So a friend of mine shared this article: Cryptocurrency Investor Gives “13 Reasons Why” EOS Is a Disaster. So basically James Spediacci wrote 13 reasons on twitter on why EOS is a disaster and this article picks a select few reasons which James tweeted. I thought I would outline the points of criticism the author wrote about and give my take on them.
To start off with, everything mentioned, well most of it, was known before the ico started. So nothing really new. Seems like James did not read the white paper of blockone blogs ecc before investing, if he did invest that is.
9/ This may be changed but yes I think this is still like this. But what better way to get people to use the coin? Anyway, BP voting is pretty straightforward and free. This does not only get the people to use the coin but would also get more people to vote hence increasing democracy for everyone.
10/ Yes this was known beforehand. Also they stipulated that the money was going to blockone and that is it. It is not to create the blockchain or anything like that. So basically we knew about this over a year ago.
11/ Bots will be bots and people are good at estimating how much money could be made. The people who could not buy in the ico did not for 1 main reason... their governments did not let them buy icos. 2 some people do not know how to invest in an ico and may find it easier to buy from exchanges. It's more the gov that you need to blame for creating a shortage.
12A/ This is a bit misleading. The $10 staked creates a new account. This account can then be used with any dapp. The dev can then decide if he will either bare the cost or push it onto the user. Don't see any issue here. At least you don't need to pay for every transaction you make.
5/ Yes this is correct, this is by design. Again that is why it is important to have a diversity with regards to who are the 21 BPS. If BPs collude then this is an issue. Also if BPs are not culturally correct for the blockchain than this can also be an issue. I do not necessarily agree to the fullest with the algorithm used for elections. Whales are an issue but I hope that this will be fixed in the future.
6/ Gov can make a BP seize and desist and that is why it is important to have BPs setup in various locations. Some governments will embrace blockchain and EOS and some will not.
There are things I would like to see and/or change in EOS so I am not saying it is perfect but keep in mind it is still evolving. The referendum system and Arbitrators on the blockchain for starters. Also ideally the referendum would trigger a smart contract beforehand. Even better, for any change, the BPs wanted to make a similar procedure where data is only changed if a smart contract is triggered, which makes the changes, through referendums. The voting system could be tweaked but then again if more people voted then this would not be as much of an issue.
I love EOS, I think the concept is great and we just need to wait a couple of years until we really see what this can do.