Bitcoin Forum

Were those early employees also paid in EOS tokens or had a share of the billion of ETH from their ICO? Might this be another exit scam in the cryptospace?

Block.one raised $4 billion and released a buggy platform then the executives resign 1 month after to start another company to compete versus their former company.

Also, they left in June. EOS all time high hehehehe.

https://i2.wp.com/crypto-freedom.com/wp-content/uploads/2018/04/Y3MYEL0nBQQ.jpg

Four early employees and two contractors have resigned from the Hong Kong cryptocurrency company Block.one to start up StrongBlock, a new blockchain project that is currently under wraps.

David Moss, Thomas Cox, Brian Abramson and Corey J. Lederer, the employees, were the second, third, fourth and fifth to be hired by Block.one, the corporate parent that created the decentralized operating system and application environment EOS.

At Block.one, the four employees took on overwhelmingly technical roles. Moss had been the senior vice president of technology operations, Cox the vice president of product, Abramson the vice president of infrastructure and Lederer the senior director of technology products.

The executives joined last year: Moss and Cox in August and Abramson and Lederer in September. Software developers Jon Eric-Cook and Michael S. Mason, the contractors, began remote work on EOS in the spring.

But according to their LinkedIn profiles, Abramson, Lederer, Cook and Mason quietly left Block.one and EOS in the summer. Moss had already quit by May, a month before Block.one published the EOS main network.

Their exodus has opened up a talent vacuum yet to be filled on Block.one's leading technical team. The company had recently raised billions in investor money and initiated the early stages of a core product roll-out.

Since going live, the EOS network has struggled with defective source code. EOS' bug bounty program awarded a freelance software developer six-figures on the first day of the main network's release at a rate of $10,000 for every error patched.

Read in full https://www.coindesk.com/early-execs-leave-block-one-the-peter-thiel-backed-crypto-startup-behind-eos/

The future of EOS will be the same as game credits and MGO. I guess they will be starting another ICO too. That was happening so many times, and I was so tired to see this thing to have happened.
This is what they called that the platform that can change the world through decentralise of everything.
They started to decentralized their teams. A good start from EOS.   ;D

well, eos has made really big move lately in price,
with 1 billion supply it could go over 0.001 or something, been so many hype everywhere about it,
and maybe they just cashing out money and go out ?
any one know the truth about it ?

And yet we will all read this and not be surprised. Hope all these EOS people are tagged for this and people will remember. But I guess this is crypto, where people can blatantly get away with delivering poor products. EOS itself was launched with a poor code, ripping off some other crypto blueprint, and still people poured money into their ICO.

This is what you call a legal exit scam, happening right under people's noses and they still buy into it.

very sad thing, honestly eos has big funds and more than enough to build the platform. after the launch of the platform yesterday, eos should be a great project, but what happened didn't match everyone's expectations.

but recently I heard that bitfinex will launch eosfinex later this month.
whether eos is still trustworthy and has good potential in the future?
confusing  ???

EOS is a joke. I've been warning this community for months about the fact that EOS is centralized, they can seize your coins, reverse your transactions, even close your accounts without any warning or recourse, they print new EOS every day to reward the 21 centralized Block Producers for the privilege of having complete control over your money. There was no oversight to their ICO, they somehow collected $4 billion without a working product or even a single line of code, and now seem to just be taking it as pure profit as they suffer near daily hacks. Every time I mention this I am met with same stupid vapid responses of "EOS has great team" and "To the moon".

Now these developers, having secured millions in profit each and delivered absolutely nothing of any use, will go and do the same thing again and launch another ICO, no doubt. And again idiots, probably the same ones that are going to have lost loads of money on EOS, will buy in and lose even more money.

It's a joke.

There is literally only one piece of advice i can offer you guys - DUMP IT!

It was obvious from the start what would happen, when a few people have ultimate centralised control over that much money with no accountability, they will take the money and run. Get out now while you can

@btyco, @o_e_l_e_o. I reckon in this situation you should think like a speculator and take advantage of the knowledge that the EOS team have already sent all the ETH raised from their ICO to the exchanges.

https://diar.co/ico-treasury-balances/

Their plan might be, dump their ETH to hold bitcoin and USDT, use that to pump EOS and make it the 2nd most valuable cryptocoin.

I would also expect EOS founder Dan Larimer to dump his coins and leave the team within 2 years. He already did it twice before, when he founded Bitshares and Steemit.

And the price goes up more than compared to other projects. I tried short on EOS when I heard this news a few days ago on Bitmex and lost. It's unbelievable how much the price of it irrationally. And on with great volume of trading. In many exchanges, it is second by volume.

A project that stayed in ICO for a year. That was nothing but a token. That put a mainnet full of flaws in the air. That has already been shown to be conducted by a minority that has the power of veto and reversal. I believe that at some point the price will fall sharply or stabilize while the others rise. There are much more developed projects than this.

Yeah, it's stuff like this that makes crypto look like a scam to the outside world. $4 billion given to an extended ICO with no working product. When they finally launch the completely centralized mainnet, it's a disaster, but the price goes up. They suffer constant hacks, but still the price goes up. We saw the same thing a few months ago with Verge - a complete joke of a coin, but people more than willing to throw their money away on it.

But people don't want to learn. I bet 95% of EOS holders have absolutely no idea its a centralized scam. They just spam "great team" without realizing the team are scammers who are already cashing out and abandoning EOS for their next cash cow.

I am not surprise about this, Brock Pierce one of the founding member left sometimes ago and there has been speculation of disagreement between the founder and the chairman Brock Pierce.

I don't have issue with people leaving a team and starting another project, this has happened in Bitcoin, NXT and Ethereum, but the concern I have is if the main developer leaves. If history is to repeat itself, I expect Daniel Larimer to leave the project in the next bull run and jump on the next big thing is crypto then. People need to be careful investing long term into some of this projects that is why fundamentals are very important.

Of course he will. He took his profit from Bitshares, and then abandoned it to start Steemit. Steemit is a total mess, with it being completely controlled by a few big players and their bot networks. So he took the profit and abandoned that too. Then he started EOS and raised $4 billion without writing a single line of code. The rest of the team are leaving and he will soon too. We can expect another ICO for another scam with his name on it next year I'm sure.

I have no idea why people keep sending this scammer their money.

Unfortunately, a lot people in crypto don't learn and don't conduct thorough research especially the team of most projects. A character like Dan Larimer shouldn't be taken seriously in this space and any project he floats or is part should be avoided, but people won't do these things. Even if you say "this token is useless", some people will still invest in it, that's the sad situation. EOS is an inch from being a scam!

Using fundamentals to make decision in this market is a bad thing as far as I am concerned, and even with all the news surrounding EOS right from the onset, I thought by now, things should have gone awry for the project, but of course, you would still see some people trading, and probably some manipulating.

There is a huge flaw in the mainnet and for the thing that we can see so far has even tended towards being centralized after the mainnet release, but for me, I would rather just say this could just be another exit scam as far as I am concerned, as you see the former team bailing out and looking for other means to plan a new scam. Just thinking!

I will never in my life believe in the success of EOS only because they have collected more than $ 4 billion and for a long time can not run the product, it's just scammers who are enriched by naive investors.

EOS symbolizes the shit that bubbled to the surface during the stupidity that was 2017. i can't believe such a piece of junk ever got anywhere. they call it experimental. cool. you don't need to con people out of a huge amount of money to do it.

check this - https://twitter.com/MapleLeafCap/status/1044958643731533825

human governance was always gonna end this way.

Wow. There are two ridiculous things in those tweets.

Firstly, proof that BPs sell their votes and vote for each other to cement the completely centralized nature of EOS.

Secondly, the fact that the guy tweeting thinks the answer is "community awareness". Nah man. This has been pointed out a million times and the community doesn't care. The answer is to sell that trash ASAP.

This is the main reason why investing in altcoins for too long should not even be in anyone's dictionary.

I still feel that what most of the developers of these altcoins are busy doing is to get themselves rich and nothing else at the detriment of the holders. These are people that have been unstable, moving around from one place to the other as long as the space is now the one going nice for them, and then before you know it, bail out and move to the next one.

Bunch of corporate low life scammers who are just trying to feed off others but really have nothing to offer. Obviously as it is, EOS is just another sham as far as Ii am concerned.

The issue is that idiots keep following them.

Larimer made Bitshares in 2014, Steemit in 2016, and EOS in 2017. When he inevitable abandons ship again and makes another scam ICO next year, that will be his 4th company in 5 years.

If I were hiring for a job, and I had an applicant who had worked at 4 different companies in 5 years, alarm bells are going off. If I'm looking for someone to rent a property, and I find out they've lived in 4 different properties in the last 5 years, alarm bells are going off.

The idiots don't pay attention to that, however. I would bet most EOS holders don't even know who Dan Larimer is, let alone his past history. They just get caught up in the hype and throw their money away. And as long as they continue to do that, con artists like Larimer will continue to take advantage of them.

This will bring negative impact to EOS platform and might left a scar to early investors. I am actually looking forward to go to the moon and will go up the price above $100 but this looks impossible now. If EOS go down below $4, it is not impossible that it might reach $2and worst case scenario is below $1. Some team members nowadays are always creating their own platform to raise money and same cycle happens. This is not something to be surprised of.

It's going to zero. Dump your bags now.

That's not surprising, investors (and many cryptocurrency users) only care about making profits. I'm not a supporter of this shitcoin, in fact, I always recommend people to stay away from this obvious scam project, but let's be honest, with how much this shitcoin gets pump and dump every now and then, chances are that you'll make some decent profit in the short-term.

Of course, it is risky, since the people behind this coin can exit scam at any moment (I wouldn't doubt after reading this news), or the early investors ccould dump it to the ground as soon as it reaches an optimal price target, so you'd be left holding worthless bags, but as long as investors are making money, this vaporware will still get a lot volume in most of the exchanges out there...that's how irrational this market can be sometimes. Hopefully, not many people will get burned once this ticking time bomb explodes, news like this should make people dump eos asap without looking back.

This is the sad truth behind crypto these days. You dig your heels into that one solid project and hope the rest of the community can see the light, but no. They're into whatever some twitter personality or signals group tell them to get into. And we stand there watching as they rake in massive returns, while our projects continue to develop - hopefully. However, the truth is we all want a share of some of that action too and if the opportunity presents itself, why not waddle in and make your own profits. Then when it eventually burns to the ground, we can take double delight in having warned people and made something off our warnings too. Maybe next time we warn them, they'll listen

I agree with your sentiments except this part. Although I'm obviously happy when these scams fail and fall to zero (and EOS will), I feel nothing but sadness for all the people who invested in it.

A lot of these people are from less developed countries and are poor. They have their heads filled with stories of 100x returns, and they see a path to financial independence, a path otherwise unavailable to them. And so they jump on it with no research. These are the people who are losing out. Meanwhile scumbags like Larimer add another couple hundred million to his net worth off the backs of the poor.

It's a sorry state of affairs, and crypto as a whole is worse for it.

I doubt the value would go to zero, just look at Huobi and all those Chinese BP are doing, they would continue to protect their interest, we have asked for institutional investors to enter the place but it comes with its price, they would do anything to protect their investment IMO because they have everything at their disposal especially an exchange support to help them pump the price

Totally get were you're coming from, but here's the part that did me it.
I tried introducing BTC to a few folks last year, but their question was "Can it make more money than MMM? Is it better than TBC?". When both ran to the ground, guess who was dancing...
I understand that people are poor, but if money was that easy to make, we'd all be rich. Same folks who would spend an hour haggling over the price of a shirt, can't dedicate a quarter of that energy into due diligence - even when being told. They literally chose what truth they want to accept - still have folks holding unto Bitconnect too... it's sad

Can someone who can read Chinese give a summarized translation of this article?

https://mp.weixin.qq.com/s/xOUK8CwLCU4e9MFMaDFK7w

There is a serious allegation that the Chinese Block Producers are colluding and mutually voting for each other to establish their positions firmly as Block Producers in the EOS platform.

Might corruption among Block Producers be the reason why those early executives left EOS? Also, 12 Block Producers of 21 are controlled by the Chinese Block Producer community. The integrity of the platform might be questionable, I reckon.

I cant read Chinese, but I did start a topic with a link to an English article regarding the collusion here: https://bitcointalk.org/index.php?topic=5040876.msg46339950#msg46339950


This is essentially what's happening. The Block Producers are using users tokens to commit voting fraud to lock themselves in to the Block Producer role, guaranteeing themselves an income of $10,000 a day in freshly created-out-of-thin-air EOS tokens.

With EOS you give BPs your money, and they use that money to make themselves more money, whilst your money is devalued due to the constant creation of more money for the BPs. It's insane that anybody who can use a computer would buy this trash.

If this is really true then I feel bad to the investors and EOS token holders. As well as the ICO's now using the EOS platform. I have high hopes of EOS and I'm really getting comfortable on using Scatter wallet and the EOS blockchain. And I think I might consider to have a short term goal in holding EOS tokens.

@o_e_l_e_o. No one should be shocked that there is collusion among Block Producers and large holders of EOS to trick the system. Intentionally or unintentionally, that was how earning the incentives were designed hehehe.

In any case, has this been happening in Bitshares and Steemit? What about the other delegated proof of stake platforms?