Topic: Is Electroneum a SCAM??? - page 54. (Read 104927 times)

I have some considerations for this project. I am too far away to be an expert on crypto coins. I have just started trading it recently (Used to trade on Forex for years). All the markets are based on supply VS demand. After days reading and re-reading posts, infos and as much as I can of important infos about ETN, I have concluded that:

1 - If ETN was a SCAM, I am pretty sure they would have not stopped the ICON at 40m and would have raised more and more money and disappear after that.
2 - Instead of disappear, they are trying to get better systems for us (Monero news) and they keep in touch with everyone via email, social media, groups, etc.
3 - NONE can predict a price. That's impossible. It's up, as I said above, to the demand.
4 - It's a real fact that crypto world is still very young and a small number of people know how to walk into it. Ok, a few people knows about the existence of crypto, but most of them don't have a clue how to buy, how to use, for what does it serves, etc. ETN is looking to the masses, if they get sucess on this, the demand will be definitely HUGE.
5 - It doesn't really MATTER if it will dump at the first days, months or years, If they get success introducing the masses to it, it will grow up organically. So HODL!
6 - I have seen a LOT of people crying around groups for not buying enough coins, they are really sorry for it.
7 - About dumping it: If I bought at 0.01, WHY THE HELL I would sell for less than that? Dont make sense! If people sell their bonusses for 0.01.. I am sorry for them... it will grow later and they will cry again.

I believe in the ETN purpose, I see their vision for the future. I am in this project for at least 5 years (Unless It reaches a good price before that).

I believe it's not a scam

Yes it seems thats why the CEO of electroneum deactivated his social media accounts.

Yes an impersonation of his account, my bad.

I am believe Electroneum is not scam..it's real project...just wait the next step from dev..to release this project after New Year...thanks...

FUD - It says it is *not* belonging to the CEO.
https://twitter.com/electroneum/status/933267079297413120

News on twitter say they have suspended accounts that belonged to the CEO, dont look good for Electroneum, or so it seems.

It's not a scam in the sense I do think they set out with the best of interests, just poorly executed.

And no, *if* it was a scam, the post/thread would not have ended - I don't see how you can make such an acute and blanket statement.

If electroneum was a scam, this post would of ended by now.

I am not a 'hater', I hold some, so I 'win' if it all takes off, but I do think it's a poorly-managed and executed shambles and all social media posts have been drumming up hype rather than technical explanations. The perma-airdrop is not 'brilliant', I don't think handing stuff out for doing next to nothing (running an app on a smartphone) is going to add value - it will bring users but what value is there if everyone has something. Do you think any Ferrari would be as desirable if it was as common as a Ford Focus?

There is an element of 'Give a man a fish, and you feed him for a day; show him how to catch fish, and you feed him for a lifetime' - if people can't or don't want to learn the basics behind cryptocurrency then I don't think over-simplifying it is the solution.

Anyway, time will tell. Though one thing is for sure; whatever happens, if this succeeds or fails, the devs will be making an absolute fortune out of this.

The real idea is not mass adoption. This is their strategy. Their tactic is the perma airdrop. And this is the brilliant part which differs them from others. Effects on price level are unclear at the moment

I definitely don't think it's a scam. I only pray and hope it will be a big hit. If it does I will make a fortune outta this coin with as little as 6000 units I have.

How is a great product vision ‘mass adoption’? If you release a product, everyone wants widespread acceptance. No one is going to go ‘I’ve launched this great product, I hope no one uses it’.

You have come to a thread called ‘is Electroneum a scam’, did you think it won’t have strong opinions either side? A month down and it’s still botched, from the way they did it you would think that no one has ever launched a cryptocurrency ever and has nothing to learn from. I don’t think it’s a scam, I think it smells bad and something is not right or being kept from the users - even if it launched with the best of intentions that is waning now. There is so much hype and all the diehards are quoting things from the white paper which I recommend you read as it’s just a load of marketing bumph. Of course, all those who vehemently defend it have investments in the ICO or a holding - it’s human nature to defend what we have, just look at Apple/Android fanboys.

I would sum it up this way:
Idea: Brilliant
Technical base: Very decent (Monero)
Hype level: Great
Technical skills of Richard: Between not so much and nothing
IT project leader skills of Richard: Developing
Need for Richards technical skills after wallets are open: Little

It really is unbelievable how they flopped their launch. There is no way they can regain the momentum they had.

I do not know what country's electronic media you are talking about. It would be good to be specific. In ym country I have not heard about any such information. I still think this is a scam and I would be careful. It does not matter whether they have raised money or not. It takes time and perseverance to become good!!!!

I bought some Electroneum (ETN) during the ICO and I'm yet to make use of it, since that wallet is yet to go live and Electroneum team keep talking about security and hacker one and other stuffs. They do try to keep in touch once in a while, so the answer to your question if it's a scam? Well, I can't say yes or no since there's still some slight chance of investors having their coins but what I would say is they have lost the momentum they gathered during the ICO and would need to do more, if ever they do not runaway with people's money, to bring back that momentum.

I am not sure, but I would give often it to it a gimmick, unless you have cement proof.

Maybe. Like I said, it's going to be the hype and fanbase that save this project, certainly not the way it's been managed or the technical merits.

And I wish they'd stop calling it 'mobile mining', there is no actual mining or proof-of-work consensus going on, it's just an app that drip-feeds coins into your wallet - I almost feel like that alone is a massive simplification and dis-service to something that is actually moderately technical.

Engaging HackerOne shouldn't be too hard, they have so much money behind them now in the ICO but I'll wait and see.

I did watch the video, it was painful - it doesn't need to have perfect production values but I wouldn't even have bothered if that was going to be the end result, for goodness sake, do another take or split it into scenes if you can't do it properly in one or are going to bumble along like you don't know what you're talking about...

First, I will stop the quoting for now to make it more easy to follow the discussion which I am really enjoying! Thank you all for that.

I edited my first post with a link to a video about the app. Here again the link, so that you don't miss it: https://www.youtube.com/watch?v=NuoqZBp7B-E
Again, it is not a very well done video, but it gives you a very good idea about the potential. Absolutely worth the time to watch it.

In real world I am in IT for around 15 years now. I started as a system administrator and developed to IT project manager the last 5 years. From my experience one of the biggest problems is the complete underestimation of the complexity IT infrastructure has reached these days. Many people are just not able to overlook all the different challenges you are facing if your project is a bit bigger than making a word press blog with some pictures in it.
Additionally I had to deal with a lot of people from sales trying to convince me as a customer of their product. They promise you everything. It will be easy, it will be fast, everything is doable. And once you are making up a PoC you see that even the base functions you were asking for are not working as expected.
Because of that it is very unlikely that a serious company is sending you just a lonley sales guy these days. They are nearly always accompanied by a technical pre sales colleague just to prevent the customer from being too disappointed.

From this perspective I would say Richard is the proto type of the sales guy. He underestimated the size of the project, he could not stop himself from promising early release dates and he had no partner who told him the truth.

But that is not saying anything about the potential of the product. Actually I am feeling a lot better after he engaged Hackerone and started to come up with a (little) better time schedule.
It is a bit like when I became a father. When my first son was around the age of 4 it hit me once that this will last now for decades. It had been a more technical knowledge before.

What I want to say is that these technical delays are common in IT and it is not saying necessarily anything about the quality of a product.