by SGTreport.com
In this out of the ordinary interview I speak with Justin, who is known on Steemit as "Official Fuzzy", he's the co-founder of Bitshares, he also happens to know Dan Larimer, the founder of Steemit and Bitshares, very well. In this discussion Justin addresses some of the questions and "red flags" about Dan Larimer's latest venture, EOS.
We also discuss the good - and bad sides of Steemit, and cryptos in general. Crypto and blockchain technology offers humanity a duality: The possibility of total freedom, or total enslavement.
Thanks for tuning in.
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Really interesting interview guys! I particularly loved that quote at the beginning. What @officialfuzzy saying and what I know about Dan from his Steem writings and overall achievements are the main reasons of why I never hesitated to invest into EOS from the very start.
The full quote is posted below by @vlemon
It's a very powerful quote.
I also appreciated what Justin was saying at the very end, albeit not clearly enough, that if we are not careful about what we support, we will end up with the current "evil empire" taking over any new movements because they have the money and the flash behind them. He's also right that there's a lot of "dumb money" out there that is just chasing a buck. They will migrate to whatever is popular to make money without thinking about whether the crypto has: 1) good technology with a future, 2) a good project with a genuine value offering or 3) something that is good for the majority of people and cryptos in the long run. You vote with your money in this regard. I think it also says everything that Ethereum is the "corporate coin" of choice with mirrored pyramids as a logo. Not really a coincidence I think.
Wow...man u are 100% where i was when i called that on ethereum.
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Well written, @teamsteem! I'm not a trader, and I'm not a crypto expert.
All I need to know is that Dan's motivation and goals in life are the same as mine. He's fighting to destroy control systems and maximize individual liberty. For that reason alone, I will gladly throw some money his way.
I'm not in the fight to financially profit from it either, but good people must build wealth and wield it to further liberty's cause. If we do not, our enemies will always have a huge advantage.
Thank you for the mention @teamsteem.
I totally agree and that is why I am also a (currently) happy participant in the EOS project.
I am in agreement with you.
...
A brilliant and revolutionary tech-whiz builds two amazing products and makes exciting (and public) plans for the third. Doubters insist on doubting and haters insist on hating, claiming that he doesn't have a product.
Am I talking about Elon Musk or Dan Larimer?
Point is, @dan should just keep doing what he's doing. At this point, the people doubt @dan are a lot like the people who doubt Elon Musk -- and equally ridiculous.
Well said. The best indicator of future behavior is past behavior. This man does something. He doesn't think and sit and think. Plenty of people with naysay from a chair. @dan builds from his chair.
Ive never known the guy to be anything but amazing.
I truly listen to this 40+ minutes interview and I am getting accustomed to Dan's view.
It is okay it differs from others views but we need diversity in the crypto world.
Thanks.
Keep on steemit !!
Some of the things that seem to worry many people, are in fact the things that make me believe in EOS. The mere fact that they are draining roughly 8-10% of the Ether currently available before total distribution is reached, seems rather ingenious to me. I'm in it for the long run with EOS with a healthy investment.
I invested 700 EOS when the price is 4.5 dollars , but now the price is 2 dollars only. I am still holding it.
What is your suggest?
Hold or buy more.
It all depends on (a) whether you believe in EOS long term or not and (b) whether you need the money in a foreseeable future. The token sale is over in 308 days, after which I personally expect price to go up. Unless you need that money for something else, I'd keep the tokens beyond this time frame. If, however, you need to sell, I'd say say at about $1.85/1.90 - a price level that is touched quite regularly at the moment. Good luck with it, no matter what you end up doing.
Really Awesome post thanks !!....My new post ...[Akshardham Temple]
That's a good point. This, together with the info in the SGT video made me finally understand why they have such a long drawn out token sale. I just couldn't get my head around it before...
I know what you mean. In crypto world things often need to be simplified in order for mere mortals to understand, what's actually up and down.
How are they draining 8-10% of the Ethereum presently available? What does draining even mean? Obtaining and then selling?
What I mean by this is, that you can only buy EOS with Ether. I made a rough calculation (1-2 weeks ago), that showed that this will allocate (/drain) about 9% of the total Ether supply. Please note, that this calculation was very loose, and I made it when Ether traded at about $225.
But that makes no sense, you know that right? Do you think Gold gets drained when it's bought and sold?
EOS has made the decision to become the single biggest use case for any digital currency application and they've decided to perform that use case on Ethereum. It furthers the digital currency use case for Ethereum and makes it a more widely used and transacted in currency. It's great for Ethereum.
But nothing is being drained, it's being recycled and used, like a current...or a currency.
Ha ha, valid point. I guess my choice of words was beyond poor here... That being said, wouldn't you agree, that buying up huge chunks of gold (to reuse that example) to e.g. mint coins out of it and thus create a new value (system) does to some degree remove the original asset from the market?
No dude, not at all. Everything that exists exists and is available for a price.
How is it I have a limit order on an exchange to buy EOS with USD? Is the ETH as payment only in the ICO? Is that why no one can tell me if there is a fixed price for the token-to-be-issued when purchased directly from the developers in the ICO? If you have to buy in the ICO with ETH then "EOS when issued" should track the movements of ETH. It's a poor man's way to benefit from increases in the price of ETH.
I can't answer that question, unfortunately. I do feel pretty confident saying, that there will not be a fixed price. Since value is inherently relative, how could this be the case? Or am I misunderstanding your question?
I've done a lot more due diligence and have concluded that 1) the founders of EOS clearly state in their White Paper they could screw everybody out of their money and it would be tough luck. 2) They probably would not do that because it could be hazardous to their health. 3) They will control a huge block of ETH by time the ICO is complete. 4) EOS price movements in the after-market should roughly track ETH since people are paying for EOS in ETH. 5) A purchase of EOS is roughly equivalent to one roll at a crap table because of all the disclaimers in the White Paper. I took a position in EOS last week understanding I could easily lose everything.
What is the highest price currency in the world 🌎 cryptocurrency, paper currency , country currency or TIME
Time is the most precious commodity in the world. It is in limited supply and when it is has been used it is gone forever and can not be replaced or restored. No one knows how much time is left in their wallet at any given moment and it is spent immediately as it appears. We have all been allotted a bit of time in the blockchain of this present life, invest it wisely!
Well put, sir. Are you really a deacon? That's cool. I'm your first follower! haha I must be seeing a typo... This comment was your first post ever?
Yes sir, I'm really a deacon and I'm not sure but you may be right that this is my first post. Thank you for commenting and following!
Totally agreed so beautiful
Thank you!
Everything is relative. Crypto currencies with finite aggregate amounts should reflect the inflationary expectations of people in the countries with the weakest fiat currencies. i.e: Bitcoin might be telling you that fiat currency in Venezuela is worthless and people there don't care what they pay for Bitcoin. Accordingly people in countries with more stable currencies feel enriched by the relative parabolic move in the prices of some coins and tokens, relative to their fiat currencies. People in Venezuela who own Bitcoin may be just trying to preserve some of their local purchasing power.
I don't see any problem with EOS is using an Ethereum based token for crowdsale. As EOS does not have a token yet, they are currently building a completely new platform from the ground up. So if you are selling a token to gain funding to build this new platform what is currently the best platform to use? Clearly right now it is Ethereum. Do you really think @dan is going to sell all of these EOS tokens and then screw over everyone when he releases the new platform a year from now? That is not a way to release a new platform to the masses and get developers to build upon your new platform. Obviously all EOS token holders will receive the real tokens when the platform is built, you just have to be patient. Personally I'm very interested to see what EOS will bring as steemit and bitshares are both solid steps along the way.
I am really happy to see you getting more traction on Steemit. I have been following SGT Report (via TheLibertyMill) for about three years now? Has it been that long? I actually learned about Steemit from one of your podcasts, and you are reliably one of the best in the alt media sphere. I think your podcasts are clear, concise, balanced and rational, which is a real pleasure in an age of hyperbole (which even I fall prey to). Respect!
Thank you for posting @sgtreport.
This is the kind of reporting Steemians appreciate.
Keep Steemiting.....
All the best to you....Cheers.
Very enlightening interview. The Mutual Aid society concept is a BOOMER. Thanks for putting this together.
Kaboom
post a great can be useful can be used as experience .semoga be a friend who can help me in order to like you ..... to dream and hope in reach. like @yooraa need dukugan friend. greetings esteem.
Awesome video. Did 2x speed and the 20mins of listening was worth it.
Most important sentence of this interview:
“The people who say that there is no product yet, Dan has built 2 of them if they think he’s not gonna build the 3rd one, they’re crazy. This is the one he always wanted. The other 2 were just helping him get there.”
Absolutely agree. I think the current price now is very much what the market dictates to be it price. It would skyrocket when the product get's released and fall down if the product does not get delivered.
You have hit the nail on the head, without question. A brilliant track record and people are still talking nonsense.
Mainstream crypto is still talking nonsense. :)
I call BS. They have already admitted they have enough funding. Blockone and Dan don't need any more money to make EOS happen. No one doubts that Dan has the ability and will make EOS happen. And comparing the way Ethereum did it is false. Ethereum sold a coin on their own blockchain. Blockone is selling a token, not on their own blockchain, but on the Ethereum blockchain. Why? Because they want ETH for themselves.
What does it matter how much they "need"?
When building something u always take risk and encounter costs outside of your plans. You need as much as thrle free market will give u to build!
*Blockone is selling a token, not on their own blockchain, but on the Ethereum blockchain. *
That is an interesting point, true. Has @dan or anyone else involved in the project come out to say why they're doing it that way? Alternatively, has Vitalik or anyone on the Ethereum team come out to accuse them of wanting ETH for themselves?
This isn't an ICO for EOS - they are selling a product. They do have enough funding, anyone putting in is buying a product, not part of a ICO raise for funds...
It's not very clear, ICOs are for developers who need funding not for companies who want to make profits. If they want to make profits then it should be called a sale, not an ICO.
"We" never called it an ICO. We have consistently called it a token distribution. We have always called it revenue.
The community projects their own (intentional?) missunderstanding in spite of our efforts to correct the terminology.
If they want to make profits then it should be called a sale, not an ICO.
Well, the ICO craze of 2017 has kind of blurred the lines there ...
@michaelx: Hi, could you make a statement about your company remittio.com? I wrote a post about it here
how can you handle 2X? Too fast for me! Trying 1.5...
You get used to it bro. I always use 1.5x but when it's half hr to 2hr vid and they talk slowly I go 2x Lol! :)
I also try 2x listening now :-)
EOS has great potential
Steem is not perfect and definitely has holes it need to fix but it is free market and has free speech.
Great video report @sgtreport. Thanks for sharing..
Good video which has helped to remove some of my concerns. I am really keen to invest in EOS but I do have some concerns. It's not so much the lack of product or lack of ability that concerns me, I think Dan has already addressed this with his previous projects. It's the $2bil market cap and the fact that without Dan there would not be a product etc. Look at what happened to Ethereum when rumours started about vitalik's death (obviously false rumours) but it caused $4billion to be wiped off the value of Ethereum (and Ethereum is built). If something was to happen to Dan, I don't believe the EOS project would survive or at least not be as sucessful. It's a lot of money to have riding on a single key individual!
Having said that, I think the upside potential outweighs the risk, so I'll still look to invest, but I may look for a more opportune entry point!
Any product lives/dies by its creator. This is normal, and part of life in general. There are no guarantees. IF his ideas come to fruition, there is a very good chance it will steal the marketplace of crypto currency because it is properly enabling the block chain space instead of being just one feature (like Ethereum as an EVM or Bitcoin as merely the first currency).
Edits: grammar fails galore
excellent video :)
You made my whole evening with this interview. Thanks Sean. I loved listening to FUZZY because I want to know what is inside the head of Dan Larimer........
thanks stokjockey, I was wondering if this one would resonate with you guys, the last few haven't done so well. Regardless, this was a conversation with a great guy, and big supporter of truth and freedom, which I enjoyed. I also have some very big news to share regarding the potential use of a crypto blockchain (by the BIS) to enslave humanity. Stay tuned... & thanks for the UP votes guys!
Of Course I love Content like this Sean and while I was listening to the interview I actually purchased some more STEEM and Powered it UP !!! STEEM ON !!!
SGT I'm glad you're working in this area. Many of us need access to crypto information to make decisions concerning our financial future. I missed out on bitcoin's initial rise. I won't sit and refuse to learn from that. Great job.
Thank you Sean @sgtreport. This was a very good and timely interview and I've upvoted and resteemed it. IMHO, most people do not realize the potential of Steemit and EOS yet. However, this could start to change once the price of STEEM and EOS goes above their respecive downtrend lines (i.e. around 0.00045BTC for STEEM and 2USD for EOS).
By the way, what/who is BIS ?
Thank you jmsm2! The BIS stands for the (Rothschild's) Bank For International Settlements, the central bank's bank. Think 'Iron Bank' from Game of Thrones.
Thanks for the quick response, Sean.
Can I also request that you do a video on BITSHARES soon (by interviewing Justin).
I'm somehow doubting that's an open public blockchain...
Wont happen unless u talk to dan. I just give historical perspective to an argument that has been waged for a long time ignorantly against someone who has proven time and time again he innovates while others complain.
This interview was an eyeopener. I bought acquired EOS based on reputation, and faith that the tokens would be usable in some form later. Beyond trading on the either platform. Knowing how I acquired place holders for the actual product gives me the confidence to hold more. This is why SGT has been so helpful in navigating the alternative news, currency etc... subjects popping up daily. Trust is found here. There is no W. Cronkite to fall back on in today's world of information. Mainstream won't tell you the truth, or even what is going on. You have to find sites like SGT to gather intel and sort things out for yourself. Trust sites like this, but believe what you can discover through your own research. Good luck out there, and thanks again for the interview.
Cheers sean looking forward to listening to this later today, as i think EOS has great potential
Cool, enjoy - thanks wakeup!
It's always fun to hear fuzzy talk and learn from him. Thank you for interviewing our hero, SGT!
So much to learn from @officialfuzzy.
@dreamiely @deveerei @purepinay @tjpezlo @monkeypattycake @arrliinn
You bet siddartha, it was a blast to talk with fuzzy, he's a good guy.
I try. :/
And sometimes fail miserably.
Thanks Sean @sgtreport these are some of the same issues I discussed last month in my open letter to Dan, Ned, and other steem blockchain developers and programmers.
thanks for tuning in, all most folks want is the TRUTH - and we try to cut through the BS 24/7.
I provide evidence to amplify awarness - indeed cut through the BS is what I do with my posts.
IMF's SDR and the De-Dollarization Policy Agreement
Just do STRAT and Hodl
Strat is another very solid one on my radar
EOS is definitely one crypto to stay away from. Their ER20 tokens DO NOT represent any claim of EOS tokens when and IF the EOS blockchain is released
Legalities...
Join Trady.io :- https://trady.io/?ref=grvprk1996
Interesting and informative video, very good insight into EOS
the steamet is nice
Thanks for This post and sharing best opportunity for new coin , EOS can hit 10 $ in this month @sharoon
They clearly covered all their bases with with the agreements, but like @officalfuzzy said, @dan is building it, so that's why people are confident enough to invest.
Yep. True.
i have been putting $100 of my pay into EOS every week and will continue to do so for the rest of the ico if price stays the same will have roughly 2500 tokens..i feel as tho this is a safe gamble with eos and could pay off really well guess time will tell..wish me luck :)
read if ur holding ripple
i have very very bad news for ripple holders i have read the white paper and its not good news at all
xrp tokens will not be used to transfer value they are just ledgers that will be communicating in the network
they can use other tokens also and ignore xrp if they please.
get out while you can guys , oh also this is just xrp is just token its not a real cryptocurrency its not even a blockchain.
help out your fellow crypto investors and warn them of this finding.
https://steemit.com/ripple/@dank-crypomemes/i-have-very-very-bad-news-for-ripple-holders-i-have-read-the-white-paper-and-its-not-good-news-at-all
Thanks SGT report. You got me here on steemit. This is my first comment I think. I am using reply, hope this is right. Anyone want to give me some pointers?
Wow, very excited to listen to this. What are the chances EOS is offered on Coinbase?
gold, It would be a LONG way off, EOS won't be fully built out for a year or so.
Thanks for the info Sean. Great to have you on Steemit. Long time listener :)
Probably never
thanks for information
by discussing we can solve the issues.......
wow,good job man
thanks brother.
good
Thanks for sharing!
Great to get the insights of people directly involved in the matter.
Thanks for the interview
I followed you please upvote me
Go Sean! Go Sean. It's ya Birthday!
I mean who would have ever thunk my brother! 10 years ago, I didn't even know what facebook was, and we're already moving on from it! Unreal!
Great post , but i need eny vote here plez :-D
Interesting. Check out "The Bitcoin Song" added today
Good things
This is great! I'm so excited that we're experiencing this shift in humanity. The next few years are really going to change everything.
Great Post, When there is FUD, there is opportunity and profit to make.
Investors used to not believe in Amazon ("doesn't make profit and has too much losses"), Facebook ("How could they make money with a free platform)"...
In Dan Larimer we trust.
Good
What if invests in Bitcoin in 2011 - let's find out how much you earn? ...
https://steemit.com/bitcoin/@erez7770/what-if-heath-invests-in-bitcoin-in-2011-let-s-find-out-how-much-you-earn
Upvoted done :)
Wonderful post.. Keep on the good job
I now follow you.
Please, have a look into my blog may you like any of my posts :)