Is Electroneum a SCAM???

[fortunecrypto]

ANN thread is dead, everything is dead on that coin. Scam.

They've just locked to avoid the spread of fuds they have hired hackerone, to fix all the issues, if this is a scam they will not hire the service of hackerone and hackerone will have nothing to do with Electroneum so let's give them a little more time they cannot make an alibi like this for a whole two months.

[invicta]

ANN thread is dead, everything is dead on that coin. Scam.

They've just locked to avoid the spread of fuds they have hired hackerone, to fix all the issues, if this is a scam they will not hire the service of hackerone and hackerone will have nothing to do with Electroneum so let's give them a little more time they cannot make an alibi like this for a whole two months.

Maybe. But if I had $40m in raised funds I could still engage HackerOne and have a hell of a lot of that left over while I plan an exit strategy.

I don’t think they’ve been open or particularly transparent either - posting the odd vague and non-technical update isn’t really what people had in mind (well, it might be enough for some).

[tricialugtu]

I really believe that it is not a scam...

[thedec4]

I don't think that it is a scam. Granted the Android App doesn't work but from everything that i've seen/read online about it the coin looks like its alright and not looking like it is a scam.

[Damzy112]

Electroneum is not a scam!. I believe we all know what prompted the slow pace of the coin. The best option for everyone here is PATIENCE!. I know electroneum will surely recover and stand strong!

[cryptolopoly]

Simply put, yes, Electroneum is a scam.

People trusted them with $40 million dollars and all they did was sell their own coins at launch while holding back ICO investors from accessing their wallets. From 2000 satoshi to 300 satoshi now. Sheesh.

[laracastvue]

If you think that this project is a scam, then do not participate on it. Lazy managers, unseen spreadsheets, concerns that are not answered. Those are only some reasons that can be consider for a scam ico.

Yeah, you should observe first on what ico you are joining before applying in their bounty campaign. That is the only way to avoid scam because some of them might also not considerable to join the campaign because of the lazy behavior of the manager.

[drzed]

This thread is a scam. LOL.

Electroneum is not a scam. I think the amount raised in the ICO was a surprise to them and their systems were definitely not up to scratch security (as they found out when hackers started to take an interest) so the ICO funds are delayed a month or so. Crappy and chaotic releases are unfortunately the norm for ICO's.

The problem was the block chain went live right before the hacking nonsense started so people can mine the coin but those with ICO funds just have to sit there and watch.

On the plus side they post regularly on social media and have been doing a lot of interviews to keep people informed.

Or is this post a scam? My sandwich I just ate was definitely a scam because it tasted like shit.

[residivis]

is there any strong guarantee or clear proof of this coin that this coin is not a scam, i often see news about a coin that is rumored not scam but real scam. is there anybody can explain it.?

[contraband]

is there any strong guarantee or clear proof of this coin that this coin is not a scam, i often see news about a coin that is rumored not scam but real scam. is there anybody can explain it.?

What would make you think its a Scam?

Hackerone just tweeted a few days ago that ETN is one of their customers, and they work with the US Department of Defense, Starbucks, Spotify, Blockchain.info, and Coinbase.

Not a scam lol

[invicta]

is there any strong guarantee or clear proof of this coin that this coin is not a scam, i often see news about a coin that is rumored not scam but real scam. is there anybody can explain it.?

What would make you think its a Scam?

Hackerone just tweeted a few days ago that ETN is one of their customers, and they work with the US Department of Defense, Starbucks, Spotify, Blockchain.info, and Coinbase.

Not a scam lol

Just because a legitimate company says they are working with someone doesn't immediately legitimise the entire operation.

There have been virtually no news updates from them, when there is it is literally 'marketing to the stupid' - as in, it's just things that just appeal to people who are die-hards and who think they can make it work just by willing it to.

I'm not saying it is a scam but they seem to be losing grip on this relatively delicate situation and you need the support of the community (especially in crypto), not just say 'we're working on it' and think that's a passable excuse when you have $40m of peoples' funds locked up (not mine by the way).

Also, obviously you believe in it, you're one of their main supporters on these forums, nothing wrong with that, but maybe then you can produce some evidence that shows it's all heading in the right direction? Just saying 'Hackerone' (which seems to be what most people are using to claim legitimacy) isn't valid. Something like the actual technical states of the wallets or the apps would be a good start, a technical background into how mobile mining/simulation is going to work and be managed (since it's not proof-of-work consensus) or even some technical background into how this isn't just a direct copy of Monero (which has a great codebase) with a name change?

[drzed]

is there any strong guarantee or clear proof of this coin that this coin is not a scam, i often see news about a coin that is rumored not scam but real scam. is there anybody can explain it.?

What would make you think its a Scam?

Hackerone just tweeted a few days ago that ETN is one of their customers, and they work with the US Department of Defense, Starbucks, Spotify, Blockchain.info, and Coinbase.

Not a scam lol

Just because a legitimate company says they are working with someone doesn't immediately legitimise the entire operation.

There have been virtually no news updates from them, when there is it is literally 'marketing to the stupid' - as in, it's just things that just appeal to people who are die-hards and who think they can make it work just by willing it to.

I'm not saying it is a scam but they seem to be losing grip on this relatively delicate situation and you need the support of the community (especially in crypto), not just say 'we're working on it' and think that's a passable excuse when you have $40m of peoples' funds locked up (not mine by the way).

Also, obviously you believe in it, you're one of their main supporters on these forums, nothing wrong with that, but maybe then you can produce some evidence that shows it's all heading in the right direction? Just saying 'Hackerone' (which seems to be what most people are using to claim legitimacy) isn't valid. Something like the actual technical states of the wallets or the apps would be a good start, a technical background into how mobile mining/simulation is going to work and be managed (since it's not proof-of-work consensus) or even some technical background into how this isn't just a direct copy of Monero (which has a great codebase) with a name change?

They have lots of updates. Primarily on twitter and facebook. The last Facebook post was 4 days ago. Fine by me: https://www.facebook.com/electroneum/

We know the (mobile) mining is basically an Air drop via a simulated mining app.

The last time I looked at the source code commits it was clear that the Monero hard fork was a copy and paste job. That tends to be how hard forks work so I don't see an issue with that. If it works why mess with it? The Monero fork was a little late in the day though. The whole release should have been put back a few weeks before the blockchain went live but we are where we are. Personally I am 99% confident the funds will be released (we are in Crypto land there is NEVER 100% certainty). Make your own mind up but I don't recall an ICO team that was more transparent than this one.

[benjaminoo]

Just because a legitimate company says they are working with someone doesn't immediately legitimise the entire operation.

There have been virtually no news updates from them, when there is it is literally 'marketing to the stupid' - as in, it's just things that just appeal to people who are die-hards and who think they can make it work just by willing it to.

I'm not saying it is a scam but they seem to be losing grip on this relatively delicate situation and you need the support of the community (especially in crypto), not just say 'we're working on it' and think that's a passable excuse when you have $40m of peoples' funds locked up (not mine by the way).

Also, obviously you believe in it, you're one of their main supporters on these forums, nothing wrong with that, but maybe then you can produce some evidence that shows it's all heading in the right direction? Just saying 'Hackerone' (which seems to be what most people are using to claim legitimacy) isn't valid. Something like the actual technical states of the wallets or the apps would be a good start, a technical background into how mobile mining/simulation is going to work and be managed (since it's not proof-of-work consensus) or even some technical background into how this isn't just a direct copy of Monero (which has a great codebase) with a name change?

I see your point. But think about it this way. What updates are they able to give, other than "we're working on it"? HackerOne is doing testing and will make a report available in due course - no sooner. So the Electroneum team doesn't have the details yet either.

And if they did, they surely wouldn't tell the world about the security loopholes that need fixing, because that will expose the inner workings of the system and invite additional hacking. An army doesn't share its tactics with civilians, because the enemy might be listening.

For now, their hands are tied. They can't update on the security of the system as mentioned above. They can't market the coin since the product is currently not working. They can't improve the system technologically because that would require HackerOne to start over. The could apply at more exchanges, but half-a-product wouldn't look good on the application form, either.

Right now all they can do is keep the social channels alive every few days and plan their marketing efforts. Nothing that deserves frequent updating.

[invicta]

Just because a legitimate company says they are working with someone doesn't immediately legitimise the entire operation.

There have been virtually no news updates from them, when there is it is literally 'marketing to the stupid' - as in, it's just things that just appeal to people who are die-hards and who think they can make it work just by willing it to.

I'm not saying it is a scam but they seem to be losing grip on this relatively delicate situation and you need the support of the community (especially in crypto), not just say 'we're working on it' and think that's a passable excuse when you have $40m of peoples' funds locked up (not mine by the way).

Also, obviously you believe in it, you're one of their main supporters on these forums, nothing wrong with that, but maybe then you can produce some evidence that shows it's all heading in the right direction? Just saying 'Hackerone' (which seems to be what most people are using to claim legitimacy) isn't valid. Something like the actual technical states of the wallets or the apps would be a good start, a technical background into how mobile mining/simulation is going to work and be managed (since it's not proof-of-work consensus) or even some technical background into how this isn't just a direct copy of Monero (which has a great codebase) with a name change?

I see your point. But think about it this way. What updates are they able to give, other than "we're working on it"? HackerOne is doing testing and will make a report available in due course - no sooner. So the Electroneum team doesn't have the details yet either.

And if they did, they surely wouldn't tell the world about the security loopholes that need fixing, because that will expose the inner workings of the system and invite additional hacking. An army doesn't share its tactics with civilians, because the enemy might be listening.

For now, their hands are tied. They can't update on the security of the system as mentioned above. They can't market the coin since the product is currently not working. They can't improve the system technologically because that would require HackerOne to start over. The could apply at more exchanges, but half-a-product wouldn't look good on the application form, either.

Right now all they can do is keep the social channels alive every few days and plan their marketing efforts. Nothing that deserves frequent updating.

Right - honestly I hope it isn’t a failed project and I am mining it with a small portion of my hashpower. I don’t think scam is the right word.

I see what you mean but given the tragic launch, I would probably expect meaningful posts every day or two not generic stuff or that merch they were pushing. There is still no technical stuff out in the wild and I am especially interested in how they’re going to airdrop currency for the ‘mining simulation’ without being centralised, while stopping phone emulation and devaluing all the people who are actually doing PoW consensus. I want to see how this differs to Monero from a real world point of view - we have enough cryptocurrencies, it can’t continue indefinitely.

[zakero]

Those who are saying it's a scam, would you want your investment to be vulnerable to cyber attack? They are doing this to ensure security for our investment. Besides this we investors usually invest in the company and their products. So we should give the company enough time, freedom and our support to make the projects come to life.

[loray]

atm transfer from ETN-pool to online wallet-cli doesn't work (balance "0"), and there is no possibility to check paper wallet.
So i stopped mining this coin until this works. Why should anybody buy ETN coins under these circumstances?!

[neatworld]

Those who are saying it's a scam, would you want your investment to be vulnerable to cyber attack? They are doing this to ensure security for our investment. Besides this we investors usually invest in the company and their products. So we should give the company enough time, freedom and our support to make the projects come to life.

Let me start by saying that I don't think ETN is a scam. But I DO think it's been so poorly managed that it's heading towards shitcoin territory for many. So many ETN believers are using this argument quoted above, rinse, repeat. well DUH, no one wants their investments to be vulnerable to cyber attacks.

But isn't this something that a team with this much experience should have anticipated BEFORE setting the launch date? Shouldn't they have tested and retested their system before shilling their product to record numbers of newcomers to the crypto scene? The 'official' line is that they shut down access to all the wallets because some of the investors - not all, some - had vulnerabilities with their passwords. Isn't this something they should have anticipated, since they marketed to newcomers to the scene?

Here is the FIRST line of their FAQ:

What is the purpose with this coin / what is so special about it?
- It targets the masses, the people without knowledge of Cryptocurrency, now finally have a shot at obtaining one, without having to worry about wallets, mining rigs or setting up your computer with technical know-how just to mine, and keep the coins.

Guess what. They botched the launch, and now people DO have to worry about wallets and mining rigs and the technical shit, just to get a piece of the action. They botched the launch to their target audience 

Also, for a company that's lauded for being so transparent or accessible, I find their marketing team very poor with follow-through. One update every few days isn't enough. They should be acknowledging that people are rightly unhappy with how this is turning out, and they should be making concrete steps to rectify that. Like institute a buy-back of the coins sold during the ICO for members of the community who want out. Or promise a bonus 'thank you for waiting' number of ETNs credited to each wallet. If they are confident the coin won't crash upon release, then they have nothing to lose by offering something like that.

[invicta]

Those who are saying it's a scam, would you want your investment to be vulnerable to cyber attack? They are doing this to ensure security for our investment. Besides this we investors usually invest in the company and their products. So we should give the company enough time, freedom and our support to make the projects come to life.

Let me start by saying that I don't think ETN is a scam. But I DO think it's been so poorly managed that it's heading towards shitcoin territory for many. So many ETN believers are using this argument quoted above, rinse, repeat. well DUH, no one wants their investments to be vulnerable to cyber attacks.

But isn't this something that a team with this much experience should have anticipated BEFORE setting the launch date? Shouldn't they have tested and retested their system before shilling their product to record numbers of newcomers to the crypto scene? The 'official' line is that they shut down access to all the wallets because some of the investors - not all, some - had vulnerabilities with their passwords. Isn't this something they should have anticipated, since they marketed to newcomers to the scene?

Here is the FIRST line of their FAQ:

What is the purpose with this coin / what is so special about it?
- It targets the masses, the people without knowledge of Cryptocurrency, now finally have a shot at obtaining one, without having to worry about wallets, mining rigs or setting up your computer with technical know-how just to mine, and keep the coins.

Guess what. They botched the launch, and now people DO have to worry about wallets and mining rigs and the technical shit, just to get a piece of the action. They botched the launch to their target audience  

Also, for a company that's lauded for being so transparent or accessible, I find their marketing team very poor with follow-through. One update every few days isn't enough. They should be acknowledging that people are rightly unhappy with how this is turning out, and they should be making concrete steps to rectify that. Like institute a buy-back of the coins sold during the ICO for members of the community who want out. Or promise a bonus 'thank you for waiting' number of ETNs credited to each wallet. If they are confident the coin won't crash upon release, then they have nothing to lose by offering something like that.

Well put - mirrors pretty much how I am feeling.

As to the investors, well they are definitely this strongly, it's like Stockhold Syndrome to an extent - you see it all too often with Kickstarter/IndieGoGo too; if they admit they made a bad play then they cast doubt on themselves, and it's human nature to avoid that.

I also think their marketing team are a joke, it's just waffle on social media - it doesn't really tell you anything about anything.

However, I don't agree with handing out more tokens, that will only devalue things further. I also don't agree with having a massive pre-launch and then failing to do the most basic thing of protecting yourself from attack. And who exactly is claiming responsibility for this attack? Do we even know it occurred or is this more 'buying time' - sorry to be the cynic, but I feel as though the claim of an attack and the subsequent FUD is usually enough to give people breathing space while they assess options.

I will be genuinely interested if they reach their 1st-2nd week of December launch for the ICO wallets and the actual wallet app and then what happens after that. And also to add that 6 weeks in crypto time is eternity, in 6 weeks BTC has gone from nearly 5k at it's lowest to touching on 10k USD.

[benjaminoo]

Here is the FIRST line of their FAQ:

What is the purpose with this coin / what is so special about it?
- It targets the masses, the people without knowledge of Cryptocurrency, now finally have a shot at obtaining one, without having to worry about wallets, mining rigs or setting up your computer with technical know-how just to mine, and keep the coins.

Guess what. They botched the launch, and now people DO have to worry about wallets and mining rigs and the technical shit, just to get a piece of the action. They botched the launch to their target audience 

Also, for a company that's lauded for being so transparent or accessible, I find their marketing team very poor with follow-through. One update every few days isn't enough. They should be acknowledging that people are rightly unhappy with how this is turning out, and they should be making concrete steps to rectify that. Like institute a buy-back of the coins sold during the ICO for members of the community who want out. Or promise a bonus 'thank you for waiting' number of ETNs credited to each wallet. If they are confident the coin won't crash upon release, then they have nothing to lose by offering something like that.

Well said. I agree that they've botched the whole launch - especially for their target audience. Perhaps that is why so many investors are calling them a scam - because most investors are people that are new to cryptocurrencies. I don't have concrete proof of this, but it does seem like it, given the countless newbie questions and comments in the Facebook groups.

As invicta said, a buyback or additional airdrop for waiting time would not be good. This would devalue the coin and increase over-supply even further (given the anticipation of thousands of newbies that will sell their ICO coins for a quick buck upon release). There has already been 300% growth in ICO price, so investors are not disadvantaged by waiting, except perhaps in the growth that could have happened in the meantime. However, how is this much different from projects that require a year of waiting time for product development after the ICO?

[benjaminoo]

I strongly believe the real power of this coin will be seen once the app goes live. Viral growth tools are built right into the app. The app makes it really simple to get your hands on some coins and then send it to someone else. To us seasoned investors it sounds ridiculous, but to the guy on the street in Zimbabwe, the excitement along with getting their hands on some "technological digital cash" could be astronomical. Even more so considering the state of Zimbabwe's economy and the recent developments in their presidency.

In addition, Electroneum just raised $40 mil (probably worth $80 mil by now) which is solely dedicated to marketing, app translation, and further development to be accepted as a form of payment in the mobile gaming industry. The product is already developed and the blockchain is already live. So they can focus all their attention on getting the word out.

And with the team's compensation coins being locked for at least 12 months, I think they will be doing everything in their power to grow the coin.

I might sound positively biased (I do have a sizable investment in ETN and want it to succeed), but I really look at the potential of this coin and the number of milestones it has already reached despite the launch hickups, and all I can see is a bright future.

Fingers crossed...