Here is a quote from a discussion Im having in the "Is Electroneum a Scam" topic:
Feel free to stop by and join in the discussion.
If you can, give the main reasons behind your opinions, and why you agree or disagree with comments you refer to in your response.
This is one of the things they have pointed out we are not doing.
Sure, some people, but for the most part, I see a well educated community that has no problem articulating itself.
For one Im the Community Manager on Bitcointalk, so sure Im totally*** bias*** full disclosure
Where was Iota 10 months in? Certianly not where Iota is today. I believe they were at 10x ICO price, down from the ATH at the time of 20x I believe
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 on 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, youd be hard pressed to find a coin with better ROI over the next year.
Since everything I just said is true, I would say that its worth some DEEP Research.
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****
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.
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***
