I've been evangelizing the chat to annoyance, so I thought I'd post a public idea on the issue.
About two years ago, after reading into the night (for many nights) on this thing called "ethereum" I was super excited about the tech and it's potential. I'd post about it constantly in the chat, suggest people buy in or at least look into it and give it an honest review. I really wanted it to be successful, not explicitly for my profits (as I bought pre-sale) but for the desperate need for such a technology to exist and to thrive. Unfortunately after a myriad of Ethereum based ICOs, it's become painfully clear that the tech we got, was not the tech that we need or which will last. Each new ICO on the ethereum network exposes more flaws, mainly being: it will never be able to scale to real-world business transaction needs. The network grinds to a halt, causing transactions to take hours or days at best, or to just fail completely at worst. Hell, look at the needs of a network like Facebook for that matter: 510,000 comments are posted, 293,000 statuses are updated, and 136,000 photos are uploaded -- PER MINUTE. Visa can do 24,000 transactions per second... Ethereum is crushed by 10. 10 per second is it's top and it's not even able to handle that in reality.
I explained that, to tell you this: I have FULLY divested from Ethereum, and am buying heavy into the tech most likely to swallow it whole - EOS. Do your own research on EOS and get educated. The price is very attractive right now and as the chart shows, it is signaling the start of a bullish trend. I will not sell my EOS for at least two years. I want it to fully succeed and I'm looking at the investment- as an investment - into a product I want to use. I have NO targets for EOS, and will be buying in at many different levels. The green line on the chart indicates my average entry to date.
Please save your tirade about how Ethereum is never going away- for someone who cares. I'm making no claims as to the continued existence of the Ethereum network, only that I'll no longer be supporting it.
Today EOS launced it's live Test net and it seems all engines are go. I regret not using a daily chart to illustrate the points outlined above, but hind-sight is a bitch. At the end of the day, the outcome is the same.
Trade closed manually
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This will be my last post on this chart. I took a small amount of profit at the top of this last move with no expectation that we'll see a correction. I just had a level in mind and stuck to it. It's never too late to get yourself involved in good tech. As long as EOS lives up to the promise, today's prices will be looked back on as cheap to the degree of insanity.
Hi, any update ? I hope you bought EOS with fiat not ETH :-/
Incarnation
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How were you wrong..because of the market?
ninjabenja
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@Incarnation, Primarily because my analysis -- was really weak. I mainly wanted to post my stance on EOS and why I'm so bullish on it - at any level but you really can't determine over-all trend on a 6hr chart... especially not with a brand-new "coin", but that's kinda all I had at the time. Higher highs and higher lows can and do help to signal larger trend, but really you would need to see it in conjunction with other confirming factors, and at least on a Daily scale. Here's the current EOS Daily chart. I'm still long, I still have no target and FWIW, I'm still buying :D Thanks for the comment!
audiocande
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If 10 TPS is the main issue...how is Bitcoin surviving at less than 5 TPS? Doesn't lightning.network/ address this for Bitcoin and raiden.network/ address this for ETH? Are there other issues? Please give the whole picture. Thanks!
ninjabenja
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@audiocande, the Bitcoin network has been surviving (and thriving) at less than 5 TPS - predominately as a store of value, having had first mover advantage... and then hard forking (in part) as a result of the low transaction capacity. Ethereum had a "flawed" contract force a hardfork of their network. None of these things are an issue with EOS. My view is that the bottleneck of transaction rate with Ethereum is just one issue among many, but yes I do see it as significant. The "whole picture" is that Ethereum was/is a great idea, but not the best or most effective implementation of that idea. My initial investments in Ethereum were to help it succeed, and it has. It's succeeded in helping produce EOS, a better more effective model of their concept. Thanks for the comment and the links!
What about the terms and conditions for EOS? It's ETH based and owning ERC-20 token gives you no right to own the "EOS" Blockchain that should appear in the future. Bit scary don't you find?
@CharlyBravo, I understand. I also understand there is a difference between legal protection through plausible deniability, and real-world implementation. I applaud the investigation as well as your input.