EOS Is a 'Scam' That Will Disappear 'Within Five Years', Bitcoin Developer Says

Omar Faridi
  • Bitcoin (BTC) developer Jimmy Song has called the EOS project a "scam" that will disappear within 5 years.
  • Song recommends that upcoming developers work on Bitcoin Core development and other open-source projects.

Prominent Bitcoin (BTC) maximalist and developer, Jimmy Song, recently called EOS a “scam” during an interview with CryptoInsider. He added that EOS, a cryptocurrency platform for building horizontally and vertically scalable applications, “will die in a horrible dumpster fire in the next five years.”

Song also recommended that junior developers should focus their efforts on learning about various open-source projects as this will help them gain a better understanding of the crypto and blockchain ecosystem.

ICO Projects Offering Developers "A Lot Of Money"

The University of Michigan mathematics graduate further noted that there is currently a lot of demand for blockchain developers and “it isn’t that difficult to find someone who will hire you.”

He explained that many initial coin offering (ICO) projects “have no developers” and they “will … offer a lot of money” to software engineers for working on developing the software for their business ideas, or products.

While it might be tempting to accept an offer from an ICO startup offering a lot of money to work with them, Song said it would be better if upcoming developers work on Bitcoin Core development or various other open-source and peer-to-peer (P2P) projects.

Going on to explain the long-term benefits of working on collaborative, community-led and open-source platforms, Song noted developers can learn valuable skills in these types of work environments - while receiving guidance and feedback from experienced software architects.

Two-Day, $4,000 Bitcoin Core Programming Course

Song also thinks: “most people will do fine trying to learn, getting better and seeing what market opportunities there are. It might involve getting an entry-level job at certain Bitcoin-related companies, or it might be creating a new open-source project.”

Notably, Song teaches experienced programmers how blockchain networks are built and how to contribute code to the Bitcoin Core codebase. However, those interested in applying and registering for Song’s two-day seminar/course have to pay $4000 in BTC to enroll.

EOS Is A "Bad Investment", "Pushes Costs" Onto Developers

However, as far as the EOS project is concerned, Song’s criticism and concerns about its long-term viability are shared by many other crypto industry pioneers. James Spediacci, a blockchain investor and researcher, has explained why EOS is likely a bad investment.

According to Spediacci, the $4 billion raised through EOS’ ICO were sent directly to Block.one, the privately-held company behind its development. He added that the Cayman Islands-based for-profit firm is now free to decide how it wants to use the funds.

Spediacci also criticized EOS for “pushing its cost” to developers:

It costs $10 in staked EOS to onboard a new end user on to any EOS Dapp. If your Dapp gets 1M users, that costs you $10M. This costs $0 on Ethereum (ETH). This is a massive issue that EOS has not publicly addressed at all.

James Spediacci

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Bitcoin Below $10K: Crypto Analyst PlanB Says 'Ignore the Noise, Focus on the Signal'

Siamak Masnavi

On Monday (February 17), as Bitcoin continued its fall below $10,000, popular pseudonymous analyst "PlanB" (@100trillionUSD) advised his followers on Twitter to keep their eyes on the big picture.

Bitcoin didn't have a great weekend.

According to data from CryptoCompare, Bitcoin started the weekend at $10,343, and ended it at $9,872, as you can see in the price-chart below:

BTC-USD 2 Week Chart on 17 Feb 2020.png

For holders of Bitcoin, the pain continued on Monday. By around 14:00, when PlanB took to Twitter, Bitcoin had fallen to $9,609:

BTC-USD 24 Hour Chart on 17 Feb 2020.png

This is when PlanB told his Twitter followers to "ignore the noise" and "focus on the signal":

In a Medium blog post published on 19 March 2019, PlanB talked about scarcity in terms of the stock-to-flow (SF) ratio -- where stock is "the size of the existing stockpiles or reserves" and flow is "the yearly production" -- and used this to model Bitcoin's value.

He wrote:

The predicted market value for bitcoin after May 2020 halving is $1trn, which translates in a bitcoin price of $55,000. That is quite spectacular. I guess time will tell and we will probably know one or two years after the halving, in 2020 or 2021.

In a tweet sent out last Monday, PlanB said that he expected the price of Bitcoin to be over $10K by the next block mining reward halving (expected on 12 May 2020), at which point he expects the major bull run to start, taking the Bitcoin price all the way to $100K before the end of 2021:

 

Featured Image by "geralt" via Pixabay.com