A Twitter exchange about the EOS, and its lackluster performance, has renewed its focus on Block.one’s Bitcoin reserves.
Merchant @i_am_jackis asked the Twitterverse why the EOS market cap is “still 1.2B ?,” adding that EOS owners should go ahead and sell for BTC.
“How come the EOS is still 1.2B mcap? If people just play to BTC we can all enjoy umpa lumps ”
The EOS has been unpopular with users, mainly due to its disappointing and poor price action over the years. As a result, some have labeled an EOS ghost chain.
The EOS has lost its shine
Block.one’s one -year Initial Coin Offering (ICO), which ended in June 2018, is growing exponentially. $ 4.1 billionmaking the largest capital increase in crypto history.
Due to the amount raised, expectations for the EOS are high. And Block.one promises an “Ethereum-killer” that can do a superior dApp platform.
Unfortunately, not everything happens that way. A series of adverse events, incl claim whether EOS cannot reach speeds of 5,000 to 1,000,000 transactions per second and the Delegated Proof-of-Stake (DPoS) chain is very centralizedshake the project.
“Based on these findings, it becomes clear that EOS is almost identical to a centralized cloud computing architecture without the basic components of a blockchain or peer-to-peer network.”
Four years from the ICO close, the user base has been shrink significantly, and dApps fail to generate the same appeal as seen in competing chains. But more importantly, the price of the EOS has stopped since its April 2018 peak of $ 22.70.
With the exception of a brief fakeout in May 2021, in which the price rose to $ 14.70, the EOS has a downward trend, as if it couldn’t break the downward trend.
During a user virtual meeting in November 2021, the CEO of the EOS Nation community project, Yves La Rosecalled EOS failed.
“EOS, as of now, failed.”
How much is Bitcoin reserve worth?
In response to @i_am_jackis, @h_bitcoiner pointed out that Block.one’s reported 140,000 Bitcoin reserves are valued in “way more” than EOS’s market cap.
The market capitalization of EOS is currently at $ 1,265 billion. While Block.one’s Bitcoin reserves are valued at approximately $ 4.2 billion, they are slightly above three times the EOS market cap.
@h_bitcoiner signed on by reiterating past claims that buying EOS is like buying BTC at a discount.
$ EOS Bitcoin reserves are larger than the entire EOS market capitalization
– Symph (@h_bitcoiner) June 1, 2022
However, there is no reward mechanism where Block.one rewards EOS token holders with Bitcoin. So, it is wrong that buying EOS is the same as buying Bitcoin.