Well I think you have a few things confused; the EOS token does exist. As for EOS not existing, you are talking about the EOS blockchain and Dan releasing it, as if it is going to be one blockchain, which it is not! It is going to be multiple block chains using the EOS software, and Dan having no control over it, this is according to the Faq on the eos.io website... there may not even be any block chains running it... if Dan ever does release this code, one downside is that EOS tokens are not guaranteed to be worth anything on those chains... those real EOS coins will be the currency, not the EOS investment ERC20 ETH subtokens they are selling now. A second downside is that what Dan is proposing is MORE complexity to the chain, being able to write full programs... this is a problem, as look at what happened last week with the $40 million Parity contract flaw... it was just a small little error, but someone was able to exploit it and drain all the tokens out of everyone using that Solidity code for their contracts. If EOS allows even more complexity of programs, guaranteed, there will be ever more loopholes in those type contracts... the more flexibility, the more things that can go wrong.