In 2017, when EOS launched via Block One and their billion-plus dollar blockchain fundraise on Ethereum, their ICO, I said this was a disgusting scam. I roasted it. I ripped the coin price when it was under a dollar. I said this is absolute trash, I would never touch it, this fundraiser and the way they're raising money is absolutely outrageous, and you're all going to lose money.
Now, for a while, I looked like an idiot. I called the price when it was under a dollar. I predicted it was going to just suck and go to zero, because, well, that's what I thought at the time looking at it. I'm like, this is so garbage. But then the price for EOS ended up pumping, and it topped out at like $20 at one point. And everybody called me an idiot at exactly that moment, because I hate-hated EOS. I hated the project. I'm like, this is just stealing money from people. There are much better projects out there. This was all hype and talk. There was nothing actually delivered. I'm like, you have no right to be raising billions of dollars. People are naive fools throwing their money away.
The Year Everybody Raged at Me
I started trashing EOS early, before the run. And for a while it looked like it was going well for me as the price dipped, and I kept trashing it the whole way down. But then from around October 2017 onward, for a solid year, I was an idiot. I was wrong. I had people in person rage at me. They'd say, I sold my EOS down at the bottom because you hated it the whole time. When it pumped up to $3, I'm like, that's so trash, I would dump that immediately. And I had people that sold it.
And then this one guy raged at me in person, like, you're such an idiot. You ruined my portfolio. I could have had so much money by now. Look how much this pumped. I missed out on it. You don't know anything about crypto. For a year, people raged at me saying how dumb I am, all this stuff.
And then it dumped all the way back down to a couple of dollars. Meanwhile, throughout all this time, there's a little pump in 2019. It makes another comeback. And then it has a little bit of a bull run, and in 2021 it's back up over $10 again. But throughout all of that, right around 2021, Block One, the company that raised this huge, billions and billions of dollars, this whole time they do almost nothing. They're pretty much useless. Where'd all that money go? What actually got built?
Then 2022 Came Around
And look at what's happened since then. 2022 comes around, and now I'm not looking so stupid, am I? Down under a dollar. Then under a dollar and way, way further down from there. Oh, we had a little pump, got back over a dollar. Then down, and down again. Today it's around six cents.
So I was early on calling this one. But here's the thing: I was right. This was an absolute scam. It's been rebranded to Vaulta to try and get rid of that old price chart. But the new price chart doesn't look so good either. And rebranding to Vaulta is scammy in the first place. There was no reason it needed to rebrand. It's purely because of the garbage price chart.
This is what these coins do. They try and rebrand so they can get a fresh price chart. Then if they can pump, people invest easier in it. But this didn't need a rebrand anyway. The name was fine. It wasn't the name. It was that this blockchain fundamentally did nothing useful. All it did is waste people's time and rip them off and go nowhere. It would have been better if this blockchain had never existed.
Because all the talk, all the hype, and sure, some people did make money. And you know who mostly made money? Insiders. That's who mostly made money, is insiders. Overall, almost everyone who bought EOS lost money on it, because almost everybody bought at those high points or somewhere along the way down, and look where it sits now.
This has been a piss poor investment over time, nine years after the disgusting fraudulent ICO that they were fined only $24 million by the SEC for. Now it's below the ICO price. I wish I'd have had this data back in 2017, when the ICO was 52 cents, 60 cents, and I could have told people what? It's going to go down 90% further from here. And I wish I'd had six cents to throw in the face of that guy who was yelling at me in person, when he's like, oh, I missed it, I could have made all this money. It's like, yeah, in the short term, you could have made all this money.
But here's the truth of it. It's dead. It's gone. It's useless. EOS is finished. Now you've rebranded to something else that has just dumped into oblivion also, hoping people don't realize it, so you can get rid of the EOS brand. This is what happens to almost every single coin in crypto.
Your Time Is Worth More Than a Price Chart
It would have been better in most cases if you'd never even bought any of these coins, because your attention and your time is so valuable that every moment you're wasting it matters. You don't have that much time in life. You can't afford to waste that kind of time in life.
I do these videos because I think about how much time I could be saving my fellow human beings. That's valuable. By me spending 10 minutes doing this video, and maybe another 10 minutes to upload it after I'm finished, I might communicate something really valuable to you. Your life is worth much more than minutes spent looking at crypto price charts.
The story of almost every single coin in crypto over time is the story of EOS. And if you're not investing in a coin that will have a different story than that, you are wasting your time, you're wasting your money, and it would have been better if you'd have done nothing at all. This is a harsh truth that's given to you out of love, because I love you and I want you to have an awesome life. And I want you to be able to put your money in places where it matters.
Now, this isn't financial advice, and I've already done the research. To me, I have every single thing in position out of 12 years in crypto, thousands and thousands of hours of researching altcoins and buying them. I already know which coin is different than all the others. Because if I were to just tell you what a flop EOS was and how I was right about that, I could also tell you I was right about almost every single other coin I've ever reviewed. Almost every other coin has turned out to be a loser.
What Makes a Coin Not a Loser
Why? Because almost every coin is a loser, and almost anyone could go out and say that the coin's a loser and be right. So the question is, what makes something not a loser?
What makes something not a loser is that there's a real technology behind it. There's real technology. And how do I know there's real technology behind Internet Computer Protocol? Because I use it every day. Because I've got a lot of people who are using it every day. And I've got my entire website built on it. Right now I'm taking credit card payments and crypto payments. I have a leaderboard, I built a social network, and I have a community. And how many blog posts are we up to now? I have thousands and thousands of blog posts on this website. And this is all hosted on the ICP blockchain. You can't do that on anything else.
Why You Haven't Heard About Internet Computer Protocol
So you're like, well, why? Why doesn't everybody know about Internet Computer Protocol? Well, Internet Computer Protocol has been intentionally hidden from you. Because in a land where almost every single other crypto over the long term has become a loser, the only exceptions at this point we can say are Bitcoin and Ethereum.
And XRP has been a loser to me also. Yes, it did have its one little pump for a while. But XRP hit an all-time high of like $3 in 2018. It had a clearly manipulated pump and then lost almost everything from that. XRP is another one of these coins that has just been a loser most of the time. And what has it accomplished? It still has $39 billion of valuation ready to dump.
Almost all coins in crypto are losers. They do nothing. All they do is market and hype and talk. ICP has tech that's so good it makes everything else in crypto irrelevant. And it's taking on the rest of the tech industry also. It's the most real thing in crypto. To me, it is. Yes.
And that's why it has the price chart it has. How did it end up with a price chart down 99.7%? Who put the price up that high when it launched? Coinbase and Binance. Why would they do that? Well, because if they launch ICP low and the price appreciates from there, then it takes over crypto. But if they intentionally do a manipulated launch to put the price artificially high and then dump it, then the narrative that it's a rug pull gets circulated, and nobody even investigates the technology further. Pretty clever, huh?
But once you see beyond that, it's like, oh, they're just trying to hide the best technology in crypto. And once you find the best technology in crypto, you can see how junk everything else is. You can see how hopeless it is for everything else in crypto. All these other coins have no future. They're a waste of time. They're a waste of your money. And if they haven't gone down the path of EOS yet, now rebranded to Vaulta, just give them some more time.
Crypto Shouldn't Feel Like an Addiction
Many of you are anxious in crypto. You watch videos every day. You're in your Coinbase account every day. You've turned crypto into an addiction, when solid investing should actually help you feel very abundant. Solid investing should help you feel like you have a lot. But when you're buying junk coins like EOS, then you feel poor, because you feel that you're losing money. You feel that you don't have anything real. And to me, even Bitcoin and Ethereum don't fully do that.
So I'm thrilled to see EOS go down this path. I'm sad for everybody who lost money, but I told you so. And I told you so back when all I did is look wrong and look like an idiot for a while. But now, for the rest of eternity, I'm right. And I'm so right, it makes all the other stuff look ridiculous.
I Was Looking at Fundamentals From the Very Start
And why was I right? Because I was looking at fundamentals from the beginning. That this is just exploitation. That they don't have any tech that's valuable. That they haven't built anything that's genuinely useful. I was looking at fundamentals from the very start. And Vaulta has done nothing but rebrand.
So when you start off looking at tech and fundamentals, you're going to be right. You just need a long enough time horizon. And to me, at this point, I'm like 99% right. So we'll see if it continues. That's the pattern running through my Crypto Reviews playlist, coin after coin after coin.
All these coins have even more to lose. Because once, as I just did my last ICP video, once the ICP price pumps, the truth becomes revealed about all these other cryptos, that they all suck, that they're all useless. And as long as ICP sits down at the bottom with that chart, it's easy to dismiss it. But what happens when ICP climbs? It's harder to dismiss it. And the higher up it goes, it's a positive reinforcement loop, where the higher up it goes, the more people discover it, the more people find the truth, the more people dump the rest of their coins. And you could literally have ICP up to number one or number two in a relatively short period of time. Because it has the truth and the technology on its side. And it's the one thing in crypto to me that's prepared to truly last even longer than Bitcoin and Ethereum over the next decade or two.
You Can Be One of the Very First
So if you found this helpful, what you'll love is to actually go to jerrybanfield.com — and you'll be on the ICP blockchain.
And you can be one of the very first people. You can pay directly with ICP. Jump in my new chat community. It's hosted directly on the blockchain with no stinking third parties in the middle. You could be up there on the leaderboard. You could talk to me in real time whenever you want to have a chat and you see that I'm available.
You have Zoom calls, you've got Skool, and I'm going to put a bunch of other stuff on there. And it's funny, the jerrybanfield.com website and brand has outlasted the majority of crypto projects.
I was around before EOS, and I'm still balling till the day I die.