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Author Topic: Is Electroneum a SCAM???  (Read 104873 times)
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Fakayode1
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November 17, 2017, 04:49:03 PM
 #601

Electroneum isn't a scam i invested in it i am also holding for a long
Chaocheng
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November 17, 2017, 05:11:34 PM
 #602

No its not....  Study their road map,  and white paper carefully...
Luisjc69
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November 17, 2017, 08:43:55 PM
 #603

Hi Guys...

....i have this information :

"I wouldnt bother mining this, Cryptopia is a scam and is the only exchange that accept this. My account on cryptopia got locked trying to withraw coins.If you are lucky and get withraws (doubt it) withraw fee is 25 dollars ... No support at cryptopia for 5 days, COINS LOST TO ME !!! MINE AND SELL ON YOUR OWN RISK !!!!!!

Im not sure, but I think I habe little questions about some other issius about Electroneum!"

This is from one guy...he post this in the Forum from Electroneum and was banned!!! After..........

I also hear this one....

""Just want to shout out to my mining friends.

Be careful with Hashparty.io. They are sketchy. I lost 20% coin from mining which I have never seen from mining other coins. I monitor mining very closely. All other coins I have mined are within normal difference range. But 20% is way too much. So I asked in their discord, and I was banned.

First time ever. I smell something very fishy. Be careful friends!""


What a u think guys?Huh

and moment u can buy and sell only in Cryptopia!! but....IF you dont have any support AND / OR you lost all your coins.....hmmmmm I DONT KNOW what fucking i will think for the future!


A LOT OF IDIOTS and SCAMs with the new ICOs!!


Gasotard
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November 18, 2017, 01:49:41 AM
 #604

Electroneum isn't a scam i invested in it i am also holding for a long
Of course you wouldn't want to call it a scam because you have invested enough money to tell people to buy your bags.

chaos_2000_ad
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November 18, 2017, 08:25:07 AM
 #605

There is too much about this project that makes me think it is scamming the ICO backers.

Look how this coin was launched.... Terrible.
HackerOne - They haven't mentioned working with them in their newsletter
HackerOne - The HackerOne page that references electroneum is user submitted
Github - Their GitHub does not look like that of an active legitimate project
ICO backers - It looks like that of a referral program. "click here and I'll discount 5%" - it appears the ICO backers are incentivized to sell the product
The claim that Electroneum will explode in value, but be 'like real money, cause you know, 2 digit placement" so if it explodes in value, will 1.00 ETN be worth around $1.00? Doesn't look like an explosion in value.... How the hell do people get fooled like this?
The Business Whitepaper - Junk! read it!
The technical Whitepaper - More junk!

This is just terrible, and fooled so many people. I fear that $40 million is simply lost. ICO backers got fooled.

I wonder what will actually happen to the ETN price with so many people fooled into this. Could I profit on their idiocrazy?

Its a good coin (XMR Fork) but being raped into a shitcoin, but smart people can make money off of it. Not the "I did a research and it's not a scam" smart people, the 'I know crypto' smart people.

Shame on you ICO backers, for not properly researching it...
fedor3327
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November 18, 2017, 08:33:38 AM
 #606

I find it amazing that when one person does not get an instant answer - they call the ICO a SCAM..

Its not cool. Plus they are normally bounty guys.
Marco Ambrusini
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November 18, 2017, 06:59:25 PM
 #607

Electroneum is a very promising coin.They will definately moon once they move in full operation and minning
cryptocue
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November 18, 2017, 07:01:57 PM
 #608

Before the issue it looks a good investment to me so i bought the pre ico sale but now it looks a totallt scam,they screwed hard.

invicta
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November 20, 2017, 09:53:34 AM
 #609

I have been watching Electroneum quite closely. It has got a great following and fanbase but there are many things I can't get my head round:

- all the issues around the launch and ICO with wallets hacked, passwords compromised
- it seems to be a clone of Monero's codebase with not a lot of changes other than 'you can mobile mine'
- on the mobile mining front they say they are first but actually Minergate was first lets you mobile mine XMR and it's near useless - I got about 14H/s on an SD810-powered smartphone, it's cool as a proof of concept but that's nothing, a low-mid range GPU (e.g. R9 270) can do 180H/s and that costs similar to the price of a similar mobile phone so who is going to waste their time and energy with that

To me it seems a lot like an ICO-get-rich-quick scheme. I am holding my breath and sent a bit of hashpower its way just to see what happens though. I notice a lot of people made a lot of money in the first few days... What's the current community consensus - from people other than those who have an interest in it going up because they bought into the ICO?
asuusa
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November 20, 2017, 10:16:58 AM
 #610

They sell it as the "mobile cryptocurrency", as if you could use your phone to mine it, make transactions, etc. But this is untrue.
invicta
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November 20, 2017, 10:19:26 AM
 #611

They sell it as the "mobile cryptocurrency", as if you could use your phone to mine it, make transactions, etc. But this is untrue.

That was my understanding too. They said it will be the first currency you can mine on mobile but actually it's not the first, Minergate did it first on Android. At worst it's just a fork/copy of Monero - I mean that's a good start anyway as it's a solid codebase but copying something without improving or changing it seems pointless to anyone other than the devs (who happen to stand to make a lot of money as well).

I also want to know if it's actually real mining or if it's 'simulated mining' which is even more stupid - I've heard the latter banded about a bit. The whole point of PoW is, well, proof of work. If it's simulated this is like me walking around wearing a badge saying 'I'm rich and cool' and hoping people believe it...
19mlmendoza82
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November 20, 2017, 11:31:19 AM
 #612

i can say that we all make our due dillligence before entering one market.. we are responsible for our own investments and time

invicta
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November 20, 2017, 03:22:16 PM
 #613

and with this said. I hold electroneum so please stop assuming currently

Who are you replying to?
stonehedge
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November 21, 2017, 09:25:07 AM
 #614



Shivasenap
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November 21, 2017, 09:28:10 AM
 #615

So you edited the post. I definitely think it is a genuine project. I have invested a lot in it and hope that they will release wallets soon
invicta
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November 21, 2017, 09:48:11 AM
 #616

So you edited the post. I definitely think it is a genuine project. I have invested a lot in it and hope that they will release wallets soon

Would you like to back that up at all? I have been following this, I even sent some of my hashpower their way 'just in case', but the post above yours about sums it up... if you've invested a lot of course you want it to work. Their wallet system has been down for over a week now and hasn't been given an update.

Also their 'mobile mining' is actually a background app that doesn't use CPU power on your phone, so it's like a 'proof-of-time' system just completely not implemented. Obviously they don't understand how the proof-of-work consensus system works (it's part of network security) or they are so arrogant that they think they can bamboozle the general public into believing this - if they're just handing out coins for running some app in the background, then who is actually mining or producing these coins? If it's that trivial then where is the security? If they're going to hand out coins based on the estimated power of your phone (not the phone's CPU) then who's to stop a computer emulating hundreds of Android phones as they're not actually doing any work (if there was real computation involved you cannot fake that)?

Too many unanswered questions and there are too many people trying to scam others with ICOs. From what I can work out, for an ICO all you need is a vaguely interesting project and tagline, work out which existing open-source codebase to rip-off, an excellent marketing machine (did you notice how all of Electroneum's 'team' are largely photogenic individuals) and drum up hype on social media = profit.
benjaminoo
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November 21, 2017, 09:56:26 AM
 #617

They sell it as the "mobile cryptocurrency", as if you could use your phone to mine it, make transactions, etc. But this is untrue.

That was my understanding too. They said it will be the first currency you can mine on mobile but actually it's not the first, Minergate did it first on Android. At worst it's just a fork/copy of Monero - I mean that's a good start anyway as it's a solid codebase but copying something without improving or changing it seems pointless to anyone other than the devs (who happen to stand to make a lot of money as well).

I also want to know if it's actually real mining or if it's 'simulated mining' which is even more stupid - I've heard the latter banded about a bit. The whole point of PoW is, well, proof of work. If it's simulated this is like me walking around wearing a badge saying 'I'm rich and cool' and hoping people believe it...

- on the mobile mining front they say they are first but actually Minergate was first lets you mobile mine XMR and it's near useless - I got about 14H/s on an SD810-powered smartphone, it's cool as a proof of concept but that's nothing, a low-mid range GPU (e.g. R9 270) can do 180H/s and that costs similar to the price of a similar mobile phone so who is going to waste their time and energy with that

Allow me to explain...

It's true, there has been other mobile mining apps in the past. These apps mine for real and use the processing power on your phone to do actual mining and provide actual proof of work. However, this heats up the phone and drains the battery considerably. One would be better off buying a computer for the same money and using it to mine instead.

But Electroneum is doing something new by providing a mining "experience." Phones will not perform actual mining. However, the app will continually check your phone's available CPU power, and issue you coins based on that. A faster phone will therefore have a better hash rate than a slower phone. Playing a CPU-intensive game will temporarily decrease the hash rate of your phone. So the mobile miners emits coins based on the AVAILABLE CPU capacity.

In this way, the mining is very similar to real mining, but without your phone heating up and your battery dying within 3 hours.

The "mineable" coins are split into two groups of 7 billion coins each - one group for traditional mining (computers) and one for mobile mining. The difficulty on one won't affect the other. So the fact that computer miners have increased the difficulty considerably won't influence the emission of the mobile mining pool.

Electroneum will control the emission rate via an algorithm that takes into account the current price of the coin in dollar terms, the amount of miners worldwide, and the amount of coins still available. Richard mentioned that they will adjust the algorithm to optimize growth of Electroneum over the years. For example, if a lot of coins are being mined by only a handful of miners at the start they will reduce the emission rate to save coins for users that will join later on. And if too many users sign up in the first week they will reduce the emission rate to make sure all the coins are not mined away in a few weeks.

The mobile mining experience was never meant to safeguard the blockchain. So computer miners get rewarded for actual mining (and actually safeguarding the blockchain), but mobile miners get rewarded for providing a different utility - marketing and mass adoption. Perhaps they should have chosen a different name to describe it better. But their whole idea is to EDUCATE the public about cryptocurrencies and get them to run their own computer miners, and therefore the "mobile mining experience" name was indeed a good idea.

Also their 'mobile mining' is actually a background app that doesn't use CPU power on your phone, so it's like a 'proof-of-time' system just completely not implemented. Obviously they don't understand how the proof-of-work consensus system works (it's part of network security) or they are so arrogant that they think they can bamboozle the general public into believing this - if they're just handing out coins for running some app in the background, then who is actually mining or producing these coins? If it's that trivial then where is the security? If they're going to hand out coins based on the estimated power of your phone (not the phone's CPU) then who's to stop a computer emulating hundreds of Android phones as they're not actually doing any work (if there was real computation involved you cannot fake that)?

Since the mobile mining emission algorithm is centralized with the Electroneum team, they can weed out any users who try to game the system. For starters, they can block any "phone" or "emulated phone" that has a hash rate above the typical mobile hash rates. Secondly, Richard mentioned that they will only allow 5 mobile miners per IP. Therefore someone trying to run hundreds of emulated mobile miners on one computer will be banned.

If you watch the videos of Richard explaining this stuff, you realize that they have really thought this through!

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November 21, 2017, 09:58:45 AM
 #618

It does not sound like it is a scam if they have their linkedin page, and telephone numbers.
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November 21, 2017, 10:09:52 AM
 #619

Fine - I read that but it's a lot of ifs and buts and claims about what they should and will 'maybe' do. So it's a cryptocurrency that is centralised because they will control it themselves? From what exactly? And then half the coins 'mined' on mobile and half on anything else - are these meant to be worth the same? So, 5 devices per IP? Well a cheap laptop will cost you maybe $50, so a handful of those emulating 5 phones and some connected to VPNs - now what?

Honestly, genuinely, I want to give it the benefit of doubt but it doesn't look good to me. The community is very good at weeding out frauds and most of the people who are defending Electroneum are doing so because they bought into the ICO and have a large (relative) stake. I am mining it myself just in case but only a very small percentage of my hashpower is pointing at it.

Also, what exactly is taking them so long to fix with the wallets and ICO tokens (I didn't buy into the ICO)? They have been doing lots of marketing but nothing on this wallet and ICO token issue - that's been very quiet. Their website just says 'WE WILL BE BACK AS SOON AS POSSIBLE', well that's been over a week.

I am not being aggressive, but if anyone else has some hard evidence that they are sorting things out their end, actually making improvements (fixing their wallet would be a good start), mobile mining being more than vapourware and not just what Richard claims or says on their social media page - because I've seen that and it doesn't stack up. I mean, how is this better than Monero which has proven its worth?

Having a LinkedIn page and telephone numbers does not make it 'not a scam', basically anyone with 'the internet' can order a pay-as-you-go SIM and create a LinkedIn page...
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November 21, 2017, 10:31:50 AM
 #620

Read this whole page


https://bitcointalk.org/index.php?topic=2353282.new#new



Contraband
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