Is Electroneum a SCAM???

[distraido]

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.

Yeah, coming soon... It should be already up and running. ICO was over a long time ago and people need to have what Electroneum developers promissed!

[last7minutes]

A password stealer in a miner from official site is such a present. Not a scam for sure

Don't get surprised if you won't see tokens on your wallets some day 

I don’t like new currencies which are growing with a high speed in a short time. But otherwise of its price Electroneum isn’t looking as a scam. Maybe the price is pumped such kind of things everywhere now.

[Xeonhp]

Hmmm, i think electroneum is one of the good coins nowadays. Altcoins are now promising but you should also check the coins or search for it before investing into it.

[artisarr]

I think that part of the ICO's today are scamming their campaign participants, and I hope Electroneum would be an exception of this rule. I dont know exactly it is scam or not but at least i have hold mine.

[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.

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?

Not really, bitcoin wouldn't exist if it every miner shut off as soon as they weren't profitable, same with most coins, for years the hashing has been provided by hobbyist and idealists.  What Electroneum brings to cryptoland is a user base of tens or hundreds of thousands of mobile devices hashing away, forgotten by their user.  Every user of the coin can mine conveniently, something not available to most coins, so it'll be very distributed.  Dont know if their design is going to hold up to real use, but i dont see hashing power as their highest concern.

[xenomorphe1]

Don't you think that when they are going to release the mining in the mobile app, the transactions are going to be very slow? As the smartphones are not really mining, but computers mining it will have a lot of transactions just to transfer the coins which were mined by the smartphones to the wallets... I don't know if the network will be sustainable. I hope there will be enough miners. That's why we also need console mining to have enough power to mine it?

[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?

Not really, bitcoin wouldn't exist if it every miner shut off as soon as they weren't profitable, same with most coins, for years the hashing has been provided by hobbyist and idealists.  What Electroneum brings to cryptoland is a user base of tens or hundreds of thousands of mobile devices hashing away, forgotten by their user.  Every user of the coin can mine conveniently, something not available to most coins, so it'll be very distributed.  Dont know if their design is going to hold up to real use, but i dont see hashing power as their highest concern.

This is the flaw! Mobile mining is a simulation only! The mobile users are not mining/hashing (or verifying) at all, it is all simulated within the app and then airdropped from their centralised servers - do you see the problem with that? If phones were actually hashing, the batteries would be flat in 3-4hrs - did you ever try MinerGate's Mobile Miner? Ran my Z5 Compact flat in hours - ran very hot.

There is a network effect, and Bitcoin and others are big enough that if a small number people left it would still work because when they left the difficulty would fall. The problem with Electroneum will be if the userbase is substantially bigger than those running nodes and/or providing hashpower to the network and there is a massive disparity in the ratio of users to miners, etc. This is why I believe opening crypto up to a massive userbase that doesn't get the fundamentals isn't the best idea.

[GrandBcn]

Now it's so fashionable to talk about any developer error just like SCAM. Well, yes, there is a project of complexity, bugs, this problem with SMS. But listen, they work, they did not disappear, they did not evaporate, but work hard on mistakes and bugs. I think it is not appropriate to use the word SCAM here. Amazon is a pretty big player, think about it.

[muraqaba]

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

if it was a scam you would have never been able to collect. i was at one point calling this a scam to but now that they are trying to get the wallets released i see its not a scam. this thread should be deleted. the reality is they want people to invest in their coin and HOLD but of course most people just want to get rich quick and sale.

[chocopapaya]

Well, after much thought and debate I decided to sell off my etn.

I was a first day ico supporter and have been positive about ETN for a long time.
It should be 100% obvious now that it is not a scam.
The business and technical problems ETN has had is not even close to being a scam.
You can call it incompetency, unpreparedness, or just part of the development process, but you definitely can't call it a scam.

For me, the reason why I decided to cash out and not hold it long term has to do with ETN vs. BTC.
Long term, I don't see etn as having any future because it has no real use.
I believe it has a bright 6 to 12 month future because I think the hype will be real and it can grow based off of that alone.
But beyond that it can not sustain itself.

On top of that, when compared to btc, I just don't see any way that it can overtake btcs inflation rate.
BTC is in a major bubble phase now.  By the time I have held on to ETN for a year, BTC will be 30k to 40k.
That means that in order to make an actual real profit, the rpice of etn would have to exceed btc's growth rate and then some.
That would mean etn would have to be at 20 to 30 cents in order to make a true profit which would make it a more valuable company than eth.

Yeah, for me, that just ain't happenin.

[Z33IMPUL]

It's definitely not looking like a scam. I do think they should give far more updates regarding this load balancer issues and people not being able to login or even access the site and app. Give an update how it's coming along or when it's going to be solved. So far I haven't been able to use the app at all, and logging in online I see my wallet but my balance updates take forever. Although I thinkt hat has to do with the blockchain more than with ETN itself.

[piebeyb]

no, even now they are in the process of relaunching electroneum, maybe you need to get more recent news about them, i also see this is almost same as you say here but i need to test and really analyze it until now

[invicta]

It's definitely not looking like a scam. I do think they should give far more updates regarding this load balancer issues and people not being able to login or even access the site and app. Give an update how it's coming along or when it's going to be solved. So far I haven't been able to use the app at all, and logging in online I see my wallet but my balance updates take forever. Although I thinkt hat has to do with the blockchain more than with ETN itself.

Not a scam but poorly and negligently managed. My transaction to a new wallet (with no access to my private keys) took 16 hours. Probably to do with the blockchain and sheer number of users, sure but the ratio of ‘users’ to miners/nodes is too poor - I can’t see this settling down. The app is virtually useless but the web app kind of works. I would argue that ETN and the blockchain are one and the same.

I believe a number of users cannot actually get their funds from the wallet and over to Cryptopia and as many are hodling, they wouldn’t know this. As a result, I’m expecting the price to be pushed lower over the coming days if the app issues aren’t addressed and people finally move their funds to cash out. Seeing an arbitrary number of ETN in a wallet that you don’t have the private keys to is one thing...

And how comes everyone is overlooking this mobile mining BS! It’s not even validating transactions on the network, it’s just relying on a centralised server to issue them - a centralised server run by incompetent devs who couldn’t get the relaunch right; but hey don’t worry that was Amazon’s fault (cos on Black Friday Amazon always goes down right)!

[ayeaye87]

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.

May be Dumping start, so not finished yet.

It will last at least two more weeks. and the decline will continue gradually. airdrop & bounty not yet distributed.

[Apaxy]

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.

May be Dumping start, so not finished yet.

It will last at least two more weeks. and the decline will continue gradually. airdrop & bounty not yet distributed.

I see that a lot of users respond to the Project at all is not active, so based on the fact that I'm new, I will bypass these programs. How can you protect yourself from fraud of this kind?

[runrightnow]

no sms 36hr thank you ETN

[Dlikrot]

I will keep my faith in them. It's a sleeping giant in my eyes. Relaunching took time, but only for the investors own interest, to keep it secure and safe to launch.

[ayeaye87]

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.

May be Dumping start, so not finished yet.

It will last at least two more weeks. and the decline will continue gradually. airdrop & bounty not yet distributed.

I see that a lot of users respond to the Project at all is not active, so based on the fact that I'm new, I will bypass these programs. How can you protect yourself from fraud of this kind?

Don't bypass. Wait for lower cost, about 0,030 - 0,020 $. Buy and Hodl for long term.

[abvhiael]

really someone can suspect that but i i have total confidence in this ico and the dev team so  i dont think that electronrum is a scam and think it will best the best ico in 2017.
 

[Minnie1928]

I also believe like most fellow members of this community that Electroneum isn't a scam. Their app is already on the Android and it is used for the virtual mining. ICO has everything that campaign must have and developers are providing a lot of the information about a project. They have high goals but I doubt they are achievable. On another hand, their campaign has attracted a lot of the investors which are believing in the team. Nothing is 100 percent sure but I have confidence in Electroenum and its developers.