Why is eosBLACK worth so much?
eosBLACK is a token in the EOS mainnet and it is the token with the highest market capital among all EOS based tokens. If you check out the tokens page in EOS block explorer Bloks.io, you will see it in the top #1 spot.
At the time of writing this post, eosBLACK's market capital was $192,793,179.62 and last traded price $0.2023. The contract address of this token is eosblackteam.
I don't see any rational reason for that high price except for speculation. I recently posted a thread about it in the r/eos subreddit but didn't really get any reasonable response from anyone from the eosBLACK team or token holder.
If it is the top #1 token, shouldn't it have a presence in the biggest eos related online community which is r/eos?
The thread was trending in the second place for a while. If the eosBLACK team was active on r/eos, they would have surely noticed it. One pro eosBLACK redditor stated that those who buy it will get airdrop tokens of projects funded by eosBLACK.
But his comment far from making any reasonable assertions. He was attacking "westerners" for being ignorant about it while not referencing any credible information.
eosBLACK doesn't seem to have funded any project so far. And the price seems entirely speculative. Most EOS airdrop tokens have gone down the drain and lost significant portion of their market value. Some authors have even called airdrops a failed strategy. I myself is not a fan of projects funded using the airdrop method and have spoken against it.
So, my conclusion is that eosBLACK's current market value is entirely speculative and a very high risk investment. The eosBLACK community may find my comments on their project a little distasteful but I don't care. If you guys want your project to be worth over 200m it should have at least something of real use that somewhat rationalizes the huge market capital.
Image source: coinmarketcap.com
Cryptocurrency is all speculation mix with ideas model on ponzi scheme tactic where developers unload the bag of tokens with promises of development.... Some of this would end badly but at least speculators can drive volume and some folks can get in and out of trades....
Lots of these projects offer no real value and in many cases don't need a token, they simply providing a retirement scheme for a few
None of the projects I have heavily invested in are like that. I totally agree that most of the crypto projects are like what you stated. But if all of them were like that, then we wouldn't have had a market of billions of dollars.
90% of crypto projects are like that and if you own a Genisis EOS account then you did invest in a project like that because up until the launch people were buying into a white paper and nothing more.
No, people were buying into a well known team. Dan and Blockchain capital are known widely in the crypto community. But that is not the case with eosBLACK.
I thought is was over valued at 50m i stand corrected lol. But i still think its overvalued at 50m got to be crazy not to sell now.
I happily dumped it a few days ago
I totally agree with you
Yes I have been watching eosBlack for quite a while now. it is scooting up in value. Like you I was having real problems figuring out what the project actually did.
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If its the highest valued token then it will have one of the highest market caps. Having a high market cap is a GOOD THING.
Having the highest token supply is not so good but looking at BLACKit has a total supply of 3 BILLION tokens which is okay. Many crypto projects have a lot more than that.
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