I heard about Electroneum from facebook. is it really going to be possible to mine on mobile??
Not exactly, it's some kind of simulated mining. You'll get some amount of coins just for running the app, but you won't actually be doing anything useful. Mining on cell phone making $5 to $8 a month will be found to be useful for many around the world. |
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Yeah, the OP should change the title as they have already said it is not a scam.
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I've heard rumors that Electroneum isn't really utilizing your phone's power to mine directly, but it is really just a hyped implementation of proof of stake of your phone.
Can the developers please address this?
Rumours? This has been discussed to death in this thread already. No it does not truly mine using all the resources of your phone. It would be silly if it did as your phone would get super hot and run out of charge in a matter of hours. It simulates mining, there for you end up with the same effect as mining without using battery power. The real mining is done on PC's. It makes no difference to the end user, they still mine coins all the same without breaking there phone. There is little point in hyping this coin up as the first crypto to be able to mine on mobiles lol. that is clearly false advertisment. The point is to have the first coin offering you cloud mining on a phone, so yeah it's really (cloud) mining on a phone, sorry. Its new, and we can say its most "like" this to us, or seems "like" that to us. Its new. It measures the power your phone would be able to put towards mining, and then uses that as a benchmark to decide how many real ETN coins you get, without actually taxing your phones power. The best of both worlds. It can be conpared to other ideas, or we can drawn parallels to perceptions we may have, but it is POW, its brand new and innovative, and its on you to decide where you will enter the bell curve on this project |
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The fact that they're honoring the 40% is amazing, that's the sort of thing that lets you know this isn't a scam. It's a legitimate project, most token sales wouldn't do such a thing for their users.
Very professional!
I agree with you. Never seen such a commitment like this before on ICO. All the respect for the team. There are some good teams out there. It's not like there are no other good teams, but this one is definitely a good one! Yes, they immediately resolved the issue and pretty happy with their response and mitigating action for future contribution periods. I will very likely continue to buy more coins. Also, I would like to point out one stark distinction about this ICO in that they are not giving themselves any coins (correct if I am wrong- as I didn't see anything in the whitepaper regarding this point). One aspect of current ICOs that is extremely pissing me off is that many are not only collecting funds from the coin/token sales, but they are also allocating close to 50% of the coins to themselves as well which translates into extreme greed and the centralization of the coins - which allows for massive dumps by them. Case in point is Blackmoon Crypto. If you have a very strong and honest and transparent team, I would even want that team to hold a good bag of coins because their motives are more aligned with those of the investors. But I agree with you, something like 50% or so really sucks. And it sucks even more if a team does not constantly deliver then and the price keeps dropping. I like how much this team is keeping, ZERO COINS for themselves. What this team has invested that will motivate them, is all of their own money spent on the project. Have there been any kind of special pre-sale investor rounds? Maybe that is where the dev team got in with their own money (not meant to be rude here, just saying). I mean they need some incentive, where does that come from? No pre-sale They have everything invested in this |
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seriously....they picked yobit as the first exchange for trading? ............that tells a lot lol
looks like my decision of no in was right,take care guys
Care to explain the math? |
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I've heard rumors that Electroneum isn't really utilizing your phone's power to mine directly, but it is really just a hyped implementation of proof of stake of your phone.
Can the developers please address this?
The rumors you have heard are incorrect. ETN is POW |
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https://youtu.be/JZ8UfHG5vVwHere is another video with a 30 MINUTE DETAILED INTERVIEW WITH THE DEV CEO RICHARD ELLS This explains how the mobile mining works WITHOUT USING THE CELL PHONES RESOURCES TO POWER THE BLOCKCHAIN AND MINE REAL CRYPTO COINS!!! THIS IS THE BEST ONE TO WATCH, HANDS DOWN. YOU WATCH THIS WHOLE VIDEO, AND THEN GOOGLE "ELECTRONEUM", AND COME BACK AND TELL ME ITS ALL JUST HYPE!!! RESEARCH RESEARCH RESEARCH
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OK Electroneum is a different concept.
Before you even think about POW mining on your phone, bear in mind that even mining on your computer or laptop can be detrimental to their CPUs or GPUs... and we're talking about much faster machines here. Even if you used up 1 or 2 of your CPUs/GPUs on your computer to mine, the cost of electricity is too high and the risk of overheating and damaging your hardware too much.
Phones are even more prone as they have much weaker hardware. The only thing I would consider using a phone for mining is PoS coins. But even then, staking 10 wallets on your phone sounds like a power-draining exercise.
All of this is correct. EXCEPT FOR ELECTRONEUM It takes about the power of loading a wikipedia page to run the test to see how much power the cell phone would have available WERE IT TO START ACTUALLY MINING. THEN THE CENTRAL PROCESSOR AND TWIN ALGO mines Real ETN coins, without using the power from your phone to power the blockchain. Those who are mining with home computers are the ones actually powering the blockchain, so mobile miners dont have to power the blockchain, but CAN still mine real Electroneum coins. |
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I couldnt have said better myself  |
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I think the Electroneum technical team is not competent enough: that's a bunch of junior PHP programmer.
Given how shitty PHP as a programming language is, , and given the juniority of the team I really doubt if Electroneum could do what they claim: scale onto hundred millions of phones.
Please be aware the above information quoted is incorrect. Thank you |
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Hi guys,
I hope I can help anyone who is interested in this ICO with this post!
Why did I invest in electroneum?
1) I think the CEO Richard is a marketing genius:
By using "Duncan Logan as a backup for electroneum" on the website he increased the trust of the potential investors. They also set the number of total coins to 21 billion instead of bitcoins 21 million. The concept that the unsold coins are added to a pool for the mobile mining is short-term diluting the number of coins in circulation, but in the long run, it helps to increase the user base. The fact, that ETN coins are normal numbers instead of bitcoins decimal numbers. And at last, the ICO itself is very very easy!
2) 3 different groups who will be attracted to mine the coin
The concept of mining coins via a mobile is totally new and will attract a lot of new people to electroneum. A lot of people who heard from tech savvy friends about bitcoins are going to be very curious and try it out. Furthermore, I can see the youth (10-18 years old) mining their pocket money (and maybe their parents are getting curious too lol). People who live in developed countries will mine via mobile and try to make a side job with it (3-5$ is in some countries a lot of money). The last group will be investors who believe that longterm the coin will be worth much more than the 1 cent (The first people who mined bitcoin did pretty well). All this will give electroneum publicity in magazines and news.
3) The fact that you can transfer your electroneum easy with the help of your phone number similar to WhatsApp is awesome! People who canīt sell their coins via an exchange can transfer it easily to someone who can do it for them (or sell it to someone cheaper than the rate of the exchanges, transfer it to that person and that person can make money via himself selling it at the exchanges)
4) Plenty of usability for electroneum
The company will start in the gaming industry (You can cash out your virtual currency in a game by exchanging it to electroneum, afterward you can buy with the electroneum new virtual currency in another game). Once a couple of gaming companies using electroneum and the people like the concept, the other companies have no choice but to integrate the coin also. After the gaming industry, the company will target the gambling industry (people who donīt have a bank account can use electroneum to use gambling platforms and if they win transfer it to someone who has a bank account and get cash for it).
Conclusion: I think this ICO will NOT make huge gains straight after the 1 of November, because of the high supply of the coins. But it has huge long-term potential due to the ability to get to the average Joe. My gut feeling tells me that electroneum is going to be listed right after Bitcoin and Ethereum with a price target of 1$ to 3$ by the end of 2018!
Thank you for sharing you insights! Thank for posting!! Great to see the community growing I see I dont have to answer all the questions anymore. THANK YOU TO ALL WHO ARE HELPING EACH OTHER OUT!!
<PRO TIPS>
There is a guy that has over 100 referrals and I think hes had a real big couple investments under his code and hes at or above 1 million ETN for a referral bonus.
This is without putting his articles and/or videos on here, or spqmming the main Telegram room.
He his tweeting his articles, posting them on electroneumtalk.com, and his Facebook, and Reddit. etc.
Thats where he is getting all his referrals. Do itnin a classy way, and it works 10-20 times better.
Make good content. This is good content. Great content has a way of spreading itself!!
Those are the people who will use your code. Put it in text box or signature here.
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Yes, Electroneum does stack up very well!! |
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First ICO I have participated in. This project looks promising and I hope it takes off!  Mining on mobiles is cool as long as it doesn't kill the battery in 5min! It takes as much power as a wikipedia page to load. It just measures the processing power available on the phone and uses that measurement to allocate coins. It doesnt actually use the phones power to mine. Those mining on home computers are powering the blockchain, so those mining on their cell phones dont have to. |
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Apologies guys, these questions have probably been asked 50 times already but please respond if you have the answers:
Is the total supply of coins 21 billion coins?
If so, then why are only 6.3 billion coins available during the ICO?
What will happen to coins that remain unsold during the ICO phase?
Is there a plan to list the coin on exchanges right after the ICO? If so, then why since the ultimate purpose I guess is to encourage actual use of the coins and not speculation...
6 Billion coins are available for sale in the ICO The other 15 Billion are for mining The unsold coins from the ICO go back in to be mined as well. |
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20 million out of 800 million is nothing.
My big concern right now, I hope coin market cap doesn't list whatever excess coins arent sold in ico (that will be locked for mining) as part of coins in circulation. This will affect trader psychology. If they see 6 billion vs 1 billion they will have lower price targets and expect more available supply to change the market.
Coinmarketcap should list only the coins that were distributed in the ico and mined after release even if the excess of the 6 billion are technically generated but locked for the bonus mining feature.
That is the Billion dollar question. But also, remember that even though others may make the mistake of calculating MC incorrectly, those who know the correct answer now have an advantage. I share your curiosity as to what decision CMC will make. It will be interesting to watch. |
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The fact that they're honoring the 40% is amazing, that's the sort of thing that lets you know this isn't a scam. It's a legitimate project, most token sales wouldn't do such a thing for their users.
Very professional!
I agree with you. Never seen such a commitment like this before on ICO. All the respect for the team. There are some good teams out there. It's not like there are no other good teams, but this one is definitely a good one! Yes, they immediately resolved the issue and pretty happy with their response and mitigating action for future contribution periods. I will very likely continue to buy more coins. Also, I would like to point out one stark distinction about this ICO in that they are not giving themselves any coins (correct if I am wrong- as I didn't see anything in the whitepaper regarding this point). One aspect of current ICOs that is extremely pissing me off is that many are not only collecting funds from the coin/token sales, but they are also allocating close to 50% of the coins to themselves as well which translates into extreme greed and the centralization of the coins - which allows for massive dumps by them. Case in point is Blackmoon Crypto. If you have a very strong and honest and transparent team, I would even want that team to hold a good bag of coins because their motives are more aligned with those of the investors. But I agree with you, something like 50% or so really sucks. And it sucks even more if a team does not constantly deliver then and the price keeps dropping. I like how much this team is keeping, ZERO COINS for themselves. What this team has invested that will motivate them, is all of their own money spent on the project. |
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Please put referral codes in your sig or text box
Do not post your referral code.
Use all the different places to post an article or blog and post your referral code there. It has been reported by some of those with the most referrals (in the 100s)that they have got them exclusively by making articles, blogs, videos, and how- tos, and posting them WITH THEIR CODE.
Posting you referral code here with nothing else is not going to get you one, but with a great article, and well placed placement of that content, has shown to be very effective!!!
BTC Investor just worte a top notch article, as he puts that "out in the wild" he will reap the rewards of his great work with the article.
Technically he shouldn't have posted the referral code at the bottom, but he put a lot of thought into his article. It was well put together and I loved the story. It was nothing like, "hey bro, use this code Dude!".
Thanks
Contraband
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NO MATTER WHAT ANYONE SAYS.
THE CORRECT LINK TO THE OFFICIAL TELEGRAM ELECTRONEUM CHAT IS:
https://t.me/joinchat/DxoSakHOdk5mqsE-LelfVg
ITS HAS NEVER CHANGED, AND ALWAYS WORKED IN THE PAST AND IS SUPER BUSY, VERY FUN, AND ALWAYS ACTIVE!!
JOIN NOW!!
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