Maybe the investors of those cryptos you were referring are very positive about the future of that platform. Some take the opportunity to make more money through its pump and dump. Crazy, right? Then that's a confirmation that you're in crypto world. They also feel that whoever does crazy things right now and take big risks may be among the richer to richest 'cos they speculate that traditional currencies, which are fraudulent, will crash.
Every penny or dolllar paper that we give and take are really just made up, and big banks take profit from it as a business model. 'Cos it's a business. Their service is a business. Their money creation is a business. With the big demand for a representation of value, there's no doubt taht owners of these big banks are among the richest.
EOS is for general cases. Steem's focus is for social media and it came first. Steem can be assembled to EOS as well as every other services/platforms on the internet right now. So it's something big.
Fiat money are just as "made up", as crypto currencies. There's no benefit of one over the other. Indeed, banks take profits, but they provide a very important role - the interest rates influence the value of the currency and hence increase or decrease the speed of the economy, keeping a reasonably low inflation.
Cryptocurrencies, on the other hand, have no central authority. That's why no one is stopping Poloniex from charging whatever commission they want, making it harder for users to operate with their funds at times when they are losing (as was recently the case with Bittrex, if I remember correctly), or even appropriating people's money for themselves - you can't really complain to anyone about that.
Hence my question - what are the social benefits of EOS? So far I only see - using your terminology - a "pump and dump".
It is true that EOS can be used to create another Steemit - but did you read my comment, asking why would we need another one?
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Think of ebay utilizing EOS resources because of its scalability, the ledger, and that it requires no transaction costs.
EOS is more on the business side. You should watch the presentation at Consensus 20017.
We need EOS because it could solve the problem as to why large scale businesses cannot use Bitcoin or eth because of their transaction costs and that they are not relatively scalable.
The question is why would we need to to build another Steemit when Steemit is already big and has acquired big developments since.
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It is impossible to remove transaction costs - even if the technology charges nothing for transferring EOS from one user to another, there's always the cost of transferring EOS to a fiat currency and vice-versa.
Imagine having to buy something from EOSBay (I should copyright that :) ) - you would either have to buy EOS with dollars or exchange another cryptocurrency for EOS. In either case, you will pay some cash to the exchange you are using and to the miners of the other cryptocurrency.
Also, if there are no transaction costs, the developers and sysadmins behind EOS will demand payment for their work and hosting services, which will have to come from somewhere.
Additionally, most people have no idea what Bitcoin is, let alone exchange their money for it, or even manage converting it to EOS, to buy something from EOSBay, when the normal eBay is still fully operational and sufficient.
This is why I highly question the feasibility of this project - even if it is technically sound, to begin with, and not another "pump and dump".
And I agree with you about Steemit - that was my point, we don't need another one.
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I'm not sure man. It's up to you but I'm really putting money to this. Just like in every other seemingly unfeasible project out there, I'll take a risk. I've also been absorbing references about EOS and how disruptive it could be - the scarcity that it will try to fill in and I must say that I'm on the right position.
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Let's hope you are right. I may invest in EOS after the hype is over and a couple of apps are up. If they are useful, its price will slowly increase over the years. But I have the feeling that Dan will create a new cryptocurrency in 2018.
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