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crypto tokens created by Block.one's $4 billion EOS initial coin offering (ICO) are locked up until the network elects 21 "block producers" (the equivalent of miners for the new network), and as that still hasn't happened, currently no one can start using EOS just yet.

As it stands, the blockchain will go live if 15 percent of all tokens – an equivalent of 150 million – are "staked" in a vote on block producer candidates. Staking tokens allows EOS holders to vote for up to 30 block producers – the groups in charge of verifying transactions – and votes are weighted by how many tokens are staked.

"Some of these [block producer] candidates in the top 10 came out of nowhere. How they got in the position they are in is pretty obvious – they had a lot of tokens (or access to them) and voted themselves in," he said. "It's a whales' election." source

What this means is the worst of steemit are gone to EOS, now we can get to work, we are now voting in new witnesses so let focus on strong Dapp developers and developers that can improve steemit not some asshole with alot of SP or current witnesses looking to build on EOS! This article also points out these sellfish whales hodling their votes and not staking enough EOS are the reason it is not launching still. (Maybe they don't want the world to realize they are a bunch of hacks And can't develop anything, therefore stopping the price from crashing?)

EOS is not any of the above. The project is ambitious, technically quite interesting and generally looks promising. The problem is that they entered into their ICO without a completed project. This has become increasingly common for ICOs but it should represent a real problem for investors.

EOS launched a crowdfunding campaign without any product, because of this they had to create a token with no practical use on another company’s platform that users will potentially be able to reclaim at some point in the future if the project is a success through a fairly arcane process. Despite this the EOS token is still holding steady at around $5 per token.
-John Oliver

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