David Z. Morris: The Bear Scenario for Bullish is Spelled E-O-S

There was a wave of what I’ll get in touch with bemusement in crypto circles very last Friday when blockchain firm Block.One and buyers like Peter Thiel announced they would get the cryptocurrency exchange Bullish general public. The listing would take location by using a unique intent acquisition firm (SPAC), or a merger with a mentioned business, at a valuation of $9 billion. There are a variety of uncertainties swirling all-around the strategy, not the very least mainly because the exchange doesn’t exist nevertheless.

David Z. Morris is CoinDesk’s chief insights columnist.

In actuality, Bullish was approximately invisible until eventually May well of this calendar year, when Block.One particular introduced that it was committing bitcoin and EOS tokens, then value almost $10 billion, to generate a huge liquidity pool for the exchange. The exchange by itself is anticipated to start later on this calendar year – when it will go up versus a 50 %-dozen considerably much more proven players in the U.S. trade current market, even as trade action developments downward as a bear current market sets in.

All that is rationale sufficient to dilemma the knowledge of Bullish as an expense. But the true eyebrow-raiser for my funds is the involvement of Block.One particular and its downtrodden clever-contracts system EOS. Presented many years of constantly disappointing final results from the organization and affiliated jobs, and a odd press to use EOS in the procedure of the or else entirely centralized Bullish, quite a few crypto longtimers quickly questioned

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