[POR]⚡ELECTRONEUM⚡Official Moderated Thread

[boxalex]

Speaking on price and with the supply/demand. Wouldn't the price decrease when supply goes up since ASIC's will produce more supply faster? Maybe I am missing something but there is more than just Supply/Demand that depicts coin price..

I think it doesn't matter and the supply is the same per day, no matter if 1 asic, 1000000 asics, 1 gpu or 100000 gpus mine a day, that's why difficulty is in place, the daily supply (mined blocks/coins) should stay the same, just the distribution is changing on up to how many miner solve the block.

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[callkiller]

Heres a laugh for ya.....

New York Post
https://nypost.com/2018/07/04/why-bitcoin-may-be-soon-worth-nothing/
I know its garbage to begin with, still, this is actually real!!

WTF lmfao!!!

Wow!

Hahaha he has his opinion and doesn't give one reason in the article to back up what he's saying. Bitcoin is a con because he says so and that's the end of it lmao

[Coindgr]

Regarding the algo rollback, I don't like it, but there's also FPGA and who know's what else mining. Everyone already accepted that BTC is ASICs mined, why not accept ETN also?

Note: I do not own any ASIC, and I'd like to continue mining with my GPU

[revenant2017]

The rise was after the announcement

The pump is because of the listing of the coin on new exchange. Happen every time!

Also since pretty much all wallets are blocked, you simply cannot sell the rally because you cannot move your ETNs.

The reason why the "CEO" of this ultra centralized coin makes hastily cowardly rollback IS again the listing on the new exchange.

If you go to asics you sacrificing the most valuable thing, and that is adoption. You simply deny 95% of people the ability to participate.

RIP.

sorry but thats bs. ETNs wants mass adoption and this is not made by an asic resistent algo. not everybody who use cryptos wants to mine it right? Your "mining adoption" for the newcomers is still given with the "mobile mining" experience.

So an asic friendly algo is no argument that the coin is dying

ASIC will only benefit those who have accessed to  the chinese market. And all chinese will benefit to it. I don't like the idea with ASIC in the first place but it's hurting GPU specific coins like Equihash. If there would be any mobile mining it's also useless because ETN needs new algo if they really pushing the mobile mining.

[dndssc]

Why etn team revert the algo to old cryptonight?

[allycn]

I am not very familiar with exchanges, but the team shared a Tweet from CoinBene earlier today (about 9 hours ago), announcing that: "We are pleased to announce the partnership with @electroneum. The token will be listed by the end of July."
(FB post link: https://www.facebook.com/electroneum/posts/2030966747165293)

this twitter link goes to nowhere:
"Sorry, that page doesn’t exist!"

listing is abandoned?

Not sure what happened to that post, but if you go to CoinBene's Twitter account (https://twitter.com/coinbene) you will find the announcement. This is the link to the announcement: https://twitter.com/coinbene/status/1014850882477817857

[kepas]

I am not very familiar with exchanges, but the team shared a Tweet from CoinBene earlier today (about 9 hours ago), announcing that: "We are pleased to announce the partnership with @electroneum. The token will be listed by the end of July."
(FB post link: https://www.facebook.com/electroneum/posts/2030966747165293)

this twitter link goes to nowhere:
"Sorry, that page doesn’t exist!"

listing is abandoned?

Not sure what happened to that post, but if you go to CoinBene's Twitter account (https://twitter.com/coinbene) you will find the announcement. This is the link to the announcement: https://twitter.com/coinbene/status/1014850882477817857

ok, thanks 

[RivAngE]

It's funny how we (yes me included) were expecting less miners after the fork and "centralisation".

etn.spacepools had 2700-2800 miners before the fork, now they have a little over 2500.
electroneum.hashvault had 280-300 miners before the fork, now they have 500 (lol?!)
nanopool doesn't offer historic data so I don't know how it changed.

So far though we're only 4 hours or so after the change and the ASIC miners are still increasing (aka coming back). Very impressive if you think how close the change was from the announcement.

So I guess the GPU farms were centralising the coin
But let me throw one more thing out there... those of you guys who talk about conspiracy theories (Electroneum team accepting a deal from ASIC manufacturers lol), think about the possibility that the GPU miners were boycotting the coin before it change to the anti-ASIC algo in order to push it into changing faster. Maybe those big GPU farms were the reason the price was driven to the ground?

Speaking on price and with the supply/demand. Wouldn't the price decrease when supply goes up since ASIC's will produce more supply faster? Maybe I am missing something but there is more than just Supply/Demand that depicts coin price..

The same amount of coins will be mined every day, this is the reason the difficulty is going up and down. When a lot of hashpower is present, the diff goes up and it's harder to mine new blocks, but since you had the extra hashpower in the first place you get a steady amount of blocks.
The problem is when a lot of hashpower comes for a few minutes when the diff is low, the ones controlling this hashpower get quick rewards and when the diff goes up, instead of keep mining the owners of the hashpower leave, therefore the ones staying to mine cannot mine at the speed they should because the diff is too high, but when it gets lower the bad guys with the big farms return for a few minutes and this is repeated.

This is the problem that was solved by going back to ASICs. The supply stayed the same, if anything changed with the supply is that it's flowing more "steadily" now.

[Odeoke]

This is buy time to increase the bags it is very cheap as compare with ATH. There is very big community behind this and on other hand dev are also trying to give this project a great chance to become more useful.

[nelson4lov]

This is buy time to increase the bags it is very cheap as compare with ATH. There is very big community behind this and on other hand dev are also trying to give this project a great chance to become more useful.

That's the same thing people said two months ago and I bought some coins. After buying, the price just kept going down. I tried averaging down to cut my losses but nah. It was a fruitless effort as people kept dumping on me without mercy. I don't think the team is doing enough for the project. The updates has reduced significantly just like the price. Even their once active Telegram community is now a ghostland.

[Atomicc]

This is buy time to increase the bags it is very cheap as compare with ATH. There is very big community behind this and on other hand dev are also trying to give this project a great chance to become more useful.

That's the same thing people said two months ago and I bought some coins. After buying, the price just kept going down. I tried averaging down to cut my losses but nah. It was a fruitless effort as people kept dumping on me without mercy. I don't think the team is doing enough for the project. The updates has reduced significantly just like the price. Even their once active Telegram community is now a ghostland.

How to believe in coin, team and CEO, who recorded a video on their official website (29.6.2018), that they are very satisfied with  situation after first fork, that everything is great etc.
Only 3 days later they announce new fork and start to spread the news that GPU miners do not want to mine ETN ?!?!
They made such a huge decisions only in 3 days, or they do not know what they are doing?
In today announcement of ETN,after the new fork, CEO gave some information that clearly confirm the community rumors. There was an info that Coinbene will deeply examine ETN blockchain, prior of any listing.
ETN CEO directly declare that they got a condition from Coinbene to fork back to ASIC miners prior of any listing!!!
Knowing the very good relations between Bitmain and Coinbene...

Here is a today quotation from www.cryptobriefing.com:
"The fork, which Ells preferred to call an “urgent update”, was also needed for the company to sign commercial deals as well as to finalize its listing on the Coinbene crypto exchange. “They [Coinbene] were worried about the network’s stability”, said Ells."

Another statement from today showing a huge lack of understanding, and trying to explain why they fork back without any reason. They said that it was because of potential Nicehash generated 51% attack. They said that someone with 3000USD could made a successful attack. Maybe, but they forgot to check the price of "old" cryptonight on Nicehash, they will found that price for "old" cryptonight is much lower than for V7 version.
It is unbelievable that this team earned over 40 millions of USD in ICO and now act like this.
So, who cares about coin owners or ICO investors...

[boxalex]

Maybe, but they forgot to check the price of "old" cryptonight on Nicehash, they will found that price for "old" cryptonight is much lower than for V7 version.

For a fair calculation of the possibility of an attack with nicehash traffic you need take into account 2 factors (you took only one):
- price
- availability

Just as an example: Right now free for immediate rent:
- CryptoniteV7 traffic: 71 MH/s (enough to perform a 200% attack)
- Cryptonite: 557 MH/s (not enough to perform a 51% attack) as the current network hashrate only some hours after the fork is allready 1.21 GH/s and will pass mostly 2, eventually 3 GH/s.

This means even if you have the cash for renting that much hashrate there is not enough available to rent to perform a successfull attack. Just in all fairness to be correct you should take this
into account when you mention the nicehash attack issue. This said, the network is right now more secure than bevor, just elementary mathematics by the way.

Edit: Out of curiousity i checked prices for the given algos:

CryptoniteV7: ~0.16 BTC per MH/s
Cryptonite: ~0.01 BTC per MH/s

Now i don't remember how much the hashrate of the ETN was lately, so i just guess that 25 MH/s would have been enough to overtake the network with nicehash cryptoniteV7 traffic, this would result in 4 BTC per day.
Compared to the situation right now with 1.21 GH/s and 600 MH/s needed rented hashpower from nicehash it would allready result in 6 BTC per day.

In case the needed cryptniteV7 hashrate is guessed wrong, please correct me, just too tired to look it up.

[AlexanderDumas]

The rise was after the announcement

The pump is because of the listing of the coin on new exchange. Happen every time!

Also since pretty much all wallets are blocked, you simply cannot sell the rally because you cannot move your ETNs.

The reason why the "CEO" of this ultra centralized coin makes hastily cowardly rollback IS again the listing on the new exchange.

If you go to asics you sacrificing the most valuable thing, and that is adoption. You simply deny 95% of people the ability to participate.

RIP.

True, the raise was because of the exchange's announcement.

Yet, You can still sell your ETN for BTC, LTC or USDT, even if the wallet is blocked.
Transactions within the exchange are allowed even if the wallet is blocked.
So you can sell the rally and then take the funds out  to another exchange and convert in FIAT if that is your desire.

As for the ASICS, honestly I would not care, even if in the past I was mining ETN with several GPU rigs, but lately it was not worth doing it at all, since there are other coins that, at times, are up to 4 X more profitable than ETN. If you like ETN you just buy it with chump change from the profits you make mining others coins.

If  ASICS will give ETN more stability, so be it.
Mass adoption is not reached by making few thousands of miners around the world happy, but providing a service to millions of people that needs transactions.

Yet IMO ETN is a coin that will reach maximum 1$ value, but that is a big if.

Cheers

[AlexanderDumas]

I do not get why you are all upset of the ASIC switch.
ETN was worth mining with GPU only until early January, after that it has almost always been a dude.
There have been more profitable coins to mine up to 10x the profit.

If you really like to get ETN, mine something else and then buy some ETN, you will need only a fraction of your daily profit to buy the same amount of ETN you would be able to get mining it directly.

IMO there is no point of wasting time dwelling on the switch to ASIC.
Let's wish ETN good luck and hope it will rise in recognition and price.

[sabercrypto]

there will be a dump party from our group.

[dogtana]

there will be a dump party from our group.

Oh yes? What group is that?

[Atomicc]

IMO there is no point of wasting time dwelling on the switch to ASIC.
Let's wish ETN good luck and hope it will rise in recognition and price.

We all wish the best luck to ETN, but I think that all our wishes will not help. Price is lower and lower... :-(

What We have here... the CEO of ETN Team confirm that they initiate a new blockchain fork, because  Coinbene (the exchange what possibly list the ETN) worried about ETN network stability!
Why, they are worried?
Does they now something more than ETN team?
Is it usual that Exchange gives directions to coin owners/devs about changing of algorithm? (Do You know some other coin what change his algo because of exchange?)

We remember the blocked wallets, delayed trading, from the start of ETN.
Changing of coin algorithm is a serious thing, coins do not change algos every month.
 

[Lordas]

All my words about these devs was exact like hell - all they care are PR and income...

[xenomorphe1]

Maybe the team saw that the mining difficulty was still very high and GPU miners were not enough. Also with nicehash it didn't help to make the difficulty go down for little CPU/GPU miners.
But i agree that ASIC are going to win the war one day. You can't change the algo for mining each 6 months.
Current ASIC hardwares are going to be obsolete on next year as they surely are preparing new and faster hardwares.
Only coins with POS/DPOS and no mining are going to survive against ASIC. I don't know if only CPU mining coins are going to stay like this.
ETN should have been a token on ETH... Don't you think?

[boxalex]

there will be a dump party from our group.

perfect, some people will thank you, including me, it's always nice when you can buy up some cheap bag of coins that are dumped at low price from angry kids