As we all know EOS is conducting its ICO over a one year period. Payment for newly issued coin is made in ETH. Exchanges like Kraken no longer accept fiat currencies for payment for EOS resale purchases. ETH is one of the preferred payment methods for purchases of EOS in the secondary market. Because the issuers of EOS will own such a large block of ETH at the end of the ICO, it makes me wonder if the price of EOS is beginning to have a high correlation to the price of ETH. If it does, this should provide a support level for EOS, assuming ETH continues to go higher.
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If you listen to the CEO Brandan Blumer, he notes that EOS does not have plans to hold that ETH long term, and have even diversified some into USD and Bitcoin already. Here is a link to a video where he says it.
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Everything follows the price lead from Bitcoin.
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Sounds good to me.
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