I want to zoom out a little and take a look at the space from…space. Standing in the middle of it right now is a little bit of a wtf moment. Most people are either done with the gambling phase or they are waiting patiently with their for now almost worthless tokens. As we’ve been discussing before, the hype phase is over. The profits were made possible by a few whales – probably paid by the casinos themselves (or it was them) and once they left it turns out nobody really gambled. Unfortunately people using EOS at this early stage are too smart to be complete degenerate gamblers (high risk takers sure) so they all wanted to mine tokens and earn dividends. Well..in order to make dividends we need people gambling and losing. And these people are not in crypto yet, lot less in EOS. As I spoke to someone about the other day – think about the hurdle of getting into EOS. Let’s just quickly go through the steps.
Fiat into Coinbase, create account on exchange, set up 2FA on phone, buy BTC/LTC/ETH, send to exchange, convert to EOS. Create account on EOS, download Scatter, learn Scatter, understand blockexplorers, difference between public/priv keys, figure out where the community is, etc etc. It’s just way too many steps. We will not see mass adoption until dapps create an account for you and all you have to do is MAX hold ONE passphrase or private key. People don’t want to send to exchanges and login different places. They want to do everything from one platform. Create account on Betdice and also cash out in fiat from Betdice. Until this is possible we are waiting..
People doesn’t A) have the technical skills, or B) patience or C) care or D) lack of all of that combined
A lot of people waited for years as early investors in Ethereum. As they talked about scaling for years on end and nothing ever seemed to happen, a lot of people jumped over to EOS. EOS delivered, at least for a while – until we ran into CPU issues and scaling issues. Dan Larimer talked about showercoin and people thought he would leave. No one has heard from Dan after this. And to be honest I don’t think a lot of whats going to happen relies much on Dan anymore. And that’s a good thing. No project should be reliant on one person.
A lot of people then jumped the EOS ship and headed on over to TRON. TRON(TRX) is the crazy drug addict ADHD little brother of precocious political science student EOS. EOS community with its referendums and governance sometimes feels a lot like being part of the EU bureaucracy. Most of us are not interested in politics – that’s why we found crypto currencies in the first place. We see how centralised power is dangerous. EOS is of course light years better than any current political system existing. But there are hurdles to overcome – and with the new voting system on referendums we certainly see some interesting..things. We also see that people aren’t really that interested in democracy or voting. And I personally and honestly believe that is a little sad. As an adult with kids I have for long abandoned the nihilist in me. Things DO have meaning and we DO have purpose. You DO make a difference. Your questions, your engagement matters. Throwing yourself out there having an actual opinion on something, being able to discuss and learn is very important. Being a narcisist nihilist a hole that only laughs sarcastically about everything and hold no values is pffft (spitting on ground) in my eyes. We need to grow a better beard, be men(or women – but please don’t grow a beard if you are) and never ever ever listen to advice from Gilette (the recent ad was too funny not to make fun of)
Meanwhile people are re-experiencing the gambling mania on TRON. TRON is a bit more fun and easy as the Tron Foundation is paying for a lot of the network resources currently. Also, they have a fee model – so if your staked resources are used up you pay a small fee to transact. This works well so far.
As a blockchain agnostic I think it is interesting to see how dynamic this is. We are in fact moving quite fast if you think about it. Since a week ago you are able to play pvp 5 card stud on QP games on EOS. It works great and there is skill involved. Be careful though as it only works with Scatter extension which you theoretically should not use. Also, there is no all in function, so if you don’t have at least 15-20 EOS in your play account the opponent can quite simply outbid you and even if you are winning, if you can’t call you’ll lose.
Also good old Muggles seems to have created an actual full table texas hold em. Here you have to deposit EOS because it is off chain. And to be honest, this is the only way forward I think. It’s going to be hard to both enjoy the full transparency of a blockchain AND keeping your cards hidden. But as some other dapps has talked about, a possibility is to run the tokenomics on chain as well as logging the transactions on a side blockchain for verification, or something like that. I’m sure the smart people in EOS can think of something. But you have to get used to the idea that not everything will run completely on chain..because, why should it?
While I am sitting here not quite sure what to do, zooming out a little – I realise and see clearly that this bounces back and forth. STEEM was the first blockchain with a dapp that worked (Steemit), then EOS came along and revolutionised the whole space with gambling dapps, functional and simple exchanges, staking and dividends. Some problems arose, then another blockchain TRON took the baton and continued. Now STEEM is copying the EOS gambling dapps with their Magic Dice project. What’s next? Will Betdice move over to TRON or start accepting trx and steem for gambling? Will Tronbet build on EOS when TRON runs into scaling problems? In the end I think the blockchain doesn’t matter so much as which dapps manage to hit semi-mainstream adoption. Just adopting people in crypto seems hard enough as most people in fact still are hodling their BTC or ETH as passive investors. But the world is dynamic, and just sitting on your speculative assets in this space could be dangerous. You need to make sure you adapt to changes. It takes a lot of know how and constant searching for info, but getting rich takes a lot of hard work. Someone might hit the jackpot and sit with a lot of this currency or that currency, but even they will lose out on so much money not staking, collecting divs, renting out or being on the right platforms/dapps or what not.
We’ll see what happens next. This might feel a little like crickets, but things happen fast once an announcement is made. I know for sure that I would play texas holdem a lot for example. I would also play fun and fair games where you could earn crypto in game. So until then..
Oh, and I almost forgot. I have a new cool series coming up where I in text format interview different people about EOS and crypto in general. There’s going to be some treats for sure! Everyone from top dogs to regulars on Telegram might be subjects for this fun and not to be taken too serious interview series. Stay tuned!