My theory on how EOS will attempt a hostile takeover
So everyones favorite coin to hate EOS is picking up more and more steam and is on a collision course with Ethereum as the main net approaches. I point out the ETH as it main opponent as Dan himself has said he wants to destroy it and he may actually have some tools to help him in his quest.
Currently we are entering the final month of the year long ICO for EOS and this time EOS has amassed a war chest of Eth. Some estimates state they may own as much as 7% of the total supply and this is where we have an issue.
This pictures shows 220,000 Eths being sent from the EOS wallet to their Bitfinix wallet. Also note the date on which the transaction was sent, you will notice it coincides with the recent ETH dip but was before the fake SEC news really gained traction. which leads me to my next point.
If EOS truly wanted to make it seem as if people were jumping ship and make the narrative that EOS marketcap is gaining due to it being a better alternative to ETH this is how is can see it playing out.
After the main net launch and prices have settled, EOS can start a fud campaign against ETH and its scalability all while performing thousands of spam transactions to clog up the network. Soon after send mass amounts of ETH to be sent to Bitfinix and begin to bleed the price. This wouldn't happen in a day, but over the course of a few days all while using the excess funds to pump the price of EOS. The bleeding of ETH and the pumping of EOS, couple with the fud campaign will whip the crowds into a frenzy. As we have seen in the past, the crypto space has a herd mentality so it wouldn't take much to get this ball rolling.
Again this is just my theory ( or what I would do ) on how this whole situation may play out. There is no concrete evidence that they plan to deploy these gorilla tactics but we have seen what can happen when one group decides to irresponsibly dump on the market ie Mt gox trustee.
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All part of the masterplan I reckon. He out game theoried Vitalek. If I was them I would make the so called spam attacks less like what Roger and co do to bitcoin and more of an all out cat attack. Start buying up and breeding crypto kitties so that hype is up for a bit, time it close to a nice ico. Show ETH still cant handle these small issues while boasting all the stuff working on your days old platform at speeds that are orders of magnitude faster. All while dumping that ETH.
The entire business strategy of EOS has been brilliant, hopefully the platform lives up to the same standards.
Ha ha, I'm pretty sure it will, and we'll find out for sure soon enough.
I'm no EOS fan, but this is really all just hypothetical. No evidence to substantiate most of this.
What don't you like about it?
We'll find out on June 1 2018.
@tolkatore, but they will sell their ETH for sure. They would just need funds to pay coders and stuff, and these funds are immense. I bet Dan is top 7 richest crypto guy right now X)
Yep, they are definitely going to dump all their Ethereum, and I wouldn't doubt if Dan was even higher on that list, because he has done so much.
not sure why the other people think block.one/eos will hodl eth when they dont believe in it.
Delusion... that's all.
Fuck, how much money this guy have. These dumped ethereums are 1/2 of all the profit the whole Russia made in 2017.
Like, the whole fucking taxes of 140 million people.
He's so fucking smart. gees.
I would 100% go nuts if I have these money. Would start buying cars, girls, and other shit. Maybe Dan already done it after BTS succeess. Would it drive you nuts if u'll have that money?
it was posed as a hypothetical so i'm not sure why you'd expect anything to substantiate it. I am an eos fan and hope they do this.
Can you Imagine the downfall of Eth being their highway clogged with furballs. That would be the most epic end in history.
I totally agree with you. You said some good stuff really.
This is a pretty interesting theory
we shall see how it play s out
Yes of course. Only time will tell
It could be possible. Maybe it should start buying Eos after reading this.
But I do see Neo surpassing Ehtereum before Eos does.
Mmh gives me a strange feeling this post. I knew that the cryptomarket is like the wild west but I couldn’t have come up with this.
I still have no clue what to think about EOS and this doesn’t makes it easier!
Remeber it's just a theory but one that could really be pulled off. I prefer Neo over ETH as well, and that because they aren't rushing to put a million trash tokens onto their platform.
I am a large holder of EOS so this would benefit me, but this could end up to messy for my liking.
For some reason I did not purchase EOS. And now the price is above my max price for EOS. So I will have to sit it out and count on my other coins.
I do have more blockchain platform however, I do hope that Stratis and for sure Neblio can blossom!
So, let's hope for you that EOS will rule! And that NEO, Stratis and Neblio may fill up the remaining places in the top 5. Let's put steem on 6 :)
I know that it is just a theory but never thought about such things. It could happen, but than they have to make sure to clear their marks. Otherwise it could explode them in the face.
EOS was a lucky draw for me, a friend forced me to buy it when it dropped to 47 cents. Im not sold on stratis but neblio is awesome, did their ICO as well, sadly sold all of it at $3 :(.
If you are looking for another platform, Nuls is a sleeping monster that has be plugging away as development and they hold tiered MN.
As for clearing their mark. They could literally cover it up by reviving crpyotkitties and do all the transactions in that manner. no way to tell who is moving what.
agree with the nuls plug
You know it lol
Will look into Nuls. The problem is that I am trying to size down my portfolio in number of assets :(
But you always should look into tips given to you!
Just took a quick look at Nuls.
Seems like a decent platform, which lots of potential. Also I like the fact that at the moment there are only 40.000.000 in circulation. The downside is that 5.000.000 will be created each year to reward the miners and to keep the network safe. That's quite a lot in the beginning, because it will create some real infliation. Besides that, some of the staked coins belonging to the developers and founders will also be released.
So, I do worry a little bit about the inflation, but at the moment it is 57% away from its all time high. So investing now could still be a good thing to do.
Thx for pointing me to Nuls, now it is up to me to decide if I will invest our not! Maybe, I could sell my RDD (with a loss) to purchase these.
Well that 5million in inflation is whast going to motivate owners to be holders. Those running agent node will be making so nuch they will not want to sell.
Add the fact that the platform already has some partners lined up so run on the platform it could balance out very quickly.
Really interesting idea.. I think it sounds reasonable, so I shared link to this article in EOS thread in BlockchainForums
https://blockchainforums.info/topic/321/eos-will-become-new-ethereum/11
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Hype the crypto!
They don't need to cheat, EOS is a superior product!
Remains to be seen.
I agree this is possible due to poor liquidity but I don’t think it likely. I believe Dan wants to kill Ethereum technically, not by market cap. I think he wants to prove he has developed a better product rather than simply saying it’s worth more. The ICO is already much more successful than the ethereum crowd sale. I think EOS could replace ethereum as No 2 crypto. It will be difficult due to ethereum first mover advantage and the Dapps already live on their network but given the hype surrounding EOS I can see it happening unless a huge technical flaw is discovered in EOS. Even then, ethereum recovered from the DAC fiasco so anything is possible!
I agree. I believe this will come down to who has the better tech, but not everything will be played as fair as you would assume.
I think Dan, Brenden and the team have for the most part taken the high road on most of this and tried to keep their noses clean. If the tech is just half as good as they say it is, time is all they need. They won't need to play games they will just get them hauled in front of various congresses, parliaments, firing squads, etc...
Is it really a game? These funds were collected to be sold not held, and there is no stipulation on how they do so.
No, not a game at all. I guess what I meant to say is that I think they will sell them in a way to maximize their return and not to manipulate the price of ETH down. (Perhaps an over the counter transfer which is how I would do it.) At some point, they know regulations are coming and perhaps retroactively. They have a lot of lawyers to keep them out of harms way (thus no sales in the US and China) and I don't think they will risk market rigging accusations
I definitely think this is a possibility.
No reason not to.
I'm keeping an eye to EOS to see what will happen next. Their project sounds good and I hope they can make it even more valuable in the future.
In crypto you never know.
I agree! That's why when I learned crypto, I started monitoring the news about certain coins and their roadmaps to see if they can make it real in a span of time because we know things can change anytime in an instant.