Electroneum - Britains first crypto opinion

[Imikocha]

I think that electroneum project is all about building hype on our forums. Sadly I don't see it going anywhere. It is not unique or better project to me. Just another altcoin. But I will still wait which markets they are gonna launch on.

Just another altcoin trying to target a HUGE amount of people, breaking down the barriers to the general users that bring more money into the market and more demand? Just another coin that educates people on crypto instead of referring them to here spending weeks trying to climb that steep learning curve? Even another coin that finally let you mine on your phone without damaging it? Just another altcoin that will let companies monetize the exit and entry steam of people inside the games? Just another altcoin that lets you mine so easily on your computer that everybody can do it; with a point-and-click to mine interface on the computer? Just another altcoin targetting the people without a bank account, who will be able through easy and fast transactions to make micropayments? Just another altcoin that prevents whale-mining, ASIC-mining and levels GPU/CPU mining to make it fair for the ordinary user? Just another altcoin that can long term make every single coin worth more?

Just another altcoin? Yeah sure.

[Cnut237]

If the mobile miner is usable, it could become very popular though. Getting 10 bucks a month mining might not be a huge deal to a lot of people, but has immense potential in the third world (lots of people with low income have smartphones).

This is a very good point. Unfortunately a lot of cryptocoins have problems with the rich getting richer (whales). Coins like this give an opportunity to reduce world inequality, which would certainly be a great thing.

[glerant]

Hello All,

Came across this  Electroneum ICO . It looks like,  it  is for gaming purpose. any insights about the ICO and future.

It's certainly not Britains first crypto - memory may be failing but feathercoin, piggy, gamecredits, britcoin etc etc

How do they intend to make phone mining sensible or worthwhile? Miner will get cracked and will be done by botfarms making mining for phone users a nonsense. This happened over and over starting with quark and on to the cryptonotes.

[Imikocha]

Hello All,

Came across this  Electroneum ICO . It looks like,  it  is for gaming purpose. any insights about the ICO and future.

It's certainly not Britains first crypto - memory may be failing but feathercoin, piggy, gamecredits, britcoin etc etc

How do they intend to make phone mining sensible or worthwhile? Miner will get cracked and will be done by botfarms making mining for phone users a nonsense. This happened over and over starting with quark and on to the cryptonotes.

Have you read how the mobile miner is functioning? It is allocating coins to the user when the user runs the app, based on a twin algorithm; that way you cannot add blocks to the blockchain with the mobile mining experience (Hence the experience - it is sort of a simulation). It will never be profitable to run a botfarm with phones at all compared to desktop mining in this coin.

[Yaunfitda]

I've bought into the ICO as think if it gets mass adoption it's a great concept with real world use. Team looks solid and plans look really exciting (potential is humungous particularly for mobile mining to get non crypto users familiar with the tech and how to access the market).

Is always going to be speculative but I have a good feeling about it!

Don't invest in the ICO. You might find people wanting you to purchase coins during the ICO though the thing that you should do is purchase during the coins dump when it hits and exchange.

Correct, I have not watched this ico closely but unless they have everything ready it is not a good idea to invest in the ico, wait for it to hit the markets and wait until people begin to get exasperated by the development and they want out by doing this you can get coins with a very nice discount.

Yup. Look at bitdice ICO, that bounty hunters once they received their tokens starting to dump their coins once it is listed on HitBTC. So the price goes down a little after starting a good price. I have observed this to a lot of ICO as well specially once they got listed, there will be a good pump then th dumping continues. So I might as well wait how things will go before getting Electroneum.

[Jovovich]

So it is just now that Britain has its own currency? I guess they took so long to issue that since the split of its nation. Well i guess monarch would try to have there own blockchain too just like ETH. If that would happen then it could be the next country that has there own that is recognize around the world market?.

[Imikocha]

I've bought into the ICO as think if it gets mass adoption it's a great concept with real world use. Team looks solid and plans look really exciting (potential is humungous particularly for mobile mining to get non crypto users familiar with the tech and how to access the market).

Is always going to be speculative but I have a good feeling about it!

Don't invest in the ICO. You might find people wanting you to purchase coins during the ICO though the thing that you should do is purchase during the coins dump when it hits and exchange.

Correct, I have not watched this ico closely but unless they have everything ready it is not a good idea to invest in the ico, wait for it to hit the markets and wait until people begin to get exasperated by the development and they want out by doing this you can get coins with a very nice discount.

Yup. Look at bitdice ICO, that bounty hunters once they received their tokens starting to dump their coins once it is listed on HitBTC. So the price goes down a little after starting a good price. I have observed this to a lot of ICO as well specially once they got listed, there will be a good pump then th dumping continues. So I might as well wait how things will go before getting Electroneum.

We advice every single person on our telegram to hodl, because we want them to believe in the project investing. This isn't some sort of quick-buck coin. This is for the long term, and to change the whole market; especially bringing in a lot of new people for the benefit of all cryptos.

[wxa7115]

I think that electroneum project is all about building hype on our forums. Sadly I don't see it going anywhere. It is not unique or better project to me. Just another altcoin. But I will still wait which markets they are gonna launch on.

I do not know about that, this project looks good but you are right when you say there are many projects that have nothing and yet they have a fantastic campaign that hype the forum so much that people cannot stop to think about what they are investing, that is why there are so many scams, instead of reading the white paper and think about the project most people invest on hype.

[chocopapaya]

This was the first ICO I invested in.  Put in 2 ETH the first day the ICO went live.  For me, 2 ETH was a huge step forward in investing in crypto.  I spent two months researching ICOs and I was down to either Electroneum, Cindicator, or Chainlink.  In the end though, I chose Electroneum because I really do believe that mobile mining can become viral, especially when their marketing focuses on a message along the lines of, "Run the app, mine the coins, make enough to pay off your phone bill each month."

A side note on hype though, I remember there were like two or three people hyping the ICO here on bitcointalk like CRAZY, saying it will sell out in a couple days, jump in on it now and all that.  Maybe, even after all my research, I was swayed a little...

[iwouldntknow]

This was the first ICO I invested in.  Put in 2 ETH the first day the ICO went live.  For me, 2 ETH was a huge step forward in investing in crypto.  I spent two months researching ICOs and I was down to either Electroneum, Cindicator, or Chainlink.  In the end though, I chose Electroneum because I really do believe that mobile mining can become viral, especially when their marketing focuses on a message along the lines of, "Run the app, mine the coins, make enough to pay off your phone bill each month."

A side note on hype though, I remember there were like two or three people hyping the ICO here on bitcointalk like CRAZY, saying it will sell out in a couple days, jump in on it now and all that.  Maybe, even after all my research, I was swayed a little...

Sorry bud, you got fed hype and screwed.  The dev said in the youtube interview that at best people would see a $3-$5 monthly gain with the fake phone mining so I figure the real rate is somewhere around 75-80% less for the average person.  I'm not sure how expensive your bill is but I'll assume it's more than that. 

[boulard83]

ETN might reach ~1.2B sold under the ICO period.

It's going really well !

[benjaminoo]

Just an update...

Electroneum has become wildly successful after the last post to this thread.

Although there was a huge security attack on the Electroneum servers just prior to the blockchain launch, the team has locked down the ICO coins so that they can improve the security of the system and make sure no coins are stolen. They have now called on Hackerone to participate in testing the security of their system. The ICO coins and mobile mining app will be launched in 3-4 weeks time.

Despite this security glitch (which to me just confirms the apparent value of this coin), it reached the following milestones:

1. It has reached it's $40 million cap a week before the planned ICO ending.
2. More than 120,000 people bought into the ICO, and more than 400,000 accounts have already been created.
3. The app has been downloaded more than 100,000 times already.
4. The hype has been spectacular - more than 27,000 people in the Telegram group (Telegram had to up their max group limit), and "electroneum" has more Google searches than "monero"
5. The blockchain was launched successfully.
6. ETN was listed on Cryptopia within days of the blockchain launching and has consistently been in the top 3 coins by 24-hour trading volume.
7. The coin has reached a high of $0.23 on Cryptopia (ICO price was $0.01) before dropping to between $0.03 and $0.04, awaiting the release of the ICO coins and mobile mining app.

This coin has done exceptionally well in spite of all the security challenges.

I strongly recommend you buy now at Cryptopia while the price is still low, because ETN is going to the moon!!

[Haywhy1]

Electroneum is one of the next big crypto.... There mining programs is good and best.

[benjaminoo]

Electroneum is one of the next big crypto.... There mining programs is good and best.

Agreed. They've really made it easy for anyone to mine. You can mine on the desktop with your CPU just by installing the program, choosing your pool from a drop-down, and clicking a button!

The mobile app should be launched pretty soon too. There it's even easier to mine since you don't need a paper wallet.

So they're really bringing cryptocurrency to the masses that had no clue before.

This is similar to what Steve Jobs did to computers, or what Bill Gates did to operating systems - made them easy to use by the general public.

[Inc_BitSquirrel]

I know that many people are really into this coin, and I respect that. However, I am trying to be sceptical, especially when somebody is offering a new "revolutionary coin" that will dominate the market. There are really a lot of those kind of promises in this industry, so you have to be extra careful because of that.

Personally, I do not believe in mobile mining - maybe they will prove me wrong. Nevertheless, I think it is a buzzword. It won't be economically beneficial enough. My phone is getting hot and has significantly lower battery time even without mining anything on it.

What is more, after reading the whitepaper my impression is that there is a lot of nice formatting and marketing talk. Yet, there is very very little real content there and no description of valid business model.

In current state of the project, those are a No-Go for me.

[MoonIsBlue]

I know that many people are really into this coin, and I respect that. However, I am trying to be sceptical, especially when somebody is offering a new "revolutionary coin" that will dominate the market. There are really a lot of those kind of promises in this industry, so you have to be extra careful because of that.

Personally, I do not believe in mobile mining - maybe they will prove me wrong. Nevertheless, I think it is a buzzword. It won't be economically beneficial enough. My phone is getting hot and has significantly lower battery time even without mining anything on it.

What is more, after reading the whitepaper my impression is that there is a lot of nice formatting and marketing talk. Yet, there is very very little real content there and no description of valid business model.

In current state of the project, those are a No-Go for me.

Well there's more than that. There's also getting electroneum integrated with mobile apps as payment method for special features and being able to be transferable from one app to the other incentivizing developers to integrate this coin. Also something with gambling but i'm not aware of the details on that.