EOS is in trouble. With governance problems, bug riddled main nets and coin prices that are causing token holders to squeeze their butt cheeks in a rather unmanly manner, it's understandable how one could get discouraged, even panicky, when looking at their EOS holdings.
But.........
I have to wonder if that isn't the exact thing all the recent news articles regarding the current EOS controversies want you to feel. As you look around the muddled world that we call “jouranlism” today, it's clear that good news doesn't sell and the more hyped a project/item/agenda is, the faster the sharks we call journalists are to rip it apart at the least sign of trouble.
EOS has been touted as the “Ethereum Killer”, handing control of the DApp platform and the smart contracts written on it to the holders of the the platforms tokens. As the largest, most successful ICO EVER, it promises transactions scaling to millions per second as well as no transaction fees and, with a whole host of new Dapp's scheduled for launch in the coming months, EOS has had a lock on the “Hot Crypto” news lines for awhile now.
There are plenty of sites that are playing up the negative events of the past few days.
EOS (EOS) Faces Backlash After Technical Issues and Block Producer Freeze
EOS considers scrapping constitution among chaos over governance
Even those that aren't outright hostile are disparaging of Dan Larimers proposal to implement “EOS Constitution v2.0.”
EOS Founder Wants to Scrap the Platform's Constitution, Start Anew
But what has really changed since June 17th, the day EOS launched? We have one spurious arbitration order that was ignored due to verification issues by the block producers (ultimately found to be a fake order), 27 accounts that were ordered frozen that, according to Block.one, the company behind EOS, were scamming users with fake public and private keys, and 7 accounts that were frozen by the block producers who climed that the accounts showed evidence of scamming and violations of the current EOS constitution. Oh yeah.....a block production “freeze” two days after launch....that was fixed and a non issue less than 24 hours after it was discovered. Not good I know, but not exactly a “doomsday” technical problem for the EOS platform.
The EOS Arbitration council made one big mistake when they ordered the 27 accounts frozen by not publishing this information with the order to freeze. Instead they stated that “the logic and reasoning for this order will be posted at a later date.” This has led to cries of “ CENTRALIZATION!” by the EOS community and the MSM. All I can say to this is that, while a mistake mayhave been made with regards to the wording of the initial order, the intent behind them is clear...to enforce and protect te EOS community at large from dishonest people and thieves that see crypto as just another cookie jar to raid.
To me, this whole controversy is just another example in which media sites tend to play on the dramatic and thus manipulate markets to a certain extent. Has EOS had some problems? Yes, without a doubt. Are these problems so rampant that it should destroy the EOS platform and it's value? No, I do not think so. With the EOS coin price sitting at $7.55 according to CoinMarketCap.com, a market cap of 6.7 billion and the title of the 5th largest cryptocurrency in circulation, EOS has the ability to weather these storms and come out on top....perhaps living up to its hype as the “Ethereum Killer”. The fact is that, while EOS has some governance work to do, it is still a viable and valuable platform/asset as this phase should be looked at as golden opportunity to get EOS at a price that will likely be a distant memory in a few short months. For those who feel EOS is currently too “centralized”, I say that, like any other great thing, this is a problem that simply requires time to rectify, just like many other “decentralized” projects. It will take time to move the control of the platform from the current incarnation to one that fully embodies the decentralized vision of the crypto world. People need to give this time to the arbitrators, block producers and the EOS community at large, instead of allowing the media to play on the fears and doubts that plague cryptocurrencies.
HODL on friends. Let the FUD go and keep the faith. And screw the media. Would a REAL journalist, the kind that used to be respected as an impartial reporter of the facts, please stand up and start giving us news that we can use....not sensationalist opinion pieces passed off as facts. Am I being optimistic? Yes. I'll be the first person to admit i'm wrong if I am, but on this score I do not think I am. With EOS having PROVEN that t can take transactions to 1000 per second (compare that to ETH's 15 per second) it is only a matter of time before EOS claims the top spot as the #1 producer of Dapp's and smart contracts.
In the spirit of disclosure, I am not a mfininancial advisor and none of the preceding should be taken as anything more than my opinion. I do not own or control and stake in EOS or any associated DAPP.