You've GOT to be kidding me!!!! EOS is worth MORE than STEEM????? Are people absolutely retarded? I mean, not too long ago, EOS passed up STEEM for both market cap AND price. This just seriously blows my mind, and proves what kind of bullshit is happening to the crypto community right now.
Let me just start by saying I think the potential of EOS is pretty freaking cool. I think if they can deliver (and it sounds like they can), it will be an extremely beneficial product/project to the blockchain development world. Who knows, hopefully I will leverage EOS someday for my own project.
With that being said, here's still why I believe this is proof that the crypto community on a whole is completely retarded:
Fundamentals & Usage vs Optimism
EOS is purely optimism at this point. There's been NO usage or release of anything. The only thing propelling a demand of EOS is simply the fact people think it's a cool idea. Sure, we all want to believe in the idea of having a cool idea turn great and having it lead to prosperity. But, this is a common methodology which means everyone's already on board, right? Well, this is exactly what's happening here. I guess it's proof that all you need is an idea in this crypto world and people will literally throw money at you.
For everyone unfamiliar with the EOS ICO, they release 2,000,000 ERC-20 tokens daily! There's already over 400 million, and by the end of the ICO this number will more than double to 900 million. As stated directly by Dan and block.one, these EOS tokens will have no value and offer no return by EOS/block.one. In addition, EOS on it's own won't be a blockchain. It will merely be a platform or "operating system" for other blockchain projects to be built and exist. With that said, there's no guarantee that an EOS token will be accepted on a blockchain developed from EOS.
Does this make sense?
There's literally NO reason at all that I can think of to actually hold a worthless ERC-20 token that has been stated to return NO value and whose project fundamentals don't even exist.
Now let's look at our STEEM. Obviously we're all here using Steemit. Steemit is a site that works. It has fundamentals. It has a user base. It has actual functionality besides "let's buy these tokens and pray they make us millionaires". For now, I will say there's minimal usage for Steem tokens. Apart from receiving them for posts and maybe some users buying them to up their power, there's no market place, no gambling site, etc... where we can actually have usage and spend these STEEM coins.
Knowing this, I think it definitely makes sense for EOS to be worth STEEM in the long term once EOS is released and proven. For now though, I'm still baffled how something that is being used, functioning, and proven is deemed not as valuable as something hypothetical. I'm not sure if I can clearly illustrate well enough that this concept is the most proof I can think of that the crypto markets are extremely over-hyped, over-valued, and WILL crash. Why wouldn't people want to flock to the things that are existing and proven? Well, they will get a big dose of reality check once EOS is released and they see block.one not redeeming their tokens for anything.