Electroneum Questions

[james19]

Hi Everyone,

I have some questions about Electroneum. I have been buying Bitcoin, Ether and LiteCoin for a while but to be honest I don't fully understand the technology behind how cryptocurrencies work.

So I read about Electroneum and bought into the ICO not long after it launched and now it's live, the miner is available etc but our tokens are not currently available to trade if my understanding is correct.

I have read various posts about people not having access to their coins, seem to be annoyed that others are able to mine - even people who haven't been part of the ICO and that we can't currently trade on an exchange to withdraw funds to fiat currency etc.

I don't actually care about this stuff - I'm personally just gunna leave my coins sitting idle just to see if anything happens long term but I just have some questions that I'd like to understand, hopefully you nice peoples can help me with the answers.

1) So firstly, if my maths is correct, if there are 21,000,000,000 coins in existence and 6,000,000,000 were sold for a total value of $40m then that means each coin should have a value of $0.0019*** each right? ($40,000,000/21,000,000,000)

2) On the exchange www.cryptopia.co.nz the current value for 1 ETN is 0.00000736BTC (as of writing this post) which is approx 0.04gbp (or 4 pence if you will) - How does this value accurately reflect the value of 1 ETN?
How can the value of 1 Electroneum coin currently go up or down if it isn't able to be traded for other currencies yet or transferred between wallets?

And how are people able to mine and make money yet? if no ICO investor has access to their coins - What is there to trade and how are coins being transferred between wallets? It's my understanding that mining is to verify transactions on the blockchain right? or am I wrong?

Thanks for reading, I'm just trying to get a better understanding of how things work and appreciate everyone's help. Also not to be rude but if anyone just wants to reply telling me it is just a scam then please don't as it's not helpful.

Many Thanks All.

James

[paxmao]

The coin is high in value because the sale went incredibly well. That means that there is a high demand for a coin of this characteristics.

The 40 million is not the value of the coin at all. That ammount is for the team to develop the product. 40 millions in the hands of some people are worth 1 cent, whereas with a good project and team it is worth much more. It is called non-tangible value.

[Febo]

Dear james19 why on earth you dont buy coins of reputable cryptocurencies with a innovative technology buy you buy some scam ico coins?

Yes, they will first dump their instamined coins and then will let you sell yours if anyone will want to buy it.

That ammount is for the team to develop the product. 40 millions in the hands of some people are worth 1 cent, whereas with a good project and team it is worth much more. It is called non-tangible value.

What product? there is no product. They forked Monero. 2 lines of code and changed supply and instamined something for them. That is all. Zero innovation no product at all.



They proved with first announcements when planed fork Bytcoin that have no ideas what they do. They already have problems giving coins to people. They cenzor anyone asking questions on this forum. they lie that Monero core team developer is helping them.   If all this is fine to you then keep support them. But I do not understand why when there are piles of really good projects that will be for sure worth many times more as they are right now in few years time.   I do not understand why.

[Maren]

Dear james19 why on earth you dont buy coins of reputable cryptocurencies with a innovative technology buy you buy some scam ico coins?

Yes, they will first dump their instamined coins and then will let you sell yours if anyone will want to buy it.

That ammount is for the team to develop the product. 40 millions in the hands of some people are worth 1 cent, whereas with a good project and team it is worth much more. It is called non-tangible value.

What product? there is no product. They forked Monero. 2 lines of code and changed supply and instamined something for them. That is all. Zero innovation no product at all.



They proved with first announcements when planed fork Bytcoin that have no ideas what they do. They already have problems giving coins to people. They cenzor anyone asking questions on this forum. they lie that Monero core team developer is helping them.   If all this is fine to you then keep support them. But I do not understand why when there are piles of really good projects that will be for sure worth many times more as they are right now in few years time.   I do not understand why.

They are a marketing team, it's obvious they will generate quite a hype if they pour enough money into it. It's equally obvious they have no clue what they are doing. The monero fork just confirmed it. All the red flags already went up when they said mobile mining.

To the OP. The tokens that got to cryptopia are from miners, the Electroneum devs didn't distribute the tokens, but the blockchain is up and you can mine them. Not sure about the premine, I haven't seen any proof, would like to, though.

[korkyqq]

I don't find anything innovative in this coin. Mobile mining? Just more destroyed phones, burned or 3 min battery..

[paxmao]

Dear james19 why on earth you dont buy coins of reputable cryptocurencies with a innovative technology buy you buy some scam ico coins?

Yes, they will first dump their instamined coins and then will let you sell yours if anyone will want to buy it.

That ammount is for the team to develop the product. 40 millions in the hands of some people are worth 1 cent, whereas with a good project and team it is worth much more. It is called non-tangible value.

What product? there is no product. They forked Monero. 2 lines of code and changed supply and instamined something for them. That is all. Zero innovation no product at all.



They proved with first announcements when planed fork Bytcoin that have no ideas what they do. They already have problems giving coins to people. They cenzor anyone asking questions on this forum. they lie that Monero core team developer is helping them.   If all this is fine to you then keep support them. But I do not understand why when there are piles of really good projects that will be for sure worth many times more as they are right now in few years time.   I do not understand why.

I do not understand what you mean by "censor" in this forum. You are obviously free to write.

At the moment this is a startup that has 40M in capital, a project and a working crypto that is private, minable and listed.

Also, they have not delivered their main milestone, which is not surprising.

As far as I am concerned, they have a desktop client, and that has been enough for me to move the coins with full privacy.

[paxmao]

I don't find anything innovative in this coin. Mobile mining? Just more destroyed phones, burned or 3 min battery..

Is not real mining. And yes, for the moment no innovation, but plenty of cash to develop in the future.