A Twitter exchange about EOS, and its lackluster performance, has renewed focus on Block.one\u2019s Bitcoin reserves.<\/p>\n
Trader @i_am_jackis<\/a> asked the Twitterverse why the EOS market cap is \u201cstill 1.2B?,\u201d adding that EOS holders should move on and sell for BTC.<\/p>\n \u201cHow is EOS still 1.2B mcap?\u00a0<\/span> If people just rotated to that to BTC we could all be happy umpa lumpas\u201d<\/span><\/p>\n<\/blockquote>\n EOS has fallen out of favor with users, primarily due to its disappointing, poor price action over the years. As a result, some have labeled EOS a ghost chain<\/a>.<\/p>\n Block.one\u2019s year-long Initial Coin Offering (ICO), which ended in June 2018, raised a staggering $4.1 billion<\/a>, making it the biggest capital raise in crypto history.<\/p>\n Given the sum raised, expectations for EOS were high. And Block.one promised an \u201cEthereum-killer\u201d capable of out-doing the leading dApp platform.<\/p>\n Unfortunately, things didn\u2019t pan out that way. A series of adverse events, including claims<\/a> that EOS is incapable of hitting touted speeds of 5,000 to 1,000,000 transactions per second and its Delegated Proof-of-Stake (DPoS) chain is highly centralized<\/a>, rocked the project.<\/p>\n \u201cBased on these \ufb01ndings, it becomes clear that EOS is fundamentally similar to a centralized cloud computing architecture without the fundamental components of a blockchain or peer-to-peer network.\u201d<\/p>\n<\/blockquote>\n Fours years from the ICO close, its user base had shrunk significantly<\/a>, and its dApps failed to generate the same traction as seen on rival chains. But more crucially, the EOS price has been in freefall since its April 2018 peak of $22.70.<\/p>\n Other than a brief fakeout in May 2021, where the price spiked to $14.70, EOS has been trending downwards, seemingly unable to break the downtrend.<\/p>\n During a virtual meeting of users in November 2021, the CEO of the community project EOS Nation, Yves La Rose<\/a>, called EOS a failure.<\/p>\n \u201cEOS, as it stands, is a failure.\u201d<\/p>\n<\/blockquote>\n In response to @i_am_jackis, @h_bitcoiner<\/a> pointed out that Block.one\u2019s reported 140,000 Bitcoin reserves are valued at \u201cway more\u201d than EOS\u2019s market cap.<\/p>\n The EOS market cap currently comes in at $1.265 billion<\/a>. Whereas Block.one\u2019s Bitcoin reserves are valued at approximately $4.2 billion, equating to slightly above three times the EOS market cap.<\/p>\n @h_bitcoiner signed off by reiterating a past claim that buying EOS is like buying discounted BTC.<\/p>\n $EOS<\/a> Bitcoin reserves worth way more than entire EOS marketcap<\/p>\n 140k BTC<\/p>\n Idk but there is speculation by buying $EOS<\/a>, you are actually buying $BTC<\/a> at discount<\/p>\n \u2014 Symph (@h_bitcoiner) June 1, 2022<\/a><\/p>\n<\/blockquote>\n However, there are no reward mechanisms in place where Block.one rewards EOS token holders with Bitcoin. As such, it\u2019s flawed to say buying EOS is the same as buying Bitcoin.<\/p>\n Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n On-chain analysis<\/strong><\/p>\n Price snapshots<\/strong><\/p>\n More context<\/strong><\/p>\n<\/div>\n Join now for $19\/month<\/a> Explore all benefits<\/a><\/div>\n<\/div>\n\n
EOS has lost its shine<\/h2>\n
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![\"EOS](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/EOSUSDT_2022-06-02_13-12-36.png\")
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How much are the Bitcoin reserves worth?<\/h2>\n
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Get an Edge<\/span> on the Crypto Market 👇<\/h2>\n