Is Electroneum a SCAM???

[Sparky71]

For me personally, I find that Electroneum in its current state alienates community members that might be new to Cryptocurrency; having a user-friendly front end with a gentle learning curve would create an increased and more widespread adoption of the vast amount of lower tier traders which are important for promoting a healthy consumer base.

I understand that their website/platform was compromised but they have outsourced that issue to Hackerone who will deal with it which means that the Dev team could be working on the Mobile platforms which were an important part of their marketing campaign.

As it stands Electroneum is just another trade coin which has a basic offline / desktop wallet system and a website that is barely functional; which is not much to show for a staggering $40 million dollar ICO.

Just my opinion of how things are at the moment; maybe the Developers are working hard on the platform's backend or something like that and it will all turn out fine in the end.

This is my first cryptocoin...if you don’t count the BTC I had to buy in order to get this.  So far, the lack of communication has been my biggest complaint and concern.  I still hope the mobile miner and wallet make things so easy that some amount of mass adoption can happen, but I am worried more and more each day.

[syaripudin]

This ICO is not a scam at all! It's Britain's first ICO.  I've been in direct contact with the CEO Richard Ells,  we had a Q&A session I've posted it here http://electroneum.blogspot.com/2017/09/britain-kicks-door-open-to.html?m=1

Looking at the reviews of the articles you attached here I think that ICO is not a scam because I see some writing that says about Richard Ells has started a digitalLtd agent in 1997 called SiteWizard and runs until now it shows that this is a program which has been going on for quite a while, and inside there are about 20 staff and of course with him saying that Retortal Ltd, which has grown to have more than 100,000 users, of course this makes me even more convinced that electroneum is not a scam yet again about several partnerships that embrace several well-known brands such as Herbalife, Avon, Forever Living, Mary Kay.

[Coin12]

Electroneum make really huge marketing campaign but  it indicators aren’t very impressive telling the truth. Maybe it is really difficult to make a high growth with all attention directed to BTC now. I advice to abstain of big investment s in this currency in the near future.

I have some electroneum bit i have sold it in low price. I think the reason because they have high supply in the market.
I dont know exactly it is scam or not but at least i have sold mine.

[Sparky71]

This ICO is not a scam at all! It's Britain's first ICO.  I've been in direct contact with the CEO Richard Ells,  we had a Q&A session I've posted it here http://electroneum.blogspot.com/2017/09/britain-kicks-door-open-to.html?m=1

Looking at the reviews of the articles you attached here I think that ICO is not a scam because I see some writing that says about Richard Ells has started a digitalLtd agent in 1997 called SiteWizard and runs until now it shows that this is a program which has been going on for quite a while, and inside there are about 20 staff and of course with him saying that Retortal Ltd, which has grown to have more than 100,000 users, of course this makes me even more convinced that electroneum is not a scam yet again about several partnerships that embrace several well-known brands such as Herbalife, Avon, Forever Living, Mary Kay.

I agree that Richard Ells seems to be above board.  He’s been in the public eye.  Hopefully his marketing plan will be mad genius.

[Kindless]

Is not, I haven't had a single complaint using it so far.

[Sparky71]

Is not, I haven't had a single complaint using it so far.

Actually.  That’s a really good argument.  It’s already live, being mines, being sold and being traded.  Seems prettt real doesn’t it??

[achillez]

Of course the team is real, and the CEO is real. Someone has to be there to be scooping up all the profits.  All this means nothing until the wallets are released and we see something substantial and truly unique when it comes to the mobile app.

+10000 points for this response. The only thing keeping electroneum afloat right now is the promise that they'll have something innovative. Thus far *nothing* has proven this to be the case.

There's also the die-hard disciples who keep repeating the same old BS, 'Hackerone', 'to the moon' and all the other blissfully ignorant things! It will be interesting to see. A few people have told me I should be mining more of it as the current price is making about 3x what you get mining Monero or another proper altcoin.

My only concern is once the wallet is released the miners and others will want to profit and sell and it could bring the price down to 1cent i am scared and dont want to lose everything what are your thoughts on this should I beat them to it and sell all of my coins?

I would.

[Z33IMPUL]

I don't think this coin is in any way a scam. I do believe that the success and everything that comes with a Cryptocurrency has overwhelmed them and they pulled the emergency brake before things started to derail. And I think that's why they hired HackerOne to make sure that everything will work like it should and solve the problems that they should've seen coming from the start.

That's also why I think the delay is taking as  long as it is. I doubt that it was only that security breach. I think HackerOne found multiple problems with the app and website that needed immediate fixing to make this coin successful. However I do agree with some users that they should give people more updates regarding the technical aspect of the coin. (IE the improved app etc) We haven't actually seen any real updates regarding the development of the coin, but just updates about the security that HackerOne is on top of. And I definitely understand that the security part is out of their hands and they can only give as much info as HackerOne is giving them. But they could keep us updated on the rest of the development.

I do still believe in Electroneum and I definitely think this has the potential to be a huge success.

[rajjagwani]

Is it a scam ??

[Bren Briones]

As per the researches and comment of other people who dug deeper in related with this matter, it seems that it is really a scam but in the other hand there are arguments saying that it is not a scam. I think maybe it is not a scam, maybe the problem is that they have bulk volume of coins that is the reason why this coin has low value.

[kryptonic]

I don't think it's a scam...but I think they have a lot of work to do before it blows up.  A lot of work.

[mullenrodney]

That is highly promoted project and it is highly recommended for the long term. I do believe it is not a scam.

These guys are doing a great job to provide the sufficient product quality so let's give 'em a chance.

[tarzan2]

I cant believe how many people are saying things like "they are doing a good job" or "give them credit for a quality product" when so far all we have is a monero crypto with the name scribbled off with a sharpie and electroneum written underneath
oh wait.. we don't even have that.. all we have is a defunct blockchain gaining height while a few miners and no actual users utilize the chain of this botched crypto turned scam that keeps the coins safe by design. now if they are concerned that their shitty website is compromised, then why not keep everyones coins on the chain instead of whatever "bitcoin account" they are developing and allow users access to keys holding their coin if they by some strange incidence are a subspecies of human that actually prefer to have unfettered access to their currency.. while the people who need an app with a pretty little box saying how many coins they have directly below their username and a quick little bio of themselves that say things like "this coin is a success" can wait for that day to come.

if they are not a scam then why do they insist on acting like one

also, someone please explain where the $40 million went? there wasn't any actual crypto R&D for this coin, and their website could not have been more than $39.5 mil tops

it seems the only investment these people have actually made is in their image.. literally, all they have are pretty graphics and a sweet name


just some advice from someone who has been scammed too many times to count: for every honest person in the crypto world there are 10 dishonest ones looking to make a quick buck

[nakauten]

Electroneum looks like a scammy shit right now they cant even fix the wallet issues,they intended to be a successful coin but they cant,poor developers and management,a lot of investors losts their money by joining their ICO.

[yourialfa]

Electroneum looks like a scammy shit right now they cant even fix the wallet issues,they intended to be a successful coin but they cant,poor developers and management,a lot of investors losts their money by joining their ICO.

Is that true ? I have not seen anything in the latest offer of electroneum developers. What actually happened to electroneum? I will soon be careful of electroneum.

[Sparky71]

Electroneum looks like a scammy shit right now they cant even fix the wallet issues,they intended to be a successful coin but they cant,poor developers and management,a lot of investors losts their money by joining their ICO.

Is that true ? I have not seen anything in the latest offer of electroneum developers. What actually happened to electroneum? I will soon be careful of electroneum.

I don’t th8nk anything is lost yet.  Patience is wearing very thin though.  We need more than promises of “soon we’ll have good news.”

[neatworld]

That is highly promoted project and it is highly recommended for the long term. I do believe it is not a scam.

These guys are doing a great job to provide the sufficient product quality so let's give 'em a chance.

No, they are NOT doing a great job. Please stop parroting the schill-speak you see on the Facebook page.

A great job = regular updates, not just waffling about Hacker One.
A great job = clear accounting of how they are using the 80 million ++ they raised (40 million in BTC and ETH, which have both exploded in value since the ICO)
A great job = tell us what went wrong and specific details about how they are fixing it (or planning to fix it) so it doesn't happen again.
A great job = addressing questions about how the 'mobile mining' app will work, exactly, and giving us a few more details beyond "It's going to be revolutionary"

And they have had a chance. A whole 6 weeks' worth.

[stonehedge]

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!!!

Actually i think that most of the ico's today are scamming their campaign participants, They are not paying the correct amount of coins they should pay and maybe its because of bitcoins value that is increasing massively and they did not want to spend more money for the participants.

They have around 70 million now.

They will spend it.

Already have 15% of the users as BTC.

Most number of investors in an ICO ever!!

How can you have 15% of the users of BTC when you don't have a wallet?  If you believe what you're typing, you're a fucking mug.

[stonehedge]

Electroneum looks like a scammy shit right now they cant even fix the wallet issues,they intended to be a successful coin but they cant,poor developers and management,a lot of investors losts their money by joining their ICO.

Is that true ? I have not seen anything in the latest offer of electroneum developers. What actually happened to electroneum? I will soon be careful of electroneum.

I'd be unfair to call them poor developers.

HOWEVER

If you go through the list of people listed on the Electroneum website, NONE of them have any prior crypto experience at all.  In fact, their entire team seems to be be people who have worked for Ells on various marketing and web site projects for years. There is nothing wrong about that in itself, but I find it incredible that they haven't got a single person who has worked on blockchain before on their team.  

[stonehedge]

Has anybody actually confirmed that Electroneum have hired Hackerone?

All I have seen so far is this out of date post on a publically maintained page https://hackerone.com/electroneum