Buying EOS from the Token Distribution directly, is it worth it?

in #crypto6 years ago

EOS is considered a scam by some (sometimes just because they are afraid of the disclaimer in the website https://eos.io/instructions others see EOS as a project with potential and I am one of them.

I personally like it and is one of the tokens I hold for the long run, I know is not a working product yet but the Co-Founder of @Steemit and BitShares is the creator of EOS that should give some evidence that this project will succeed, I really hope so.

When I got my first batch (I wished I got more) it was about 51 cents each, I got it between October and November 2017. Thanks to an Interview I saw from @jeffberwick and later on another good interview by @JoshSigurdson interviewing @dantheman ttps://d.tube/#!/v/joshsigurdson/plfbuuqi

I became a fan of his project and I found out that as a Voluntarist I share many of his values.
This is Dan's own intro https://steemit.com/introduceyourself/@dantheman/daniel-larimer--co-founder-of-bitshares-steemit

Recently I read a good post entitled “The Ultimate EOS Token Distribution Buying Strategy and Price Outlook” by @kryptonaut where explains how it works in detail
https://steemit.com/bitcoin/@kryptonaut/the-ultimate-eos-token-distribution-buying-strategy-and-price-outlook

Based on this I did some experiment to determine the cost benefit of buying EOS from token distribution vs. an exchange and the results were very interesting.

I participated in the distribution on February 3, 2018 in the period #227:

EOS Distributed: 2,000,000.0000
Total ETH: 21,769.32
Effective Price at the end: 0.010884662 ETH/EOS,
Submitted: 0.20 ETH
received: 18.3744 EOS

EOS.JPG

I did some calculation if I bought at the same time EOS from an exchange for example Binance
https://www.binance.com/?ref=13301355

I would have 19.4552 at 0.01029830 ETH, exactly 1.08 EOS more. So at this point of time is not even worth to get it from the EOS Distribution when buying small quantities. Remember also you paid the Etherium gas price Gwei to transfer your ETH to the distribution address and you will also spend the gas to transfer your EOS after you claim them, and in some exchanges there is no transfer fee for deposit nor withdraw only trading fee.

When I joined the distribution it was 3 hrs before it ended and the amount of Total ETH in the distribution was about 1,500 ETH giving me around 118 EOS approximately so I thought in the worst case scenario I might get 45 EOS when is over but it was wrong in the last hr. when I was down to 88 EOS the value of ETH in the distribution went high and my share of EOS decreased substantially

This is the formula they use to calculate the tokens you get

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