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Author Topic: EOS Officially Has The Worse ICO Setup In History  (Read 21670 times)
AmarO
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June 11, 2017, 01:59:33 AM
 #1

https://steemit.com/ethereum/@kyle.anderson/eos-the-ethereum-killer-with-an-erc-20-debut-what-is-up-with-this-strange-ico


I thought Bancor was bad but this makes Bancors' ICO look like heaven.

At the start of the sale, 20% of the total minted tokens (200,000,000 EOS) will become available during a 5 day window.

The remaining 800,000,000 EOS will then be split evenly into 360 one-day windows of 2,222,222.222222 EOS tokens each day.

Depending how much money is put in each day the people get coin accordingly.

So you basically have no idea how much coin you get in regards to how much money you put in.


**There is essentially a daily, uncapped ICO for the next 360 days to distribute the remaining 80% of the EOS tokens**

😂😂😂

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brekyrself
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June 11, 2017, 02:22:36 AM
 #2

The github page clearly says:

"Draft EOS Token Sale Contract

DISCLAIMER: Everything contained in this repository is in draft form and subject to change at any time and provided for information purposes only. block.one does not guarantee the accuracy of the information contained in this repository and the information is provided “as is” with no representations or warranties, express or implied. This code is owned and copyrighted by block.one and cannot be used by anyone for any purpose other than testing on the Etheruem test network.

This repository contains the draft source code for the EOS Token Sale. It is being released so that it may be reviewed by the community and deployed and tested by all on the Ethereum test network.

No information regarding the final terms and timing or properties of the sale have been released at this time."


360 days is also a very, very long window to purchase.  I imagine the purchase history should be available for everyone to see thus can judge when it's a good time to get in?  Obviously why they are front loading the first 5 day window with 20%.
xapwxrm5742
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June 11, 2017, 03:17:59 AM
 #3

and you know,the EOS was made the BTS raise to the moon
I think it 's a big scam.
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June 11, 2017, 04:03:26 AM
 #4

ICO = Scam.

Why are you supporting a scammy distribution model people ?

FUD first & ask questions later™
AmarO
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June 11, 2017, 05:29:45 AM
 #5

The github page clearly says:

"Draft EOS Token Sale Contract

DISCLAIMER: Everything contained in this repository is in draft form and subject to change at any time and provided for information purposes only. block.one does not guarantee the accuracy of the information contained in this repository and the information is provided “as is” with no representations or warranties, express or implied. This code is owned and copyrighted by block.one and cannot be used by anyone for any purpose other than testing on the Etheruem test network.

This repository contains the draft source code for the EOS Token Sale. It is being released so that it may be reviewed by the community and deployed and tested by all on the Ethereum test network.

No information regarding the final terms and timing or properties of the sale have been released at this time."


360 days is also a very, very long window to purchase.  I imagine the purchase history should be available for everyone to see thus can judge when it's a good time to get in?  Obviously why they are front loading the first 5 day window with 20%.

Everything can be changed, yet all the devs are supporting it this way. It's a gambling game for 360 days I will be coming out with more information on this project to expose it.

New Fact

Devs have no stake in the coin

They just want your funds(ETH), maybe Dan Larimer will drop this project like he did Steem/BitShares then go code for Ethereum with all that ETH. Invest in a coin where the developers have no economic incentive to get it successful? LOL! Rule #1 make sure devs have major economic incentive in whichever project you are investing in, they should make less money from funding and more from the value of their project going up to be legit. I'm just being quiet in their telegram writing down all the facts that are being discussed by the people.
AmarO
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June 11, 2017, 05:37:39 AM
 #6

New Fact

EOS is going to be completely centralized in the hands of people who own the most, 21 guys with the most I believe. They get all new coins generated and also they can vote for their own apps to get free coins. They own the network.
AmarO
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June 11, 2017, 05:40:53 AM
 #7

New Fact

EOS will have no set valuation for their coin in the 360 ICOS, depending how much money comes so will the coins be distributed. So if lots of money comes in you're screwed, devs rich.
AmarO
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June 11, 2017, 11:32:24 AM
 #8

New Fact


Dan`s 2 projects bitshares and steem have had very similar history. Pump after the release then dump:

http://coinmarketcap.com/currencies/bitshares/

http://coinmarketcap.com/currencies/steem/


brekyrself
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June 11, 2017, 04:42:58 PM
 #9

New Fact

EOS is going to be completely centralized in the hands of people who own the most, 21 guys with the most I believe. They get all new coins generated and also they can vote for their own apps to get free coins. They own the network.

Please do some research instead of regurgitating info from another source.


Here is a good overview interview with Dan about EOS that also touches base on BitShares and Steem:  https://youtu.be/K6uR0A9cC5Y
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June 12, 2017, 10:59:41 AM
Last edit: June 12, 2017, 11:31:48 AM by crypt0dude
 #10

https://steemit.com/ethereum/@kyle.anderson/eos-the-ethereum-killer-with-an-erc-20-debut-what-is-up-with-this-strange-ico


I thought Bancor was bad but this makes Bancors' ICO look like heaven.

At the start of the sale, 20% of the total minted tokens (200,000,000 EOS) will become available during a 5 day window.

The remaining 800,000,000 EOS will then be split evenly into 360 one-day windows of 2,222,222.222222 EOS tokens each day.

Depending how much money is put in each day the people get coin accordingly.

So you basically have no idea how much coin you get in regards to how much money you put in.


**There is essentially a daily, uncapped ICO for the next 360 days to distribute the remaining 80% of the EOS tokens**

😂😂😂



Wow, just wow... ICO terms and conditions get worse and worse with each new release. How long before we see complex constructions to scam people and legally (depending on country) getting away with it (not that they can't do it now with ico's). It seems some ICO developers are asking for regulations by the powers that be with each new ridiculous following contract. Hopefully this doesn't become the consensus, because I'm seriously beginning to ask myself if it's even worth it to invest 5/6 figures in an ico. Most ico's and passed projects have been in the working for many years with their own funding outside of ico, so it isn't that they need us, perse. It also doesn't give any benefits like interests or dividends, while carrying full risk.

Then we have the shills that don't put their money where their mouth is, but are parasiting on bounties paid for by investors and dump the tokens that lower the price, thereby hurting investors and potentially the development and making money while having put in $0 themselves. This is getting more ridiculous by the day. People think investments are donations these days.

The following points are big problems with EOS as far as I can tell from my limited research on this project (no DD done):
- Huge inflation over a year period;
- Philosophy of centralization that goes against the entire concept of decentralization, i.e. blockchains.

Thanks for the headsup mate!
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June 20, 2017, 01:09:57 PM
 #11

Hi! Can you please help me!  I want to participate in the test sale but i can't find the explanation how to do that with parity? Thanks i advance!!!
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June 20, 2017, 04:51:44 PM
 #12

Here's the scammy part of bitshares3.0 that we baked in. This is my favorite part.

1. We are going to recycle funds. Lol. Monies paid to us, then get "paid" to our workers, me and my bro, we then "reinvest" back into eos, rinse and repeat 300+ times.

Solution: we should block those funds from being recycled by just locking them, but we're not hawhawhaw -suckers.

2. Most people will treat the daily ico auctions like ebay, invest at the last moment, we plan on manipulating the market at the last moment as well to make it seem like the auction is a great deal.

3. We also plan on manipulating the market at the beginning of the day to make you want to dump your position.

4. We claim that this ico method is to prevent whales. Lol. Thats not possible but please keep repeating it.

5. We already have an automated bot to help manipulate this motherfucker, you don't hehe.

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June 20, 2017, 05:15:54 PM
 #13

It's just a cash grab for the "developers". Bounties are poorly designed in most all cases as previously stated, if I remember correctly in the Iconomi ICO one published article about the ICO was paid around .7BTC in tokens, leading to the crash of a lifetime.
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June 20, 2017, 05:19:48 PM
 #14

Here's the scammy part of bitshares3.0 that we baked in. This is my favorite part.

1. We are going to recycle funds. Lol. Monies paid to us, then get "paid" to our workers, me and my bro, we then "reinvest" back into eos, rinse and repeat 300+ times.

Solution: we should block those funds from being recycled by just locking them, but we're not hawhawhaw -suckers.

2. Most people will treat the daily ico auctions like ebay, invest at the last moment, we plan on manipulating the market at the last moment as well to make it seem like the auction is a great deal.

3. We also plan on manipulating the market at the beginning of the day to make you want to dump your position.

4. We claim that this ico method is to prevent whales. Lol. Thats not possible but please keep repeating it.

5. We already have an automated bot to help manipulate this motherfucker, you don't hehe.


Looks like the scamimers are up to their antics yet again. Steem has to have the worst distribution of them all.. Now this. Ugh.

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June 22, 2017, 04:46:05 PM
 #15

also their token purchase agreement is give me all your money and expect nothing in return:

• EOS TOKENS HAVE NO RIGHTS, USES OR ATTRIBUTES. The EOS Tokens do
not have any rights, uses, purpose, attributes, functionalities or features, express or
implied, including, without limitation, any uses, purpose, attributes, functionalities or
features on the EOS Platform. Company does not guarantee and is not representing in
any way to Buyer that the EOS Tokens have any rights, uses, purpose, attributes,
functionalities or features.

NOT A PURCHASE OF EOS PLATFORM TOKENS. EOS Tokens purchased under
this Agreement are not tokens on the EOS Platform. Buyer acknowledges, understands
and agrees that Buyer should not expect and there is no guarantee or representation
made by Company that Buyer will receive any other product, service, rights, attributes,
functionalities, features or assets of any kind whatsoever, including, without limitation,
any cryptographic tokens or digital assets now or in the future whether through receipt,
exchange, conversion, redemption or otherwise.
• PURCHASE OF EOS TOKENS ARE NON-REFUNDABLE AND PURCHASES
CANNOT BE CANCELLED. BUYER MAY LOSE ALL AMOUNTS PAID.
• EOS TOKENS MAY HAVE NO VALUE.
• COMPANY RESERVES THE RIGHT TO REFUSE OR CANCEL EOS TOKEN
PURCHASE REQUESTS AT ANY TIME IN ITS SOLE DISCRETION.

1.4. EOS Tokens.
a. No Purpose. As mentioned above, the EOS Tokens do not have any rights, uses,
purpose, attributes, functionalities or features, express or implied. Although EOS
Tokens may be tradable, they are not an investment, currency, security, commodity,
a swap on a currency, security or commodity or any other kind of financial
instrument.
b. Company’s Use of Proceeds. Buyer acknowledges and understands that the
proceeds from the sale of the EOS Tokens will be utilized by Company in its sole
discretion.



Just some cherry picks. Unbelievable. These people should be in prison.
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June 22, 2017, 05:19:20 PM
 #16

Here's the link to the Token Purchase Agreement PDF

https://eos.io/purchaseagreement/EOS%20Token%20Purchase%20Agreement%20-%20June%2022,%202017.pdf
svenw
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June 22, 2017, 06:09:43 PM
 #17


good catch forgot about the link thanks
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June 22, 2017, 06:17:00 PM
Last edit: June 22, 2017, 07:43:55 PM by svenw
 #18

1 EOS  Token will be distributed for every 0.25 ETH contributed. 82.4716 $ per token  Huh 200 million tokens on day 5 Huh 16,494,320,000 $$$

sixteen and a half billion US Dollars these motherfuckers want to raise Huh by day 5 half the current market cap of eth itself?

For a shitty website, and a horrific buyers agreement, to cater open bars in new york??? This is something that can only come from America.

Seriously how stupid they think people are

Americans are excluded from the ico because these scammers would be in prison otherwise.

Somebody needs to stop this seriously. These selfish greedy bastards are endangering the whole ecosystem
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June 22, 2017, 06:55:07 PM
 #19

They intend to keep 10% 100 miilion tokens for themselves. You know that this ICO will collect 15000BTC+. What do they need all those eos tokens for when they will already have been paid millions of dollars up front to create this. They estimate it will take 1 year to have a product. So why do they need this much money? plus the eos tokens.. ICOs.. only idiots join these.

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June 22, 2017, 07:15:27 PM
 #20

ICO = Scam.

Why are you supporting a scammy distribution model people ?

http://agsexplorer.com/balances/1DprhZNARituvddKB4iHnb87nE7d3Hddom

I was scamed once... with those BTS guys ICOs 2nd one i say F U for all their projects.
I was young and i have belived they will deliver Cheesy...
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