Topic: Is Electroneum a SCAM??? - page 8. (Read 104926 times)

They have had a Monero Dev on staff for quite awhile

They looked at those options among others regarding the algo change, etc.

They were considering many things not even being discussed by most, along with many things that were discussed.

They had the ability to implement any option they wanted, and knew them all.

Considering everything, I completely agree with the move.

Just because we dont agree, doenst mean the Devs on staff couldnt implement any of the options.

It is pure FUD that the Devs on staff dont understand blockchain tech, in fact, they would be classified as experts

I have mined before. One time, I rented 37 different miners to mine BTCD in the first 18 hours and got 70K coins. Quite a score considering it only cost me $55. All the pools got hit by a DDoS, so I switched to P2P and hit big

Ive never owned a machine myself. So Im not sure if that counts. Just used to stalk the ANN page and hit most of the ninja launches back when you could make a killing.

The BTCD move got me $80K when I sold 5-6 days later, a few days after the announcement that jl777 was coming on board.

Those were the days. Too bad that didnt last much longer than the 2014 summer



Also, I would check out the patent, look into our partners that have been announced.

Id start there

And yes, I would trade some ETH and stack up on ETN. But thats just MY PERSONAL OPINION. To be clear, Im just stating what I would do.






--->

*I am not a neutral Mod or admin. I am the ETN Comnunity a manager. **Bias Alert**

****Dont invest more than you can afford to lose, and dont mistake my posts as investment advice****

Where did I say you had censored my posts? I said I had read about censorship but you aren't addressing the points I raised.

No, ASICs were not the answer, and as a non-miner you wouldn't understand why - a correctly adjusting difficulty algorithm would have prevented that. If they wanted to avoid all that crap they could have not just sat around for 2 months with their thumbs up their arses and done the hard fork sooner. They weren't fooling anyone, they didn't know how to do it, they copied Monero's code which is why that bug in block 202612 was also present and if you just blindly copy stuff without understanding how it works, then you end up with this - read the full story on Github. People would probably have respected them a lot more if they said, 'ok we don't understand this so please can you help us' and yes, it might have cost them some money but instead decided to try and fake it. Anyway, it's done now, and it flies in the face of a good chunk of their White Paper so might as well rip that up. The reality is that Cryptonight algorithm and Monero's source code was a bad place to start - the only reason given was for ASIC-resistance and making it available to CPU miners, both of which were correct at the time of publishing but they selected an overly complicated piece of code to base their blockchain on for the wrong reasons.

You haven't answered a good half of my questions but I will accept silence as a 'no comment'. I think this'll all come out in the wash pretty soon, this is clinging on by the skin of its teeth right now.

No one is being censored

I havent requested your posts here for deletion,  they havent been deleted, and Ive tried to respond the best I can.

Its ok that you dont agree with the answers

Just cause we disagree about some things doesnt mean we should be against each other, or that our points shouldnt be heard

ASIC was by FAR the right move if you look at the GPU data after the fork off cryptonight

If you look back some pages, you will see Im barely on this topic.

Im actually coming back for you. But now were just arguing points. Weve both stated how we feel

And that is ok. Its normal

Did that message come straight from Ells along with a metaphorical brown envelope full of ETN?

Now you've said it and the more I think about it, there is literally no reason to allow ASICs back on so soon then other than utter incompetence and mismanagement. If you say there's no deal then it must be the other reason: that one of their partners threatened to withdraw unless they fixed the difficulty swings and rather than employ something like Zawy or LWMA, they just knee-jerked and said yes to ASICs again.

Anyway thanks for that one-liner, once again completely ignoring my other questions. I saw a few other posts about censorship and realised that I'm not going to get a straight answer from you as much as I want to believe I could.

I don't understand what is the problem if a website uses CMS? Maybe their ideas as well as their roadmap are not great. But what they have done so far (Mobile apps, social media pages, number of registers, coin rank 112th on coinmarketcap) made me think they weren't like a phishing project.

There doesn't seem to be as many people hyping it up, it could be a scam.

I can assure everyone there is no deal with any ASIC makers and ETN


Thanks for the interest

I decided that either:

a) Electroneum is in bed with Bitmain to allow the use of ASICs on the network, possibly getting a back-hander, who knows (I know how they sold it on their blog - well they're hardly going to go 'hands up, we made a mistake' so they spun it as: 'GPU miners are the devils work, ASICs come back' - I am not impressed at how quick Ells is at shooting people in the back, same thing happened with the people who fixed his blockchain at block 202612 - more reading: https://electroneum101.com/the-electroneum-block-202612-bug-what-you-should-know/ - and that happened because they copy-pasted Monero's code but can't do blockchain coding themselves). To me, allowing ASICs back in is selling your soul to the devil. Now, some coins can get away with this because they have respect from the community (Zcash for one) but ETN isn't one of those - in this instance community means people who follow the crypto scene as a whole, not someone who installed the app.
b) Another possibility is that one of the alleged partners for upcoming instant payments threatened to pull out if they didn't fix the bouncing difficulty on the blockchain - this would be better as it would be a shrewd business decision vs. just being downright despicable.

The Instant Payment tech is very vague and is 'Patent Pending' which basically means absolutely sweet FA until it gets approved, but for some reason many fanboys have said 'they have a patent' - well pat pending is most definitely not the same as a patent and depending on the wording, you can sidestep patents depending on the protection. If they really have developed some amazing tech, then good for them, I hope it pays off but I have doubts given the shitshow that's gone on since November, they can barely code a blockchain or execute a hard fork, yet somehow have produced tech that Bitcoin, Ethereum, Litecoin, etc. would be proud of? Pull the other one...

You must have sent a ton of hashpower at the network then to mine 100K! Vega cards by chance? I have nothing like that but I have a reasonable hand of ETH so I was pondering selling a little ETH and buying ETN just in case something magical happens or the hype train takes off. I will keep watching intently. People ask why I care? Well I never really believed in this from the start and I kind of want to know if my instinct or gut is telling me the right thing - rationalisation to an extent.

This is top.

I would like to add that Ellis may even be in bed with the ASIC miners and made a deal with them.
Because ASIC miners are mining it all and dumping it right away, driving the price to the ground.
Once the price of ETN will be below the cost of mining, they will leave and there will be nothing left.
We can definitively have the though, there are quite some concerning facts, that someone must have taken a piece of the ASIC mining pie to have let the ASIC miners back in. That is obviously my conjecture, but based on what has been happening on the past few weeks is a legit though.

If Ellis is not involved in all this, in a few week (when the miners are all gone, he may have to buy quite a few of those ASIC machines and run them from his office, just to keep the blockchain alive, and pretend that all is well.

Just for un disclosure: In the early days of ETN,  I have GPU mined almost 100k of ETN coins, then I decided to sell most of it while it was trading between 13c and 7c. Now I am holding just a few thousands left over, I recently bough back some thousands of coins for scrap pennies, just in case, you never know...

Internet marketing experts.
You must be kidding... have you see the web pages of ANY crypto currency (including ETN) how they are all based on free and basic Word Press templates?
ETN did not even hired a decent logo designer.

This people are doing the barely minimum to take the money.

I totally agree with everything Invicta stated on the above post.
It is common sense simply based on the facts that are before our eyes.

Anything else is BS spinning.

They must have spent hundreds of thousands of dollars to advertise electroneum everywhere (keep in mind the people that created these coins are internet marketing experts). They clearly did not invest at all, or maybe even understand the underlying backbone of the blockchain technology. The mobile wallet seems basically like a non-starter. There is nothing there.

The ETN white paper says: "See the Electroneum Technical White Paper for a technical description of how the Electroneum memory bound algorithm for proof of work is specifically designed to promote CPU mining, which average users have access to and reduce the heavy industry approach (...)"

We should all care when a project steps away from their white paper.

However, now I'm glad they kicked us average users and small GPU miners from their blockchain. Otherwise I would still be mining and holding ETN, loosing money at the end of the day (since the price of ETN is sinking reaching all time lows).

You just side-stepped half my questions... so much for not showing too much bias, maybe I give you too much credit - you're not a politician...

• Again. Why are people not mining when it's basically free money. Even $3 a month is a stretch, try about 30c at current prices
• Retortal does have negative net worth. Stop crying out 'FUD' everytime you don't understand it. I am guessing you don't even know what Companies House is. It's the public record for UK limited companies and their accounts are for everyone to see (here's a link if you can't be arsed): https://www.duedil.com/company/gb/08515141/retortal-ltd
• You are semi-delusional right now and I think you are bag-holding too much ETN as you're ignoring everything else. Crypto is in a massive bear market, we're down about 5-10% across most coins but ETN was down 12% this morning, worse than most alts.

You still haven't disclosed your holding and I think there is a reason for this. I also think a lot of people are paid bounties for talking up Electroneum but we are getting weary of it now. I notice you didn't comment on mining, I don't think you ever have mined and that's why you don't care if ETN is pro-ASIC or GPU/CPU, frankly, I bring that up because it was all over the WP and Ells just did a complete U-turn and thought people would forget. We haven't forgotten, nor have we forgotten that BS about the gaming industry and gambling which has been totally avoided. The coin cannot drop too low in value or it won't be worth mining, if it is not worth mining, the blockchain stalls.

But anyway, on the vague chance you are right, I kind of win because I have a stack of ETN that'll be worth hundreds of thousands if it plays out. If it goes to zero at least I have other stuff in my portfolio that will last.

- its not always the same people mining, and to be clear, not all registered users are using the mobile miner. And Rich corrected it to $3 before the ICO started.


- you dont have to believe it. They are looking for beta testers now if you want to see it for yourself and my last response included the patent #


- Retortal is not worth neg dispite FUD you may have heard


- Avon and Herbalife are a few brands most have heard of and I bring them up because of the marketing approach they use


- Many agree with you that BTC wont go up 10x again. They always do. And everytime most people have been wrong. BTC $20k (100x from not too long ago when it was $200) Everyone always thinks, "theres just no way it can happen again". 5x its ATH in a 6 to 24 months doesnt seem like such a streach to me.

But like I said, my belief is in the minority as most agree with you on that, and there is nothing misleading about $2-$5 ETN being tied to a crypto market cap in the TRILLIONS.


- About the BILLIONS unbanked you are half correct. No one gives a shit about them - UNTIL ETN  


- no one is running off with the ICO money. Taking off with 40 million would be a LOSS in so many ways in the short term and definately the long term. I wouldnt worry about that.



We will just have to agree to disagree on these points, for now, and we will see what side if history each of us land on.


Hang on the those ETN friend!!!


We appreciate your interest. Get ready for a hell of a ride


* only invest what you can afford to lose and dont mistake my posts as investment advice *


***Bias Alert - I am the ETN Community Manager, I am NOT a neutral mod or admin***

Ok, thanks for replying.

• Why are they not mining? You install the app, run it and click 'start mining' - only an idiot wouldn't do this, so I truly believe most of those accounts are meaningless and/or duplicates. As it's an 'experience' and not consuming battery or anything else, what possible reason could you not have for running it? Also Ells said it would earn you $30 a month, I think at this point we all know that was utter BS and not possible.
• Just so I understand this, even with bias set aside (I appreciate and respect that you have bias and disclosed that fact) - are you saying that Electroneum Ltd., the coin that famously couldn't even complete a hard fork, has somehow developed instant payment technology that Bitcoin, etc. has been working on with a much bigger, stronger, smarter team hasn't managed to complete and launch yet? I find that remarkably hard to believe and all I can think of is that Electroneum are acting as a payment processor/settlement layer/bank between both parties and taking on the credit risk themselves which is either very smart or very stupid.
• Richard Ells is not a marketing genius, his own company Retortal is doing nothing, I suggest you check Companies House which has public accounts - I haven't heard of a single Fortune 500 company using his 'freemium' product despite claims. I also heard people say Retortal is worth $50m (USD), well on CH, the net worth is negative so I think the only marketing trick he pulled was to convince people to stake in the ICO.
• With respect to ASICs and judging from your language, I can only assume you have never mined or actually put money on that aspect of it. Who cares if you have tons of 'users' but no-one to validate transactions on the blockchain - the difficulty is still wildly swinging by 25% or so a day if you look at it, at some point it will not be profitable for miners to mine (ASICs, GPUs, CPUS, whatever). If it hits 0.5c then that point has passed and you are in the death spiral. I believe Ells would have had infinitely more credibility if he had just said from the start 'we aren't doing a hard-fork and ASICs are allowed on our blockchain' as opposed to that complete clusterfuck that was a hard fork only to be reversed days later when he realised the very people who supported him (GPU miners) had just been shot in the back and suddenly didn't want to do stuff out of the goodness of their own hearts any more so I am not surprised everyone left.
  
• I have applied for all the betas and have had access to them other than instant payments, so I don't believe it yet. People keep showing that mock-up photo of a coffee shop but it is just that, a mock-up. When it goes live then we shall see. The iOS app at least looked half decent but it was just a clone of the Android app minus 'mining experience' (airdrop) - I am fairly sure they could sidestep the issue entirely with a 'cloud mining experience' but who knows what they're going to do. At this stage, iOS users have been waiting 5 months for an app that's still not out of beta.
• BTC isn't going up to $100k anytime soon, I mean I'd love it to do that as then I can retire but let's get real. I also think pretending or claiming that it might hit $2-5 per ETN is ridiculous and misleading on any side of the planet, at the moment that is 250x at the thin end. Even if the marketing was perfect, they have a really crap dev team made up of the cheapest hires Ells could find. If you have been following I'm sure you know of the block 202612 issue and what he did/said to KnifeOfPi2. It *is* pie in the sky dreaming, I would expect maybe 2-3x with hype or 10x if lucky or it's just gonna die.
• I honestly don't think Electroneum or anyone else gives a shit about the unbanked, it's just a stepping stone to riches for some people with an altruistic overtone - a bit like when celebrities do those charity appeals on TV, do they care? Do they fuck? It's just free publicity for them and this stinks of the same. Where they are countries suffering issues with their fiat currency, why aren't they buying or accessing this coin then?

In the interests of fairness, I think you should broadly disclose what coins you do/don't hold and a rough figure for ETN. If it's just ETN only, then I can't question your integrity and it's either crazy/madness or if you believe it in, good for you. I can't verify any of whatever you say anyway but it would put an interesting spin on it.

Also I think the guy who mentioned coins being dumped was referred to mined ETN being dumped, not ICO funds - I also think when that year anniversary approaches and the ICO funds get unlocked, it will be interesting times. It is just a theory right now but I have a belief that if this goes to pot between now and then, you might find the ICO funds disappear and so does the everyone involved with this project as they will suddenly be very rich.

And FWIW, I respect the fact that you have been fairly open, made the correct disclosures and even if I don't agree with your points, you can be sure I've read all of them thoroughly.[/list][/list]

Dev coins are STILL locked. So not one has been dumped

Great questions!!!

- there are always 150-175k using the mobile miner these days, the rest are not currently mining at the time



-Patent Info

Richard Ells-

"That’s right – we now have a protected patent that allows us to add bitcoin, Ethereum, monero or virtually any other cryptocurrency to our app and allow users to make instant crypto payments to any vendor who wants to have the convenience of instant check-out. This won’t be happening this year, as we want to get Electroneum (ETN) out there first into the market, but it gives us the ABILITY to provide this if the market demands it. We could therefore work with a large multinational vendor who had chosen a different cryptocurrency, but still leverage the Electroneum brand, as part of our strategy for brand dominance and growth.

There’s bound to be a ton of questions and there’s bound to be a lot of people trying to claim that this can’t happen or it doesn’t exist – but I assure you that the patent is filed (patent app. Number 1805708.3) and Dentons are confident of our claims, and we are going to deliver everything we’ve said we will. This single jurisdiction patent application protects the idea we apply for global patents.

It covers a number of other things too, that we’ve discovered by being the first people to ever handle this volume of cryptocurrency users in a hybrid app. Since we’ve found solutions for a lot of the problems, we’ve patented the techniques to give Electroneum the intellectual property rights, enabling us to protect the process, or even earn royalties from their use elsewhere.

One of the phrases we heard last year speaking to one of the large vendors we are in discussion with was “Where is your moat?”. What they meant by this is what is to stop someone else coming along and offering the same thing. What protects the Electroneum business model (other than our massive first mover advantage)? This patent is exactly what they were after. If gives them a reason to publicly endorse us as a fintech partner, because we are following the corporate path.

We are now protected. No new ICO can think “great idea” and take it, as it’s protected by global patent laws"




- Rich is a marketing genius. And look at the companies like Avon and Herbalife (Richs Clients) for example, and think on how they market their products.

Rich also pulled off an ICO that had the highest number of investors in crypto history

Can I prove hes a marketing genius? Not really I guess, but if I were to market a crypto, he would be the one Id pick, just on how many users hes been able to pick up without the first marketing campaign that dips into the ICO money having occured yet.




- going back to the ASICs was the smartest move. Sure, if the coin loses all its miners, it will die. I wouldnt worry about that. I dont see that happening. I said many months ago that I fully expect the price to dip to $.005 before it starts going back up. It takes time to build a solid team and get everything worked out with all the different partnerships, and to find, hire, and let the best PR firms in each region of the world prepare for the first real marketing push. Etc etc.

It takes time to roll out what they are trying to accomplish worldwide. During this time the market will lose some faith, but it wont take so long that we will even come close to dropping far enough that we will lose all our support. In fact, we are still gaining users due to the viral effect of the mobile miner.




-Instant Transaction Tech vaporware concern

I hate the vaporware stage myself

There is already beta testing for the Instant Transactions Tech going on within the general community. So were at beta. Past the vaporware stage




- Some friendly Observations and PERSONAL market expectations


--> I beleive BTC will hit $100,000 within 6 to 24 months
--> During this time I believe cryptos total MC will be in the Trillions
--> If these things occur, and ETN is in the Top 5, that puts ETN at $2 to $5, big IFs, but I think thats where crypto is headed.

Like they say, I dont think weve seen nothing yet!!!


And I do think ETN will be in the Top 5 when they have the most users of any crypto, enable the billions of people that are unbanked, the ETN app comes standard on hundreds of millions of phones, Instant Tranaction Tech is a success, etc

All these things are not pie in the sky dreams.

We have made progress on all these fronts. We are on pace with the patent, current already announced partnerships bringing exposure of ETN to 130 million of our partners customers (thats just the partnerships already announced so far), our partners and many of our userbase, is in the regions where many are unbanked, so market penetration is well on its way there, etc. Also, we are already halfway to passing BTC in total users.



Research and stay tuned everyone!!!






*Do not invest more than you can afford to lose and dont mistake my posts for investment advice*

*** I am not a neutral mod or admin. I am Electroneum's Community Manager and have clear bias***

Not a scam, but i am more than sure in that Electroneum's team has already dumped all their coins when the price was heavily pumped, well, it was 80% up from the actual price

man ipersonally have lobed and believed in they idea that  Electroneum had brout i still remember the lines of their whitepaper and the vibe that the telgram channel had but i am so disappointed whith what happen to it but is it btc that effected it price what happen ?