Topic: Is Electroneum a SCAM??? - page 9. (Read 104935 times)

I think that's fair enough and at least you have the decency to admit that you do have a bias rather than the average idiot who just spouts the same crap.

So I have some questions/issues - answer as you will or not!

• 2 million registered users but 150k on the mobile miner, let's generously assume that half are on iOS so what's the other 1.7 million people doing?
• They have a 'pat pending' - as you have seen on Dragons Den and many other places this isn't exactly a big deal and they haven't disclosed what is patented, if it's a patent for a very specific thing, it's not hard to side-step so do you have or know the patent number because I'd like to research it.
• How are they experts in marketing? It's Richard Ells' background, everyone goes on about Retortal Ltd, but it's nothing, the company's accounts do not paint the same picture as he does.
• ASICs do not make a network secure, currently the price is falling fast enough that if the profitability threshold is crossed, this thing will die. In the WP they made a big deal about it being ASIC-resistant and Ells very clearly turned his back on the people that got it to where it was, hobby miners with GPUs who spent their time, money, hashrate and electricity to get this to where it is and then had the gall to ask GPU miners to step up to the plate when they finally did the hard fork, only to reverse it days later. ASIC miners are no more or less loyal than GPU miners, if it's not profitable, they will go elsewhere, simple as. And I think they were under duress to re-allow ASICs (or in bed with Bitmain), as no-one, not even someone with no backbone like Ells would reverse a decision like that.
• The actual cost of a coin is not relevant, if they had hundredth the supply then it would effectively be hundred times more per coin at a given market cap. But the only thing they might have going is hype off the back of this instant payment stuff, which is still very much vapourware
• There is nothing wrong with Mass Adoption but you do not believe that is a facet and completely ignoring the technical side or the importance of people running nodes and mining is a concern? I do, I also fear that the dumbing down of mining to the level of 'any twat who can operate a smartphone' is a dangerous thing to do because people should know what they are doing and how it all works.
• IOTA has grown a lot but it had a strong dev team and took a ground up approach, did you not smell a rat when they basically copy-pasted Monero and changed XMR for ETN and Monero for Electroneum? That is mostly why the hard fork took months to achieve by which time ASICs had all but ruined it for everyone else, which is why they (GPU miners) left.

Your advice of DYOR is correct as is don't invest what you can't afford to lose but I guarantee you by the way people speak on the forums, Twitter, etc. some of them did invest money that they can't afford to lose and the absolutely steadfast opinion and loyalty is formed by fear that it might go to nothing so they hope and pray that it won't. People are still betting on this going to 50x and I reckon about the best you can expect is maybe 2-3x and that will still be based purely off hype.

I don't think it's a scam but I would struggle to find a coin that has a more lacklustre dev team or a CEO that prefers to spend more time in the media than actually getting onto this - so not a scam, just hideous mismanagement and transparency.

And I just wanted to add that I do hold ETN, so I think as I am effectively as close as you can be to a 'shareholder' in crypto. I'm not just someone who dislikes something for the sake of it, but having been there since day one and watched this play out, this is the conclusion I've come to.

You are correct, you should not mine on a mobile phone for those exact reasons.

It is a "mobile mining experience", basically a slow airdrop for keeping the app running. Its about even with loading a wiki page. Doesnt even lower battery life.

Its marketing

It aims to get new users into crypto. And its working amazing.

Almost 2 million registered users and always around 150,000 to 175,000 users "mining"

Pretty impressive. More the most coins total users to begin with

I don't think that this project is scam but I've never liked this project because it aims to do something that isn't right to do, mining on smartphone isn't a good and profitable thing, it can be only ruin your devices

For one Im the Community Manager on Bitcointalk, so sure Im totally*** bias*** full disclosure

Look at the Top Ten list of coins with the highest ROI, and where were most of them 10 months in??

ETN is down LOWER than ICO price from 20x ATH.

I certianly didnt expect much the first year. Look at it like a company. 10 months is nothing..

Think REAL time not crypto time.

They have almost 2 million registered users.

They are on pace to pass BTC in total number of users within a year.

They are gaining users at a pace faster than Facebook and Twitter at this point in their history.

They hold the patent for Instant Transactions. And before you think, "patents dont mean much in crypto", remember most vendors wont be able to accept a coin that copied it without premission.

They have a 40+ MILLION WAR CHEST, are experts in marketing, and havent started marketing yet.

Changing course and accepting ASIC gives them a VERY secure network, thats the short story why they did it

They have a plan, the team to pull off their plan, and the resources to do it.

Since the beginning, all we heard from every new coin is "Mass Adoption", but this time you have in ETN, a coin thats well on its way.

For less than a penny a piece, I would guess that it will be way up there on the list coins with the best ROI over the next year.

Since everything I just said is true, I would say that its worth some DEEP Research.

DONT TAKE MY WORD FOR IT. hint* Start by researching their team and already announced partnerships

To answer the question. Its definately NOT a scam, even if you hate us lol

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

***I am not a neutral mod or admin, but ETNs Community Manager with clear bias****


And yes, "Be Patient" is EXACTLY what is needed here, and yes, what Rich has told everyone.

I can't work out if they're shills (paid or otherwise) or just blindly hoping/praying that this coin will rise. I have noticed a good lot of ETN fanboys have most or all of their portfolio in ETN, and some have been stupid enough to bet money they really shouldn't have - if they've done that they get no sympathy from me and I hope it's a hard and valuable lesson. I lost thousands in bad deals over the years (away from the crypto-space) and it taught me not to listen to people who sound like they know what they're talking about and to do my own research - it's made me a lot more sceptical, a lot more thorough before committing and (I think anyway) a lot better at smelling out bullshit. Anyway, I never used funds that I didn't have or couldn't risk losing and I do expect to have to work for my money - I don't think by pressing 'start mining' on some shitty app I'm going to be able to buy a Lambo in 3 months time...

ETN is very near the make or break point now. I bet even if it does cross that threshold the fanboys and apologists still won't believe it. It'll be someone else's fault (like the alleged wallet hack in November, Amazon's load balancer, Coinbene's delayed listing, ASIC resistance, etc. list goes on) - I'm going to go with 'price manipulation by some unknown whale', as if a whale is going to waste their time with this...

Well said.

These bots or shills have zero facts to backup their posts. Everything posted here so far have been "The team is amazing" "Project is huge success". Nobody have any argument or any post with meaningful substance.

HUGE red flag that these are shills

Is this one of the team and followers' phrases?! 'Be patient'. I think everyone has been patient enough for basically nothing to happen. Time is running out, even if something does happen 'tomorrow' if the coin keeps falling in value, literally no-one is going to care. Not even the 'unbanked' which I genuinely believe is just a shameless plug by Ells and co to make people think they actually believe they are doing something good for the world. The only people I've ever seen stand up for this coin are the people who were suckered into buying it in the first place, and that's out of some misplaced hope or loyalty that it'll climb back up again. Anyway it's down about 10% today alone which is much worse than most other coins, if that's not a major sell signal or lack of confidence I don't know what is.

I hope that this project will be able to fulfill the planned and finish off loyalty. But it seems that it will be difficult, at first glance it looks like shitcoin.

If it hits 2 sats, then you need to get out of there as mining will have stopped long ago. Someone told me that if you do the maths, as of the start of August, the break even price with cheap electricity in China is 67 sats but this fluctuates with the price of BTC and the network difficulty, I honestly think around 90-100 sats is where you exit sharpish. The only possible hope for a price rise is this ‘instant payments’ thing but honestly I think Ells is more interested in stringing idiots along as shown by his recent appearances in the media. I could be proven wrong with all these claimed partnerships but about the best you’ll get is 2-3x not 50x like the shills are claiming. Many better projects exist with real devs not Fisher Price wannabes and they don’t have fanboys claiming huge returns.

Thats the most I would pay for this shitcoin lol

Spoken like a true shill. That was seriously one of the most dumbest thing I have ever read.

They let ASICs in and the blockchain went to hell since they were attacked by a big hashrate.

They banned ASICs and every GPU miner had abandoned the project so they couldnt mine the fork that finished the ASIC resitance. So Electroneum had to hire GPU clouds to keep the project alive. LOL. Already there you can see this project have zero support from people.
They then said ASiC was the future, and lost the last GPU miners that supported them.

Go shill somewhere else with your mindless posts please. You have absolutely nothing to back up your "project is a sucess".

Because thats why this project have gone down in price for every single good news they have announced and why this project is 0.008 now.

I don’t know what metrics you are basing that on but if a coin whose price is falling continually is considered a success then god help us all. Giving free ETN away is a gimmick, but let’s face it, that just devalues it further.

But seriously, consider this: when the cost of mining (even with ASICs) is unprofitable, e.g. the coin is so worthless and the reward not high enough to cover the electricity cost, the blockchain will grind to a halt and that is it, game over, it doesn’t matter who holds what at that point. That’s the problem with having tons of clueless users with mobile phones thinking they are doing the blockchain a service and dumbing it down for idiots - newsflash: blockchain and crypto is not a trivial matter, and it needs miners and nodes to operate effectively. Ells should never have shot GPU miners in the back; he dug his own grave here.

I think Ethereum is a very reliable network now. But Ethereum has a lot of bugs and slow work.

It's an obvious fact that electroneum is not a scam, Richard Ellis has been very industrious, together with the entire team and I can attest to the fact that the project is a success. I do hope that the minestones or road map promised by the team would be achieved.

The same thing happened when they released their mobile "miner". It was suppose to be their golden duck, but the price just continued to crash after it was announced.
Electroneum team are just like a headless chicken, running around, dont know where to go, and will eventually drop down and die. The whole project is based on nothing but empty words from their headclown Richard Ells, and all his paid subscribers on reddit and twitter. Its like the russian twitter accounts that have a million fake followers and try to use that to trick people to think their posts are super important. Look up youtube videos of Electroneum. You have to be completely blind to not see that the viewing count on many of those videos are fake counts paid by the marketing company behind Electroneum. This is what they know, to fake up things to make them seem important.

Its red lights flashing everywhere for this project

I put buy option at 2 satoshis, seems it happen soon I will join "to the moon" side

Haha give me a break. These clowns have no idea on what they are doing. They have been making mistakes and unescessary drama in every single step of the way.
And its not an ico. They closed down their ico ages ago, bot.

What investors? The ICO went and gone last November and this coin has settled below 1c now, it's actually dropped 10% in just one day. All the fanboys were clamoring for Coinbene for a 'massive pump incoming' and do you know what happened? Absolutely nothing. Because this coin didn't need more exchanges, it needed a competent dev team not a team with a few entry-level blockchain devs headed by Richard Ells, who is more interested in doing stupid interviews with YouTube no-bodies and Boss Magazine (what? I had to look it up as well). Anyway, it's going to fall below ASIC mining commit point soon and then they are really in trouble. Can't blame GPU miners then can they.


I am just interested in the fallout, watching how the fanboys and hodlers will handle this - probably bury their heads in the sand like normal. I was speaking to someone who is in their Discord group and they are currently complaining about price manipulation (though it can't be manipulated with such low trade volume, they haven't grasped that yet). There is also someone there holding over a million of this coin! I was tempted to buy some in case it comes back up while it's really low but even I'm doubting that. I certainly wouldn't buy it on technical merit, only hype possibility.

Personally, I am not interested in this project . But I know many investors are investing in this ICO .  I think developers need time to complete the project. Then we will .

I told you Electroneum was a scam. A joke. Look at the price now for ETN. $0.008. Rekt.
The only supporters of Electroneum are either hodlers with heavy bags that want you to buy their shitcoin, or the countless of shills the marketing company behind Electroneum have hired.

DO NOT BUY ELECTRONEUM. They will be gone in a year. Worst shitcoin you can find on the market right now.