Is Electroneum a SCAM???

[Karto]

mobile mining is not practical idea
i hardly finish one day without recharging my phone, without mining :X

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[10000BTC]

Yes it seems thats why the CEO of electroneum deactivated his social media accounts.

Maybe they've bit more than they can chew but i surely believe that they will come back.
we shouldn't begin to cast stones yet.
I really want to see how much i will get mining with my phone.
if this works then we will see the fastest transactions from their blockchain.

[10000BTC]

mobile mining is not practical idea
i hardly finish one day without recharging my phone, without mining :X

Have you already had a taste? I'm very curios to see how it will turn out.
were you mining electroneum?
mining sucks lots of electricity so i wonder how battery can stand it.
well, lets see the innovation they will bring to the crypto world.

[callkiller]

mining sucks lots of electricity so i wonder how battery can stand it.

Its not actual mining its a mining simulation app. They tested it on three phones in one of their videos and left running in the background it barely used any battery at all on its own.

[tmschard]

mining sucks lots of electricity so i wonder how battery can stand it.

Its not actual mining its a mining simulation app. They tested it on three phones in one of their videos and left running in the background it barely used any battery at all on its own.

mining simulation? What the hell is this? How to simulate a coin that pretends to have a value ?!

Wow...

[callkiller]

You simulate mining with the app and you earn coins for running the simulation or playing the game on the app. You can then transfer ETN from the app on one phone to the app on another phone (kids are going to love this app and it gets them interested in crypto currency) I'm not sure of the exact details as I know nothing about mining myself.  This has the potential to be huge in my opinion if the app goes viral.

[Robin789]

I think Electroneum is not a Scam. It's true that most defenders of Electroneum are those with large investments.
Electroneum gets listed many large exchanges. so wait and see.

[Pilchard]

OK I'm just putting this around because I've seen a few people still having the issue with Zero balance on their ETN Cli wallet,   To anyone having a problem with their Electroneum wallet still showing 0 balance,  create a shortcut for the cli.exe   and open its properties and add --restore-deterministic-wallet to the end of the target address so it looks like this:

"electroneum-wallet-cli.exe --restore-deterministic-wallet"

And then run that shortcut.

That should fix it.

You could also try the rescan_bc command.

[tmschard]

You simulate mining with the app and you earn coins for running the simulation or playing the game on the app. You can then transfer ETN from the app on one phone to the app on another phone (kids are going to love this app and it gets them interested in crypto currency) I'm not sure of the exact details as I know nothing about mining myself.  This has the potential to be huge in my opinion if the app goes viral.

I know a little bit about mining and from what you told me, it's all a big hoax.

Mining involves millions of mathematical calculations for decoding resolution in order to authenticate a given transaction. Mining is not a joke and can not simulate, also because it is necessary to respect the currency conversion level ... that is, it is not simply a number played.

You see, I sincerely believe that's not what you said because it would be too naive to believe in such a madness, but one thing really worried me: As a person, I say the CEO, was not able to secure the tokens of ICO, come talk about innovating in mining? Think about...

[callkiller]

uote]


Mining involves millions of mathematical calculations for decoding resolution in order to authenticate a given transaction. Mining is not a joke and can not simulate,

I get all that. Its basically a game that can be played and you earn coins for doing so.

[tmschard]

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Mining involves millions of mathematical calculations for decoding resolution in order to authenticate a given transaction. Mining is not a joke and can not simulate,

I get all that. Its basically a game that can be played and you earn coins for doing so.

The point is: As someone who has not been able to simply start the tokens to whom he invested, guaranteeing the security of the account after the ICO, do you want to bring innovations in the art of mining?

[jijikill]

Hmm , after these days looking back at Electroneum , seems like it's a good deal , trade above ICO price , good profit for mining , I did not invested the ICO , but I'm mining now , I seriously think there's a good future of electroneum

[invicta]

You simulate mining with the app and you earn coins for running the simulation or playing the game on the app. You can then transfer ETN from the app on one phone to the app on another phone (kids are going to love this app and it gets them interested in crypto currency) I'm not sure of the exact details as I know nothing about mining myself.  This has the potential to be huge in my opinion if the app goes viral.

I know a little bit about mining and from what you told me, it's all a big hoax.

Mining involves millions of mathematical calculations for decoding resolution in order to authenticate a given transaction. Mining is not a joke and can not simulate, also because it is necessary to respect the currency conversion level ... that is, it is not simply a number played.

You see, I sincerely believe that's not what you said because it would be too naive to believe in such a madness, but one thing really worried me: As a person, I say the CEO, was not able to secure the tokens of ICO, come talk about innovating in mining? Think about...

This is what I thought and said but I’d been shutdown. Mining doesn’t need to be PoW it can be something else as well but generally it is done that way, so it’s computatinally infeasible to interfere with the blockchain (e.g. 51% attack would need over half the hashpower of the entire network). So the mobile mining is a simulation and they’re going to airdrop or give it away and people think it will have value when anyone can get it? I think the reason it’s hyped up is because millennials and people sitting in school/studentsthink they can make money just by having an app on their phone based on the coattails of bitcoin and other high profile cryptos which have big market caps.

All you have to do is look at the hashpower on the network, it’s pathetic at the moment. Thousands of mobile phones simulating (lol) isn’t going to do anything for that either - and if it’s a simulation, someone controls it, e.g. the dev crew and it’s therefore centralised.

The CEO comes across as a bumbling idiot with minimal technical knowledge - you say he doesn’t need it, well I would argue that a basic understanding is important. They probably have the biggest hype so far and that’s why it’s got to where it is, and also why I’m not totally writing it off just yet.

[mummybtc]

Until everyone has access to their coin, the scam allegations will still be on the neck of the team, so many promises where made before and during the ICO but little has been offered to investors

[CryptoBeefy]

I'd be surprised if this turned out to be a scam to be honest but the way it's been handled doesn't look good. They set a date and then claimed they'd been attacked, judging by the money that was invested into this ICO, i'm not surprised. I have a minor investment into Electroneum and just hope they're true to their word that they're improving the platform with Amazon and Hackerone. I'm sure if it wasnt true, hackerone would of denied it by now!

[GuiDonK]

We will find out if it is a scam in a few days when you will finally be able to login to your wallet.
However Hakerone is synonymous with fairness, I am confident.

[Mobilelagitrens]

If i am think The project looks promising. Of course, the large amount of tokens would mean dump, but anyways I'm sure the team will do their job fine to increase their cost thanks

[invicta]

If i am think The project looks promising. Of course, the large amount of tokens would mean dump, but anyways I'm sure the team will do their job fine to increase their cost thanks

I think calling it ‘a project’ is kind of glamorising a turd right now as the white paper was so wishy-washy and full of marketing bumph and hype without anything real. It’s as though it’s all marketing and glitz.

I don’t know the deal with HackerOne but if I had raised $40m in an ICO (even more given how much ETH went up today), there’s not many companies that would turn away your money.

But when/if the wallets are opened up, I bet there will be a massive dump. The value has already dropped loads. I’ve got some just in case it does take off but thank god I didn’t get involved in that ICO.

[MrMaxwell]

So let's recap:

1. Wallets hacked, many coins stolen
2. Remaining wallets locked up so ICO funds are inaccessable
3. CEO has deleted all of his social media accounts

Hmmm.

Conclusion?

SCAM!

[invicta]

So let's recap:

1. Wallets hacked, many coins stolen
2. Remaining wallets locked up so ICO funds are inaccessable
3. CEO has deleted all of his social media accounts

Hmmm.

Conclusion?

SCAM!

I am still waiting for more of an explanation on the coins stolen/hack as no-one has come forward yet.

As to his social media accounts, in his defence, that was explained. That was never him, it was someone masquerading as him.

But even so, they just seem to be monumentally incompetent or extremely unlucky (well not that unlucky, they duped people into handing over $40m in ETH). If someone in the Bitcoin or Ethereum community did this they would be shot down forever.