Is Electroneum a SCAM???

[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'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.  

No first hand knowledge.   This is on the main website page:

"Dean is the member of the team with the least sleep. With giant quantities of caffeine and all night vigils, Dean is responsible for the Electroneum blockchain development and maintenance. He also maintains and develops the C++ based server daemons required for mining and transacting in Electroneum."

It links to his LinkedIn profile.

[cryptogirls85]

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.  

Well probably thats why they didn`t have such a glorious start  Look at those Crypto Kitties devs... it seems they knew what they were doing from day one.

[Z33IMPUL]

I'm personally an Electroneum fan and supporter. So I have faith in them and that they are doing the work behind the scenes. However, if someone ISN'T a supporter per se, I can definitely understand the points of critique and those points are sometimes hard to defend because as supporters we also don't know that much, I'm not sure why they don't have more detailed updates on the app itself or marketing plans. Maybe they have a good reason to keep it on the down low right now. Personally I have always sort of thought their lack of too much info in their updates is to weed out the dumpers/non supporters at re-launch and afterwards reveal what they have been doing all these weeks to start out with serious investors and holders.

[palle11]

I don't think they are scam, their white paper looks pretty good, the team looks good, the product is on Android now, IOS is being reviewed by Apple (Richard said after ICO it should be up & running)

I just hope they are back to there feat. Wish them and myself a very big luck
There white paper is good though but as soon as investors started buying in, they had a system crash. I believe is a good buy, waiting for my investment to get me some good reward.

[Z33IMPUL]

Also, I'm new to crypto so forgive my ignorance. But let's assume for a moment they are scammers that wanted to run off with the money. What exactly are they to gain by dragging this out over several weeks, giving updates (albeit very shallow ones) and giving interviews on camera, let people visit their office exposing more of yourself?

Couldn't they just let the hack happen, say the project was a failure, end it and take the money?

Again, forgive me if I'm thinking to simplistically.

[L0uis]

Electroneum did seem to be different form others but then time has shown us that it is similar to other ones. First they create a hype about it in the market and then they turn their back towards their investors. This doesn't seem to be a good deal. I had great hopes with Electroneum but I guess I  am losing faith on ETN.

[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.  

No first hand knowledge.   This is on the main website page:

"Dean is the member of the team with the least sleep. With giant quantities of caffeine and all night vigils, Dean is responsible for the Electroneum blockchain development and maintenance. He also maintains and develops the C++ based server daemons required for mining and transacting in Electroneum."

It links to his LinkedIn profile.

Firstly, what in the text you have pasted says he has  Blockchain experience? And what do you see when you look at his LinkedIn profile?  Three years of web development and no C++ whatsoever..

One month of admin assistant and three years of CSS and HTML does not equip you to be writing blockchain daemons.

My point is, I'm sure he's a good kid with a bright future but their team is woefully short of experience in what is needed to deliver good blockchain apps.

[invicta]

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

Watch out!

The Electroneum evangelists will come after you and say 'but LOL they hired HackerOne and ETN is going to the moon'. I don't see why they can't see past these issues or why they are tolerating over a month of no wallet access, or appallingly low-quality video productions, or the lack of an app, or the fact it's a Monero clone.

I would also debate 'pretty graphics' - the logo is dreadful, OMG a lightning bolt in a circle, whatever next!

Let's not get started on 'mobile mining' - where the actual miners will basically run and secure the network so people who happen to own a smartphone get free coins...

Also, I'm new to crypto so forgive my ignorance. But let's assume for a moment they are scammers that wanted to run off with the money. What exactly are they to gain by dragging this out over several weeks, giving updates (albeit very shallow ones) and giving interviews on camera, let people visit their office exposing more of yourself?

Couldn't they just let the hack happen, say the project was a failure, end it and take the money?

Again, forgive me if I'm thinking to simplistically.

Their ICO funds are locked for 12 months so they have everything to gain by pulling the wool over everyones' eyes and dragging this facade out. Also Richard Ells is barely believable as a human being, let alone someone who deserves to have raised lots of funds in an ICO; if you believe that bumbling idiot should have a business that raised $40M in an ICO then you have been truly done over by the cult of Electroneum. I guess he is believable as someone with a background in marketing, that's why they got to where they are and sucked all these people in.

[stonehedge]

Also Richard Ells is barely believable as a human being, let alone someone who deserves to have raised lots of funds in an ICO; if you believe that bumbling idiot should have a business that raised $40M in an ICO then you have been truly done over by the cult of Electroneum. I guess he is believable as someone with a background in marketing, that's why they got to where they are and sucked all these people in.

You just reminded me of this tongue in cheek quote from the Financial Times.

And what a scheme it is! Electroneum is a “mobile cryptocurrency” and the brainchild of Richard Ells, whose past experience includes SiteWizard, whose services include web design, and Retortal, which makes a social media management tool and is apparently valued at over $50m. (Who values it at over $50m is unclear. The company has no outside investors and made just £10,000 of profit in the year to May 2016, according to Companies House documents.)

[invicta]

Also Richard Ells is barely believable as a human being, let alone someone who deserves to have raised lots of funds in an ICO; if you believe that bumbling idiot should have a business that raised $40M in an ICO then you have been truly done over by the cult of Electroneum. I guess he is believable as someone with a background in marketing, that's why they got to where they are and sucked all these people in.

You just reminded me of this tongue in cheek quote from the Financial Times.

And what a scheme it is! Electroneum is a “mobile cryptocurrency” and the brainchild of Richard Ells, whose past experience includes SiteWizard, whose services include web design, and Retortal, which makes a social media management tool and is apparently valued at over $50m. (Who values it at over $50m is unclear. The company has no outside investors and made just £10,000 of profit in the year to May 2016, according to Companies House documents.)

Found it.

Got this suspicion the writer isn't a supporter then 

https://ftalphaville.ft.com/2017/10/12/2194751/congratulations-on-your-sudden-interest-in-cryptocurrencies-harry-redknapp/

Made me laugh: "You might have your doubts about investing in cryptocurrencies, but if a man who has spent his entire life thinking about football can’t persuade you to speculate on a risky financial scheme then nothing will" (on Harry Redknapp) - who incidentally deleted his tweet about Electroneum. It's funny someone going from being a massive supporter to wanting nothing to do with it - strange.

[monika27]

Whats the average amount you guys have invested? I missed the ICO.

[invicta]

Whats the average amount you guys have invested? I missed the ICO.

I sent a small percentage (single digit) of my hashpower at the network - I mean someone has to support it, even if billions of smartphone users are going to 'mobile mine'! But I missed the ICO as well, so other than the opportunity cost of what I could have been mining otherwise like ETH or XMR, I'm not really out of pocket.

[Z33IMPUL]

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

Watch out!

The Electroneum evangelists will come after you and say 'but LOL they hired HackerOne and ETN is going to the moon'. I don't see why they can't see past these issues or why they are tolerating over a month of no wallet access, or appallingly low-quality video productions, or the lack of an app, or the fact it's a Monero clone.

I would also debate 'pretty graphics' - the logo is dreadful, OMG a lightning bolt in a circle, whatever next!

Let's not get started on 'mobile mining' - where the actual miners will basically run and secure the network so people who happen to own a smartphone get free coins...

Also, I'm new to crypto so forgive my ignorance. But let's assume for a moment they are scammers that wanted to run off with the money. What exactly are they to gain by dragging this out over several weeks, giving updates (albeit very shallow ones) and giving interviews on camera, let people visit their office exposing more of yourself?

Couldn't they just let the hack happen, say the project was a failure, end it and take the money?

Again, forgive me if I'm thinking to simplistically.

Their ICO funds are locked for 12 months so they have everything to gain by pulling the wool over everyones' eyes and dragging this facade out. Also Richard Ells is barely believable as a human being, let alone someone who deserves to have raised lots of funds in an ICO; if you believe that bumbling idiot should have a business that raised $40M in an ICO then you have been truly done over by the cult of Electroneum. I guess he is believable as someone with a background in marketing, that's why they got to where they are and sucked all these people in.

Thanks for the answer. So in your opinion it's a scam and you'd advise people who invested money into it (after the ICO via Cryptopia) to pull it out?

[neatworld]

I put in the equivalent (at that time) of just under $100. It was my first venture into crypto ever and unfortunately it feels like the more I learn since then, the less faith I have in the project as a whole. I don't think they set out to scam people outright. But now I see that they are a bunch of under-qualified marketing schmucks in waaay over their heads, who sold big crypto dreams to a bunch of people for whom $100 is probably a huge amount.

So if this project crashes and burns, it'll bum me out to lose that $100 but I also hope karma gets them something good for what they might have done to the many investors who put in much, much more than me - whether in actual dollar amounts, or relative to what they could afford.

[invicta]

Thanks for the answer. So in your opinion it's a scam and you'd advise people who invested money into it (after the ICO via Cryptopia) to pull it out?

No, not necessarily.

I am not giving financial advice.
I am invested in it, in the sense I have some coins and I have mined it.
I do believe (based on my own research and understanding) that the team, run by Richard Ells, are an utter joke.
I also think the hype alone, caused by the cult of Electroneum and the blind disciples who defend it but can't provide any kind of evidence, might be enough to carry the coin to a decent value - in which case, 'wait and see'.
I don't hold enough ETN to really care what I do with it, it's worth maybe a thousandth of the other currencies I hold.
I don't think it set out to be a scam, but the scope of what they're trying to do is far too big for a naive and wholly inadequate team.

If you have enough time skim read this entire thread and make your own mind up based on what people have said - I genuinely think if you go in with an open mind you will find that people like me have considered it objectively and have valid concerns while the other side of the debate just say the same things: 'HackerOne', 'be patient', 'to the moon', 'you'll be sorry if you sell', etc. - basically all the usually FOMO and FUD from people who don't want to believe they are on the losing side because they put fiat into it.

It's close to call but I am going with: 'long-term, it'll crash'.

[Z33IMPUL]

Thanks for the answer. So in your opinion it's a scam and you'd advise people who invested money into it (after the ICO via Cryptopia) to pull it out?

No, not necessarily.

I am not giving financial advice.
I am invested in it, in the sense I have some coins and I have mined it.
I do believe (based on my own research and understanding) that the team, run by Richard Ells, are an utter joke.
I also think the hype alone, caused by the cult of Electroneum and the blind disciples who defend it but can't provide any kind of evidence, might be enough to carry the coin to a decent value - in which case, 'wait and see'.
I don't hold enough ETN to really care what I do with it, it's worth maybe a thousandth of the other currencies I hold.
I don't think it set out to be a scam, but the scope of what they're trying to do is far too big for a naive and wholly inadequate team.

If you have enough time skim read this entire thread and make your own mind up based on what people have said - I genuinely think if you go in with an open mind you will find that people like me have considered it objectively and have valid concerns while the other side of the debate just say the same things: 'HackerOne', 'be patient', 'to the moon', 'you'll be sorry if you sell', etc. - basically all the usually FOMO and FUD from people who don't want to believe they are on the losing side because they put fiat into it.

It's close to call but I am going with: 'long-term, it'll crash'.

Fair enough mate. I'm definitely willing to hear both sides of the spectrum. And I actually value the peoples opinion who critique the coin as it gives me more information to like you said, make up my own mind. There are certain people on their facebook that are ONLY glorifying them to an extent that it's actually not helping at all. I want to hear positives AND negatives. So I thank you for your answers, it gives me something to think about. I will also follow your advice and read through this thread (already did a little bit but's its ALOT of info)

I understand you aren't here to give out any financial advice, so that's perfectly fine ofcourse. 

PS: I just saw a video on youtube posted by CryptoRich that he spoke with CEO Richard Ells, and that the launch date will be announced soon via FaceBook or Twitter and will be somewhere next week including some big partnership announcements.

https://www.youtube.com/watch?v=0vxphPluWoM

[invicta]

Thanks for the answer. So in your opinion it's a scam and you'd advise people who invested money into it (after the ICO via Cryptopia) to pull it out?

No, not necessarily.

I am not giving financial advice.
I am invested in it, in the sense I have some coins and I have mined it.
I do believe (based on my own research and understanding) that the team, run by Richard Ells, are an utter joke.
I also think the hype alone, caused by the cult of Electroneum and the blind disciples who defend it but can't provide any kind of evidence, might be enough to carry the coin to a decent value - in which case, 'wait and see'.
I don't hold enough ETN to really care what I do with it, it's worth maybe a thousandth of the other currencies I hold.
I don't think it set out to be a scam, but the scope of what they're trying to do is far too big for a naive and wholly inadequate team.

If you have enough time skim read this entire thread and make your own mind up based on what people have said - I genuinely think if you go in with an open mind you will find that people like me have considered it objectively and have valid concerns while the other side of the debate just say the same things: 'HackerOne', 'be patient', 'to the moon', 'you'll be sorry if you sell', etc. - basically all the usually FOMO and FUD from people who don't want to believe they are on the losing side because they put fiat into it.

It's close to call but I am going with: 'long-term, it'll crash'.

Fair enough mate. I'm definitely willing to hear both sides of the spectrum. And I actually value the peoples opinion who critique the coin as it gives me more information to like you said, make up my own mind. There are certain people on their facebook that are ONLY glorifying them to an extent that it's actually not helping at all. I want to hear positives AND negatives. So I thank you for your answers, it gives me something to think about. I will also follow your advice and read through this thread (already did a little bit but's its ALOT of info)

I understand you aren't here to give out any financial advice, so that's perfectly fine ofcourse.  

PS: I just saw a video on youtube posted by CryptoRich that he spoke with CEO Richard Ells, and that the launch date will be announced soon via FaceBook or Twitter and will be somwhere next week including some big partnership announcements.

I think I can be fair because I actually hold some ETN, so if it goes up, I do well too but I just don't see a long-term future in it. However, I do like the community aspect of crypto that's why I am involved.

The negatives that me and others have raised have only been responded to vaguely - like 'be patient', 'they have HackerOne', etc. There is always some rebuttal. I would be concerned with their lack of updates - people say they post every 1-2 days but it's always just BS, there's no hard evidence.

And yes, their Facebook is just like all the diehards/disciples high-fiving the team thinking they're going to make them millionaires overnight... but that pretty much just epitomises cult behaviour.

Crypto Rich just seems to hype up and talk about ICOs - I haven't found a single ICO that excites me, it's literally vapourware - fundraising without a product.

[kevoh]

Just got an electroneum Update e-mail from Richard ellis saying that HackerOne will be done with the security testing to access private keys, wallets and user data by Monday and the re-launching date will be sometime next week. Let's see how next week will turn out.

[ChrisCollins322]

No, Electroneum is not a SCAM.

I mean any arguments?

[Z33IMPUL]

Agreed, I was actually browsing their facebook to find some answers. There were a few people asking some legit questions (not the trolls) which then got answered by the fanboys with nonsense answers,  which in my opinion was more damaging to the brand than helping. All the racist comments towards people that were asking some critical questions were ridiculous as well.

Having said that, I still feel cautiously optimistic about ETN and definitely hope it will succeed.