EOS + Bitfinex = EOSfinex
Some big news for EOS holders and cryptocurrency investors who are on the lookout for a potential gravy train. Smart contracts platform EOS will build a new decentralised exchange in collaboration with BitFinex, one of the largest cryptocurrency exchanges in the world. After some intense brainstorm sessions and spitballing with external consultants, the two companies agreed on the love baby’s name: EOSfinex. It will be the first high performance decentralised exchange to be built on EOS technology. No one knows how this initiative is going to pan out, but one thing we know for sure: this is some big stuff that is going to be big. A partnership between one of the world’s leading cryptocurrency exchanges and EOS, currently ranked nine in terms of market cap cannot pass by unnoticed. And more importantly; it’s a partnership with a platform that’s perceived by many as the chosen Ethereum-killer. A platform that offers the advantage of smart contracts, without the scalability issues and skyrocketing transaction fees that keep bugging Ethereum (ELI5 here). According to the brand spanking new EOSfinex website the decentralised exchange aims to combine “the speed and scalability of EOS.IO software with Bitfinex’s industry leading experience”. Let’s not play it cool here, we got a little excited here.
“It almost feels like looting”
And it wasn’t just us, the first exalting EOSfinex supporters already appeared online. This guy is hands down our absolute favourite. “Epic news of the highest proportions” is nothing but an accurate description as far as we concerned. But when we heard the sentence “it almost feels like looting” screaming out of our laptop, our minds wandered to some of the hang ups BitFinex has to deal with.
Because speaking of looting: the Tether issue still hasn’t been resolved. Founded by the same CEO as Bitfinex, the Thether company claimed their tokens were pegged to and backed by dollars. But: “While Tether has said all of its coins are backed by U.S. dollars held in reserve, the company has yet to provide conclusive evidence of its holdings to the public or have its accounts audited. Skeptics have questioned whether the money is really there.” Auch. The issue is still hanging in the balance and suspicion is raised the company actually tried to manipulate the Bitcoin market, by issuing new coins after it received a subpoena from U.S. regulators.
Mooning or tanking, that’s the question
The excitement over technical potential of the EOSfinex partnership versus the allegations surrounding BitFinex/Tether leave us to a bipolar conclusion. The partnership between EOS and Bitfinex can either end up in the EOS price spiking to levels we haven’t seen before or EOS tanking along with the collapse of an exchange that went rogue. Who will be looted by whom remains to be seen. It’s all depending on the outcome of the Tether issue.
Disclaimer: this article is for entertainment purposes only and doesn’t contain any investment advice. Eat your fruits.
