Topic: Is Electroneum a SCAM??? - page 45. (Read 104906 times)

Is not an scam, as your thought at the begging were " funded " somehow.

Their whitepaper looks pretty good, but I've heard that it's a scam, unfortunately

If you want to make some money sell up now before they launch the ICO wallets in the next 1-2 weeks as they said they would (don't hold your breath). I almost guarantee you the price will plummet as there are a lot of annoyed people right now; they will dump their coins and take their profit. That is if Cryptopia can handle the traffic.


Sorry, but you "can't imagine" why there is negativity in a thread entitled 'is Electroneum a SCAM???' - did you think it was going to be full of people singing their praises?!

Um, no, they aren't doing anything new at all - how is copying Monero's code and offering mobile mining, which I have constantly pointed out MinerGate did nearly a year ago (https://play.google.com/store/apps/details?id=com.minergate.miner&hl=en_GB) - the reason that never took off was because, you guessed it, phone SoC's are crap at mining. Do you really think people have vast amounts of computational hardware because they like spending money on electricity, warming their homes/data centres and what is effectively a super computer cluster? How exactly then is simulating mobile mining from a centralised server beneficial in any way to network security at all?

You need to open your eyes and instead of defending them with the same BS every disciple spouts, try and address the very valid issues of people in this thread. Or keep burying your head in the sand, up to you.

So any guesses how long this current jump gonna last? As it remained below 3 cents during the past weeks.

Wow I can't imagine why is there such negativity over 90% of the comments are harassment over electroneum and once Electroneum goes live same people will go "Always believed", "Told you so", "Hold","Moon" etc.
One thing is for sure, these guys are doing something that no one before ever thought of or tried, can you even imagine how BIG this project is??? Give them their time, shut your negative mind and focus on something more productive ...

They're professional marketers, so you'd think they would be able to find the sweet spot between cost of marketing, and value of added users. With such a wide and unpredictable market I hope they stay on the safe side, they tripped once already, they can't afford another.

How do you know? Or is that just what you tell yourself to justify it?

I have asked them and others and no-one wants to address the big mobile mining sham. As Neatworld said, it’ll be some kind of faucet and we know what kind of rep they have...

They are doing whatever they said correctly. They are late but not lost.We will see big profits with it.

MORE than $40m now! Look at how much BTC and ETN have risen in the meantime... 

THIS. What an excellent point, and one I haven't really seen addressed very much. When I came across all ETN I knew so little about the world of crypto and how it worked that I found the idea of mobile mining exciting in its accessibility. Now with the luxury of 'time' while waiting for the wallets, I've learned more about mining, and also now understand more clearly how the mining 'app' is more just a game with airdrops. It sounds like it will be more like a faucet-type game, and I doubt very much that the many, many people who will get onto the app will actually stay 'mining' long enough to keep up the buzz.
Which brings us to your question - how do the miners stay motivated when the prices drop and drop? Is there anyone intimately familiar with the roadmap who can answer this?  I'm looking for a genuine conversation and answers here - please no more rinse-and-repeat  "They have a great hardworking team, I trust the very-rich-and-successful CEO and OMG can I please have one of those mugs FOMO FOMO" type responses....

Funny that! It's almost as if now they've raised $40m they've suddenly lost interest in following through 

Working hard on what?

The sentiment I get from them is they've handed over to hackerone and can't do anything until the audit is complete.
Why can't we see some app development, game videos (not the one's filmed with a potato on youtube). They hardly update their twitter (their response to me was the ETN community only want updates to very important topics. What?).

There's no sign at all of the exciting company they appeared to be during the ICO.

^^ This.

I reckon the thread title should be changed as I don't think they set out to scam anyone but they're a pretty naive and irresponsible team in my opinion. Like you said, props to them for duping people to hand over that kind of money on a wing and a prayer and formulating a team of disciples at the same time.

Electroneum isn't a scam but it is a pretty mediocre project.The simulated mobile mining gimmick might be a nice experiment but not much more. I suppose we should give props to the marketing team for convincing people to give them $40 million for a Monero fork.

I'm not trying to flare up an argument with you and I didn't say it was a scam (I appreciate you didn't aim this at me).

They are not working hard other than a few posts saying they are and a photo of the office - this is a few hours work on social media maybe. Lots of followers? Perhaps, also lots of disillusioned people and may I just point out to you that many things have lots of followers (e.g. Scientology) but that doesn't make it right.

Aimed at smartphone users, who since 1st November when it launched have had nothing to do with Electroneum because they botched it so badly and waited nearly 5 weeks, yes, 'coming soon' is fair enough look what happened in the last month - BTC literally rose 30%, it's an eternity and they don't seem to grasp this. The mobile mining app is total BS, it's a simulation, so they're basically asking the miners (of which I am one) to secure the network for them, unless they're smart enough to have some other consensus mechanism, which I'm fairly sure they're not as they basically copied Monero directly. Then they're going to centralised airdrop currency to anyone who has the intelligence to install an app - what do you think that's going to do to the people who actually pay for hardware and electricity to secure the network? And the currency as a whole? It will drop like a stone.

If you think it will get 100x return from ICO funds then I have to say I totally disagree - I think that's a great dream to have and if that does happen, guess what, I'll also be pretty well off, but I can't see it happening as there is nothing other than speculation and hype that drives it, absolutely zero innovation. My greater concern for the crypto community is if they see such a negligent and inept team launch a coin, raise those funds and gain traction all while bringing nothing new to the table suddenly everyone will think they can do it and this undermines everything. You just have to look at some of the utter BS out there (e.g. LydianCoin and that Paris Hilton endorsement).

Strange project, strange working with community. Only one exchange. Circulating Supply unknown. And I still didn't get bounty.
But I don't think it is scam, but the team looks not good now.

Electroneum is not a scam.They are working hard and they already have huge followers. It is aimed at smartphone users which is cool and if they get few merchants then the coin will rise to moon. 1$ in 2018 is easy and 10$ in 2-3 years is very much possible.

Exactly. There is nothing wrong with copying a code-base, especially one as good as Monero - I have lots of time for Monero as it was my entry into the world of crypto and mining.

I still believe that Electroneum isn't a scam, but I think it was built and founded on a dream and sold to the unsuspecting and easily duped; they did a real number, they ploughed so much into marketing and hype that people lapped it up and no-one stopped to ask about the stuff behind the scenes. The only items in the public domain are a forked coin/copy and nothing else - no amount of asking to see the mobile app in action has produced anything of value, I don't think that 'marketing video' where Richard bumbled and muddled his way through counts (I mean FFS, if you have raised that much money get a proper video production done, not produce that turd that'll actually put people off).

All the people who defend this project regurgitate the same thing over and over again - going on about HackerOne (though now they can also say JargonPR) and how 'wouldn't you rather be safe than sorry' (which if there was additional evidence would be fine).

It seems like an eternity since the last update and since this blockchain launched. I have to be honest, I almost forgot I was mining it til I got a notification to an update on this thread...

The Monero thing annoyed me when it happened.

I understand they had issues, but people supported the ICO being sold on them having their own unique blockchain which they had 100% control over. Now they're just a forked coin. I wonder if they'd have had the kind of ICO success they did if they started of marketing themselves as a forked Monero coin.

Given everything they've done so far, the GUI wallet is probably just a few changes away from the Monero one (open source code, find 'Monero/XMR', replace with 'Electroneum/ETN', job done!) - not that the Monero GUI is all that great.

The Facebook page is dreadful, it's full of blissfully ignorant idiots who are saying things like 'OMG, can you imagine if this is the next bitcoin and you passed up on it' or 'people are trolling it and paying people to ruin it'. No, people want to believe it's going to be the next big thing so they think they'll be rich, it's very obvious even if there was any amazing technology behind it (there isn't) then they are only in it for the money. There have been no real or meaningful posts on their Facebook or Twitter for a while, I don't think saying they've engaged HackerOne or JargonPR counts (if you had $40m in raised funds you can hire who you like) or posting pictures of merch.

When all is said and done though, I believe in letting people believe what they want. If thinking that Electroneum is going to be the next big coin and living in blissful ignorance helps them get over the fact they invested in it then fair play. Plenty of us have asked for answers (not even said it's an outright scam, because I don't think it is, I think it's just run by a group of incredibly incompetent individuals backed by a fanatical fanbase) that no-one has answered, the shills keep repeating the same things (you know who you are) and while there is money to be made I think that's only going to be with small movements in price like going from 3 to 7 cents and dumping before a huge amount of coins appear on the open-market.