Bitcoin developer and entrepreneur, Jimmy Song, has stated that the EOS network will “die in a horrible dumpster fire” within the next five years. He made the remarks in a recent interview while advising young developers to stay away from ICOs and centralized blockchain organizations, instead to contribute towards decentralized currencies and open source projects.
Why the EOS attack?
EOS has been criticized on numerous occasions for centralization issues. The fundamental idea behind decentralized currencies is that power does not reside in the hands of any one group or actor. In the case of EOS, the record-breaking USD 4 Billion ICO funds are held by a Cayman-based for-profit company called Block One. Jimmy Song is not alone in his scathing opinion of the EOS network. Satis Investment Group has released research indicating that EOS will lose 99% of its value within a year, and other figures such as Charlie Shrem have spoken out.
In truth, few cryptocurrencies, aside from Ripple, could defeat the concept of decentralization as clearly as EOS. They have an authority designed to resolve disputes called EOS Core Arbitration Forum (‘ECAF”), which is not altogether different from any other existing regulatory body such as the SEC. The network also has 21 block producers who froze some accounts associated with email scams without any authority. In other words, we have –
- A USD 4 Billion ICO.
- A Cayman-based for-profit company owning the funds.
- A centralized authority for dispute resolution.
- 21 Centralized block producers who have already ignored the centralized dispute resolution authority.
- An EOS constitution much like a company constitution that is already being rewritten.
Jimmy Song and Roger Ver
Aside from describing EOS as little more than a scam, the Bitcoin developer also agreed that Roger Ver was simply a politician with no interest in truth but merely seeking to score more points than his opponents. Ver is a bitcoin cash advocate who has previously spent ten months in prison for the illegal sale of explosives. Recently, Roger Ver and Jimmy Song had a controversial debate attempt on a yacht which rapidly deteriorated, primarily due to some of Ver’s aggressive techniques to dominate his adversaries.
“To him, control over a particular thing is more important than bringing self-sovereignty to the world or allowing people to control their own money. It’s all about him, that’s what that whole debate was about. It wasn’t about the merits of Bitcoin Cash or any of the actual economic theory, it was about him. He even said during his debate later on with Tone, that he was the one who made Bitcoin popular and he was going to do the same with Bitcoin Cash.”
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Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.