Is Electroneum a SCAM???

[invicta]

well, i'm gonna park my post here and prepare to eat some popcorns while i read all the 1st page to this on ppl who have absolutely no idea the potential of electroneum. *munch munch*

i am expecting around page 60 - 'guys, can i buy etn now' or 'i missed the train' or 'i still won't believe it' 

What 'potential'? It's a Monero clone by an incompetent team with no real blockchain experience. The only reason people are interested is because they're greedy and think they'll be rich. It is massively overhyped and clearly by people who don't have any real interest in cryptocurrency.

So let me ask you this - when the ICO wallets launch and loads of coins are dumped on the market what do you think will happen? The price will drop. Do you think miners will want to mine a coin that is no longer worthwhile? If miners leave the network, few people are around to secure the network so transactions slow down and things start to grind to a halt. Mobile mining is a great big hoax - nothing useful is being done here, other than handing out coins to people who haven't earned them. If this part doesn't bother you, then I'd argue you're not that interested in the crypto behind it

I am interested to see what happens, as the coin might get carried on hype alone but I don't see a big future - you just need to look at how many coins lay by the way-side with little to no network activity.

oh wow the amount of butthurt i can't even! 

can't see a big future? maybe u need glasses. 

'Can't even' what? Can't even write a proper sentence? Why would I be 'butthurt' given I hold ETN and mine it? It's still possible to disagree with something and be involved.

But yours is stereotypical discipline/fanboy response and it's pretty clear there is zero innovation behind this project, not necessarily a scam, but people like you epitomise everything about why it's hype driven and not by any kind of technical merit - when the response to an argument is ad hominem (look it up on Google if you don't understand). And hype is the only thing that will get this through in the short-term.

Before you say, the technical aspects don't matter, well they do, because without that you have no-one validating transactions on the network if the miners aren't interested. But let's say it gets to 20c, and people try to convert that to fiat - what exactly do you think is going to happen? Do you think a single mid-level exchange is going to be able to handle that? Or maybe the price will plummet and trading stop.

I don't expect a reasoned response because you clearly haven't thought it through, though there are people in support of Electroneum who have, so I'd welcome their response. Of the mining community I spoke to, they said as soon as the price falls they will dump their existing coins (those who weren't doing it daily) and switch their power elsewhere.

ya-da ya-da ya-da but no substance to claim your statement. oh well. ignored.

I expected no less from you and won't lose any sleep over 'being ignored'. Hope you didn't invest your life savings in Electroneum hoping to be rich - that would be a real tragedy.

[Fonix]

well, i'm gonna park my post here and prepare to eat some popcorns while i read all the 1st page to this on ppl who have absolutely no idea the potential of electroneum. *munch munch*

i am expecting around page 60 - 'guys, can i buy etn now' or 'i missed the train' or 'i still won't believe it' 

What 'potential'? It's a Monero clone by an incompetent team with no real blockchain experience. The only reason people are interested is because they're greedy and think they'll be rich. It is massively overhyped and clearly by people who don't have any real interest in cryptocurrency.

So let me ask you this - when the ICO wallets launch and loads of coins are dumped on the market what do you think will happen? The price will drop. Do you think miners will want to mine a coin that is no longer worthwhile? If miners leave the network, few people are around to secure the network so transactions slow down and things start to grind to a halt. Mobile mining is a great big hoax - nothing useful is being done here, other than handing out coins to people who haven't earned them. If this part doesn't bother you, then I'd argue you're not that interested in the crypto behind it

I am interested to see what happens, as the coin might get carried on hype alone but I don't see a big future - you just need to look at how many coins lay by the way-side with little to no network activity.

oh wow the amount of butthurt i can't even! 

can't see a big future? maybe u need glasses. 

'Can't even' what? Can't even write a proper sentence? Why would I be 'butthurt' given I hold ETN and mine it? It's still possible to disagree with something and be involved.

But yours is stereotypical discipline/fanboy response and it's pretty clear there is zero innovation behind this project, not necessarily a scam, but people like you epitomise everything about why it's hype driven and not by any kind of technical merit - when the response to an argument is ad hominem (look it up on Google if you don't understand). And hype is the only thing that will get this through in the short-term.

Before you say, the technical aspects don't matter, well they do, because without that you have no-one validating transactions on the network if the miners aren't interested. But let's say it gets to 20c, and people try to convert that to fiat - what exactly do you think is going to happen? Do you think a single mid-level exchange is going to be able to handle that? Or maybe the price will plummet and trading stop.

I don't expect a reasoned response because you clearly haven't thought it through, though there are people in support of Electroneum who have, so I'd welcome their response. Of the mining community I spoke to, they said as soon as the price falls they will dump their existing coins (those who weren't doing it daily) and switch their power elsewhere.

ya-da ya-da ya-da but no substance to claim your statement. oh well. ignored.

"ya-da ya-da ya-da" - That's what I call well constructed argument to support your claim. Well done!

[A Feeder]

It is not a scam. My friends have tokens from electroneum that they are holding. Electroneum only needs a few percentage too reach its market cap.

[invicta]

well, i'm gonna park my post here and prepare to eat some popcorns while i read all the 1st page to this on ppl who have absolutely no idea the potential of electroneum. *munch munch*

i am expecting around page 60 - 'guys, can i buy etn now' or 'i missed the train' or 'i still won't believe it' 

What 'potential'? It's a Monero clone by an incompetent team with no real blockchain experience. The only reason people are interested is because they're greedy and think they'll be rich. It is massively overhyped and clearly by people who don't have any real interest in cryptocurrency.

So let me ask you this - when the ICO wallets launch and loads of coins are dumped on the market what do you think will happen? The price will drop. Do you think miners will want to mine a coin that is no longer worthwhile? If miners leave the network, few people are around to secure the network so transactions slow down and things start to grind to a halt. Mobile mining is a great big hoax - nothing useful is being done here, other than handing out coins to people who haven't earned them. If this part doesn't bother you, then I'd argue you're not that interested in the crypto behind it

I am interested to see what happens, as the coin might get carried on hype alone but I don't see a big future - you just need to look at how many coins lay by the way-side with little to no network activity.

oh wow the amount of butthurt i can't even! 

can't see a big future? maybe u need glasses. 

'Can't even' what? Can't even write a proper sentence? Why would I be 'butthurt' given I hold ETN and mine it? It's still possible to disagree with something and be involved.

But yours is stereotypical discipline/fanboy response and it's pretty clear there is zero innovation behind this project, not necessarily a scam, but people like you epitomise everything about why it's hype driven and not by any kind of technical merit - when the response to an argument is ad hominem (look it up on Google if you don't understand). And hype is the only thing that will get this through in the short-term.

Before you say, the technical aspects don't matter, well they do, because without that you have no-one validating transactions on the network if the miners aren't interested. But let's say it gets to 20c, and people try to convert that to fiat - what exactly do you think is going to happen? Do you think a single mid-level exchange is going to be able to handle that? Or maybe the price will plummet and trading stop.

I don't expect a reasoned response because you clearly haven't thought it through, though there are people in support of Electroneum who have, so I'd welcome their response. Of the mining community I spoke to, they said as soon as the price falls they will dump their existing coins (those who weren't doing it daily) and switch their power elsewhere.

ya-da ya-da ya-da but no substance to claim your statement. oh well. ignored.

"ya-da ya-da ya-da" - That's what I call well constructed argument to support your claim. Well done!

Ignorant disciple in the cult of Electroneum - when people like you exist who would ever want to be associated with this sham. Ignorance is better than facing reality! Have a great day!

[Pandu Gleen]

The electeoneum is now launching surely and i even got a mail from them and they are really launching soon i am hoping that they will be successful and they are not scam

hopefully with the launch of the official website electroneum and also has fix the website, hopefully we can get the token electroneum that we have followed before, and hopefully can be sure from mangernya if this is not a scam.

[BitCaptcha]

Haters are sour grapes for not buying into the ICO and seeing it still strong at 10 cents after being heavily dumped upon wallet release lol

[tk808]

Haters are sour grapes for not buying into the ICO and seeing it still strong at 10 cents after being heavily dumped upon wallet release lol

How much was this coin @ ICO price? It's a curious thing to know when talking about if this is a scam or not. Despite what people say, the word scam is being used lightly, if the coin has a solid foundation, is supported (active) and doesn't have a 15+% dev holdings, then i woulden't be so quick to call this a scam. Shitcoin is a better term.



EDIT: (http://electroneum.com/overview-white-paper.pdf)
sep 14-20th ... 150 coins per USD $1
..
..
..
..
..
100 coins per USD $1

bonus rates decreased by 10% for every X days. So, the coin was values at 1 cent or 0.01$ per coin, it's now trading at .08$, a solid 800% gain. Some initial adopters made more, upwards of 1000%-1200% gains on their initial investment.

I don't think this coin would be considered a scam, by any means, by any ICO investor, and that's the only person who could call projects a scam, the investors.

[invicta]

So, here was my experience yesterday (after arguing with the diehard disciples who won't hear anything bad of it):

• Could not download the app at noon, got it on my phone finally, then the website went down with 403 Forbidden, 502 Bad Gateway, 503 Service Unavailable and 504 Gateway Timeout in rotation pretty much.
• About 2pm, I got setup, but couldn't get registered fully, then I got my SMS and got into my account.
• At 4pm, I sent a small amount of mined ETN to the wallet - it didn't arrive. I kept checking back. Throughout this time, the site would occasionally fail and tell me I was offline and to check my internet connection, when I wasn't.
• At 8am today (14th December), a whole 16 hours later, the ETN arrived in my online wallet - that's a lot slower than Bitcoin's blockchain.

Their Help and Support page has one single article on it. And to cap it all off, they blamed Amazon and AWS for the servers failing, but it's never their fault - for anything... Also I noticed with the online wallet you don't have access to your private keys anywhere, that means you are reliant on them for security and trust. Their 2-factor authentication isn't actually 2FA at all, how is a static PIN considered 2FA?

As far as I know some people still cannot access their ICO funds so we will have to see where the price ends up but I would be concerned at the speed of transactions - it's all well having 'users' but if they're not adding to the network and mining or running nodes, it will grind to a halt and not scale - I guess that's food for thought, but others will glance over it. I will wait for the apologists to come out and defend but maybe someone can discuss their experience here - positive or negative we'd all like to hear it.

[fromholland]

Their 2-factor authentication isn't actually 2FA at all, how is a static PIN considered 2FA?

Kraken also has the static PIN as 2FA.

I do prefer the Google Authenticator though.

[Rose119]

The electeoneum is now launching surely and i even got a mail from them and they are really launching soon i am hoping that they will be successful and they are not scam

hopefully with the launch of the official website electroneum and also has fix the website, hopefully we can get the token electroneum that we have followed before, and hopefully can be sure from mangernya if this is not a scam.

I hope so. As far as i know i have a cousin who buy electruneum and he want to hold it because he believe that electruneum will pump the price and he expect that he has a profit on it.  Hope not a scam.

[mdayonliner]

It's impossible to know until they scam LOL

I personally invested 2ETH at the time of ICO and yesterday each coin was $0.11
I am intending to sell some just to get my 2ETH back and the rest will be held for the next 5 years.


HOPE THEY DON'T SCAM LOL

[xenomorphe1]

So, here was my experience yesterday (after arguing with the diehard disciples who won't hear anything bad of it):

• Could not download the app at noon, got it on my phone finally, then the website went down with 403 Forbidden, 502 Bad Gateway, 503 Service Unavailable and 504 Gateway Timeout in rotation pretty much.
• About 2pm, I got setup, but couldn't get registered fully, then I got my SMS and got into my account.
• At 4pm, I sent a small amount of mined ETN to the wallet - it didn't arrive. I kept checking back. Throughout this time, the site would occasionally fail and tell me I was offline and to check my internet connection, when I wasn't.
• At 8am today (14th December), a whole 16 hours later, the ETN arrived in my online wallet - that's a lot slower than Bitcoin's blockchain.

Their Help and Support page has one single article on it. And to cap it all off, they blamed Amazon and AWS for the servers failing, but it's never their fault - for anything... Also I noticed with the online wallet you don't have access to your private keys anywhere, that means you are reliant on them for security and trust. Their 2-factor authentication isn't actually 2FA at all, how is a static PIN considered 2FA?

As far as I know some people still cannot access their ICO funds so we will have to see where the price ends up but I would be concerned at the speed of transactions - it's all well having 'users' but if they're not adding to the network and mining or running nodes, it will grind to a halt and not scale - I guess that's food for thought, but others will glance over it. I will wait for the apologists to come out and defend but maybe someone can discuss their experience here - positive or negative we'd all like to hear it.

The speed of transactions depends on the miners. There is too much transactions on the blockchain. It is like when Cryptokittens on Ethereum was launched. On Ethereum, it tooks 6 days for a transaction to arrive at my wallet. But i think it is going to be faster on ETN because there are much more miners. But with the big price increase of ETH, some of the miners may be tempted to reswitch to ETH...

[invicta]

So, here was my experience yesterday (after arguing with the diehard disciples who won't hear anything bad of it):

• Could not download the app at noon, got it on my phone finally, then the website went down with 403 Forbidden, 502 Bad Gateway, 503 Service Unavailable and 504 Gateway Timeout in rotation pretty much.
• About 2pm, I got setup, but couldn't get registered fully, then I got my SMS and got into my account.
• At 4pm, I sent a small amount of mined ETN to the wallet - it didn't arrive. I kept checking back. Throughout this time, the site would occasionally fail and tell me I was offline and to check my internet connection, when I wasn't.
• At 8am today (14th December), a whole 16 hours later, the ETN arrived in my online wallet - that's a lot slower than Bitcoin's blockchain.

Their Help and Support page has one single article on it. And to cap it all off, they blamed Amazon and AWS for the servers failing, but it's never their fault - for anything... Also I noticed with the online wallet you don't have access to your private keys anywhere, that means you are reliant on them for security and trust. Their 2-factor authentication isn't actually 2FA at all, how is a static PIN considered 2FA?

As far as I know some people still cannot access their ICO funds so we will have to see where the price ends up but I would be concerned at the speed of transactions - it's all well having 'users' but if they're not adding to the network and mining or running nodes, it will grind to a halt and not scale - I guess that's food for thought, but others will glance over it. I will wait for the apologists to come out and defend but maybe someone can discuss their experience here - positive or negative we'd all like to hear it.

The speed of transactions depends on the miners. There is too much transactions on the blockchain. It is like when Cryptokittens on Ethereum was launched. On Ethereum, it tooks 6 days for a transaction to arrive at my wallet. But i think it is going to be faster on ETN because there are much more miners. But with the big price increase of ETH, some of the miners may be tempted to reswitch to ETH...

Yeah I agree. Look I want to keep an open-mind and whenever I say anything bad about Electroneum all the disciples come out to defend it (but with zero evidence or intellect - look at last couple of pages for some of this rubbish) so it’s good to hear reasonable logic. Many of these people who defend it want it to hype up and grow in the hopes they’ll be rich for nothing, but haven’t addressed many of the issues in it.

Miners are definitely key here - I mine the coin but the network hashrate is low, it’s only boosted while it’s profitable. Speak to miners on many forums and most will switch away from it the second it’s not profitable - and I still don’t think the coin dump is over yet. The thing isn’t liquid enough with it all flowing through one mediocre exchange and that’s why I haven’t put more hashpower to it.

I never saw ETH get that slow, I think about 15 mins for a transaction was the worst I saw last week but yeah it depends on the network and look how much power Ethereum has. My concern is that all these ‘users’ and ‘investors’ don’t care or even want to understand how cryptocurrency works, they just want to get rich and seem oblivious to what’s coming if the userbase explodes but the network hashrate doesn’t keep up or falls. What do you think about not holding private keys for the online wallets?

[penig]

...

I never saw ETH get that slow, I think about 15 mins for a transaction was the worst I saw last week but yeah it depends on the network and look how much power Ethereum has. My concern is that all these ‘users’ and ‘investors’ don’t care or even want to understand how cryptocurrency works, they just want to get rich and seem oblivious to what’s coming if the userbase explodes but the network hashrate doesn’t keep up or falls.

You know that the time for transactions is determined by the parameters of the blockchain and not the hashrate, right?  ETH and BTC have been ground down by too much volume trying to compete for limited block size.

[invicta]

...

I never saw ETH get that slow, I think about 15 mins for a transaction was the worst I saw last week but yeah it depends on the network and look how much power Ethereum has. My concern is that all these ‘users’ and ‘investors’ don’t care or even want to understand how cryptocurrency works, they just want to get rich and seem oblivious to what’s coming if the userbase explodes but the network hashrate doesn’t keep up or falls.

You know that the time for transactions is determined by the parameters of the blockchain and not the hashrate, right?  ETH and BTC have been ground down by too much volume trying to compete for limited block size.

Yes. But it's not totally transparent and mining is an important part of the validation process as well as running nodes. If it's not profitable, you will still see miners (and therefore hashpower) leaving the network and nodes being turned off - that is a fair assumption, would you agree?

[boakyei]

I think so, after collecting the cash from ICO , their mobile app is not even working after download.

[fromholland]

I think so, after collecting the cash from ICO , their mobile app is not even working after download.

Read on their fb page, mobile app will come soon.

[callkiller]

I think so, after collecting the cash from ICO , their mobile app is not even working after download.

Mobile app works fine for me, just logged in there no problems

[invicta]

I think so, after collecting the cash from ICO , their mobile app is not even working after download.

Read on their fb page, mobile app will come soon.

The mobile app is Android only for now but keeps failing to log-in (keeps saying needs internet or 'Sorry - We are experiencing high volumes of traffic. Try again later.'). The web app is slow too update and works, but is buggy. My funds finally arrived after 16 hours.

Given the speed of that transaction I suspect getting ETN out of the app into Cryptopia is going to be slow and that makes me think the dumping hasn't started/finished. I could be wrong of course.

[pogpog10]

I read there is a update about electroneum yesterday, But still I don't believe this project. Their background is not safe. There is many things we can call uncool about them.