“How is EOS still 1.2B mcap?\u00a0<\/span> If people just rotated to that to BTC we could all be happy umpa lumpas”<\/span><\/p><\/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
EOS has lost its shine<\/h2>\n
Block.one's 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 “Ethereum-killer” capable of out-doing the leading dApp platform.<\/p>\n
Unfortunately, things didn't 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
“Based 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.”<\/p><\/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
Source: EOSUSDT on TradingView.com<\/a><\/figcaption><\/figure>\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
“EOS, as it stands, is a failure.”<\/p><\/blockquote>\n
How much are the Bitcoin reserves worth?<\/h2>\n
In response to @i_am_jackis, @h_bitcoiner<\/a> pointed out that Block.one's reported 140,000 Bitcoin reserves are valued at “way more” than EOS's market cap.<\/p>\n
The EOS market cap currently comes in at $1.265 billion<\/a>. Whereas Block.one's Bitcoin reserves are valued at approximately $4.2 billion, equating to slightly above three times the EOS market cap.<\/p>\n
@h_bitcoiner signed off by reiterating a past claim that buying EOS is like buying discounted BTC.<\/p>\n
\n$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
— Symph (@h_bitcoiner) June 1, 2022<\/a><\/p><\/blockquote>\n
![\"EOS](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/EOSUSDT_2022-06-02_13-12-36.png\")