EOS has changed its name, and it is now called A, the A of abcd. In the exchange, EOS will be ranked first alphabetically.
I have always had a good impression of EOS because during the first three months of its 350-day long ICO fundraising process, I participated in the primary market of EOS's ICO and the secondary market arbitrage on exchanges, making a small profit.
That is the easiest money I've made.
EOS started its ICO on June 26, 2017, and ended on June 1, 2018, raising over 4 billion USD in ETH, issuing 900 million EOS tokens. It was an incredible fundraising effort, unmatched in history.
The ICO mechanism of EOS was still very novel at that time.
EOS was initially launched through an ICO conducted via a smart contract deployed on Ethereum, issuing tokens in two phases: the first phase allocated 200 million EOS in a one-time distribution during the first five days of the ICO (from June 26 to 30, 2017).
Then enter the second stage, which is the daily round issuance mechanism. Every day (approximately every 23 hours), the EOS smart contract accepts users' ETH contributions and distributes the daily allocation of 2 million EOS based on the proportion of ETH contributed by all participants after the round ends.
This daily issuance phase lasts for 350 days, with a total of 700 million EOS issued. Adding the 200 million from the first five days, the total is 900 million, with another 100 million EOS reserved for the project party Block.one, forming a total issuance of 1 billion.
The ICO of EOS sold 900 million EOS-erc20 tokens, raising 4.2 billion dollars and a total of 7.2 million ETH.
At that time, there were not many people in the industry researching how to operate Ethereum contracts, how to fund the contracts, and how to claim the tokens purchased.
At that time, the tools were rudimentary, unlike today's contracts and wallets, and the UI interface was very good.
In 2017, the main wallet for Ethereum was MyEtherWallet, and I had a good impression of this wallet. The private key file is still a json file, and to operate the contract for the EOS ICO, various parameters need to be configured by oneself, which is somewhat better than command line (DoS) operations.
The current metamask wallet, imtoken, etc., with various contracts, are very perfect to visualize the UI of various operation commands, and users only need to click the button to complete all contract interaction actions.
At that time, MyEtherWallet invested in the EOS ICO, and each time the user had to first import the private key json file, select the contract, choose the contract parameters and commands, and fill in the amount of ETH to inject into the contract, including the gas amount, which was all user-defined.
Then it came to claiming (claim eos-erc20), and several parameters had to be filled in again.
These operations were done by very few people at the time.
I was initially curious, I was very curious about EOS because I had played with various bitshares (BitShares, the first project of EOS developer BM) earlier (around 2015). So I seriously studied the ICO of EOS on ETH.
EOS could be directly traded on the exchange during its 350-day ultra-long ICO period. This means that both the primary and secondary markets were open simultaneously during the ICO period. However, the prices in the primary and secondary markets do not synchronize.
This creates a potential arbitrage space.
At that time, I was depositing ETH into the ETH ICO contract every day, and when the time came, I would go claim eos-erc20 and then deposit it directly to the exchange to sell.
Such simple arbitrage, with no hedging at all, no j8 strategy, just simply betting that the price in the primary market is cheaper than in the secondary market, can actually keep making money.
This method of making money lasts a very long time. In the first three months, I hardly lost any money at all, but in the following months, I began to incur occasional losses, and then I stopped after six months.
Why did I dare to judge that the primary market price of EOS would be cheaper at the beginning? It's because not many people will buy coins in the ICO contract.
At first, there were less than 100 interaction addresses on the chain each day. For the first three months, most of the time there were 148 addresses, I can remember that number. After that, the number of addresses started to increase, and then the profits disappeared.
In this first and second level arbitrage game of betting price differences, I also observe the behavior of on-chain hacker attacks, all in the name of making money.
Due to the mechanism of ending a session every 23 hours, in the last few minutes of a session, it is often possible to calculate the price in the primary market, as the amount of ETH in the contract is transparent, and by comparing it with the price in the secondary market, one can determine if there is arbitrage opportunity.
So often there will be a sudden influx of ETH deposits in the last few minutes, which may result in a situation where the primary price is more expensive.
Then, in the last few minutes, hackers will create a terrifying transaction that consumes ETH gas, blocking the entire ETH chain and preventing others from depositing ETH into the eos ico contract.
After going through a failed recharge, I learned my lesson. Every time I rush for a first-level share at the last moment, I always fill up the gas directly. What a waste of money! After losing gas a few times, I stopped this game. Let them compete; I did my best.
That six-month-long arbitrage battle did indeed make some small profits, but fortune and misfortune are intertwined; reflecting on many things in the following years revealed that it left behind disasters.
Because EOS's ICO has a 23-hour period, the time of the claim is changed in a 1-hour gradient every day, so the time to grab the first level and claim tokens is constantly changing every day, so 1/3 of the time is the time when I should be sleeping.
But to make money, who cares about sleeping? What midnight 12 o'clock, what 3 o'clock in the morning, just get up and work.
This thing, staying up late once or twice is really no problem, but if it continues for a week, it becomes troublesome. And this is not just simple all-nighters, because there are huge financial profits involved, each time it either makes you extremely excited or extremely frustrated...
Of course, it's not just the physical condition that has deteriorated; I think there are more detrimental effects to come.
I was leading a small team to work on a project at that time. But the brothers saw me in this state every day, the boss was not motivated, and the others were even less likely to work hard.
Looking back, there was still a chance to make this project happen, but I messed it up and harmed my brothers. Later in 2018, a few brothers took the initiative to leave.
Thinking about it, I am actually quite fragile, which has left me without the courage to lead a team to work anymore.
This year, Musk has made a high-profile move into politics, and I think that his companies, including Tesla, X.com, and SpaceX, might suffer as a result, which would be a loss for the whole world. If the boss doesn’t lead from the front, the company is likely to perform poorly.
This experience also has another byproduct.
It was 2017, during the peak of the BTC scalability debate, and I was a staunch proponent of scalability. I loved writing articles to express my support for it.
It might be because I made money from EOS arbitrage, and I became inflated at that time. Coupled with the fact that I wasn't sleeping well every day, I wrote articles and expressed my opinions in the group, which may have come off as too arrogant and offended quite a few people.
I was bullied online later. Having experienced online bullying makes me very unbrave on the internet.
Until now, I feel quite cowardly online and don't dare to curse at people anymore.
There were two experiences at that time that left a deep impression on me.
Once, the team from RSK (a sidechain project of Bitcoin) came to China for a presentation roadshow. Because I had written many articles about sidechains in earlier years, they invited me to join them for the speech. I criticized them quite harshly over the phone for not being resolute on scalability. Sigh, I really overstepped, it was so foolish of me.
The night before the day I made the call, at 3 AM, I was still working on the EOS ICO, too excited to sleep, and when I answered the phone, I didn't have the energy to speak properly.
Once, a reporter from a certain newspaper called me for an interview and asked me about scalability. I blurted out, "Do you dare to publish my original words?" because I said a lot of things unfavorable to the supporters of small blocks. Well, actually, if I only talked about the technical aspects, it might have been better.
At that time, it was too inflated; actually, I have always been a very humble person.
Time flies, and 8 years have passed since the EOS ICO. The money earned has been lost, leaving only some memories.
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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Readme: How I Made the Easiest Money on EOS
EOS has changed its name, and it is now called A, the A of abcd. In the exchange, EOS will be ranked first alphabetically. I have always had a good impression of EOS because during the first three months of its 350-day long ICO fundraising process, I participated in the primary market of EOS's ICO and the secondary market arbitrage on exchanges, making a small profit. That is the easiest money I've made. EOS started its ICO on June 26, 2017, and ended on June 1, 2018, raising over 4 billion USD in ETH, issuing 900 million EOS tokens. It was an incredible fundraising effort, unmatched in history. The ICO mechanism of EOS was still very novel at that time. EOS was initially launched through an ICO conducted via a smart contract deployed on Ethereum, issuing tokens in two phases: the first phase allocated 200 million EOS in a one-time distribution during the first five days of the ICO (from June 26 to 30, 2017). Then enter the second stage, which is the daily round issuance mechanism. Every day (approximately every 23 hours), the EOS smart contract accepts users' ETH contributions and distributes the daily allocation of 2 million EOS based on the proportion of ETH contributed by all participants after the round ends. This daily issuance phase lasts for 350 days, with a total of 700 million EOS issued. Adding the 200 million from the first five days, the total is 900 million, with another 100 million EOS reserved for the project party Block.one, forming a total issuance of 1 billion. The ICO of EOS sold 900 million EOS-erc20 tokens, raising 4.2 billion dollars and a total of 7.2 million ETH. At that time, there were not many people in the industry researching how to operate Ethereum contracts, how to fund the contracts, and how to claim the tokens purchased. At that time, the tools were rudimentary, unlike today's contracts and wallets, and the UI interface was very good. In 2017, the main wallet for Ethereum was MyEtherWallet, and I had a good impression of this wallet. The private key file is still a json file, and to operate the contract for the EOS ICO, various parameters need to be configured by oneself, which is somewhat better than command line (DoS) operations. The current metamask wallet, imtoken, etc., with various contracts, are very perfect to visualize the UI of various operation commands, and users only need to click the button to complete all contract interaction actions. At that time, MyEtherWallet invested in the EOS ICO, and each time the user had to first import the private key json file, select the contract, choose the contract parameters and commands, and fill in the amount of ETH to inject into the contract, including the gas amount, which was all user-defined. Then it came to claiming (claim eos-erc20), and several parameters had to be filled in again. These operations were done by very few people at the time. I was initially curious, I was very curious about EOS because I had played with various bitshares (BitShares, the first project of EOS developer BM) earlier (around 2015). So I seriously studied the ICO of EOS on ETH. EOS could be directly traded on the exchange during its 350-day ultra-long ICO period. This means that both the primary and secondary markets were open simultaneously during the ICO period. However, the prices in the primary and secondary markets do not synchronize. This creates a potential arbitrage space. At that time, I was depositing ETH into the ETH ICO contract every day, and when the time came, I would go claim eos-erc20 and then deposit it directly to the exchange to sell. Such simple arbitrage, with no hedging at all, no j8 strategy, just simply betting that the price in the primary market is cheaper than in the secondary market, can actually keep making money. This method of making money lasts a very long time. In the first three months, I hardly lost any money at all, but in the following months, I began to incur occasional losses, and then I stopped after six months. Why did I dare to judge that the primary market price of EOS would be cheaper at the beginning? It's because not many people will buy coins in the ICO contract. At first, there were less than 100 interaction addresses on the chain each day. For the first three months, most of the time there were 148 addresses, I can remember that number. After that, the number of addresses started to increase, and then the profits disappeared. In this first and second level arbitrage game of betting price differences, I also observe the behavior of on-chain hacker attacks, all in the name of making money. Due to the mechanism of ending a session every 23 hours, in the last few minutes of a session, it is often possible to calculate the price in the primary market, as the amount of ETH in the contract is transparent, and by comparing it with the price in the secondary market, one can determine if there is arbitrage opportunity. So often there will be a sudden influx of ETH deposits in the last few minutes, which may result in a situation where the primary price is more expensive. Then, in the last few minutes, hackers will create a terrifying transaction that consumes ETH gas, blocking the entire ETH chain and preventing others from depositing ETH into the eos ico contract. After going through a failed recharge, I learned my lesson. Every time I rush for a first-level share at the last moment, I always fill up the gas directly. What a waste of money! After losing gas a few times, I stopped this game. Let them compete; I did my best. That six-month-long arbitrage battle did indeed make some small profits, but fortune and misfortune are intertwined; reflecting on many things in the following years revealed that it left behind disasters. Because EOS's ICO has a 23-hour period, the time of the claim is changed in a 1-hour gradient every day, so the time to grab the first level and claim tokens is constantly changing every day, so 1/3 of the time is the time when I should be sleeping. But to make money, who cares about sleeping? What midnight 12 o'clock, what 3 o'clock in the morning, just get up and work. This thing, staying up late once or twice is really no problem, but if it continues for a week, it becomes troublesome. And this is not just simple all-nighters, because there are huge financial profits involved, each time it either makes you extremely excited or extremely frustrated... Of course, it's not just the physical condition that has deteriorated; I think there are more detrimental effects to come. I was leading a small team to work on a project at that time. But the brothers saw me in this state every day, the boss was not motivated, and the others were even less likely to work hard. Looking back, there was still a chance to make this project happen, but I messed it up and harmed my brothers. Later in 2018, a few brothers took the initiative to leave. Thinking about it, I am actually quite fragile, which has left me without the courage to lead a team to work anymore. This year, Musk has made a high-profile move into politics, and I think that his companies, including Tesla, X.com, and SpaceX, might suffer as a result, which would be a loss for the whole world. If the boss doesn’t lead from the front, the company is likely to perform poorly. This experience also has another byproduct. It was 2017, during the peak of the BTC scalability debate, and I was a staunch proponent of scalability. I loved writing articles to express my support for it. It might be because I made money from EOS arbitrage, and I became inflated at that time. Coupled with the fact that I wasn't sleeping well every day, I wrote articles and expressed my opinions in the group, which may have come off as too arrogant and offended quite a few people. I was bullied online later. Having experienced online bullying makes me very unbrave on the internet. Until now, I feel quite cowardly online and don't dare to curse at people anymore. There were two experiences at that time that left a deep impression on me. Once, the team from RSK (a sidechain project of Bitcoin) came to China for a presentation roadshow. Because I had written many articles about sidechains in earlier years, they invited me to join them for the speech. I criticized them quite harshly over the phone for not being resolute on scalability. Sigh, I really overstepped, it was so foolish of me. The night before the day I made the call, at 3 AM, I was still working on the EOS ICO, too excited to sleep, and when I answered the phone, I didn't have the energy to speak properly. Once, a reporter from a certain newspaper called me for an interview and asked me about scalability. I blurted out, "Do you dare to publish my original words?" because I said a lot of things unfavorable to the supporters of small blocks. Well, actually, if I only talked about the technical aspects, it might have been better. At that time, it was too inflated; actually, I have always been a very humble person. Time flies, and 8 years have passed since the EOS ICO. The money earned has been lost, leaving only some memories.