Tag: Eosbtc

EOS Community Blocks Ongoing Payments of $250 Million in EOS to BlockOne

by CryptoPotato

On November 8, the EOS community elected to stop ongoing payments to BlockOne – the company behind the project. The decision comes after continuous debates within the community over the reliability of BlockOne, saying the company has plagued the network with centralization.

ENF vs. BlockOne

The conflict between the EOS Network Foundation (ENF) and BlockOne has been heating up in the last few weeks. The ENF said that BlockOne has been drifting away from the network’s interests and failing to deliver on promises. The decline in network activity caused serious harm to the EOS token, which has been one of the worst-performing assets in 2021, moving from the 7th spot in the crypto market to the 44th position.

The community decided to block the transaction of 67 million EOS – $250 million – that was set to be distributed over the next five years. This affects not only the BlockOne team but also Brock Pierce, co-founder of both Tether and BlockOne.

“Through a super majority consensus, the EOS network has taken its future in its own hands by voting to fire Block.one and stop vesting tokens to them. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.” – said Yves La Rose, founder of ENF.

La Rose made it clear recently that EOS can’t rely on BlockOne anymore, stating that the company fails to keep up with its promises and lacks support for the network. “EOS is Block.one, Block.one is fraudulent; therefore, EOS is fraudulent,” he said. The separation between both parties came sooner than later as the community strongly believes a new entity is better suited to run the EOS network from now on.

An Attempt to Revive the EOS Network

On November 15, after negotiations between the ENF and BlockOne failed, the community was concerned about BlockOne’s shares in the EOS ecosystem, to the point that they wanted to delete 45 million vested tokens held by the firm.

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“The network could remove the vesting code, and the network believes it is within their rights to do so.” – said La Rose.

The 45 million EOS tokens, around $210 million in that time, was BlockOne’s attempt to revive the EOS network. The firm agreed to transfer the 45M EOS to Helium, a decentralized protocol for Internet of Things (IoT) devices.

However, this move wasn’t well-perceived by the EOS community. La Rose added that BlockOne cares more about its own interest rather than contributing anything meaningful to the EOS network.

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BlockOne Attempts to Revive EOS network with Transfer of $210M to Helios

by CryptoPotato

EOS has been one of the worst-performing crypto-asset of this year. But to foster its network growth, BlockOne has come up with a new plan that comes in the midst of scathing attacks on the company.

Saying ‘BlockОne’s relationship with EOS has been mired with controversy’ is an understatement. As a result of continued backlash from the community, EOS has not only fallen from the top 10 cryptocurrencies by market cap, it now stood at the 44th spot. But the blockchain company behind its inception, BlockОne, has a plan that involves transferring 45 million EOS tokens to Helios.

Is BlockОne’s plans to rescue EOS a bit too late?

The announcement stated that BlockОne has agreed to transfer 45 million EOS (approximately $209 million) on November 8th after looking through many ways where it can leverage its token holdings to foster the network’s growth.

The company added that it is now looking at a series of transactions in an attempt to “empower the EOS network” and target new participants while exploring fresh opportunities, kicking-off new decentralized governance initiatives, and ramping up the liquidity of EOS-powered projects.

Helios, which happens to be led by former actor and crypto proponent Brock Pierce, has some plans to revive the network. While it is still early to say if the latest move will resuscitate the community’s confidence, Helios promises to have a few plans up its sleeves.

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For one, the organization plans to roll out an EOS Venture Capital fund. It also aims to support the development of institutional-grade financial products based on EOS.

Besides, supporting the creation of necessary infrastructure, tooling, and documentation for EOS developers are also included on its roadmap. In addition to that, the platform will also focus on organizing community events surrounding awareness, networking, and expanding viability.

Battle Between BlockOne and EOS Community

Accusations about the EOS project being plagued by centralization have prompted a significant decline in the network’s activity. Around this time last year, EOS was the world’s seventh-largest blockchain by market value. Since then, a lot has changed.

BlockOne’s decision to transfer millions of funds comes less than a week after Yves La Rose, the Founder of the EOS Network Foundation, attacked the former developer for moving away from wanting to contribute to the EOS ecosystem. La Rose didn’t sugarcoat words when he claimed that “EOS is a failure” while speaking about the dwindling market cap as well as the value of the token.

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EOS Can’t Rely on BlockOne Anymore: EOS Foundation CEO Says

by CryptoPotato

Yves La Rose, the founder of the EOS Network Foundation, discussed the project’s future, its stance on the relationship between EOS and Block.one, while also outlining how it might move forward.

EOS And Block.one Parting Ways?

Earlier this year, Yves La Rose stepped down as the CEO of EOS Nation. Speaking today, he revealed his thoughts on the relationship between EOS and Block.one – the company that was behind the project during its record-breaking ICO.

According to him, it has become obvious that the company only pretends to add value to EOS but fails to support or catalyze any meaningful uprising.

They have largely moved away from wanting to contribute, and their EOS is more of a liability than it is an asset. It’s a liability on the legal front, on the media front, and it’s a liability in terms of overall finances.

In what seems to be a definitive call of breaking the ties between both, La Rose outlined that Block.one is also providing challenges in terms of overall community perception:

To the greater blockchain ecosystem, EOS is Block.one, Block.one is fraudulent, therefore, EOS is fraudulent. The reality for those within the EOS ecosystem is that we also have reached a consensus and agree with this assessment that they are fraudulent. They were negligent and overstated their capabilities.

He argued that this particular separation is needed for a branding and a narrative shift to take place. Hence, La Rose added that a new entity is “better suited to run these operations.”

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EOS Network Foundation Taking Charge?

Somewhat not surprisingly, he noted that the EOS Network Foundation is what he believes to be best for EOS going forward, especially when it comes to taking matters into its own hands.

When I decided to pursue the launch of the EOS Network Foundation back in August, I did so with the mindset that the EOS community needed to take matters in its own hands to move towards a future where EOS regains leadership within the greater blockchain ecosystem.

He also talked about the four pillars of the project’s roadmap which should be formally announced in the coming week and should lay the foundations for EOS’s new technical roadmap. Despite still being in drafts, the working labels for these include Audit+, Wallet+, Docu+, and API+.

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Bitcoin Touched $34K as Minimal Volume Continues: EOS Spikes 14% (Weekend Watch)

by CryptoPotato

Bitcoin has bounced off from the recent lows and added about $2,000 at one point, but the trading volume still remains relatively low. The alternative coins are untypically stable since yesterday. However, there’re a few exceptions, including an impressive surge by EOS following a significant announcement from Bullish.

Bitcoin Took a Swing at $34K

The past several days didn’t go well for the primary cryptocurrency. The asset was trying to break above $35,000 on Wednesday, but the bears regained control and reversed its trajectory.

Bitcoin started losing value rather rapidly and dumped by roughly $3,000 on Thursday. It reached a two-week bottom at just over $32,000, as reported.

At that point, though, the bulls stepped up and attempted a quick recovery. As a result, BTC spiked by a few thousand dollars and broke above $34,000 earlier today. However, it failed to maintain above that particular level and has retraced beneath it.

It’s worth noting, though, that the trading volume is still low. Data from Bitcoinity exemplifies the lack of substantial volume – something that happened last weekend as well. In fact, it was the lowest trading volume in several months at that point.




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Bitcoin Trading Volume. Source: Bitcoinity
Bitcoin Trading Volume. Source: Bitcoinity

EOS Pumps by Double Digits as Alts Calm

Most of the altcoin field has remained stagnant since yesterday. Ethereum went through a small roller-coaster this week from a high of $2,350 to below $2,100. Nevertheless, the second-largest crypto has calmed just above $2,100 now.

Binance Coin experienced similar price movements but currently stands over $310. Most other larger-cap altcoins have charted minor gains.

Those include Cardano (1%), Ripple (1%), Dogecoin (1%), Polkadot (1%), Bitcoin Cash (1.5%), Solana (1.5%), and Litecoin (2%).

However, EOS is among the most impressive performers, with a notable 14% surge. This comes just a day after news broke that Block.one’s subsidiary – Bullish – plans to go public through a merger with a SPAC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The most impressive performer from the top 100 coins is the newly-entered – Axie Infinity. AXS is up by 50% in a day and 200% in a week to just shy of $20.

Flow (38%), Enjin Coin (18%), Stacks (18%), Terra (17%), Decentraland (13%), and Compound (10%) follow.

The cumulative market capitalization of all cryptocurrency assets has reclaimed some ground as well and is close to $1.4 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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EOS Price Analysis: EOS Exploded 60% As BlockOne Secures $10B in Funding

by CryptoPotato

EOS/USD – EOS Returns To Highs Not Seen Since June 2018

Key Support Levels: $13, $12.30, $10.78.

Key Resistance Levels: $14.85, $16.50, $17.75.

EOS exploded by a total of 63% yesterday upon the announcement that BlockOne raised $10 billion to launch a new exchange. Upon the news, the coin surged from $9.00 to reach above $14 by the end of the day. Today, it continued to climb to hit $14.87 – a price not seen since June 2018. There, it met resistance at a 1.414 Fib Extension and has since rolled over to the current $13.25 level.

EOS had started to surge at the start of May before the announcement was made. Last week it climbed from $6.00 to break a long-term resistance trend line and reach $13. From there, it did drop lower until support was found around $9.00 at the start of the week.

eosusd-may12
EOS/USD Daily Chart. Source: TradingView

EOS-USD Short Term Price Prediction

Looking ahead, the first resistance lies at $14.85 (1.414 Fib Extension). This is followed by $16.50 (1.618 Fib Extension), $17.75 (1.272 Fib Extension – red), $19.25 (1.414 Fib Extension – red), and $20.

On the other side, the first support lies at $13. This is followed by $12.30 (.236 Fib), $10.78 (.382 Fib), $10, and $9.55 (.5 Fib).

The RSI is showing signs of bearish divergence as price action creates a new high while the RSI fails to do so. This could be a signal of an imminent retracement incoming which might push EOS back toward $10 in the short term.

EOS/BTC – Bulls Approach October 2020 Highs

Key Support Levels: 22,175 SAT, 20,000 SAT, 17,700 SAT.

Key Resistance Levels: 26,190 SAT, 27,500 SAT, 29,600 SAT.

EOS is also performing very well against BTC itself. It started the month beneath 12,000 SAT as it began to climb higher in the first week of May to reach a high above 22,000 SAT. It started to fall last week until support was found around 16,000 SAT over the weekend.

The news of the new exchange caused EOS/BTC to surge yesterday as it rebounded from 16,000 SAT and surged above 25,000 SAT. Today, it continued to hit 26,190 SAT before rolling over to the current 22,900 SAT level.

EOS/BTC Daily Chart. Source: TradingView

EOS-BTC Short Term Price Prediction

Looking ahead, the first support lies at 22,175 SAT (.236 Fib). This is followed by 20,000 SAT (.382 Fib), 17,700 SAT (.5 Fib), and 15,700 SAT (.618 Fib).

On the other side, the first resistance lies at 26,190 SAT. This is followed by 27,500 SAT (1.272 Fib Extension), 29,600 SAT (1.414 Fib Extension), 31,565 SAT, and 33,000 SAT (August 2020 high).

Likewise, the RSI is also showing hints of bearish divergence which might cause a short-term retracement within the market.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Chinese Police Confiscated $3.8 Million in Crypto After Arresting EOS Gambling dApp Team

by CryptoPotato

Chinese police officers have confiscated nearly $4 million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain.

$3.8 Million in Crypto Seized

After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people.

During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or $3.8 million.

According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China.

The dApp’s structure allowed it to attract players to games such as Dice and Texas Hold’em. The customers placed their bets using EOS smart contracts.

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The Chinese officials reported that in the period between June 2018 and December 2020, the group behind the dApp allegedly gained profits from the operations with crypto assets worth 60 million yuan or about $10 million.

It’s not the first time Chinese police go after fraud related to blockchain-based applications and platforms. As reported last year, the authorities arrested 109 people connected with the cryptocurrency pyramid scheme PlusToken. The well-known Ponzi scheme has defrauded investors of more than $5.7 billion.

”Internet Cleansing Movement”

The biggest economy in Asia – China – appears to be one of the leading countries regarding cryptocurrency mining and distribution but has also had tons of experience with illicit activities coming within its borders.

The arrest in Jiangsu highlights the Chinese law enforcement’s goal to neutralize any illegal online activities – from gambling and telecommunication fraud to money laundering. The mission was referred to as ”Internet cleansing movement.”

Furthermore, the end of last year saw an increasing number of court rulings in this field. According to the officials, nearly 100 individuals have been convicted for laundering money via crypto deals that involved more than $30 million worth of the most widely utilized stablecoin – Tether (USDT).

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Ripple (XRP) Skyrockets 50% As Bitcoin Struggles At $34K: Crypto Market Watch

by CryptoPotato

After a sharp drop that led BTC for another retest of $32,000, the asset has recovered and climbed back up to nearly $34,000, as of now. However, its dominance continues to decrease as some alternative coins have outperformed their leader, including XRP surging above $0.60.

Bitcoin Eyes $34,000

The primary cryptocurrency went through a roller-coaster on Friday after Tesla’s CEO Elon Musk updated his Twitter profile to include “Bitcoin” as the only description.

The asset responded with an impressive leg up in which BTC gained nearly $7,000 of value in merely hours. However, the market’s highly volatile nature was exemplified once again as bitcoin correction just as sharply to its previous price tag, which turned to be a false breakout.

Although it seemed that the asset had calmed around $34,000, a sudden drop by more than $2,000 yesterday brought it to a daily low of $32,000 (on Bitstamp). Nevertheless, BTC has recovered most losses and currently trades just below $34,000.

From a technical perspective, bitcoin’s first resistance lines are situated at $34,000, $34,450, and $35,000 if it’s to resume the bull run. Alternatively, the support levels at $32,500, $32,000, and $31,200 support could assist in case of another abrupt drop.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

The Altcoins: The Ripple Show

Most alternative coins have stayed relatively calm since the start of the weekend with minor gains or losses. Ethereum has declined by less than 3% to $1,315. Chainlink (-3.5%), Polkadot (-3%), and Cardano (-2%) are also in the red from the top ten.

In contrast, Bitcoin Cash (1.3%), Binance Coin (3%), and Stellar (3%) have added some value.

However, Ripple has continued to outperform all others. After several weeks of adverse price developments following the SEC charges, XRP has exploded in the past few days.

Ripple’s native token has added 50% of value in the past 24 hours alone and 160% since Friday to $0.67, facing now the psychological level of 2000 SATs per XRP. While some argue that this remarkable surge is due to Ripple’s answer to the SEC, others speculate that there’s a coordinated pump similar to GameStop and Dogecoin.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains come from PancakeSwap (34%), Dogecoin (30%), Flow (30%), Siacoin (18%), The Graph (17%), Compound (15%), Ampleforth (12%), and EOS (10%).

The rising alts, led by XRP, have reduced BTC’s dominance to just above 62%. This is a 3% decline of the metric since Friday.

Additionally, the crypto market cap has remained slightly above the coveted $1 trillion mark.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Research Reports ‘Altseason’ Upon Us, But Not For XRP or EOS

by CryptoPotato

In its latest ‘State of the Network’ bulletin, industry data provider Coin Metrics has delved into altcoins and their impressive performance so far this year.

It acknowledged that many of the hot altcoins that surged during the 2017 crypto boom are now ‘dead and gone’, and have been replaced by a new breed of DeFi assets. It added that with new capital flowing into Bitcoin and Ethereum, some of that money may start flowing into altcoins.

The report acknowledged that institutional investment has largely been behind the current rally and institutions are very wary of altcoins.

“Altcoin investing is largely considered a retail phenomenon. Similar to penny stocks, it’s often driven by individual investors looking for outsized gains.”

XRP and EOS Missing The Party

Looking at returns since the beginning of December 2020, Bitcoin and Ethereum have outperformed most other Layer 1 blockchains, it noted. However several high-cap crypto assets have also performed well hitting their own all-time highs.

There are two notable exceptions to this trend; Ripple’s XRP and Block.one’s EOS.

The glaring red charts for these to former darlings of crypto show that XRP has lost 54.6% since December 1, and EOS has dumped 7.5% over the same period.

Ripple’s problems started when it finally lost the battle with the SEC and the selloff began. Since its late November high of almost $0.70, XRP has dumped almost 60% to today’s sub $0.29 prices. There have been reports of Ripple executives selling their stashes, while Grayscale dissolved its XRP Trust as confidence in the company dwindles.

Block.one’s problems have not been as bad, but they have had them. Company CTO Dan Larimer announced his resignation earlier this month and there has been very little on the development or product front for the project.

Over the past year, EOS has lost 23% on a chart that has been flat for months. Since its February 2020 high of $5.40 it has dumped 50%, and since its giddy all-time high in April 2018 of over $22, EOS has been smashed 87%.

Top Altcoins so Far in 2021

Those that are enjoying the altseason sun include Polkadot, Binance Coin, Chainlink, and of course Ethereum, though it shouldn’t really be termed an altcoin any longer.

Coin Metrics highlighted Cardano, Decred, and Dogecoin as three that have made three figure gains since December one, outperforming Bitcoin itself.

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EOS Co-Founder Dan Larimer Resigns From Post as CTO of Block.one

by NEWSBTC

Dan Larimer is resigning from his post as the chief technology officer of the development company Block.one.

Block.one made history when it raised $4 billion worth of cryptocurrency for the initial coin offering of EOS, a blockchain that was built to compete with Ethereum and other smart contract networks. Block.one’s main project is EOS.

Prior to Block.one and EOS, Larimer was involved in blockchain-based social media publishing service Steem and Bitshares.

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He made the announcement in a short post published to Voice, a social media initiative founded by Block.one. The EOS pioneer wrote on the matter:

“I have worked with Brendan and block.one for the past 4 years and am proud of the EOSIO software I was able to create and launch with the help of an extremely talented group of engineers. Alas, all good things must come to an end. As of December 31, 2020 I have resigned my position as CTO of block.one.”

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

Larimer’s Future Ambitions

While the EOS co-founder is resigning from his post at Block.one, his intent is to continue to work on decentralized technology:

“I will continue on my mission to create free market, voluntary solutions for securing life, liberty, property, and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship resistant technologies. I have come to believe that you cannot provide “liberty as a service” and therefore I will focus my attention on creating tools that people can use to secure their own freedom.”

Larmier did not mention if he will stop working on EOS as a whole.

Many in the crypto space speculate that he will focus his efforts on decentralized finance next, which would be in line with his ambitions to cultivate censorship-resistant technology.

Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP

EOS Price Drops

EOS’ price dropped in response to this news, seeing that Larimer is a well-known figure and was sometimes seen as the face of the project.

EOS is currently the worst-performing crypto-asset in the top 100 by market capitalization, according to CoinGecko. The cryptocurrency is down 15% in the past 24 hours, underperforming Bitcoin’s 5% drop and Ethereum’s 1.5% drop.

Over the past seven days, the cryptocurrency has gained 18% against the U.S. dollar.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: EOSUSD, EOSBTC
EOS Co-Founder Larimer Resigns From Post as CTO of Block.one

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BlockOne CTO and Co-Founder Dan Larimer Resigns: EOS Price Dumps By 25%

by CryptoPotato

Dan Larimer, the blockchain entrepreneur that co-founded the company behind the popular project EOS, has left his position after four years. Interestingly, the native cryptocurrency EOS has reacted immediately with a vigorous price drop of about 25%.

  • Larimer, who served as Block.one’s chief technological officer, has resigned from his position at the company as of December 31st, 2020. 


  • “I will continue on my mission to create a free market, voluntary solutions for securing life, liberty, property, and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship-resistant technologies.”

  • It’s worth noting that a day before announcing his resignation, Larimer asserted that he’s “boycotting Twitter.” He reasoned that “the censorship has gotten out of control, and I can no longer empower such a corrupt company.”

  • Larimer was most probably referencing Twitter’s latest actions to ban the account of US President Donald Trump. Nevertheless, numerous other social media platforms did the same after Trump’s controversial recent comments.

  • As such, he doubled-down once more during his resignation announcement that his focus will be “on creating tools that people can use to secure their own freedom.”

  • EOS, the native cryptocurrency of the blockchain project EOSIO, plummeted in value following Larimer’s resignation. The token traded at near $4 before dumping by more than 25% to an intraday low of $2.95.

EOSUSD. Source: TradingView
EOSUSD. Source: TradingView


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Bitcoin (BTC) $ 41,569.14 5.25%
Ethereum (ETH) $ 2,234.40 3.52%
Litecoin (LTC) $ 73.52 1.70%
Bitcoin Cash (BCH) $ 244.76 7.47%