BURNING: EOS, will it rise again? Here's why I think it should not...

What’s burning is the bridge that connects the small investors with the opportunities of the crytpoworld, and specifically, the ICOs.

Look at the example that is taking shape right now and which will continue for another 300+ days right in front of our eyes. I am talking about EOS ICO.

This is a great project for those that missed the ETH boat and wait patiently for few years to see this project take shape and also see investment to rise with it.

But what happened? It rose from under $1 to $6 and now is at $3. That is 300% in mere days. It may shine, dwindle and burn more and be reborn like a phoenix and fly away never to be in reach of a small investor. It may become ETH (from price perspective) even before the ICO ends. At least ETH was in reach for everyone before taking the flight.

You may mistake my venting with jealousy of not being able to get on the project due to its price?

Not at all, it is frustration. Those that have come into this Crypto Market pre BTC mainstream coverage when it hit $3000, were hoping to be part of a revolution (like internet boom) and make some dough in the process. WHY? Because we were tired of being played by the bulls and bears and the animals that Wall Street feeds with blood and flesh of small gullible investors.

I have said this multiple times in my ICO Review Series and I am saying it again, few whales are manipulating the market so much so that the projects themselves are getting side-tracked and everyone is focusing on the $$s. This is Wall Street all over again but at least on the Wall Street we enter expecting it.

I am in this for $$s, yes, but I am also in this for projects I care for, although I cannot show my care in substantial $$s. Even with the small crumbs of investment, I have invested in projects like Golem, Steem, Sia, MaideSafe, Digibyte, LBRY, etc. and although it has only been few months, I have not touched them because I want to see the projects be in focus not their $$ tags.

I know that whether I sell them or not will not effect the direction of projects but if more and more people start to show some patience, I think these projects will stabilize lot sooner and we can then (as investors) focus on the outcome of the project itself.

Most Forums on Bitcointalk are filled with tenacious comments about the ‘$$s’ rather than project itself. I say most but not all, because some do have genuine supporters of the projects.

Coming back to EOS. This project is a genuine contender of ETH and in their own ways, ETH, EOS, LISK, BitShares, Waves, etc, and now EOS can bring the disruption and transformation that blockchain promises, much MUCH more rapidly. If we give them a chance.

Right now by inflating and hyping the market, we are just filling pockets of otherwise genuine developers with LOT more money than is needed for the project and whenever there is ‘EXCESS’ lot of unwanted things tend to take shape.

EOS was hovering around $1 and shot up to $6 and now it is at $3.4. Do I think this is a fair price? No.

I do not believe they deserve the top 5 Spot in the Market Cap even before entering the market with a final product? This is their Road Map, quite literally, about the future.

Once Tezos completes its ICO it may enter the market with an upward of 350 million (at the time of writing, they are at around 200 million and have 9 days left). Which is fair considering that they were at least playing with the idea and direction since 2013.

Do I doubt the EOS efficacy? I don’t.

We must thank Dan for bringing a new way of investment into the market by introducing an ICO that stays on for a whole year.

The issue is NOT with developers. It is with greedy fracking whales.

Even if EOS stays at $1 range, it will enter the market – even if they don’t do anything and successful keep the market anticipating, with MORE than a billion. That itself will earn them top 10 spot without having to finish the project. Even higher spot than BitShares (that is at current market cap, BitShares will probably surpass that).

What is the fair price according to me?

I would say under $1 and that too assuming that they will finish the things on their Road Map by the time the ICO finishes.

Even after this rant, I will advice my brother to get on EOS, however, I will ask him to wait and wait long. We have lot of time. And if we all had shown that patience and got in only with few ETHs per round, the price would have stayed WAY under $1. I don't think Developers would mind if we say that each EOS is worth $1 or $10. Because, they can always demand $100 or even $1000 once they prove the worth of their project and the market can happily pay the price they deserve.

And that is the point of this article. A little bit of patience, not just in this ICO, but in the crypto world in general, will help us see the true worth of projects without hype.

Picture source: Coinmarketcap.com and EOS site.https://eos.io/

I may not be reviewing EOS as part of my ICO Review Series.