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Author Topic: [POR]⚡ELECTRONEUM⚡Official Moderated Thread  (Read 240292 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (19 posts by 1+ user deleted.)
yobigd20
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November 03, 2017, 07:08:41 PM
 #81

Why are we not able to mine in the US?  I mined for 6 hours and submitted 8682884 hashes but I received nothing...

I mined all day on the launch day with 7300 h/s and got nothing to show for it.

The next day I switched to NiceHash. You won't get electroneum but essentially your hashing power will be used to help someone else get electroneum.

You will still be helping the electroneum blockchain, the mining will just be managed and compensated by NiceHash with BTC instead.


Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

nicehash is a mining service (google NiceHash) and people point their mining rigs at nicehash and nicehash redirects to whatever_coin_is_most_profitable.   (this is also why as soon as nicehash supported ETN the network hashrate jumped from 10MH to 150MH in a matter of a few hours).   so when you're mining to 'nicehash', you're not mining the coins directly.  you pick the algorithm best for your rigs, and nicehash basically acts as a proxy to the most profitable blockchain, nicehash gets the mining rewards (in this case ETN since ETN is most profitable right now), and nicehash auto-dumps all the rewards on the exchange for BTC and pays the miners in BTC.    so again thats why the network hashrate skyrocketed, and its also why the coin is drasticallly dropping in price fast because nicehash auto dumps all rewards on the exchange immediately into BTC and pays the miners in BTC (while keeping a nice chunk for themselves too).  many people like using nicehash for it's auto-switching capabilities to auto switch to the most profitable coins so they can just set-it-and-forget-it and basically sit back while BTC accumulates in their wallets.
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November 03, 2017, 07:10:28 PM
 #82

for the CLI the payment id is optional so leave it blank when receiving funds (you must use it when sending to exchanges)

mining should get better once pro miners leave after the price drop

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November 03, 2017, 07:10:40 PM
 #83

I had some issues at the beginning, to setup my wallet.

This video helped me a lot and all is working fine for me : https://www.youtube.com/watch?v=P9lvjiCNkQU
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November 03, 2017, 07:16:53 PM
 #84

Doing abt 1 kh/s and that'll be abt 3 usd a day. Not covering expenses though. Will wonder what price will do. Mined nice amount at the start of blockchain. Now difficulty so high its hard to make a profit. Miners will go to other coins as soon as price will drop more.

Just like other coins in same algorithm. That's what you get with services like nice hash or miningrigrentals.

Better was to have a coin with own algorithm. That would have saved like 100mh on the network

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November 03, 2017, 07:18:13 PM
 #85

Electroneum is now supported on the CryptoTalk Discord server https://discord.gg/RM8rpXe  join the discussion.
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November 03, 2017, 07:28:58 PM
 #86

Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

Contraband, can you please comment on the issue with the mining pools and mined blocks being stuck in a limbo?
Few people have been trying to get your attention to this issue and so far all the messages have successfully been ignored.

Thank you.

Beware of scam:
- Koinbi.com exchange. Fake exchange rates, withdrawals don't work, no way to contact support.
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November 03, 2017, 07:39:49 PM
 #87

For people who mined to the wallet address and its showing 0 balance this is what you have to do to recover your coins .. this is a modified verson of the monero help file adjusted for electroneum

Retrieve your 25 word mnemonic seed that you saved when creating your electroneum wallet



Hmmm that made me wonder. I have created a paper wallet on their site, got that thing made on a fresh system without internet, printed it out. There was no option for any 25-word mnemonic seed mate. Am I missing something ?
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November 03, 2017, 07:43:11 PM
 #88

For people who mined to the wallet address and its showing 0 balance this is what you have to do to recover your coins .. this is a modified verson of the monero help file adjusted for electroneum

Retrieve your 25 word mnemonic seed that you saved when creating your electroneum wallet



Hmmm that made me wonder. I have created a paper wallet on their site, got that thing made on a fresh system without internet, printed it out. There was no option for any 25-word mnemonic seed mate. Am I missing something ?

The 25 word mnemonic are generated when you create your cli wallet
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November 03, 2017, 07:50:32 PM
 #89

So if I want to check my paper wallet balance what are my options?   is cli wallet the only active way to do that at the moment ?

If I do that with cli will the funds be transferred from the paper wallet to the desktop cli wallet ? or is there a way just to view the balance and still keep everything on paper until I want to dump it to exchange wayyy later down the line.
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November 03, 2017, 07:50:39 PM
 #90

Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

Contraband, can you please comment on the issue with the mining pools and mined blocks being stuck in a limbo?
Few people have been trying to get your attention to this issue and so far all the messages have successfully been ignored.

Thank you.


yea i was wondering the same thing.  many miners pointed their rigs are the broken uspool electroneum pool servers.   what didnt make sense to me is when i had all 3 website stats up simultenously, and uspool seemed 'stuck', i would monitor the 'Electroneum Pool Network' and 'This Pool' stats simultaneously across them (these stats represents all 3 pools in the Electroneum Pool Network, not the entire blockchain network), and in high frequency it would say 'block found: x minutes ago', but if you looked at eupool and asiapool those pools wouldnt have updated their 'THIS POOL: bound found: x minutes ago' but uspool was not updating 'this pool' at all or rewarding its miners.   In other words, it does seem like mining on uspool WAS finding blocks, however the pool itself completely stopped updating its stats and blocks found and it was not appropriately rewarding the miners with those blocks.   (in other words, a major failure OR a scam pool).   So basically I'm also wondering wth is going on here and whether or not those miners are going to get the rewards they deserve.
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November 03, 2017, 07:52:46 PM
 #91

For people who mined to the wallet address and its showing 0 balance this is what you have to do to recover your coins .. this is a modified verson of the monero help file adjusted for electroneum

Retrieve your 25 word mnemonic seed that you saved when creating your electroneum wallet

Open a command prompt (windows ctrl+r ) and navigate to the drive and directory that contains electroneum-wallet-cli ( on the command line type "cd desktop\win-x64-0.11.0.0" or where ever you have it located and no "

At the command prompt type: electroneum-wallet-cli --restore-deterministic-wallet

Once you press enter you will be prompted for a wallet file name. Give your wallet a new name, any name will do

Press enter again and you will be prompted for a password. Give your wallet a new and long password

Press enter again you will be prompted to repeat the password

Press enter again and you will be prompted for the 25 word electrum style mnemonic seed that you retrieved earlier

You will then be prompted with "Restore from specific blockchain height (optional, default 0):" Default will start the restore process from the beginning of the electroneum blockchain. If you don't know the specific blockchain height, just hit enter. (Specifying a specific blockchain height will start the restore process from that specific height. This will save a bit of time in scanning, if you know what starting blockchain height your initial funds were transacted for this specific account.)

After you have entered the 25 word mnemonic seed and have chosen your specific blockchain height, electroneum-wallet-cli will generate the same public address and view key as your old wallet and begin the refresh process automatically. (Please be patient as the refresh process may take a while.)

if this has helped in any way in recovering you coins please send alittle my way .. pm for donation address

^^ Bump
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November 03, 2017, 07:58:07 PM
 #92

If you dont have the 25-word-seed (like me, never got it Wink ) you also can just go and create it with your 3 paper wallet keys (public, view, spend).


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November 03, 2017, 08:05:40 PM
Last edit: November 03, 2017, 08:20:55 PM by MinerClub
 #93

Why are we not able to mine in the US?  I mined for 6 hours and submitted 8682884 hashes but I received nothing...

I mined all day on the launch day with 7300 h/s and got nothing to show for it.

The next day I switched to NiceHash. You won't get electroneum but essentially your hashing power will be used to help someone else get electroneum.

You will still be helping the electroneum blockchain, the mining will just be managed and compensated by NiceHash with BTC instead.


Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

nicehash is a mining service (google NiceHash) and people point their mining rigs at nicehash and nicehash redirects to whatever_coin_is_most_profitable.   (this is also why as soon as nicehash supported ETN the network hashrate jumped from 10MH to 150MH in a matter of a few hours).   so when you're mining to 'nicehash', you're not mining the coins directly.  you pick the algorithm best for your rigs, and nicehash basically acts as a proxy to the most profitable blockchain, nicehash gets the mining rewards (in this case ETN since ETN is most profitable right now), and nicehash auto-dumps all the rewards on the exchange for BTC and pays the miners in BTC.    so again thats why the network hashrate skyrocketed, and its also why the coin is drasticallly dropping in price fast because nicehash auto dumps all rewards on the exchange immediately into BTC and pays the miners in BTC (while keeping a nice chunk for themselves too).  many people like using nicehash for it's auto-switching capabilities to auto switch to the most profitable coins so they can just set-it-and-forget-it and basically sit back while BTC accumulates in their wallets.

^ This guy pretty much summed it up, although we don't know for sure exactly what NiceHash does with the coins. They could be HODLing them and paying out BTC from their reserves for all we know. Correction: Users buy the hashpower and point it at the pool of their choice. In this case Electroneum which increases the demand for the CryptoNight algorithm.

NiceHash is software that will automatically mine the most profitable coin by algorithm for your hardware. In this case we are talking the CryptoNight algorithm.

Since Electroneum was the most profitable coin to mine (for AMD at least), it will add more hashpower to the blockchain, which is the point to mining.

You pretty much lend your hash power to NiceHash and they handle all of the configuration on their end.

So instead of mining for 24 hours on the official pools and receiving 0 coins which is what happened to me, I can still mine the blockchain and receive compensation. That's how mining is supposed to work, but at the moment it is broken for some.

I would consider myself an expert level miner (had no issue whatsoever with configuring CPU/GPU mining, paper wallet, and importing into command-line wallet within 20 minutes, and with extensive troubleshooting could not see pending coins after 24 hours of mining) so I can see how those new to the game would have issues.

NiceHash is simply the stopgap until those mining issues (not everyone is experiencing, but many are, are resolved)

I can agree that without NiceHash the total hashrate would be lower because people who don't know about Electroneum at all are helping to mine it now.

Not sure if a higher hashrate is a good thing or a bad thing in the developers eyes. If there is an actual use case for the blockchain then I see it as a good thing.

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November 03, 2017, 08:11:56 PM
 #94

What's even more surprising is that a ETN has a max supply of 21,000,000,000 which is mind blowing considering the price is .09 right now. This coin should be well less then a cent based on pure fundamentals,

BTC supply: 21000000.00000000
ETN supply: 21000000000.00

Think about it.
Tristan1337
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November 03, 2017, 08:12:27 PM
 #95

Why are we not able to mine in the US?  I mined for 6 hours and submitted 8682884 hashes but I received nothing...

I mined all day on the launch day with 7300 h/s and got nothing to show for it.

The next day I switched to NiceHash. You won't get electroneum but essentially your hashing power will be used to help someone else get electroneum.

You will still be helping the electroneum blockchain, the mining will just be managed and compensated by NiceHash with BTC instead.


Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

nicehash is a mining service (google NiceHash) and people point their mining rigs at nicehash and nicehash redirects to whatever_coin_is_most_profitable.   (this is also why as soon as nicehash supported ETN the network hashrate jumped from 10MH to 150MH in a matter of a few hours).   so when you're mining to 'nicehash', you're not mining the coins directly.  you pick the algorithm best for your rigs, and nicehash basically acts as a proxy to the most profitable blockchain, nicehash gets the mining rewards (in this case ETN since ETN is most profitable right now), and nicehash auto-dumps all the rewards on the exchange for BTC and pays the miners in BTC.    so again thats why the network hashrate skyrocketed, and its also why the coin is drasticallly dropping in price fast because nicehash auto dumps all rewards on the exchange immediately into BTC and pays the miners in BTC (while keeping a nice chunk for themselves too).  many people like using nicehash for it's auto-switching capabilities to auto switch to the most profitable coins so they can just set-it-and-forget-it and basically sit back while BTC accumulates in their wallets.

^ This guy pretty much summed it up, although we don't know for sure exactly what NiceHash does with the coins. They could be HODLing them and paying out BTC from their reserves for all we know.

NiceHash is software that will automatically mine the most profitable coin by algorithm for your hardware. In this case we are talking the CryptoNight algorithm.

Since Electroneum was the most profitable coin to mine (for AMD at least), it will add more hashpower to the blockchain, which is the point to mining.

You pretty much lend your hash power to NiceHash and they handle all of the configuration on their end.

So instead of mining for 24 hours on the official pools and receiving 0 coins which is what happened to me, I can still mine the blockchain and receive compensation. That's how mining is supposed to work, but at the moment it is broken for some.

I would consider myself an expert level miner (had no issue whatsoever with configuring CPU/GPU mining, paper wallet, and importing into command-line wallet within 20 minutes, and with extensive troubleshooting could not see pending coins after 24 hours of mining) so I can see how those new to the game would have issues.

NiceHash is simply the stopgap until those mining issues (not everyone is experiencing, but many are, are resolved)

I can agree that without NiceHash the total hashrate would be lower because people who don't know about Electroneum at all are helping to mine it now.

Not sure if a higher hashrate is a good thing or a bad thing in the developers eyes. If there is an actual use case for the blockchain then I see it as a good thing.

Nicehash is not mining any coins. The hashes are directed where ever the user that pays for the hashing power directs them. The person buying the hashing power then receives the coins he mines and the users that are renting their hashing power receive the BTC.
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November 03, 2017, 08:18:02 PM
 #96

Why are we not able to mine in the US?  I mined for 6 hours and submitted 8682884 hashes but I received nothing...

I mined all day on the launch day with 7300 h/s and got nothing to show for it.

The next day I switched to NiceHash. You won't get electroneum but essentially your hashing power will be used to help someone else get electroneum.

You will still be helping the electroneum blockchain, the mining will just be managed and compensated by NiceHash with BTC instead.


Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

nicehash is a mining service (google NiceHash) and people point their mining rigs at nicehash and nicehash redirects to whatever_coin_is_most_profitable.   (this is also why as soon as nicehash supported ETN the network hashrate jumped from 10MH to 150MH in a matter of a few hours).   so when you're mining to 'nicehash', you're not mining the coins directly.  you pick the algorithm best for your rigs, and nicehash basically acts as a proxy to the most profitable blockchain, nicehash gets the mining rewards (in this case ETN since ETN is most profitable right now), and nicehash auto-dumps all the rewards on the exchange for BTC and pays the miners in BTC.    so again thats why the network hashrate skyrocketed, and its also why the coin is drasticallly dropping in price fast because nicehash auto dumps all rewards on the exchange immediately into BTC and pays the miners in BTC (while keeping a nice chunk for themselves too).  many people like using nicehash for it's auto-switching capabilities to auto switch to the most profitable coins so they can just set-it-and-forget-it and basically sit back while BTC accumulates in their wallets.

^ This guy pretty much summed it up, although we don't know for sure exactly what NiceHash does with the coins. They could be HODLing them and paying out BTC from their reserves for all we know.

NiceHash is software that will automatically mine the most profitable coin by algorithm for your hardware. In this case we are talking the CryptoNight algorithm.

Since Electroneum was the most profitable coin to mine (for AMD at least), it will add more hashpower to the blockchain, which is the point to mining.

You pretty much lend your hash power to NiceHash and they handle all of the configuration on their end.

So instead of mining for 24 hours on the official pools and receiving 0 coins which is what happened to me, I can still mine the blockchain and receive compensation. That's how mining is supposed to work, but at the moment it is broken for some.

I would consider myself an expert level miner (had no issue whatsoever with configuring CPU/GPU mining, paper wallet, and importing into command-line wallet within 20 minutes, and with extensive troubleshooting could not see pending coins after 24 hours of mining) so I can see how those new to the game would have issues.

NiceHash is simply the stopgap until those mining issues (not everyone is experiencing, but many are, are resolved)

I can agree that without NiceHash the total hashrate would be lower because people who don't know about Electroneum at all are helping to mine it now.

Not sure if a higher hashrate is a good thing or a bad thing in the developers eyes. If there is an actual use case for the blockchain then I see it as a good thing.

Nicehash is not mining any coins. The hashes are directed where ever the user that pays for the hashing power directs them. The person buying the hashing power then receives the coins he mines and the users that are renting their hashing power receive the BTC.

Thanks for that! I corrected my first line accordingly.

Quote
although we don't know for sure exactly what NiceHash does with the coins. They could be HODLing them and paying out BTC from their reserves for all we know.

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November 03, 2017, 08:24:31 PM
 #97

Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

Contraband, can you please comment on the issue with the mining pools and mined blocks being stuck in a limbo?
Few people have been trying to get your attention to this issue and so far all the messages have successfully been ignored.

Thank you.


yea i was wondering the same thing.  many miners pointed their rigs are the broken uspool electroneum pool servers.   what didnt make sense to me is when i had all 3 website stats up simultenously, and uspool seemed 'stuck', i would monitor the 'Electroneum Pool Network' and 'This Pool' stats simultaneously across them (these stats represents all 3 pools in the Electroneum Pool Network, not the entire blockchain network), and in high frequency it would say 'block found: x minutes ago', but if you looked at eupool and asiapool those pools wouldnt have updated their 'THIS POOL: bound found: x minutes ago' but uspool was not updating 'this pool' at all or rewarding its miners.   In other words, it does seem like mining on uspool WAS finding blocks, however the pool itself completely stopped updating its stats and blocks found and it was not appropriately rewarding the miners with those blocks.   (in other words, a major failure OR a scam pool).   So basically I'm also wondering wth is going on here and whether or not those miners are going to get the rewards they deserve.

It seems like they're holding funds from all official mining pools so they can sift ETN to pay ICO investors? Unlike ERC20 Tokens which can be issued with ease to ICO investors, Electroneum decided to use a fork of Monero which is based on Cryptonote tech, which means you cannot issue tokens, you have to mine them. I understand they pre-mined like 9 billion though? Or did they fuck up their pre-mine?

Maybe they fucked up with the pre-mine and are holding all official mining pools in order to pay ICO holders? Who knows I'm just being speculative here, but it's very odd that all official mining pools have stopped paying out miners, not to mention the ridiculous 4% mining fee! Should be max 2%.

What's even more surprising is that a ETN has a max supply of 21,000,000,000 which is mind blowing considering the price is .09 right now. This coin should be well less then a cent based on pure fundamentals, granted the sheer amount of noobs and hype around the coin has generated tons of interested. I do like the fact 237890132709437094327021 noobs are learning what the hell a wallet-cli is and are learning about mining and the pain staking process behind it though. Tongue

I doubt they would make such a mistake, but if what you said about the pre-mine is true, that means the coins already mined actually should worth a lot more right now. I don't know much about privacy coins. Is it possible to just examine the blockchain and see how many coins are in circulation?

The part about noobs learning is so true  Grin As an old bitcoiner since 2011, always thought I should spend some time and learn about privacy coins such as XMR, but just too lazy to get started. Now that I have some experience with ETN, the skills can be transferred to XMR mining down the road.

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November 03, 2017, 08:32:17 PM
 #98

Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

Contraband, can you please comment on the issue with the mining pools and mined blocks being stuck in a limbo?
Few people have been trying to get your attention to this issue and so far all the messages have successfully been ignored.

Thank you.


yea i was wondering the same thing.  many miners pointed their rigs are the broken uspool electroneum pool servers.   what didnt make sense to me is when i had all 3 website stats up simultenously, and uspool seemed 'stuck', i would monitor the 'Electroneum Pool Network' and 'This Pool' stats simultaneously across them (these stats represents all 3 pools in the Electroneum Pool Network, not the entire blockchain network), and in high frequency it would say 'block found: x minutes ago', but if you looked at eupool and asiapool those pools wouldnt have updated their 'THIS POOL: bound found: x minutes ago' but uspool was not updating 'this pool' at all or rewarding its miners.   In other words, it does seem like mining on uspool WAS finding blocks, however the pool itself completely stopped updating its stats and blocks found and it was not appropriately rewarding the miners with those blocks.   (in other words, a major failure OR a scam pool).   So basically I'm also wondering wth is going on here and whether or not those miners are going to get the rewards they deserve.

It seems like they're holding funds from all official mining pools so they can sift ETN to pay ICO investors? Unlike ERC20 Tokens which can be issued with ease to ICO investors, Electroneum decided to use a fork of Monero which is based on Cryptonote tech, which means you cannot issue tokens, you have to mine them. I understand they pre-mined like 9 billion though? Or did they fuck up their pre-mine?

Maybe they fucked up with the pre-mine and are holding all official mining pools in order to pay ICO holders? Who knows I'm just being speculative here, but it's very odd that all official mining pools have stopped paying out miners, not to mention the ridiculous 4% mining fee! Should be max 2%.

What's even more surprising is that a ETN has a max supply of 21,000,000,000 which is mind blowing considering the price is .09 right now. This coin should be well less then a cent based on pure fundamentals, granted the sheer amount of noobs and hype around the coin has generated tons of interested. I do like the fact 237890132709437094327021 noobs are learning what the hell a wallet-cli is and are learning about mining and the pain staking process behind it though. Tongue

I doubt they would make such a mistake, but if what you said about the pre-mine is true, that means the coins already mined actually should worth a lot more right now. I don't know much about privacy coins. Is it possible to just examine the blockchain and see how many coins are in circulation?

The part about noobs learning is so true  Grin As an old bitcoiner since 2011, always thought I should spend some time and learn about privacy coins such as XMR, but just too lazy to get started. Now that I have some experience with ETN, the skills can be transferred to XMR mining down the road.


With investor coins, refferal bonus coins, and coins that have been mined so far, there is around 5.025 Billion ETN coins in circulation.
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November 03, 2017, 08:40:03 PM
 #99

It seems like they're holding funds from all official mining pools so they can sift ETN to pay ICO investors? Unlike ERC20 Tokens which can be issued with ease to ICO investors, Electroneum decided to use a fork of Monero which is based on Cryptonote tech, which means you cannot issue tokens, you have to mine them. I understand they pre-mined like 9 billion though? Or did they fuck up their pre-mine?

Maybe they fucked up with the pre-mine and are holding all official mining pools in order to pay ICO holders? Who knows I'm just being speculative here, but it's very odd that all official mining pools have stopped paying out miners, not to mention the ridiculous 4% mining fee! Should be max 2%.

What's even more surprising is that a ETN has a max supply of 21,000,000,000 which is mind blowing considering the price is .09 right now. This coin should be well less then a cent based on pure fundamentals, granted the sheer amount of noobs and hype around the coin has generated tons of interested. I do like the fact 237890132709437094327021 noobs are learning what the hell a wallet-cli is and are learning about mining and the pain staking process behind it though. Tongue

they premined 60% of the coins, which you can see on block #1 https://blockexplorer.electroneum.com/tx/878ec74ff5f305ba30df3bae5f84bc59c8cb8cfbcc3df12f58dd7e646999892b

thats 12.6 billion coins premined out of total supply of 21 billion. supposedly 4.4 billion of that is for ico coins that are still waiting to be paid and the other 8.2 billion of the premine is for the "mobile simulated mining experience".  afaik this 8.2 billion premine for the mobile mining experience was NOT announced at all which comes as a massive surprise, and IMO its way to large and is going to really a gold mine for  hackers to simulate phones so they can accumulate more for themselves.  The other unmined 8.4 billion is for desktop miners who mine the actual blockchain (mobile mining experience does not mine the blockchain or find any blocks at all, its fake mining, and this WAS CLEARLY communicated in their technical white papers which apparently nobody read and this furthered a lot of misunderstanding/mistrust/miscommunication.)

the reason for the high 4% fee they said is because they wanted to encourage other pools to pop up (they themselves did not want to be the main pool that everyone uses).  

they did say one of the purposes of ETN was to "introduce" everyday people into the crypto world , which is sort of working, but unfortunately the failed launch of the desktop wallet and ico coins and the lack of good communication from the company I think is just pissing off more people so its kind of backfiring.  especially since a lot of people really thought they'd be able to mine a lot using cpus when in reality they didnt stand a chance against the pro gpu miners.  They should have communicated better expectations for sure.  Combine that with the the completely broken official electroneum pools (which they have yet to address which is even more embarrassing to them), and its really just a disaster launch.  

for me personally I mined a *lot* of coins right from the start and sold them all, but I knew what I was doing when everyone else was scrambling how to use their desktop cpu miner they downloaded (and unfortunately pointed them at the broken pools which they would have no idea of why they werent getting anything), and even many gpu miners had no idea how to mine monero.   i'm also an investor, and waiting for the ico release, and i do expect a dump at first but after this initial dump I'm hoping people get over the all the distaste going on (yes, they messed up big time), but in general for their future I think they do have something big especially with the online gambling and gaming aspects..., so i expect the coin will rise back up at some point.
boba02
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November 03, 2017, 08:42:35 PM
 #100

It seems like they're holding funds from all official mining pools so they can sift ETN to pay ICO investors? Unlike ERC20 Tokens which can be issued with ease to ICO investors, Electroneum decided to use a fork of Monero which is based on Cryptonote tech, which means you cannot issue tokens, you have to mine them. I understand they pre-mined like 9 billion though? Or did they fuck up their pre-mine?

Maybe they fucked up with the pre-mine and are holding all official mining pools in order to pay ICO holders? Who knows I'm just being speculative here, but it's very odd that all official mining pools have stopped paying out miners, not to mention the ridiculous 4% mining fee! Should be max 2%.

It's highly unlikely because the amount of coins mined in those 10-12 hours would be just a fraction of the ICO coins.

I've been occasionally mining for a few years so I've seen this before - when a pool is mining and shows no blocks found - that's some kind of a glitch in a billing service, I guess.
I've also seen it many times when a team behind the pool was able to recover those blocks manually and issue payouts.

But that's when there are developers behind a pool who are interested in having a good reputation and to keep their pool running.
With Electroneum there may be a chance that the Dev team just simply abandoned their pools (they stated at the very beginning that they have no interest in creating the pools and they want to have more pools created by community).

What bugs me the most is that why a team who raised $40 mln in funds wasn't capable of hiring a middle level Linux admin/developer who could do the job for a few thousands bucks?

I wish I am wrong, but this thought seems to be very logical to me. With that kind of budget there shouldn't be any shortage in team's skills set.

Beware of scam:
- Koinbi.com exchange. Fake exchange rates, withdrawals don't work, no way to contact support.
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