Topic: Is Electroneum a SCAM??? - page 49. (Read 104906 times)

Folks - has anyone successfully gotten the Electroneum official wallet (off github) to sync to the blockchain, and actually see your wallet balances? I've been experimenting and was able to sync but the wallet doesn't show any balance (even though when I check the blockchain with the key/viewkey it does). Is the wallet fubar'd? Isn't this a big red flag?

Another red flag is that Electroneum literally is a copy/clone monero with few changes. The readme's, source code etc... is exactly the same. They just renamed whatever said monero to electroneum. I know some altcoins often copy from others but this seems excessive. What is monero doing that is unique here? Anything besides pumping up marketing?

I wanted to invest in this coin, but after what I learned here, it is not worth it. In my opinion, only some profits are counted, and it is not worth wasting time on something that most likely will not work.

why is electroneum.com down?

this ico is looking more scam with each passing day its late... i dont understand how they can screw up a release this badly
a few days is one thing but this late on the release is just suspicious
what makes this coin so much more susceptible to attack than any other ico?

what is a little botnet in the grand scheme of things anyways?

I've not been the greatest defender of ETN on this forum, but I do have agree with the previous poster that the link above is not credible at all. So many pop-ups shilling his product. Not an unbiased source, in my opinion.

That site would be a lot more believable if one of the opening lines wasn't:

"Before I start…

If you’re tired of scams and want a real solution for making money online check out my no.1 recommendation below.

It’s helped me earn over $150k in the last 6 months alone:

Go here to see my no.1 recommendation for making money online

(This is a 100% free training)"

Basically an ad to fool the stupid. And with that the credibility went out the window...

nobsimreviews.com/electroneum-scam/

Electroneum is definetely a Tezos like lol

Exactly, it's this kind of naive thinking that will damage crypto in the long run. All these people who buy in expecting 100x return on an unproven product... it's as if no-one else has noticed that there is only a finite amount of money in the world and the total crypto market cap cannot exceed that (well not without catastrophic fallout). Part of me thinks that a crash would weed out all the hangers-on and leave just the ones we really want and believe in.

That said, it has gone up a little in the last few days.

First , its not below the ico rate and second it will take a lot of time to rech the 1 dollar or probably it will never happen.

I guess this is the right time to invest in electroneum...right now its below the ico rate...its a good project ..it just need 1 pump ot will definately reach to 1 dollar

Many of the ICOs are scams, so the worries expressed here are legit. Maybe the important question here should be: is it wise to invest in Electroneum? And to this I would say: maybe not at the moment.

No, it is not a scam, they are facing some security issues. I joined the ICO, no problem for me to wait, security comes first.

another ICO so many posts anyways the final verdict is that at present there is a big question mark about electroneums just because they said they r working with some big reputed companies that does not really prove that  they r legit ones, anyways what were they doing during ICO , why could not they ensure security at that point of time ?  ICO ended they pulled the curtains down for a while lets see when this BIG WHILE ENDS

Fact 1 - When looking at investor arguments, it seems that it was invested in Hackone and not in Electroneum.

Fact 2 - The idea is romantic but the application is complicated by incompetent people. You can not believe anything that was promised.

The smell of SCAM only increases

This is a pretty well-reasoned counter-argument - I like it for the most part!

Though, I would say, no-one has seen the app yet so we don't know what it can or can't do really. And I have been on their social media and the numbers of posts has massively tailed off, but even before that happened, most of it was just waffle - like merchandise or 'oh look we have a coffee delivery', nothing actually decent that confirms things are happening. I am still a bit wary about giving coins to anyone, I know this sounds elitist, but part of the enticement of crypto is that there is a bit of a barrier to entry, it's not massive but it forces people to know what they're doing - now, there's nothing wrong with reducing that, but make it too simple and the value prospect fades away. I literally came into my office today and the girls on reception said, 'have you seen the news, Bitcoin is at an all time high, I want one!', I told them to do a bit of research and sign up with a decent exchange (I think I suggested Coinfloor or Coinbase for us in the UK) and also to think about why they wanted it beyond, 'I want to get rich'. Anyway, I said I'd help them do best practice if they wanted.

I didn't invest in Electroneum's ICO and I still stand by that I'm glad I didn't but I will be watching this with a close eye.

So I bought an IBM computer. IBM sells computers to FBI.   That means I am a God?  No. I am just an IBM customer I bought one product.


It is not hard for Electoneum scammers to be customers of everyone. They can buy Lambos. Tesla's and whatever they want with $40 millions they stole.    Will you say Tesla is sending rockets to space and Electreum bought Tesla Roadster with your money. That means there is no scam.   Trust me you will all be in jail soon.

I strongly believe the real power of this coin will be seen once the app goes live. Viral growth tools are built right into the app. The app makes it really simple to get your hands on some coins and then send it to someone else. To us seasoned investors it sounds ridiculous, but to the guy on the street in Zimbabwe, the excitement along with getting their hands on some "technological digital cash" could be astronomical. Even more so considering the state of Zimbabwe's economy and the recent developments in their presidency.

In addition, Electroneum just raised $40 mil (probably worth $80 mil by now) which is solely dedicated to marketing, app translation, and further development to be accepted as a form of payment in the mobile gaming industry. The product is already developed and the blockchain is already live. So they can focus all their attention on getting the word out.

And with the team's compensation coins being locked for at least 12 months, I think they will be doing everything in their power to grow the coin.

I might sound positively biased (I do have a sizable investment in ETN and want it to succeed), but I really look at the potential of this coin and the number of milestones it has already reached despite the launch hickups, and all I can see is a bright future.

Fingers crossed...

Well said. I agree that they've botched the whole launch - especially for their target audience. Perhaps that is why so many investors are calling them a scam - because most investors are people that are new to cryptocurrencies. I don't have concrete proof of this, but it does seem like it, given the countless newbie questions and comments in the Facebook groups.

As invicta said, a buyback or additional airdrop for waiting time would not be good. This would devalue the coin and increase over-supply even further (given the anticipation of thousands of newbies that will sell their ICO coins for a quick buck upon release). There has already been 300% growth in ICO price, so investors are not disadvantaged by waiting, except perhaps in the growth that could have happened in the meantime. However, how is this much different from projects that require a year of waiting time for product development after the ICO?

Well put - mirrors pretty much how I am feeling.

As to the investors, well they are definitely this strongly, it's like Stockhold Syndrome to an extent - you see it all too often with Kickstarter/IndieGoGo too; if they admit they made a bad play then they cast doubt on themselves, and it's human nature to avoid that.

I also think their marketing team are a joke, it's just waffle on social media - it doesn't really tell you anything about anything.

However, I don't agree with handing out more tokens, that will only devalue things further. I also don't agree with having a massive pre-launch and then failing to do the most basic thing of protecting yourself from attack. And who exactly is claiming responsibility for this attack? Do we even know it occurred or is this more 'buying time' - sorry to be the cynic, but I feel as though the claim of an attack and the subsequent FUD is usually enough to give people breathing space while they assess options.

I will be genuinely interested if they reach their 1st-2nd week of December launch for the ICO wallets and the actual wallet app and then what happens after that. And also to add that 6 weeks in crypto time is eternity, in 6 weeks BTC has gone from nearly 5k at it's lowest to touching on 10k USD.

Let me start by saying that I don't think ETN is a scam. But I DO think it's been so poorly managed that it's heading towards shitcoin territory for many. So many ETN believers are using this argument quoted above, rinse, repeat. well DUH, no one wants their investments to be vulnerable to cyber attacks.

But isn't this something that a team with this much experience should have anticipated BEFORE setting the launch date? Shouldn't they have tested and retested their system before shilling their product to record numbers of newcomers to the crypto scene? The 'official' line is that they shut down access to all the wallets because some of the investors - not all, some - had vulnerabilities with their passwords. Isn't this something they should have anticipated, since they marketed to newcomers to the scene?

Here is the FIRST line of their FAQ:

What is the purpose with this coin / what is so special about it?
- It targets the masses, the people without knowledge of Cryptocurrency, now finally have a shot at obtaining one, without having to worry about wallets, mining rigs or setting up your computer with technical know-how just to mine, and keep the coins.

Guess what. They botched the launch, and now people DO have to worry about wallets and mining rigs and the technical shit, just to get a piece of the action. They botched the launch to their target audience 

Also, for a company that's lauded for being so transparent or accessible, I find their marketing team very poor with follow-through. One update every few days isn't enough. They should be acknowledging that people are rightly unhappy with how this is turning out, and they should be making concrete steps to rectify that. Like institute a buy-back of the coins sold during the ICO for members of the community who want out. Or promise a bonus 'thank you for waiting' number of ETNs credited to each wallet. If they are confident the coin won't crash upon release, then they have nothing to lose by offering something like that.

atm transfer from ETN-pool to online wallet-cli doesn't work (balance "0"), and there is no possibility to check paper wallet.
So i stopped mining this coin until this works. Why should anybody buy ETN coins under these circumstances?!