The Gloves Are Off: EOS A Case of Dishonesty, Ignorance and Stupidity:
Wild fires spread fast, but stupidity spread even faster on the internet. Reading various comments surrounding EOS one has to wonder why are there so many misinformed people in the crypto community. What I find interesting is that these people never fail to highlight their ignorance. They seem to literally enjoying looking like total jackasses all the while convincing themselves that they are actually informed. Let’s tackle some of the gripes these individuals have with EOS.
Let’s start with a few definitions of various buzzwords used when attacking EOS:
Decentralize - to distribute the administrative powers or functions of (a central authority) over a less concentrated area.
Cartel - an international syndicate, combine, or trust formed especially to regulate prices and output in some field of business.
Oligarchy - a form of government in which all power is vested in a few persons or in a dominant class or clique; government by the few.
Block Producers = Centralization:
How is EOS centralized when BPs are determined by community votes?
Block.one the developer of EOS owns 10% of the EOS tokens which then will relinquish over a ten-year time span. They did not launch the block chain it was a community initiative, actually block.one made it clear over a whole year that they will not be launching any main net so investment was at your own risk as they made no promises. In the end the community came together and launched it themselves. Given these facts isn’t this a clear sign of decentralization?
For you buffoons here are some examples what centralization would actually look like:
- EOS software proprietary and not open sourced.
- Block one owning a considerable about of tokens say over 50%.
- No votes to elect BPs, no community input. BPs solely elected by block.one.
- No constitution for the community to abide by.
Block Producers = Cartel:
Much has also been made about the 21 block producers being a cartel. LOLz. Again, pure and utter stupidity. BP’s are elected by the community, any BPs who even attempts to go rouge will be voted out in a matter of minutes, 120 seconds to be exact. Also given the definitions of a Cartel please point out to me how BPs will regulate prices. Take for example an actual cartel such as Opec that regulates the world’s oil prices.
Please show me factual evidence how the BPs in EOS will be able to regulate token prices in a free market on the EOS block chain. Please also provide examples of how BPs will eliminate competition considering anyone can become a BP. Simply buy the equipment needed and provide something of value to garner votes from the EOS community. They are true cartels in crypto, BPs in EOS is not it however but nah you clowns are silent on those.
Block Producers = Oligarchy:
This requires a both a face palm and a lolz. The EOS constitution is a clear that power is not vested in small selected few, i.e. a dominant class, clique or government. Keyword in case you missed it is few. The constitution is signed by each EOS token holder that cast their vote. In essence the power is in the hands of the community as the same community can also vote to amends the constitution.
I have actually seen comments made that constitution on governing a block chain is stupid. Why these people even in crypto is mind boggling to me. Simply put, government is not by a selected few the entire community is required to abide by rules established. You don’t like the rules you vote to amend them hence to the need for a guiding document, um a constitution.
Block Producers Froze the network:
No dummies the BPs did not stop the mainet, the application did. It functioned as it was meant to when a major issue discovered. BPs work together as a community and it was back online. Most other crypto could never achieve something like this in such a short period of time.
4 Billion, 4 billion dollars and they are bugs?
Yes, jackass, yes. Billions do not mean perfection especially when dealing with software where human error is the norm. Code is written by humans; humans are not perfect. The fact that this has to be explained is perfect reason why I cannot take most people in crypto seriously. Why is it Microsoft, Apple etc. continue to release software that requires bug fixes, security patches etc.? Shouldn’t their billions with the some of the world’s most brilliant people working for them release applications and OS’s that are perfect.
We can lose accounts and tokens:
Yes, use the account or lose it. They are other crypto available for you to HODL until the cows come home. So go HODL away in the hopes prices will rises EOS is simply not the platform for you. But then again simply use the account in which transactions are free mind you and problem is solved.
Block Producers can freeze tokens:
Too often are people’s investment compromised in crypto because they are human and we make mistakes that may cause us to lose everything. When we get to point where BPs are simply freezing tokens just because they can then we can argue, but that BP will not exist for long at the any slight chance that they are misbehaving. All thanks to the voting power of an actual decentralized community. Fraud and theft need to be eliminated and discourage as much as possible. Peoples property rights need to be protected and respected. A not so tech savvy grandma should not have to pay for a simple mistake if mechanism can be put in place to prevent this.
Hate EOS as much as you like. But in the process provide factual evidence to back up your claims. But I get it, fear, greed mixed with stupidity removes even the smallest amount of critical thinking. Now go HODL your BTC, ETH til eternity. Let the adults try to solve real world problems.
the nature of capital accumulation is that those interested in short-term profit become the most powerful. Just give capitalism time an oligarchy is unavoidable
You must lock up your tokens to vote. Short-term profit makers can't vote. Try again.
? how is that an argument? Oil companies have massive oil rigs their capital is locked up into the short-term profit is not changing it from being locked up and instead locking up more. You often cant get any profit without locking up resources.
markets favour short-term profit because of the nature of compounding of these locked-up resources. Right away a ponzi scheme will make much more profit, while powering-up will earn less. Now my question is, who wins when they power-up the "winnings" from the ponzi scheme? They have more power than they would have if they powered up without it. Thus short-term profit wins out
I don't think you understand economics, let alone Eos. Please do research because this makes absolutely no sense. Of course you want profit. Everyone wants profit. When you lock up more tokens you want the project to succeed long-term. You don't want to lose all your money because you decided the relatively small short-term profits were more important than your nest-egg. Bad actors get voted out by people who care about the system's future. What is this oil argument? What does that have to do with Eos at all? Simply fallacious.
I can confirm that the sentiment “block producers = cartel” is wrong
You actually can't lose tokens, just accounts
Meaning you can create a new account with your old keys and you will have all the funds with a different account name?
Exactly
A lot of the childish attacks come from insecure ETH and ADA holders that are obviously threatened by EOS.
Who cares. Just sent it to the moon so I can cash out.
Lol
Lmao
They don't usually have facts when they speak. It's all about noice and distraction. They haven't seen a well design good technology for a while and thing nobody can design good technology with a great community involvement. The Power of EOS is Community. Nobody can build such a community in a short period of time. EOS is in strong hands. Just keep building one block at a time. Crypto never sleep & EOS never sleep LOl.
Most welcome sir.
That's great comment.
best of luck in your new post.
Centralization - it's not only who can control network. It's also about how easy it is to censure, regulate or close it. Having so small group of players with such big power (BPs have much more power in EOS than miners in Bitcoin or Ethereum).
Another thing is that Block.One owns 10% of tokens. And actually uses them to vote. At the moment only 30% of tokens are staked to vote. so Block.One has 1/3 of decision power! Additionally they have authority. Same as Ethereum community is listening to Vitalik, EOS community is listening to Dan.
And finally, how about exchanges. Can they vote in name of their users? What if they will? Sounds scary.
Bugs - bugs can happen everywhere. Early days in Bitcoin there were critical bugs. But stop for a moment. We're talking about 4 billion dollars network. We didn't see any critical bugs in Bitcoin for years. Even when its market cap was significantly smaller than current market cap of EOS.
go HODL away - but in same time "you must lock up your tokens to vote". So if I vote, then HODLing and waiting until the cows come home is ok? Or how?
Possibility of loosing account is very scary.
You forgetting about very important feature of blockchain for being PERMISSIONLESS. You don't need permission to use it. In any way. Only math and code sets limits. Not people. In EOS people (those who are BPs) decide which account to lock, which app can run on network etc.
EOS is not Bitcoin
... and don't have to be.
EOS is not decentralised and permission less in a way we used to see in Bitcoin or Ethereum. From other hand it don't have to. Control of most of ICO tokens are owned by central authority. Startup founders decides which tokens to accept in their products, when to accept them.
For such "decentralised centralised" apps EOS should work well.
It gives cheap transactions, better speed, audit-ability and transparency. That's totally enough. In many cases you don't need true decentralisation. You just need good platform for running your dApps.
Great article, but you seem to have asked for the impossible. If these individuals need to provide proof, their trolling power is reduced to zero. We cant expect facts to dictate statements, otherwise, the internet will implode ;-).
Great work and keep spreading the good word.
Maybe you are right with your arguments and stand but I have firm belief on EOS and the team sometimes everything is not in your hand to disclose as if we discuss or reveal our vision it will be crushed or copied friend always try to welcome the positive approach and their commitment of adding new opportunities and inventions to their platform most of the majority is blaming for their personal interest then why the EOS should not care for it's performance and personal interest, if it's price rocketed high no one blame and claim them fraud if it crashes everything is wrong now, so friend keep calm and stay connected.
Good luck.
Nicely written I wasn't really aware of much going on in the EOS launch... but i can see how FUD happens sometimes out of nothing but pure lack of understanding of basic concepts
People need to have more faith in EOS.
You need to invest a whole lot of money to sabotage your own investment.. For 120 seconds.