Adding to the Fear Of Missing Out {FOMO} on profit.
In the meanwhile the crypto market gets flooded with even more to choose from.
It is just like the crypto copycat times of 2014 again.
First of all, just to make it clear, I did buy an ICO {Innitial Coin Offering} and one ITO {Innitial Token Offering}. The ICO was for Peerplays and I already swapped those for PPYs. The ITO is for EOS, which I will claim later today. The reason is because they come with Proof Of Technology {POT ;-)}. Of course there is no guarantee that both Peerplays and EOS will become a huge succes. What is a guarantee in life anyway? Even apparant death gives me no guarantee that I do not live on as a different kind of being. But now I'm moving into philosophy, let me save that for another post. Back to cryptos and their derivatives: ICOs and ITOs. There is just too much of them right now, market prediction Tokens, they seem to be hot. That does not mean I will buy it.
This looks a lot like when cryptos got cloned by the masses. Just pay some Bitcoin {BTC} and have a coin created. Nothing new, just different settings. And cash in on the coinrush of 2014. There was a lot of pumping and dumping going on a that time. There were special online services that could deliver a clone complete with logo design and more, within a day. Who can blame anybody for wanting a piece of the pie? There is still a lot of inequality caused by the bankers monopolized money system with a recurring economical crisis guarantee build in. So I, for one, can understand that many people all over the world hope to get more air to breathe by getting financially substantive. And if there is a promise of free available currencies then that could be seen as a blessing for the many. Especially those who cannot even get a banking account.
A lot of coins proved to be fake.
At least in a sense that they were created by a coin cloning service and they had greed backing them. Even the sourcecode needed be payed for, but for those who wanted to premine for the pump and dump, this was a price they were willing to pay. Websites were made, that all had the same message, the same looks, without any innovation, no team, just another coin, ready to cash in on. Most of them were gone after a year and so were the enormous premines. If a genesis block, and the first ones after that, got a big payout you almost could know for sure that this was another one to cash in on. So, it was and is important to understand what is really going on in the crypto realm. Just like one would not buy an empty box in the supermarket just because it is labeled: Huge Promise! With nothing to back that up. And it even feels like an empy box when one lifts it... And there were a lot of those type of coins flooding the cryptos market: empty promises.
Same now with the ICOs and ITOs.
All this advertising, even on exchanges, countdowns, ment to trigger FOMO {Fear Of Missing Out}, huge gains, profits, but most of them are the empty box in the supermarket labeled "Huge Promise!" But how many do actually investigate before buying into one of those hyped ICOs and/ or ITOs. Are they all bogus? No, there are absolutely legit ones. Like Peerplays and I know because I swapped my ICOs for PPYs. And there is a Peerplays platform, with an interface, but I have to stick around for a while longer to see the first DAPP games. That is the risk I took, just like the witnesses that I already voted for. But the technology is real, the Peerplays blockchain is running. And it has its roots in the Bitshares Free And Open Source code. The original developer, Daniel Larimer, of that is known to me. And Peerplays is an innovation on Bitshares technology. That made me invest in PPYs, Peerplays main Token.
And that gets me to EOS, the next project of Daniel Larimer, now with a new team: Block dot One. The technology behind it is related all the way back to Bitshares, still on Graphene. Moved on with Steem, that started the innovation to Chainbase and now goes parallel processing Smart Contracts with the use of WASM {WebAssembly}. Which happens to be a webindustry standard, boosting scripting to the next level. This is about native speed compilation for webapps for instance! And it can be programmed in C and compilled into WASM, an extension for JavaScript. And it can be used in non-web enviroments too. But for EOS it will be very effective in its use for the execution of Smart Contracts in a parellel processed fashion. That can be scaled only limited by the state of the current hardware developement and network infrastructure speed.
EOS is Proof Of Technology {POT}.
That is what makes it a legitimate investment for me. There is real proof that EOS is the next big game changer in the cryptos realm. It has the technology to do so, because it is all based on an innovation of proven technology. Now I have come across many negative suggestive articles, posts and replies. Same names appear in that slander trash, some Bitcoin fanactics, who live in a different realm all together, I think. Even here at Steem a lot are parroting all that dumb bullshait, probably not even aware they are spreading FUD {Fear, Uncertainty and Doubt}. Which is a kind of ironic as they do that on the Steem Blockchain, the direct relative of EOS... But to me this also shows that it is needed to educate, explain, what these technologies are all about. It is important to help others get out off that cognitive dissonance state. Or they might even be fooled into buying bankers Trojan horse coins like Stellar and Ripple...!
It is good to be aware that there will be several parties trying to get some form of control over the cryptos realm. Or some even just want to get-rich-quick, now that is a very well known scheme. And I can only state that it is important to investigate into all these ICOs and/ or ITOs just like in any other crypto related stuff. You already may know that I think bankers centralized fake coins like Stellar and Ripple should be drained empty as soon as possible. Because they are totally opposite of what cryptos are supposed to be. Without an intermediar, cryptos is power to the people, but you can also expect that the old money and financial system would want to stop it by all means. It is competition, all that capital that is floating out off that central controled money system. So why on earth and for peace sake would a true decentralized crypto supporter want a connection with that monopolized financial realm?
The truth is out there.
For me EOS is going to be a huge disruptor of the old financial realm because it will make intermediaries, like banks, superfluous. All this will be replaced by Smart Contracts and Bitshares and Steem already show what it can do in transaction speed. EOS is connected to that, and adds parallel processing to it. All proof of technology {POT}, it is all there to be found. While a lot of ICOs, ITOs that started to appear are mostly air, just copy-paste Smart Contracts. There are already so many on the Ethereum blockchain that is starting to choke now and then. The cryptos market being flooded by all these empty promise ICOs and ITOs is bad. It creates a very unstable market right now. With still way too much capital locked in those fake bankers coins like Stellar and Ripple. At least, from my point of view this is bad for real decentralized Free and Open Sourced cryptos...
The time ahead will probably show some more unrest on the cryptos market. One advantage is that a lot of real cryptos, like Steem, will become like on sale for a while (that is how Heidi Travels explained it.) And now I have read that there might be a bank connection to Digibyte I will investigate that also. And I will even dump my DGB with a huge loss if that proves to be true. You are of course free to disagree. But for me it is important to keep centralized banking bullshait out of the cryptos realm, together with the empty promise Coins, ICOs and ITOs.
And remember to only invest in cryptos what you are willing and able to lose. Also your speculation might be as bad or as good as mine...
