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EOS founder BM explains why he resigned: He doesn't want innovation to be limited by regulators

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BM: "Profit" is not measured in dollars, but in "freedom".

On January 11, Daniel Larimer, founder of EOS and former Block.one CTO BM (Daniel Larimer), explained his departure in a post on Hive. BTC, ETH, and EOS are all considered currencies that are out of touch with technology fundamentals and will be targeted by regulators to the point of a complete loss of privacy, BM said. The token's best hope for capital gains is to maximize its function as a currency, to be compliant with itself, and to try to get institutions to adopt it.

BM believes the pledge pool model would make EOS a better currency. If the goal is to make big capital gains, KYC accounts that trade approved assets through smart contracts approved by regulators may be the only way to go. Given the recent regulatory environment, he says, the EOS community has a choice between further decentralization and greater compliance.

If EOS is to scale, application developers will need a massive infrastructure that is expensive to operate. Enterprises that can support this infrastructure must comply with the regulations. By the time all regulations are complied with, such businesses are usually better off running their own private chain of EOSIO.

If the community chooses to go down that path, Block.one is an ideal choice to lead EOS in that direction. And he doesn't want his innovation to be limited by government regulators. BM argues that those like him who want to create the tools to return power to the people need to look elsewhere. Their "profit" is not measured in dollars, but in "freedom".