As I'm sure you are well aware, cryptocurrencies have been struggling recently. In the past few weeks we've seen 100's of BILLIONS of dollars erased from the overall marketcap of the crypto market. It hasn't been pretty to say the least.
We've all been looking for a catalyst the end this down turn. Will Bitcoin start to attract "large money"? Will Ethereum show it's dominance? Will the media's favorite token, Ripple, have major buying from large banks and other financial institutions? What about Cardano?
Well, guess what. I suspected a about a week ago that EOS will be one of the coins, if not THE coin, that will charge ahead when the market once again turns bullish. Remember, 2017 was a flight to the "big" and well-known coins. Bitcoin, Ethereum and Litecoin, namely. Everyone had heard of these coins, they were listed on Coinbase and thus earned people's trust. Who cares if they are actually useable or if the token has much utility....they had the name recognition and the media attention. Everyone knew that these were the coins on everyone's mind and the talk of their dinner table so why not speculate in the guaranteed winners? And it worked until it didn't.
This year, 2018, will be a flight to quality. That means that dumb money came in and is now probably sitting at a loss in their crypto portfolios. As everyone picks up the pieces, they start to look around and see why they invested in a coin that is now down 50% (or more) and wondering what other coins are out there and possibly a better investment.
Now, before I go any further, I'm aware that EOS had a crazy run on news and reached ~$18 and is still >50% down from it's peak. Same with nearly every other coin (remember Bitcoin at $20,000 and Dash at $1600)?
Ok, here's a screencap from www.CoinMarketCap.com. One of these things is not like the other!
Here's some % up and down from Jan 1, 2018. All values in USD from Bitfinex.
EOS: -13% (-$1)
BTC: -34.5% (-$4,620)
LTC: -25.1% (-$55.98)
ETH: -27.5% (-$208.04)
Now, I could be cherry picking these numbers since EOS just ran for 2 days, but I don't think it's unexpected. There's still TONS of misinformation and misunderstanding about EOS and for some reason it'll take until the mainnet blockchain is released before most ppl believe in it.
Could it be the >$1 BILLION that the Block.One team has raised? Or maybe the recent news of a "German fintech incubator FinLab AG and Block.one, developer of the Blockchain software platform EOS.IO, announced a $100 mln joint venture to develop projects that use EOS' software"
(https://cointelegraph.com/news/major-european-fintech-investor-and-blockone-announce-100-mln-fund-for-eos-projects).
To those of us who have taken the time to:
- Research DPoS vs PoW vs PoS
- Use Steem(it) and understand what it's potential is
- Understand how blockchain resources can be "unlocked" by owning tokens
- Used Bitshares and see the value of the financial layer that it offers
- Know the benefits from having an human readable account name
- Read Dan's articles and watched his interviews
- Aren't religious to Bitcoin and it's dreams and know there's proven results with other projects
...congratulations. You will do very well in the future and I hope the past few days give you confidence in the direction EOS is going and the value it will bring.
To everyone else...if you haven't taken a serious look at EOS...it's past time. Smart money was in EOS many months ago and the Market has given the dumb money another opportunity. Maybe they are taking it now or maybe it's smart money continuing to be smart. Either way, enjoy the ride if you dare to mount the real rocketship.
To the future,
Ashe
