin can get smart contracts through RSK? And you can use it.. without buying it?
yeah :)
True, but it also has a lot to do with who has the best FIRST one... maybe :)
You're right dude..
How long will it take? What has to be done?
Interesting read. Thanks for sharing!
Nice post.
How i see all this - EOS deserves to keep an eye on. Somehow i missed the ICO start of EOS, then i Was considering on getting some of them on day six. Then i calm down. I'm glad i did. Sure I will get some EOS. And I still have a plenty of time to do that. Im thinking on putting between 2% and 15% of my present ETH i own - into EOS. i Have purchased all my eth on the 2nd day of its presale. A whole year before its official start. Never spent even one smallest bit of them since then.
HODL is my rule. But another important word is burned forever in my brain too:
DIVERSICATION
Hodl and diversify. Trade a bit if you're feeling brave.
yes !
This is EXACTLY what i do.
The last 3 years
But trading is not HODLING :). I will invest in EOS when i have more FIAT available :).
Awesome - I preach HOdl and diversification in every crypto conversation I'm having with my friends.
And that's one reason I moved ETH to EOS.
50 times to zero is a pretty huge gap. I think they both can survive, personally i like EOS better, the fact that you can run nodes just for your business and not for the entire platform is a big deal to me. Anyway I'll be posting about EOS tomorrow in my series #SUNDAYCOINDAY so people might want to take a look.
Thanks for the updates!
I am sure EOS is going to zero or running away with ICO money
dan larimar is a scumbag
Lol, please present sources to this opinion. Not saying he is or is not. I would like to know how you came up with this reason?
Dude only the token distribution is on ethereum. EOS will be a completely different blickchain.
I saw another Youtuber with over 5k subscribers talking about EOS 3 weeks ago saying the same thing, that EOS is being built on Ethereum.
People that give financial advice without even understanding what they are talking about are very dangerous. No wonder so many people get scammed or don't understand what trading and investing is and loose money in the crypto-sphere.
You can run your own private Etherum node as well.
"You could take into account that EOS is developed itself in Ethereum", bullshit! The token distribution uses Ethereum, and that's it.
@dollarvigilante .. Wooooowww .. Very fantastic .. all the efforts you do succeed .. just just say it, do not forget to share the sustenance you get with the people in need, because out there are very many poor people.
Regard
@steem77
Some pretty impressive picks you have there Jeff. I also think that EOS has a very large potential, and when you think of it as a platform that could rival Ethereum, or even work in the same relm as a competitor, the potential value is much, much larger than current market price. Although I am curious to see what the price will be at the end of the year long ICO, I thik the tech can do great things. Cheers.