Startup Darling EOS Cashes In Millions Of ETH As ICO Scorn Continues

Startup Darling EOS Cashes In Millions Of ETH As ICO Scorn Continues

Blockchain startup EOS is exchanging millions of dollars’ worth of Ethereum (ETH) for fiat, leading to concerns prices are suffering as a result. Analysis of wallets linked to EOS, which has so far raised around $200 mln in its marathon ICO, shows mass transactions being sent to cryptocurrency exchange Bittrex. “Long story short, some of the bigger ICOs are cashing in and contributing to a decline in price,” a user uploading the findings to Reddit concluded. The sheer volume of interest in recent ICOs and associated side-effects for the Ethereum network have led to increasing criticism....


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Quotes

Long term, if Bitcoin gains widespread adoption, I'd expect the Bitcoin price to correlate to how useful people think sending payments, property and contracts anywhere in the world instantly and reliably is. Personally I think this could be more useful than wearing jewelry, but maybe that's just me.

Chris Dixon, Entrepreneur and investor, co-founder and former CEO of Hunch