This is not a blog post, but rather, a question - sorry about that!
I've been reading up on EOS and how it works to participate in the ICO.
Basically every 24 hours 2,000,000 EOS is being 'auctioned off' against buyers. After the 24 hours, the 2M EOS is being distributed over all the buyers, according to how many ETH they purchased for. An example + explanation from the official EOS website:
At this point there's 500 ETH in the pool, and 10 hours to go for the sale period to end. Does that mean that buying EOS for 1 ETH at this point, will yield in 4000 EOS? Calculation is 1 ETH * (2 000 000 EOS / 500 ETH in pool) = 4000 EOS.
Kraken shows 1 EOS is over 1 EUR in value. This means I'll get € 4,000 if I move my EOS to the exchange after the sale period anded. This doesn't seem right, does it? That's a crazy amount of profit, considering 1ETH is €180 or so.
So my question: what am I missing? If EOS is this profitable, surely more people would be doing it. This leads me to believe my theory is incorrect. Can you shed some light?
Thank you!
