Is Electroneum a SCAM???

[invicta]

Electroneum is not a scam.They are working hard and they already have huge followers. It is aimed at smartphone users which is cool and if they get few merchants then the coin will rise to moon. 1$ in 2018 is easy and 10$ in 2-3 years is very much possible.

I'm not trying to flare up an argument with you and I didn't say it was a scam (I appreciate you didn't aim this at me).

They are not working hard other than a few posts saying they are and a photo of the office - this is a few hours work on social media maybe. Lots of followers? Perhaps, also lots of disillusioned people and may I just point out to you that many things have lots of followers (e.g. Scientology) but that doesn't make it right.

Aimed at smartphone users, who since 1st November when it launched have had nothing to do with Electroneum because they botched it so badly and waited nearly 5 weeks, yes, 'coming soon' is fair enough look what happened in the last month - BTC literally rose 30%, it's an eternity and they don't seem to grasp this. The mobile mining app is total BS, it's a simulation, so they're basically asking the miners (of which I am one) to secure the network for them, unless they're smart enough to have some other consensus mechanism, which I'm fairly sure they're not as they basically copied Monero directly. Then they're going to centralised airdrop currency to anyone who has the intelligence to install an app - what do you think that's going to do to the people who actually pay for hardware and electricity to secure the network? And the currency as a whole? It will drop like a stone.

If you think it will get 100x return from ICO funds then I have to say I totally disagree - I think that's a great dream to have and if that does happen, guess what, I'll also be pretty well off, but I can't see it happening as there is nothing other than speculation and hype that drives it, absolutely zero innovation. My greater concern for the crypto community is if they see such a negligent and inept team launch a coin, raise those funds and gain traction all while bringing nothing new to the table suddenly everyone will think they can do it and this undermines everything. You just have to look at some of the utter BS out there (e.g. LydianCoin and that Paris Hilton endorsement).

[1714746945]

1714746945

[1714746945]

1714746945

[1714746945]

1714746945

[1714746945]

1714746945

[1714746945]

1714746945

[koss032]

Electroneum isn't a scam but it is a pretty mediocre project.The simulated mobile mining gimmick might be a nice experiment but not much more. I suppose we should give props to the marketing team for convincing people to give them $40 million for a Monero fork.

[invicta]

Electroneum isn't a scam but it is a pretty mediocre project.The simulated mobile mining gimmick might be a nice experiment but not much more. I suppose we should give props to the marketing team for convincing people to give them $40 million for a Monero fork.

^^ This.

I reckon the thread title should be changed as I don't think they set out to scam anyone but they're a pretty naive and irresponsible team in my opinion. Like you said, props to them for duping people to hand over that kind of money on a wing and a prayer and formulating a team of disciples at the same time.

[treepixel]

They are working hard and they already have huge followers.

Working hard on what?

The sentiment I get from them is they've handed over to hackerone and can't do anything until the audit is complete.
Why can't we see some app development, game videos (not the one's filmed with a potato on youtube). They hardly update their twitter (their response to me was the ETN community only want updates to very important topics. What?).

There's no sign at all of the exciting company they appeared to be during the ICO.

[invicta]

They are working hard and they already have huge followers.

There's no sign at all of the exciting company they appeared to be during the ICO.

Funny that! It's almost as if now they've raised $40m they've suddenly lost interest in following through 

[neatworld]

The mobile mining app is total BS, it's a simulation, so they're basically asking the miners (of which I am one) to secure the network for them, unless they're smart enough to have some other consensus mechanism, which I'm fairly sure they're not as they basically copied Monero directly. Then they're going to centralised airdrop currency to anyone who has the intelligence to install an app - what do you think that's going to do to the people who actually pay for hardware and electricity to secure the network? And the currency as a whole? It will drop like a stone.

THIS. What an excellent point, and one I haven't really seen addressed very much. When I came across all ETN I knew so little about the world of crypto and how it worked that I found the idea of mobile mining exciting in its accessibility. Now with the luxury of 'time' while waiting for the wallets, I've learned more about mining, and also now understand more clearly how the mining 'app' is more just a game with airdrops. It sounds like it will be more like a faucet-type game, and I doubt very much that the many, many people who will get onto the app will actually stay 'mining' long enough to keep up the buzz.
Which brings us to your question - how do the miners stay motivated when the prices drop and drop? Is there anyone intimately familiar with the roadmap who can answer this?  I'm looking for a genuine conversation and answers here - please no more rinse-and-repeat  "They have a great hardworking team, I trust the very-rich-and-successful CEO and OMG can I please have one of those mugs FOMO FOMO" type responses....

[neatworld]

They are working hard and they already have huge followers.

There's no sign at all of the exciting company they appeared to be during the ICO.

Funny that! It's almost as if now they've raised $40m they've suddenly lost interest in following through 

MORE than $40m now! Look at how much BTC and ETN have risen in the meantime... 

[SrujanPanuganti]

Where is the marketing? I doxed the dev team, which wasn't too hard when they post all their LinkedIn. They are big players in the internet marketing industry in England. They can do it for free!?! I even looked up the coins head guy Richard Ells and called his headquarters. I asked the secretary about Electroneum? I was transfered to a guy that asked me how he could help me with my questions. So I asked, "why aren't you marketing this ICO?". He said, "they are and more is coming." Do you see any marketing? WTF.

The ICO starts in 3 days!!


EDIT

No, it is definately not a scam.

They have raised 3 million already.

I was worried about the marketing, but now I see their ads everwhere I go on the internet, so the guy wasnt kidding when he said the marketing is coming!!

Damn!!! Ive never seen a coin hit mainstream news sites!!!

They are doing whatever they said correctly. They are late but not lost.We will see big profits with it.

[invicta]

Where is the marketing? I doxed the dev team, which wasn't too hard when they post all their LinkedIn. They are big players in the internet marketing industry in England. They can do it for free!?! I even looked up the coins head guy Richard Ells and called his headquarters. I asked the secretary about Electroneum? I was transfered to a guy that asked me how he could help me with my questions. So I asked, "why aren't you marketing this ICO?". He said, "they are and more is coming." Do you see any marketing? WTF.

The ICO starts in 3 days!!


EDIT

No, it is definately not a scam.

They have raised 3 million already.

I was worried about the marketing, but now I see their ads everwhere I go on the internet, so the guy wasnt kidding when he said the marketing is coming!!

Damn!!! Ive never seen a coin hit mainstream news sites!!!

They are doing whatever they said correctly. They are late but not lost.We will see big profits with it.

How do you know? Or is that just what you tell yourself to justify it?

I have asked them and others and no-one wants to address the big mobile mining sham. As Neatworld said, it’ll be some kind of faucet and we know what kind of rep they have...

[bmurph]

They're professional marketers, so you'd think they would be able to find the sweet spot between cost of marketing, and value of added users. With such a wide and unpredictable market I hope they stay on the safe side, they tripped once already, they can't afford another.

[krun4]

Wow I can't imagine why is there such negativity over 90% of the comments are harassment over electroneum and once Electroneum goes live same people will go "Always believed", "Told you so", "Hold","Moon" etc.
One thing is for sure, these guys are doing something that no one before ever thought of or tried, can you even imagine how BIG this project is??? Give them their time, shut your negative mind and focus on something more productive ...

[zak2002]

So any guesses how long this current jump gonna last? As it remained below 3 cents during the past weeks.

[invicta]

So any guesses how long this current jump gonna last? As it remained below 3 cents during the past weeks.

If you want to make some money sell up now before they launch the ICO wallets in the next 1-2 weeks as they said they would (don't hold your breath). I almost guarantee you the price will plummet as there are a lot of annoyed people right now; they will dump their coins and take their profit. That is if Cryptopia can handle the traffic.

Wow I can't imagine why is there such negativity over 90% of the comments are harassment over electroneum and once Electroneum goes live same people will go "Always believed", "Told you so", "Hold","Moon" etc.
One thing is for sure, these guys are doing something that no one before ever thought of or tried, can you even imagine how BIG this project is??? Give them their time, shut your negative mind and focus on something more productive ...

Sorry, but you "can't imagine" why there is negativity in a thread entitled 'is Electroneum a SCAM???' - did you think it was going to be full of people singing their praises?!

Um, no, they aren't doing anything new at all - how is copying Monero's code and offering mobile mining, which I have constantly pointed out MinerGate did nearly a year ago (https://play.google.com/store/apps/details?id=com.minergate.miner&hl=en_GB) - the reason that never took off was because, you guessed it, phone SoC's are crap at mining. Do you really think people have vast amounts of computational hardware because they like spending money on electricity, warming their homes/data centres and what is effectively a super computer cluster? How exactly then is simulating mobile mining from a centralised server beneficial in any way to network security at all?

You need to open your eyes and instead of defending them with the same BS every disciple spouts, try and address the very valid issues of people in this thread. Or keep burying your head in the sand, up to you.

[sophiasophia22]

Their whitepaper looks pretty good, but I've heard that it's a scam, unfortunately

[Commitments]

Where is the marketing? I doxed the dev team, which wasn't too hard when they post all their LinkedIn. They are big players in the internet marketing industry in England. They can do it for free!?! I even looked up the coins head guy Richard Ells and called his headquarters. I asked the secretary about Electroneum? I was transfered to a guy that asked me how he could help me with my questions. So I asked, "why aren't you marketing this ICO?". He said, "they are and more is coming." Do you see any marketing? WTF.

The ICO starts in 3 days!!


EDIT

No, it is definately not a scam.

They have raised 3 million already.

I was worried about the marketing, but now I see their ads everwhere I go on the internet, so the guy wasnt kidding when he said the marketing is coming!!

Damn!!! Ive never seen a coin hit mainstream news sites!!!

Is not an scam, as your thought at the begging were " funded " somehow.

[zak2002]

So any guesses how long this current jump gonna last? As it remained below 3 cents during the past weeks.

If you want to make some money sell up now before they launch the ICO wallets in the next 1-2 weeks as they said they would (don't hold your breath). I almost guarantee you the price will plummet as there are a lot of annoyed people right now; they will dump their coins and take their profit. That is if Cryptopia can handle the traffic.

Wow I can't imagine why is there such negativity over 90% of the comments are harassment over electroneum and once Electroneum goes live same people will go "Always believed", "Told you so", "Hold","Moon" etc.
One thing is for sure, these guys are doing something that no one before ever thought of or tried, can you even imagine how BIG this project is??? Give them their time, shut your negative mind and focus on something more productive ...

Sorry, but you "can't imagine" why there is negativity in a thread entitled 'is Electroneum a SCAM???' - did you think it was going to be full of people singing their praises?!

Um, no, they aren't doing anything new at all - how is copying Monero's code and offering mobile mining, which I have constantly pointed out MinerGate did nearly a year ago (https://play.google.com/store/apps/details?id=com.minergate.miner&hl=en_GB) - the reason that never took off was because, you guessed it, phone SoC's are crap at mining. Do you really think people have vast amounts of computational hardware because they like spending money on electricity, warming their homes/data centres and what is effectively a super computer cluster? How exactly then is simulating mobile mining from a centralised server beneficial in any way to network security at all?

You need to open your eyes and instead of defending them with the same BS every disciple spouts, try and address the very valid issues of people in this thread. Or keep burying your head in the sand, up to you.

I suspect that dump too. But it is yet to see how deep tat dump will go. As I dont think it will go below the ICO price.

[CryptoBeefy]

Will be interesting to see what the dump does, add to the inevitable dump will be all the extra trading from the influx of new miners now desperate to try it out. I can see it being a very low price for a long while. You could try your luck at current price or if you believe in their roadmap, it's one to hold as the greater value may come from the latter stages of the roadmap.

[invicta]

Their whitepaper looks pretty good, but I've heard that it's a scam, unfortunately

Their whitepaper was dreadful - it actually put me off their project. The thing is full of typos and is mostly a sales pitch more than anything.

[achillez]

Their whitepaper looks pretty good, but I've heard that it's a scam, unfortunately

Their whitepaper was dreadful - it actually put me off their project. The thing is full of typos and is mostly a sales pitch more than anything.

Did it say something like:

A new clone of monero, but we'll advertise it as having a smartphone miner as well. After the ICO we'll get XXX $$$ and then try for YYY months to develop the smartphone miner. At first we'll say there was a hack on our infrastructure; this will give us an excuse to lock the ICO wallets to avoid a flood of coins. As time moves along, to keep people's concerns at bay we'll work with an open source security site to look at our code (lol), and then hire a PR firm to ensure the marketing machine keep going. I think we can keep this going for at least 2 months until Jan'18. At that point we'll slowly unlock some wallets, but then describe another hack attack that stole all the funds. We'll have dumped all our coins in the background.  We'll then release a basic smartphone sim miner that doesn't really do anything. price will have crashed by then so folks will have lost interest. We'll be in the free and clear to work on our next coin -> the "watch" coin.

 

[PalindromemordnilaP]

You can answer that beforehand if you just have a thorough investigation first before joining in ICO. I have always seen questions like this but when do we learn to see it for ourselves if an ICO is legit or not?