How I Ended up Creating a Steemit Account

A few weeks ago, I found myself researching the crypto space. I am by no means a crypto expert. However, my economics and finance degree along with market research experience in the IT industry qualifies me to comment on the matter.

I was given the task of researching EOS and to only comment on its potential short comings. 16 hours later, this is what I had created.

"Research Report – EOS

Red Flag, EOS is relying heavily on FOG and EDGE Computing
Analysis
Focusing on one architecture or infrastructure limits potential growth and adds costs. I think Daniel Fuchs sums it up good by saying
“Fog Computing require processing power at the edge, increasing CAPEX.
There is also the needs for systems to keep the edge up to date, security systems to handle more point of risks and analyse the data concentration in the cloud for other functions like predictive maintenance (when people talk about fog computing, they consider not transmitting data to the cloud server for post processing).”

Red Flag, the linkage between a decentralized OS, cryptoeconomics and the monetization process
Analysis
Let’s say, a new facebook is created named DAPPbook. DAPPbook does not have a centralized datacenter, it runs on user hardware. The user needs an incentive for maintaining expensive hardware, either DAPPbook is ad free creating an incentive for the user to turn on their hardware when and only when they are on DAPPbook or Delegated Proof of Stake enables some sort of reward system to incentivize 24/7 operation of the hardware with loose change left over to pay the development team of DAPPbook.

Red Flag, Slow Speed of Communication
Analysis
The EOS ICO started on 2017-06-26 and its coinmarketcap history also goes back to around the same date. 5 months later, on Nov 29 Armando Kirwin wrote “but how exactly does that (resource management) work? Is it automated? Dan Larimer and David have both referenced leasing/renting EOS at various times, but developers need to understand the actual mechanics in order to confidently build the dapps we’re all supposed to be building at this very moment.”
This indicates that funds were not utilized for PR and communications

Red Flag, Slow Development
Analysis
For the last 9 months, EOS has had at least a minimum of $200 million worth of resources to create a prototype working application. Average planning, architecture and development usually take 3-9 months (I need to find a better study to cite however, 9-months and still in the research phase with no product to market seems very long) in the IT sector.
$200 million and 9 months later, there should be something to sell (a product, a growing user base or a service) to the market.

Red Flag, Coins, Tokens, trying to cancel out the hype effect and arrive at true value, and then they are scammers out there as well to worry about

Analysis
If anything goes wrong at an early stage and either users lose money or the company loses money then, it will be very difficult to recover. Hence, security is an important consideration.
Nicehash was hacked for $60 million but it recovered because it was already a product in market. EOS is only an idea in process at the moment hence, recovery will be very difficult.

Red Flag, EOS vs. Steem
Analysis
Why to invest in EOS if it does not have a product in market and not look at Steem (no.30 in the coinmarketcap) related to steemit.com. The same team is behind both EOS and Steem but steem has a market cap of around $450 million whereas, EOS has a marketcap of around $4.5 billion. This suggests to me that both have purely speculative capital invested in it but steem seems to have less of it. And, #deletefacebook is trending at the moment."

Hence, in the space of 16 hours I went from wishing for a DAPPBook to creating an account on Steemit. Wonderful isn't it!