I kind of hate to say this because we are BUIDL-ing here on a Dan Larimer code stack, sort of. But I'm gonna say it any way because it has to be said.
EOS sucks.
Sure, sure, sure. I'm sure a lot of Steemians made some money buying into the EOS ICO back in the day and then flipping it on Binance for 5, 10, 15, or even 20x what you paid for it. Ah, those were the days!
But, but, but almost everyone I talk to these days refers to the project as a straight up scam. I remember just before the mainnet launch I went to a "Block Producer Party" in this temporary office space rental facility right in the heart of downtown Shanghai. My friend and I looked at each other after about 15 minutes and mouthed to each other, "What a joke this shit is!" I mean the kind of people that were leading these organizations and who were actively campaigning to get your vote for them in the hopes they could enter the vaunted Top 21 of the delegator spot. Ooooo boy. They didn't know SHIT about blockchain! It was a popularity contest and a sham.
Turns out that gut reaction wasn't that far off.
What makes me bring this topic up today? Well, The Block is reporting yet another EOS scam has come to light here in China. This team walked away with a much bigger haul than the DeFi hack earlier this week of Dforce Network's Lend and then F me 馃槪.
Users woke up on Monday not being able to access the EOS Ecosystem wallet. The team had walked away with over $52 million worth of funds. As is typical with Ponzi scams, they had lured people into storing their EOS tokens with the promise of quick and easy elevated returns. What it turned out to be, most likely, was that they were robbing Peter to pay Paul. Eventually, that kind of merry-go-round has to come to a stop. And it did on Monday.
The thing is that this isn't even the first scam to be exposed on EOS. EOSCUBE, EOSFIN, and EOS Vote... all scams! Why would you even mess with this blockchain? I remember trying to install Scatter, which is the EOS version of Hive Keychain pretty much. I couldn't figure out what the fuck was going on to save the life of me!
Lucky for me, I gave up that night. Sold all my EOS for $9 and never looked back.
I've talked to people at conferences who are members of the block producer teams. Even they say it's all a joke. Everyone colludes with each other. No one is really investing in their projects. Earned EOS tokens are immediately sold into other crypto. They don't even take the project seriously... and they are put of the Top 21 that are supposed to provided the critical on-chain governance!
But I'm not the only who has said or heard about EOS being basically a scam. Whiteblock released a report a couple years ago calling EOS "not a blockchain" and instead it is a "cloud computing service which is built on a centralized premise." Coindesk did a rather lengthy expose in September of last year.
It's a joke. But I've come to expect no better from the 2017-18 cohort of crypto ICO's. For those coins that are still around, they really don't have to do much except keep the torch alive long enough to justify paying their salaries and wasting everybody's time. For the most part, their job is done. They raised a bunch of ETH, hopefully sold it when it was around $1000, and now they have enough runway to sit around and pretend to do some stuff for pretty much as long as they want. In some ways, they are right. They have deep liquidity for their tokens, allowing them to slowly sell off their treasury to finance their salaries and conference goings on. Most of the work in crypto from that era went to market makers and marketers. Very little went into actual development. EOS would be no different than the litany of other projects from that era (ADA, BTG, BCH, IOTA, XLM, NEO/ONT, VET, QTUM, etc.) who have done the exact opposite of what you're supposed to do. They've all overpromised and underdelivered. Not to say that all those projects in that list are scams, not at all. Just that the incentive to do quality work fast is just not there when you have the money from that era.
So it honestly didn't surprise me one bit to hear that $52 million of EOS funds had been embezzled. At this point, it's come to be expected of that chain.
The only thing left to do now is wait and see if that money gets returned to its rightful owners like what happened today with that Lend, then F me, hacker. S/he returned the funds!
Don't hold your breath.
Posted via Steemleo
