Isn't it amazing?
Just two and a half weeks ago, hype and positivity were through the roof.
Now, it's like civil war, there are those screaming scam and those screaming, "ETN will NEVER let us down!"
Look, there is obviously something wrong, and it is obviously more than just a hack attempt.
First off, blockchain technology is immutable. Our coins are not on the website, they are on the blockchain.
No one can hack it unless they have your personal keys.
So in order for hackers to be able to steal our ETN there would have to be a problem with the online wallet where hackers can go in and extract our keys.
If there was a chance for this to happen this flat out means that the wallets are not ready.
...and the official mining pools aren't ready
...and the blockchain explorer isn't ready
So to me, it just looks like they didn't have a strong tech team and missed the nov. 1st deadline completely and are now finishing it up.
well, ok, so stuff that like happens and it doesn't matter as long as we eventually get our coins yeah?
The thing is, a huge component of ETNs success was hype, and now a lot of it is dead and gone.
So now me, a day one ICO investor, is rather upset. I think it is reasonable to be upset and unreasonable to blindly still think ETN to the MOOOOOOON!
What are you talking about? The coins are not in separate wallets on the block chain. All ICO coins are (as far as we know) on one address that was premined on block 1, controlled by the electroneum team. Every investors coins "are on the website" in the sense that they are just numbers in some register somewhere on one of electroneums server and will be converted to coins on the block chain later when the electroneum team is done with their security fixes.
Actually I agree with you except for the last part.
Exactly, the coins are still in a wallet, whether it is controlled by the team or not or whether it was premined or not, and wallets are just "addresses" that represent the coins that are on the blockchain. and the only way to move those coins around is by using the key of the wallet where the coins are. So I agree with you, they "are on the website" but it's just numbers, coins are always on the blockchain, that is the technology. So unless the dev that knows the keys accidentally gives them out after a night of drunken karaoke they can't be hacked.
However, you can't convert data on a server into coins on a block chain, that is just not how blockchains work. coins are rewarded after solving complex algorithms and discovering blocks, it's the only way. So companies will premine a set amount of coins, store them in their wallet, then allocate a percentage of them to be available for ico investors. All of the coins that were premined and sitting in the devs wallet (they are actually on the blockchain though) can be transferred anytime to another address. ICOs "releasing" the coin is really just using a simple hash and daemon to transfer those coins to investor's wallets.
If security was the issue than that would mean that the online wallets that are supposed to be released are vulnerable to hacks and people getting your keys because paper wallets are nearly impossible to hack unless you are an idiot and leave your keys saved on a document on your computer or something.
Well, anyways, this is the basics of blockchain technology. It what makes crypto so special