The tandem ICO scheme that's making Chinese buy EOS in droves

The daily trading volume of EOS is huge which is surprising. it's a token that currently serve no purpose, in the middle of an ICO and in which most chances you'll manage to buy it for far cheaper in the coming months of its year long ICO.

So upon examining what is driving the daily volume so high, one immediately sees that the Chinese markets are responsible for ~80% of the trading volume. that is astonishing.As i was wondering what could possibly cause Chinese to buy it on droves, i stumbled on this: press.one

Press one is a chinese platform which is intending to be a decentralized publishing platform. its founder is Xiaolai Li, a prominent bitcoin Chinese figure who supposedly has the most bitcoins in china.

Press.one are about to have an ICO with a target of $200M which 50% of it must be paid in EOS, 30% in Eth and 20% in Btc.

So in order to participate in one ICO, one must first go and participate in another, currently still running, ICO.

Scroll down to the bottom of the page and you immediately understand why. one of the investors in Press.one is InBlockchain, a company that also invested in, yes, you guessed right, Steem, Bitshares and EOS. and as a bonus, it also invested in Yunbi, the exchange which sees most of the EOS trading in China. if you go to their webpage, you'll find out that InBlockchain is actually Xiaolai Li's investment company.

So is this such a promising venture that is driving chinese to buy EOS? apparently, the chinese think so. there is a group chat in a chinese app called weibo which has ~4000 members that are all over this ICO. that doesn't sound much, until you realize that in order to participate in that group chat, you need to pay 3000RMB, which translates into $440.70. just to get in a chat group! Xiaolai Li is like the Vitalik of Ethereum. people listen to him. people believe in him. people invest in what he does, even if he is basing his future platform on a blockchain which hasn't released yet and even if he doesn't publish a whitepaper because, and i quote: "nobody reads or understand them anyway".

So, one could throw in a hefty sum of conspiracy theories behind this (For example: maybe EOS/Inblockchain are selling back Eth for EOS to then sell those EOS higher on Yunbi?) but it probably wouldn't matter, because at the bottom line:

Two partnering companies started two ICOs in the same time proximity, and one is feeding investment for the other by "forcing" its investors to invest in the other one.