EOS Crashing Ethereum

[bbc.reporter]

I did not copy everything on purpose so that everyone will read the whole article in the full. It's well written and might have covered the events accurately.

Also, I checked some Ethereum forums and some people have said that ETH short selling is in an all time high in Bitfinex. Can anyone confirm if it is true?



An incredible trading volume of some 180,000 eth exchanged hands within that one hour on Bitfinex, up from around 20,000 an hour before hand.

That’s compared to somewhat usual trading volumes of around 20,000 eth on OKex and Gdax, suggesting clearly someone sold a lot of eth on Bitfinex.

On that same exchange, just before hand there were walls too, endless walls as far as traders are concerned, with a 20,000 bearwhale taken down then another one popping up until they may have lost patience and perhaps market sold.

Read in full https://www.trustnodes.com/2018/05/28/eos-crashing-ethereum-300000-eth-sold-just-binance-lists-eos-usdt

[Isolation]

It's pretty clear that this is probably the reason ETH is falling more than most of the other top coins. EOS did have a year long ICO though and raised a ton of ETH, so its no surprise that they'd eventually dump it. The Bitfinex-EOS-Tether relationship is shady as hell though.

[coyote50]

Interesting theory, seems likely

[consideritdone]

correlate not causation, eos facing pressure too https://www.coingecko.com/en/coins/eos

[onebtcforlife]

It's pretty clear that this is probably the reason ETH is falling more than most of the other top coins. EOS did have a year long ICO though and raised a ton of ETH, so its no surprise that they'd eventually dump it. The Bitfinex-EOS-Tether relationship is shady as hell though.

See I don't think so not only ETH entire crypto currency market is in big volatile. EOS will take time to reach like ETH, of course, we are seeing potential in EOS and generating high volume because people are getting more awareness about the EOS project.

[cryptoturd]

No way of knowing if true or not, but if true hopefully they are done with the dumpage.

[coco23]

EOS is not the only competition ETH is facing. There are new Platforms emerging almost daily. Of course most won't be able to compete with the "big ones" anytime soon, but better technology can be a reason to switch to a new platform.

[DevelopmentBank]

What EOS is doing to ETH today is pretty much the same thing that BitcoinCash was trying to do to Bitcoin a year ago. A small player's futile attempt to overthrow a strong and much bigger competitor. My theory is that just like bitcoincash, EOS will also soon fall short and Ethereum will prove to be supreme again.

Sell your EOS while you can. ETH is far more advanced than EOS to even begin comparing the two.

[Sephire]

Interesting theory that may have some substance but does not explain why nearly all the coins are in red. It is similar to the theory of CME futures shorting causing bitcoin prices to go down. Probably some whales are  scaring weak longs to puke up their coins at the bottom.

[Matcuda]

Those who believe in it and invested impressive sums then build such assumptions. But while this coin is still at the stage of development, and with cardinal changes, and not established as an ether, and to overtake it it is necessary to exert much more effort than now.

[Ghebung Masam]

I am curious, what affect eos so that it can crash eth? Is there any other purpose behind it? Since both are smart platform contract providers, does eos want to try to take second position from eth?

[Glory90]

I did not copy everything on purpose so that everyone will read the whole article in the full. It's well written and might have covered the events accurately.

Also, I checked some Ethereum forums and some people have said that ETH short selling is in an all time high in Bitfinex. Can anyone confirm if it is true?



An incredible trading volume of some 180,000 eth exchanged hands within that one hour on Bitfinex, up from around 20,000 an hour before hand.

That’s compared to somewhat usual trading volumes of around 20,000 eth on OKex and Gdax, suggesting clearly someone sold a lot of eth on Bitfinex.

On that same exchange, just before hand there were walls too, endless walls as far as traders are concerned, with a 20,000 bearwhale taken down then another one popping up until they may have lost patience and perhaps market sold.

Read in full https://www.trustnodes.com/2018/05/28/eos-crashing-ethereum-300000-eth-sold-just-binance-lists-eos-usdt

most likely an ICO project that could sell a lot of ETH is EOS, I'm glad if they make ETH sales at this low price because it becomes an opportunity for me to buy ETH at cheap prices, such cases are normal because many ICO projects are built on Ethereum platform and sooner or later they will surely sell the ETH for project development funds

[LtMotioN]

This is entirely possible.  A month or so ago I totaled the ETH amounts on eosscan. They raised over 5 million ether in their ICO. That means EOS hold 5% of the Ether supply.  If it is not them doing i t now then one day they will be doing it. 

Dumping 5 million ETH can drastically drop the price.

[LazyBitInvestor]

I think that it is early to judge ETH before EOS mainnet launch. ETH is still largest blockchain with lots of projects based on it.
Nevertheless, we should remember that EOS has very big opponent - Tezos. After both of them will launch mainnets - we could judge then and only then.

[big_daddy]

What EOS is doing to ETH today is pretty much the same thing that BitcoinCash was trying to do to Bitcoin a year ago. A small player's futile attempt to overthrow a strong and much bigger competitor. My theory is that just like bitcoincash, EOS will also soon fall short and Ethereum will prove to be supreme again.

Sell your EOS while you can. ETH is far more advanced than EOS to even begin comparing the two.

sell now? :-) no-way, wait for some bull runs first, the countdown is near the start of the mainnet, it will be a headshot sell EOS now (speaking for hodlers)

[davida]

Although EOS is a very prominent coin with great features and potentials to help it grow in cryptocurrency and it is gaining more participants thereby expanding in size but I do not see EOS crashing ethereum which is the second best coin in crypto and with many projects using it blockchain for their transaction. For eos to crash ethereum, I think this will take a lot of time effort and work put together for it to achieve this goal.  

[bbc.reporter]

More bad news for Ethereum holders. EOS has sent more ETH to Bitfinex worth $120 million. I speculate that EOS is dumping ETH to accumulate USDT and use that to pump EOS/USDT in the exchange when it becomes available, or is it already available?



Conclusive evidence that EOS has sent 200,000 eth to Bitfinex has now been provided by the ethereum public blockchain.

The EOS crowdsale smart contract has now finally been drained with just $1 million worth of eth left there at the time of writing.

The year long ICO is to finally end at around 11PM London time, which translates to late afternoon in America and very early morning in Asia.

Around that time or soon after the EOS blockchain is to launch, but rather than being busy with those preparations, the company behind EOS, block.one, is seemingly instead busy with moving millions in eth.

Read the the whole article https://www.trustnodes.com/2018/06/01/eos-just-sent-120-million-worth-eth-bitfinex

[befriendmywater]

More bad news for Ethereum holders. EOS has sent more ETH to Bitfinex worth $120 million. I speculate that EOS is dumping ETH to accumulate USDT and use that to pump EOS/USDT in the exchange when it becomes available, or is it already available?



Conclusive evidence that EOS has sent 200,000 eth to Bitfinex has now been provided by the ethereum public blockchain.

The EOS crowdsale smart contract has now finally been drained with just $1 million worth of eth left there at the time of writing.

The year long ICO is to finally end at around 11PM London time, which translates to late afternoon in America and very early morning in Asia.

Around that time or soon after the EOS blockchain is to launch, but rather than being busy with those preparations, the company behind EOS, block.one, is seemingly instead busy with moving millions in eth.

Read the the whole article https://www.trustnodes.com/2018/06/01/eos-just-sent-120-million-worth-eth-bitfinex

I think it will not affect the real value of ETH or EOS. We can not evaluate the long-term growth potential of an altcoin based on their capital and rankings in the Crypto market.
The most important thing is the real value of the coin. You will never want to buy a coin only in terms of form and without the business intelligence.

[adroitful_one]

Sure seems to be the case judging by the very first screenshot of the o.p. and the posted article about them moving the funds over to an exchange. I hate when things like this happen. I don't understand why anyone dumps such large amounts all at the same time.. Seems like a better idea to sell a little here and there for a day or 2. Why do you need that much money right this second?

[Athenakim.22]

Yeah good thing of EOS coin holder,  it really has a potential to grow more but i don't think that it will crash the ETH so fast.  EOS has a long way to go before it happens.