Trade EOS through an Exodus wallet-part 1: Is Eos a scam?

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eos price chart

Eos is currently trading at 13.52 USD. I was advised to buy Eos in December when it was only $3 by a well-respected IT colleague. At the time I decided this was not a worthwhile investment and am still on the fence.

Eos is “Just another ICO” and worse, it claims to be “Not just another ICO”. This is like code for scam. The ICO market is so saturated now I would not be surprised if the whole thing collapsed like an Ice shelf. Traditionally I like to invest in coins with a proven track record.

Eos hasn’t been developed yet, it’s just a white paper. It would be like Satoshi Nakamoto coming up to you with his Bitcoin white paper in 2008 and telling you to invest money in his online digital currency. If this idea appeals to you then Eos could be an ideal investment.

Eos is built on the Ethereum network but claims to be an Ethereum killer. EOS is built on its main competitor Etherium, which demands users to pay for every transaction. EOS will not do so (according to their white paper). The people that are buying EOS there are actually buying Ethereum.

The company is registered in the Cayman Islands, no red flag there.

As a developer I am able to inspect the code that Eos is built on. This code is freely available at https://github.com/EOSIO/eos As a developer I am also aware that the thousands of coins available are often only the result of a small code change.

Inspect the following code to see the difference between a coin called Bitshare and Eos (the red highlight is the original code and the green highlight is the Eos code):

eos code scam
The red highlight is the original code and the green highlight is the Eos code

EOS was created in large part due to Dan Larimer and he was the same person that created Bitshares. Eos is just rebranded Bitshares https://coinmarketcap.com/currencies/bitshares/

Bitshares is a real time gross trading platform, it’s made to be very fast, efficient transactions and smart contracts and why this is such a big deal is that when it was released, it was competing with Bitcoin. Bitcoin couldn’t even come close to matching its speed or scalability and as Bitcoin is really struggling with the scaling, the whole idea behind bitshares is that they’re able to infinitely scale.

EOS is supposed to be a mix of these two existing technologies with some smart contact extras.

Eos is based on Bitshares. Bitshares are the best of Bitcoin and Ethereum. So why are Bitcoin and Ethereum huge while Bitshares is relatively unknown? Can Eos do what Bitshares never could?

This article has looked at some of the biggest red flags for this coin. In part two I will set up an Exodus Eos Wallet and the buy some Eos. I can then investigate further.