EOS ICO SCAM 👺👺👺 Wow! Can you believe this? 👺👺👺

[nutildah]

Even if the ICO isn't an intentional scam, nearly all tokens are way overpriced by the time they hit exchanges. I've read up on EOS and will not touch it with a bargepole even though it's newly listed on Kraken. I really can't understand why so many people are obsessed with ICOs as that ship sailed years ago! All you have to do is wait few weeks for a token to find its market price once it's listed on an exchange. Another example is Polybius which is not yet listed on a decent exchange and it's value had tanked by over 50% almost immediately after the ICO ended.

Is EOS as scam? Probably not.
Is it overvalued? Hell yes!
Will it drop below $1? Yes!
What price will I buy at? Probably 50c, but only $500 worth to start with.

He was right as of 3 days ago. I think this remains the case. Its Schoedinger's ICO -- its both a scam and not a scam at the same time. Or perhaps morality is complicated and nothing is black and white.

[buddynuno]

I did ride the EOS wave when it was added to Bitfinex but I am not going to invest in it unless it hits 10 cents or below because Larimer created Bitshares and Steem and left those projects so nothing is guaranteeing me that he won't do the same with EOS.

[Spoetnik]

Help me, how do we know if an ICO really worth it? How to know if it is not scam

all ico's that have a price like 1 tokken = 1$ is scam or 100X overvaluated. developers doesn't need millions of dollars to do something.

Coins were created just fine before we started 100% premining them.

Take BlockNET for example..
The dev said he had 75% of the code completed before he posted his simple JPEG ANN ICO topic.
I asked him.. Why do you need 1 million dollars ?
He said "to ensure it's a success" 

[DirtyMartini]

Its Schoedinger's ICO -- its both a scam and not a scam at the same time.

Haha! Great comment, you've nailed it...

So many question marks with EOS. Terrible ICO terms, and I can't believe how many people are jumping on the hype wagon right now.
Many people purchasing through the ICO have ended up paying more than on the exchange due to all the FOMO.

There's still 9 months left people! I'm just going to keep my eye on this and if I feel like it I might buy some over Xmas/NYE while everyone's snoozing.. 
To go in now and at this price, is ludicrous with all the coins they're dumping. People are just hearing the words "..the next Ethereum" and going in balls deep..

[siddartha1492]

Its Schoedinger's ICO -- its both a scam and not a scam at the same time.

Haha! Great comment, you've nailed it...

So many question marks with EOS. Terrible ICO terms, and I can't believe how many people are jumping on the hype wagon right now.
Many people purchasing through the ICO have ended up paying more than on the exchange due to all the FOMO.

There's still 9 months left people! I'm just going to keep my eye on this and if I feel like it I might buy some over Xmas/NYE while everyone's snoozing.. 
To go in now and at this price, is ludicrous with all the coins they're dumping. People are just hearing the words "..the next Ethereum" and going in balls deep..

This is sure one ICO, which you can love or hate, but can't ignore. It's a must "keep an eye on" ICO!!

[Spoetnik]

Its Schoedinger's ICO -- its both a scam and not a scam at the same time.

Haha! Great comment, you've nailed it...

So many question marks with EOS. Terrible ICO terms, and I can't believe how many people are jumping on the hype wagon right now.
Many people purchasing through the ICO have ended up paying more than on the exchange due to all the FOMO.

There's still 9 months left people! I'm just going to keep my eye on this and if I feel like it I might buy some over Xmas/NYE while everyone's snoozing.. 
To go in now and at this price, is ludicrous with all the coins they're dumping. People are just hearing the words "..the next Ethereum" and going in balls deep..

This is sure one ICO, which you can love or hate, but can't ignore. It's a must "keep an eye on" ICO!!

No because ICO's are scammy by design.
It's how they work..
Pieces of shit wanted to side step fair launched mined coins so they invented the IPO Coin.
Then i made them change the name a few times.
They stuck with ICO.
The idea was to simply keep pounding out more coins relentlessly added to exchanges for profit.
And the need to own mining hardware which i might add is a sign of support when buying them was removed from the equation.
This was done under the guise that you can simply cherry pick terminology etc from the REAL REGULATED STOCK MARKETS
..then pretend it is like the same thing.
Only it's not.
An IPO is regulated.
A crypto currency is mined and launched fairly.
The ICO is neither of these.

You can put it to bed pajeets.
I can go on ALL MOTHER FUCKING DAY pointing out how each and every single minute tiny little aspect of ALL 100% of every ICO ever made is scammy.
It is by design.
It is what they are.
It is how they work.

It's deadly simple scammy fucking loser assholes.

You are worthless pieces of shit that ruined crypto and contribute nothing of value to getting a worthy fair and proper digital currency adopted by humanity.
Instead you are scummy dregs piling in here supporting raw garbage for profits.
Bitcoin profits.

You shouldn't be here.
Want money ? Get a job pajeets.

You can keep an eye on my middle finger Investards.
..or the door for when the cops come for your tax fraud.
Paid your taxes sleazy greedy worthless crypto-douche bags ?

[ChromaticStar]

Help me, how do we know if an ICO really worth it? How to know if it is not scam

Anything that proposes $200MM for just a good idea on a whitepaper is a scam.. or if not, will LOSE value (see Bancor)

ICO golden rules
1- max $40MM Market capitalisation (I aim $20MM)

2- max raise 50% of this Mcap --> $20MM is freaking more than enough to start a business and hire devs and marketing etc...

3- ideally has an existing structure, or at least a MVP (product). Your call here. Depending on the risk you want to take

4- NEW since this weekend: not Chinese (LOL)

I wouldn't say there needs to be a cap on an ICO. Placing a cap on it means it sells out quickly and the speculators who managed to get in can sell for a profit once it hits the exchanges. Who would you rather have the money for the ICO? There's only two options, speculators or the developers. Since the project relies on initial funding to survive, I'd rather the developers get the money than some speculator who happened to contribute a microsecond before everyone else.

I'm buying EOS as a hedge, in case it really is the ETH killer. I don't like Larimer, but in case he's onto something, I can't risk losing if ETH can't scale or falls behind.

[alexjhons]

LOL, 200m+ ICO for Bitshares fork? 
The madness in crypto continues to exploide 

yes there is some grey area,
But still, its looks better than Tezos and file coin.

Block.one claiming for completion of version 1.

dead line was 22spetember.


so hope we can see some changes,

if they fail on 22 sep. release.

then it would be better to stay away from this project.

[CUNÉGONDE]

Anything, as long as there are Chinese people involved, you should worry about some.

(no discrimination, just the chinese are more interested in money. but still, you can not hesitate to join the envy of the Chinese people, as long as you want to make money.)

[malmeister]

As good as advice as any that I can find out there for identifying potential ICO scams:

https://steemit.com/cryptocurrency/@icoexaminer/how-to-identify-fraudulent-icos-ten-tell-tale-signs-to-put-on-your-checklist

In an unregulated market, I definitely don't invest more than I am able to lose - despite the cries about China's recent ban on ICOs, I actually think that it has the potential long-term to work out in our favour - and crytos (not just ICOs) will rocket.

[solarrobot]

LOL, 200m+ ICO for Bitshares fork? 
The madness in crypto continues to exploide 

yes there is some grey area,
But still, its looks better than Tezos and file coin.

Block.one claiming for completion of version 1.

dead line was 22spetember.


so hope we can see some changes,

if they fail on 22 sep. release.

then it would be better to stay away from this project.

They are accomplished developers. you can follow most of them on older projects on steem.  These guys are developers not scam artists.  They are putting out regular updates, both theoretical as well as actual code. The ICO happens over a year, and at the end of the year they will have a working product... It is way better than 99% of ICO's

[nettweet]

2. 1 year long ICO to collect a significant percentage of the entire ETH supply. Nobody would ever need this much money to create the platform. Astronomically more money is being raised than would ever be required. First day (of 350 more days) only: $181,295,950 (ico address here, also note the ETH that has already been moved out)

entire ecosystem suffers because of this

[damujen]

How do i bet against this eos thing? I bet price will be 1/2 todays price in 1 week.

Bets?

shorts are open on Bitfinex

[solarrobot]

2. 1 year long ICO to collect a significant percentage of the entire ETH supply. Nobody would ever need this much money to create the platform. Astronomically more money is being raised than would ever be required. First day (of 350 more days) only: $181,295,950 (ico address here, also note the ETH that has already been moved out)

entire ecosystem suffers because of this

This is true, I do think that the start of the EOS sale marked the start of the bear market. I think they did sell a shit ton of their ETH immediately.  As the price continues to drop however, i'm less concerned. At this point it doesn't seem like they are going to be getting the $1b that it looked like in the beginning. Still think EOS will be a successful project though, maybe in the future the ICO for the project will seem reasonable.

[SuWide]

What a scam.

- permanent ICO
- Coin has no rights
- BitShares fork
- last commit on the 29th of September in Github

[HackersHub]

Before someone tears into my thoughts, im just saying I might be completely off and Im new to this forum, so have some mercy.
But what I see with EOS is that they raised and still are raising a huge portion of ETH Market

lets say they manage to raise 500 Million + USD worth of ETH - Considering the current markt cap of ETH - Around 30 Billion USD
this means that they own about 16%+ of the ETH market cap. and the more they raise the more they own.

Maybe they need all that funding, not for development (Totally agree that its major overkill), but to completely flood the market with ETH causing a huge supply and inducing massive panic among ETH holders. Also you might say that by them flooding the market they are hurting themselves as the ETH price drops, but its like a poison pill, you hurt yourself but your competitor more. (plus this whole year and already cashing in enough ETH to develop their tech, means that they would be ready to replace/seriously compete with ETH)
We have seen in the past that ICO's selling ETH to raise fiat for investments have caused panic. Imagine what 500 million or a billion would do the ETH.
They want to be the ETH competitor, so I could figure out multiple ways how having a huge portion of competitors coins could be advantageous, once you are ready and have developed your own tech.
But then again maybe im missing something very obvious. 
If this strategy is a legitimate strategy, it could be smart.
Personally I would only considering buying EOS at around 0.10 and see what their methods will be in when the ICO ends.
 

[PadenoM]

i bought hundred 

[AnarchyEvo]

Once there ICO is over and they release the mainnet then EOS will rise to 5$ minimum in the first 3 Months.

[SuWide]

they say "most advance platform" and fork bitshares???  

Time to market is crucial. ETH has a so massive advance. Look at ETHs ecosystem.

Even NEO will have problems to compete with ETH and they have huge support base.

EOS collected a huge amount of money and there is no Main Net??

Look at the latest commits. They are currently fixing the typos which were made by the bitshares developers.....

https://github.com/EOSIO/eos/commit/699d1736513deea58f8d342b49288dee9d1ab571

[etter]

Come on, guys, let the people make some money :-) But seriously, so frustrating that people are managing to make things look legit, when they are not. I guess in the future we'll see movies about ICOs and stuff, like Ocean's Eleven :-) Where each team member will have a role in scamming people :-)