Is Electroneum a SCAM???

[contraband]

I don’t think so that Electroneum is scam, it’s correct they take some time to finalize everything.
There was some communication gap between team & investors, but right now coin is in market & community is growing.
Electroneum is in top 100 coins & having a handsome market cap.

Feel free to come join in the discussion on our ANN Thread

https://bitcointalk.org/index.php?topic=2353282.msg45905800#msg45905800

[invicta]

I saw the Electroneum app on the phone of a friend who doesnt follow cryptos.  Asked why, he said he was told to get involved by someone who works at major bank.  If/when it launches I believe it maybe the crossover coin for the mainstream adoption of cryptos.

A friend of a friend who works at a major bank... I am yet to see any proper endorsement of Electroneum, I’m not including Michael Stollaire/Stollery (con-artist extraordinaire) or Harry Redknapp (footballer who literally knows FA about anything technical or blockchain). If you actually follow crypto, you’ll know the team behind Electroneum are a bit of a running joke for literally ruining or delaying everything they touch. They’ve launched instant payments but I have a transaction pending for over 2 days now as do many others and the price has literally not budged because no-one is trading or using the coin. It’s so worthless it’s not worth selling and if the fanboys hype it up then it might make it to 2-3 cents. Anyone who is stupid enough to think it’s going over $1 is just mental and doesn’t understand market economics - it’s not ‘FUD’ (favourite word to chant by fanboys), it’s fact.

Hey Invicta,


You might want to check out our thread, theres a lot happening

I already got this in an email, no idea why you re-posting it in ENORMOUS letters to make sure it couldn't be missed. I, honestly, find it hard to take anything you say seriously - you guys just preach to people who already think they're onto a winner and won't listen to any negatives, why keep telling fanboys what they already believe? It's not going to $1 and it's not just me who thinks the team are a massive joke (Ells couldn't even run a marketing firm and just fancied having a play with blockchain). You claim 'we're gaining users', what users? People downloading an app then not even bothering to run it doesn't count, shall we count empty Bitcoin wallets as well in that figure, anyone can manipulate numbers. To me the only important figures are the active miners who are actively running the app and that's below 100k at the moment anyway so 2 million users who aren't doing anything? Brilliant. What about the rubbish trade volume and the giant sell wall on exchanges, it's gonna take a hell of a lot of money to overcome that and all the hodlers and fanboys certainly aren't going to because most of them are poor and live in this delusion cloud that ETN is going to make them rich - let's not beat about the bush, this is what they're waiting for, they don't care about the technology anyway - they just think it's a short-cut. And the unbanked thing, Christ, you'd actually believe that some idiots who have money in ETN think they're being charitable, it's nothing, it's another marketing ploy to win over idiots - no-one believes this is going to work for the unbanked or actually be used for that reason, some might use it but it's not a solution, it just sounds nice on paper.

Finally, you have Instant Payments, which is mildly interesting but it basically transacts all through ETN's central servers (notoriously unreliable) so they're just a bank, great, just what crypto needs... another bank and another 'trusted' third-party that I don't really trust.

Yes, I actually bought more ETN the other day with some spare Ethereum on the off-chance Instant Payments pumped the price but literally nothing changed, I'll keep it short-term then I'm getting out of here. Contrary to what fanboys keep telling me: 'must be why I'm bitter and negative', I wasn't dumb enough to buy it at ATH or anywhere near it, I am still up so that's just fine by me.

I find your take on ETN interesting, but just dont see some of your points, but thats ok.

I wouldnt think you would buy more ETN at your current assessment, so that leads me to belive that I need to try harder to understand your point of view. Its not like we are against criticism, because if we can see something wrong, thats the first step to getting things fixed.

I do think you should update your perceptions regarding the ETN DEV Team due to recent developments? No?

Hopefully, with the speed of things seeing an uptick, along with witnessing promises kept, your outlook on ETN will continue to become more positive.

But if you are buying ETN at these prices, you are a winner in my book  






*BIAS ALERT** Iam not a neutral mod or admin, as I am the ETN Community Manager

Never invest more than you can afford to lose, and do not mistake my posts as investment advice

It has traded sideways, it hasn’t gone down but even with big developments it hasn’t gone up. I’m honestly in this for the short-term, I believe the fan base can pump this a bit and that’s enough for me to extract some profit. If you look at any exchange you will see the market depth charts show there is enormous sell volume to overcome, no whale is going to come and save you guys, so rather than just talking it up I suggest you put your money where your mouth is and buy ETN to improve demand.

Maybe not you, but the ETN collective, are a toxic bunch, if it’s not positive, it’s FUD - this is ‘bury your head in the sand’ syndrome. If you say something you don’t like in a moderated thread you get banned. The ETN dev team is still weak, with the funds raised in ICO they could have hired world-class blockchain devs but they cut corners for whatever reason.

So, why would I buy more? Because I think there is enough hype in the pipeline to give it a little perk short-term but long-term I don’t think it’ll survive. Ells will get bored, mining will get unprofitable, whatever happens, the roadmap just isn’t inspiring - it looks like something someone in marketing would write.

[trilade]

My ETN account says:

We'll be back soon
We are currently migrating your wallet to the new instant payment system.
Please try again later.

What a joke. Suddenly 10x of the normal volume appeared for no reason whatsoever. Accounts randomly blocked with the message above so people can't sell their coins.
So the price only go upwards during the giant pump - nothing to counterbalance.

Not talking about the fact without KYC verification I won't be able to send my coins from my ETN wallet.
When I bought and mined my coins it was an anonymous crypto. Couple of months later I can't send my coins without providing personal details.

This is not a real cryptocurrency.
It's a centralised ponzi scheme.

[runor]

Most likely this is fraud, you need to spread your information as it seems to me!

[yehezkielrevandi]

I think, many of the ICOs are scams, so the worries expressed here are legit. Maybe the important question here should be: is it wise to invest in Electroneum?. This is my opinion , sory if i wrong, i just give my opinion

[invicta]

My ETN account says:

We'll be back soon
We are currently migrating your wallet to the new instant payment system.
Please try again later.

What a joke. Suddenly 10x of the normal volume appeared for no reason whatsoever. Accounts randomly blocked with the message above so people can't sell their coins.
So the price only go upwards during the giant pump - nothing to counterbalance.

Not talking about the fact without KYC verification I won't be able to send my coins from my ETN wallet.
When I bought and mined my coins it was an anonymous crypto. Couple of months later I can't send my coins without providing personal details.

This is not a real cryptocurrency.
It's a centralised ponzi scheme.

Wasn't that done ages ago? The wallet upgrade? Can you not migrate to a paper wallet? I'll admit, this whole price spike caught me off-guard somewhat and some 'whales' are taking responsibility for it (not that an actual whale would normally brag about it).

I was reluctant to call it that but it does have a bit of a whiff of a Ponzi right now, money flows in, FOMO hype carries it beyond the money they put in, they cash out, price drops but support is above what it was, rinse and repeat - when they get bored or had their fill it's only going to go one way. And they can do this because the daily trade was so low before - you can't do this with Ripple (for example). When I submitted a buy order it was enough to bump the price 2-3 sats instanteously earlier. Then there was also the spike to 328 sats down to 170 back up to 210 all in about 15 minutes.

Thanks for bringing this to my attention, I was about to send a load of BTC over and ride it this weekend, but I'm not sure I will now. I really hope you get it sorted though - good luck.

[Navneet1120]

Not sure about this. One needs to check the Ico in detail.

[invicta]

Not sure about this. One needs to check the Ico in detail.

I wouldn't bother. They've pretty much entirely changed the White Paper so what held true at ICO doesn't any more. At the moment, there is some hard pumping going on so if you have a healthy risk appetite, buy some coins and cash out for some easy profit.

[trilade]

My ETN account says:

We'll be back soon
We are currently migrating your wallet to the new instant payment system.
Please try again later.

What a joke. Suddenly 10x of the normal volume appeared for no reason whatsoever. Accounts randomly blocked with the message above so people can't sell their coins.
So the price only go upwards during the giant pump - nothing to counterbalance.

Not talking about the fact without KYC verification I won't be able to send my coins from my ETN wallet.
When I bought and mined my coins it was an anonymous crypto. Couple of months later I can't send my coins without providing personal details.

This is not a real cryptocurrency.
It's a centralised ponzi scheme.

Wasn't that done ages ago? The wallet upgrade? Can you not migrate to a paper wallet? I'll admit, this whole price spike caught me off-guard somewhat and some 'whales' are taking responsibility for it (not that an actual whale would normally brag about it).

I was reluctant to call it that but it does have a bit of a whiff of a Ponzi right now, money flows in, FOMO hype carries it beyond the money they put in, they cash out, price drops but support is above what it was, rinse and repeat - when they get bored or had their fill it's only going to go one way. And they can do this because the daily trade was so low before - you can't do this with Ripple (for example). When I submitted a buy order it was enough to bump the price 2-3 sats instanteously earlier. Then there was also the spike to 328 sats down to 170 back up to 210 all in about 15 minutes.

Thanks for bringing this to my attention, I was about to send a load of BTC over and ride it this weekend, but I'm not sure I will now. I really hope you get it sorted though - good luck.

It is good for insiders and speculators, I'm not one of them.
I'm more likely supporting cryptos for their mission and not to get easy lambo.
Good luck to you, but careful. This looks to me a bit of a Chaincoin event 2.0 

[invicta]

My ETN account says:

We'll be back soon
We are currently migrating your wallet to the new instant payment system.
Please try again later.

What a joke. Suddenly 10x of the normal volume appeared for no reason whatsoever. Accounts randomly blocked with the message above so people can't sell their coins.
So the price only go upwards during the giant pump - nothing to counterbalance.

Not talking about the fact without KYC verification I won't be able to send my coins from my ETN wallet.
When I bought and mined my coins it was an anonymous crypto. Couple of months later I can't send my coins without providing personal details.

This is not a real cryptocurrency.
It's a centralised ponzi scheme.

Wasn't that done ages ago? The wallet upgrade? Can you not migrate to a paper wallet? I'll admit, this whole price spike caught me off-guard somewhat and some 'whales' are taking responsibility for it (not that an actual whale would normally brag about it).

I was reluctant to call it that but it does have a bit of a whiff of a Ponzi right now, money flows in, FOMO hype carries it beyond the money they put in, they cash out, price drops but support is above what it was, rinse and repeat - when they get bored or had their fill it's only going to go one way. And they can do this because the daily trade was so low before - you can't do this with Ripple (for example). When I submitted a buy order it was enough to bump the price 2-3 sats instanteously earlier. Then there was also the spike to 328 sats down to 170 back up to 210 all in about 15 minutes.

Thanks for bringing this to my attention, I was about to send a load of BTC over and ride it this weekend, but I'm not sure I will now. I really hope you get it sorted though - good luck.

It is good for insiders and speculators, I'm not one of them.
I'm more likely supporting cryptos for their mission and not to get easy lambo.
Good luck to you, but careful. This looks to me a bit of a Chaincoin event 2.0 

I’m on your side. I don’t really believe in it, all the stuff Ells says are things that sound amazing and ‘for the greater good’ on paper like helping the unbanked. I don’t mind speculating some funds this weekend but I am concerned about the wallet locking as someone else pointed out this last time there was a pump. I’m in crypto long-term and projects like this always bother me but it doesn’t mean I won’t look on with interest.

[Cactushrt]

I think, many of the ICOs are scams, so the worries expressed here are legit. Maybe the important question here should be: is it wise to invest in Electroneum?. This is my opinion , sory if i wrong, i just give my opinion

Yes most of ICO are fraud after collecting the money they will disappear and dont deliver atleast a product luckily i have sold all my etn.

[kazakovv]

It is a lot of different stories about this coin. One people say that it is SKAM others on the contrary that it is very good project. Time will show

[ganlianshifu1]

Many cryptocurrencies and Ico are scams that pretend to be blockchains!
Because ico's financing model is very trendy, and now there is a lack of supervision, many scammers are going to swindle money!

[bonji77]

maybe people who say fraud is the one who feels the loss in this project, but some people say this is a very good project, so in my opinion this is a form of disappointment for the person who is disadvantaged from this project ... sorry if I'm wrong ...

[invicta]

maybe people who say fraud is the one who feels the loss in this project, but some people say this is a very good project, so in my opinion this is a form of disappointment for the person who is disadvantaged from this project ... sorry if I'm wrong ...

It would be a decent project but it's spearheaded by an inexperienced yet egocentric team. Richard Ells has little credibility even outside of blockchain, and none within. It's probably not an intentional scam, but the way it's being pumped today, it has real Ponzi-like qualities.

[alexsandria]

When the Electroneum was conducting a bounty campaign, many at some point thought they were scammers and left the campaign - lucky ones who stayed in it and got a good payment!

When i was starting here in cryptocurrency a lot of people in my country is promoting electroneum and i am confident that it is not a scam, electroneum have raised a lot of money on there ico and even i dont invent on it, i know it is not a scam.

[trilade]

maybe people who say fraud is the one who feels the loss in this project, but some people say this is a very good project, so in my opinion this is a form of disappointment for the person who is disadvantaged from this project ... sorry if I'm wrong ...

It would be a decent project but it's spearheaded by an inexperienced yet egocentric team. Richard Ells has little credibility even outside of blockchain, and none within. It's probably not an intentional scam, but the way it's being pumped today, it has real Ponzi-like qualities.

Their wallet service - users doesn't have access to their private keys.
This gives them absolute freedom over user funds.
When their total holdings fall short of total user balances - they just start blocking accounts.
Or just block the unbanked with no IDs sending their coins from the wallet service.

And this is just the surface. Imagine what they can be doing in the background.
If you follow John McAfee, he will explain you how global cartel powers taking over coins, exchanges, etc..

Probably this coin is part of the game too at the cost of ordinary people.

[seyola89]

I think electroneum is a legit project. It was very popular during the ICO and it raises enough money for development. The bear season has affected it too like every other coin but it seems to be recovering now

[invicta]

I think electroneum is a legit project. It was very popular during the ICO and it raises enough money for development. The bear season has affected it too like every other coin but it seems to be recovering now

It doesn't matter if it was popular during the ICO, that just shows it duped a lot of people - Bitconnect did exactly the same. It's recovering now because people are manipulating the price, if you spent time on Discord or Telegram people are actively bragged or taking responsibility for the trade volume surging from 30 BTC per day to 800 BTC. Make your own minds up on this one.

[Adecrypt83]

Electroneum is not in a anyway a scam. It is one of the few good projects that I invested in, in 2017 and am still holding some the coin. The project is very committed in bringing the ideas of the platform to life