Hi all!
It started so well. Eventually, on 09 April 2018 EOS began to take off. It was the return of optimism. Finally, it seemed, the months-long price depression was broken. Headlines and forum posts placed EOS in the role of a revolutionary savior, replacing Ethereum, Steem, and many other currencies.
June 2018, was the date for the alleged Götterdämmerung at the EOS online and should take over the rule.
A week later - last weekend - the realization that the 'god' does not have enough power to hatch from his egg apparently matured.
The result can be seen here:
Market:
Source: https://coinmarketcap.com/charts/
EOS:
Source: https://coinmarketcap.com/currencies/eos/
Technically, the EOS Blockchain is started, but unfortunately it is not. Unlike Bitcoin, for example, new blocks of the EOS blockchain are not created by Miner. It is much more so that within the network is tuned which EOS-stake creates the next block. This vote is currently not working. First problem might be, that some EOS-holder are just keeping their tokens for trading and are not interested in voting. Secondly, it is currently limited or even not possible to participate in the vote if the EOS stock is in an Exchange account.
Has EOS failed because of this, as market development suggests? I do not think so. Of course you can see the current development as a setback. One should, however, recognize that the subject matter has been communicated quite openly by block.one and postponed does not necessarily mean canceled. Despite all disappointments.
Your JP
BTC market cap is 10x EOS. I doubt that EOS is causing the entire crypto market to see red yet again. Will be interesting to see how/when EOS recovers from this catastrophe though.
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Thank you for your feedback. Maybe you are absolutely right doubting that.
One problem though is that the fates of the entire market are closely entwined through Bitcoin. If projects experience setbacks some investors pull back into BTC. Sometimes even into FIAT after that. Which results in a reduced market capitalization.
Maybe it is a catastrophe to some what EOS is experiencing and that may lead to a panic-driven withdrawl of some holders. In my professional opinion EOS suffers a temporary setback not a catastrophe.
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Indeed, BTC is the lead Bull(and sometimes bear) in the cryptosphere.
I hope it is only a temporary setback for EOS also.
If they do fall through I think that would have a cooling effect on all alt-coins, possibly all crypto.
GLTA!
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Great article, Resteemed.
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@jpmay, in my view, until the bitcoin scalability problem is not solved, the market will not make a new high. Still the cryptomarket depends on the bitcoin.
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@cryptospa thank you for your comment. I will adress that topic in an extra post since you have a very interesting point there. But don't you think that good and successful projects will help adding more capital to the market as well?
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@jpmay, yes definetely! Some good cryptoprojects will bring new money to the cryptomarket. But still most of them are still not mature. Most people are very conservative, so they will wait until they are not sure that they can trust that project. Keep in mind, that even the cryptocurrency penetration rate (adoption rate) in the world is about 0,3-0,5%. So, in my view, when in 2-3 years the cryptomarket is a bit more mature, the correlatioin between the cryptocoins (cryptoassets) will get smaller and smaller. Most cryptocoins will be devidet into different cryptoasset classes. I think bitcoin will be either digital gold, either a mean of exchange.
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