eos protocol

Why I’m selling all my EOS

This will be an unpopular opinion among all the EOS maximalists but my opinion none the less.

I’m not a programmer and consider myself a crypto/blockchain enthusiast with average knowledge of the technical stuff that goes behind building these blockchains.

I bought 200 EOS in 2017 along with the many crypto speculators who thought this project would replace Ethereum.

Don’t care how many people think this project is promising. I selling all 200 of my EOS. Here are my reasons why.

It’s just too difficult to hodl. There was the mainnet switch where you have to move your token. Then every wallet UI seems like it’s built for engineers and not the average person. The best one is Bloks.io and even that was difficult to understand with all the terminology.

Cryptocurrencies 1
Bloks.io

Dapps available are mostly for gambling (which I am 100% against) and games. There are really no worthwhile dapps in my opinion.  I feel like there aren’t enough business-minded developers in the community. And all the dapps were built by developers as a hobby.

Cryptocurrencies 2
EOS Dapps

Staking and unstaking EOS take three days. And that’s three days too long.

Maybe EOS community will develop some useful dapps in the future but I don’t want to wait. Holding EOS is an opportunity cost as I could be investing the same amount on more promising projects. And there are tons out there in the defi space.

But according to research by Outlier Ventures, the future of EOS looks uncertain. Here are some highlights from the article.

  • 85% fewer developers worked on the EOS platform than a year ago
  • 94% drop in code updates on Github during over the same time period
  • 70% less EOS dapp activity over the last year

Since its 2018 ICO, EOS developers have added about 325 dapps and 515 smart contracts to the platform, according to State of the Dapps. Compare Ethereum which has released almost 2,900 dapps and more than 4,500 smart contracts, dominating 80% of the decentralized computing market.

The good news is, it still has the second-largest user base behind Ethereum, albeit, a distant second.

The article also mentions another protect that may suffer the same fate as EOS (but I’m glad I never once considered buying this shitcoin).

I currently staking my EOS on Crypto.com. Once it matures, I will be selling it for sure. I hope the price doesn’t tank too much by then.