Quote from: t3x on July 06, 2017, 07:38:13 PM

Quote from: YodaYoda on July 06, 2017, 07:23:24 PM

All i can say...wow. When looking at that transaction history...scary. Have anyone of the readers here invested into EOS and what was the reason in doing so? The white paper looked good, granted, but it was basically just snippets from other papers, put togther nicely. No code, no real info, just a sales pitch pretty much. Words, not substance.

To be fair, they actually have a Github up with code being updated regularly, and they have stated many times they they are building upon their past success with Bitshares, Steem and Graphite, taking the code and lessons learned from those and trying to build this grand platform on top of it.

I believe they will follow through, and EOS will definitely be something to invest in at a point when we get closer to next summer, or at least until they get the test platform running, but until then, it is extremely overvalued.

I only post that transaction info out of concern for some potentially bad behavior from them, but believe it has no relation to their ability or drive to deliver the software and tools. I had noticed it the day before yesterday, but when that 80+% sudden upswing happened last night during an extremely calm trading period, that was some serious cause for concern. So while I don't think this is some definitive proof of wrong doing, I don't think it's unwarranted to be worried about the behavior there, and especially the response from Dan that "we are not responsible for what our buyers do with the ETH we sell" since they supposedly are selling it OTC. The transaction logs clearly show it's primarily going through a chain of the same two accounts before split to the two different exchange accounts, so that makes it look extremely suspicious right there, going through just 1 entity for the most part. It also seems odd to be liquidating so much of it in such a short time period, especially when ETH is at such a low price point right now (which in itself is partly EOS's year-long crowd funding's fault).

It looked a lot like someone at EOS wanting to pump the exchange price up to make sure people wouldn't just skip the crowdfunding page and buy it for much cheaper on the exchange. But, maybe it really was just a freak event.

My bad, they do have some source code. Not much, but something. However, disclaimer: I'm a developer with 30 years of experience. What they have is very rudimentary, and dont constitute something that could serve as to raise $185 million on. So yes, I agree: extremely overvalued. The issue with large software projects is that they are very risky. In the case of EOS, it's very ambitious indeed and have one single developer committing to it right now, and the source code doesn't seem very ample; a few weeks worth of work perhaps, if my very quick look through was accurate. Their documents list 5 different guys working on it, with one guy listed doing documentation. It hardly sound like a project that just raised 185 million, but more of a garage stage. Sorry to be blunt, guys. Now, if they manipulate the EOS token price up, and sell out more of their own founder stake, in addition to the 185 million they raise, then what? Sorry to sound alarmist, but if you raise 185 million dollars for a project, it is to actually then USE the 185 million for the project. With such a budget, I would have thought they would have headhunted 20 of the best developers, given them tokens and a hefty salary with large completion bonuses, along with business developers, documentation specialists, legal compliance team. Instead, there are 5 guys listed; and just a single guy committing code to github.

Here are my 2 cents on scams and legalities; I don't say they have done such a thing but:
1. When an entity raises funds for a project, the funds are to be used to further the business. Right now, i don't see them committing the capital raised to fulfill the plan.
2. An entity run and operated and developed from US must be registered as a security. Calling it a decentralized app, a coin etc. doesn't help since its largely run as an enterprise and thus fulfills the so called Hayes test. It does give me concern that the guys running EOS is not quite experienced in business or law to take the business to a multi-billion entity when they make such mistakes. Legal action could even blow up the entire project.
3. Looking at their EOS document; I saw nothing how they would use the proceeds of the ICO. if they lift out cash from the ICO it would have been better for those guys to legally define cash-outs. When they have omitted it, from a legal standpoint, they are ill served at such omissions. If teh main guy have control of the Ether account, and no corporation behind it, then he very well can be subject to income tax on 185 million dollars. If they have a corporation, then the money is either investment, and the security must have been registered, or it is income, and must be paid tax on it. It's either or.

I think you get the point. The guys look a bit green, especially for guys that just raised 185 million dollars worth.