Making money buying the EOS token


#1

After reading “Tokens for renting cpu and storage, also used for staking?” thread, I am confused as to how my tokens will be of increasing value to me if I don’t run a node or develop anything on the platform…???..


#2

It’s always about supply and demand. So when a lot dApps run on EOS they need to stake quite some EOS tokens to get resources like x-number of transactions per second. There’s also the EOS Storage, where you can store data by staking some of your own tokens. The storage will be gone the moment you quit staking. So this all adds to the demand for the tokens. And then there’s the normal interest like in Bitcoin or Ethereum. And with EOS your payment will get trough within a second. So that makes it suitable for paying a local shop in EOS for example.


#3

Thank you Rene for your prompt response! So I’m clear when you say “And then there’s the normal interest like in Bitcoin or Ethereum” you mean the supply /demand trades on exchanges, yes? AND for me not being a techie how difficult will it be to stake dApps and storage stakes??:thinking:


#4

Yes, supply and demand on exchanges but who knows what more? If you want to pay your resaturant bill with Bitcoin you always need an intermediate because the transactions are way too slow for direct payments. So who knows what EOS will bring? Maybe you have an App on your phone that says: You have 54 dollar in EOS. And next you pay a bill somewhere and just see the price in dollars while it’s doing an EOS transactions on the blockchain.

Here’s the whitepaper for EOS-storage. I guess it won’t be that hard to use it, will probably look like some sort of dropbox if you want to store some files.


#5

And also another thought, I should be able to put my tokens in any contract and help the contract owner. And take some fee in doing so ?


#6

Hi All, newbie here and I also had the concern of how my tokens will be valuable to me once they go live. So to be 100% clear, the native EOS tokens will be traded on the exchanges after June 18?


#7

Hey welcome, there are quite a number of exchanges already where you can trade EOS. I would be surprised if some of them would remove the token. And why? They make money on commissions.


#8

Hi Rene thanks for your reply. I was referring to when the current EOS token distribution ends and they then are transferred to EOS native tokens following successful registration will the exchanges then trade the new EOS tokens. I’m sure they will but as we are removing the EOS from exchanges prior to the ICO ends in July Im just wondering whether the new tokens will then be added to the exchanges once they have been transferred. It seems like they will be in any case.


#9

Goodness, the possibilities are endless…if someone is from USA how difficult will it be to register their tokens?


#10

Pfff, I really have no idea. But the internet is free for us all, so you can easily pick VPN I guess?? You could even do it from outside the US that way. Buy ETH use Etherdelta (a decentralized exchange) to buy EOS and later on import your EOS tokens to the system. I guess that shouldn’t be a problem.


#11

i think it’s basically the same with holding ethereum. we are speculating that EOS coins will be valuable in the future.


#12

When registering your EOS contract, do you need to have all your ethereum in myetherwallter transferred to the EOS tokens before the June18 end date?


#13

Don’t know if I get your question right. But you register that new EOS-address on the Ethereum-blockchain. So the moment the BPs make a snapshot they read out how much EOS-tokens you have registered on the Ethereum-blockchain. From the start of the EOS-chain you’ll have them on the EOS-blockchain.


#14

Hi Rene, sorry I probably didn’t explain myself properly. I’ve registered my EOS tokens on the blockchain. I didn’t have to claim as I transferred the tokens from the finance exchange.
Do your tokens have to be left on myetherwallet at the time of the June18 closing date?


#15

Yes, the moment they make the snapshot they need to see how many tokens are on your address. That’s the number you’ll get on the EOS chain when it starts.


#16

How about if coins are in coinomi wallet???


#17

I don’t know but it all depends on who’s owning the private keys… So to register EOS-tokens on Ethereum you’ll need:

  • An Ethereum address where you own the private key.
  • An EOS address where you own the private key as well.

Now you’ll sign your EOS-address (for the upcoming blockchain, the address should start with “EOS”) with the EOS-crowdsale-contract by using your Ethereum private key.

The EOS-public address is now signed in the contract on Ethereum. The Block Producers will read out that contract on Ethereum and you’ll get your EOS-tokens the moment you’ll import your private EOS key to the EOS system.

So make sure to always be the owner of ALL the private keys.


#18

About the EOS account username lookup tool at: https://eosio.github.io/genesis/tools/account-name/index.html

Does anyone know when or how often the snapshot accessed by this tool is updated?

I registered some EOS tokens 3 days ago, and that registration was made successfully according to both MyEtherWallet and the check tool here: https://eosauthority.com/

But when I enter either my ETH Address or my EOS Public Key into the box at the first link above

and click on “Submit Query”, the site returns this message:
“It does not appear that [my public ETH key / my EOS pubkey] is in the Snapshot”.

It should “retrieve the username assigned [to me] in genesis.”

So, again, when or how often does this tool access an updated snapshot? How long should I wait before trying to check it again for my EOS Account username?

Or is this tool only for the EOS developers? Thanks for any clarity here.


#19

Ik have no idea actually. As long as you can see it in the contract itself you should be good though.


#20

Could you elaborate a bit about what “see it in the contract itself” means? Where do I look, exactly?

I think I’m OK because MEW returns my EOS key when I put in my ETH address under the “keys” selection, and the other website for checking to see if you’re properly registered (that I linked to in my previous message) also returns that I’m registered.

Thanks.