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Author Topic: Electroneum coin and ICO - issues during launch (unofficial thread)  (Read 1476 times)
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boba02
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November 04, 2017, 06:01:58 PM
 #1

Few days ago we had an opportunity to see a launch of a new project - Electroneum Coin which followed an ICO that's gathered around $40 mln USD. The idea of the coin was to introduce mobile mining and fast mobile transactions. You can find more on project's website.

From the launch at 00:00 AM on November 1st there have been few issues that increased people's concern in regards to this project:

1. Mobile mining hasn't been launched. Cryptonyte mining was launched instead with absolutely no changes to Monero coding (except coin name, obviously).

2. ICO coins haven't been released to the investors. The project's spokesman Contraband stated that there was a "hack". No details have been provided in writing except that the team is working and there is no ETA on the release.

3. 15 hours after the mining started official pools stopped making payouts. Estimated worth of the coins being stucked on those pools is at least 5-10 BTC.

4. The biggest issue - the coin was accepted by Cryptopia exchange operated by the kiwis (NZ). So with the coins being traded at a price higher than ICO price all the investors got furious. They watched miners selling coins without being able to sell anything they paid for.

5. When community started asking questions, the spokesman (Contraband) started deleting posts from the moderated thread.

Let me summarize everything.
4 days after the launch investors haven't got their coins, miners cannot get payouts released, mobile mining hasn't been released and posts are being deleted.

I'll let community make conclusions. Just trying to point out what looks strange to me.
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November 04, 2017, 06:06:32 PM
 #2

Those who complain about not being paid out:
Post your wallet address and let them take a look at the stats

Check my webpage about building electroneum bin
cryptkeeper1979
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November 04, 2017, 06:08:41 PM
 #3

I started a new thread as well because of all the shady shit that's going on with Electroneum and community manager Contraband. Here's my 2 cents on it, and as an investor and miner, I'm deeply upset that I've been treated like a piece of shit and censored for no reason whatsoever... HE CALLED ME A SCAMMER! GREAT PR CONTRABAND! Cheesy

My Take:

Contraband the community manager for Electoneum has been deleting all posts that question or bring up issues with Electroneum and the launch. As an ICO investor I have every right to ask questions, especially when my funds are locked up while miners are making a profit and we are sitting on the sidelines. Here are some of the posts he deleted.

Contraband: I wont delete your response to hide the post you responded to because I deleted, as my intention is not to "hide" posts.

Contraband: The post is just so ridiculous. I didn't want to go through one at a time and respond to the barrage of questions that were just pure FUD in my opinion. The devs are not scammers. So for transparency I leave it here so you can read it if you really want to, but believe me, dont waste your time and just move along.

My Response:

Is it though? First of all I mentioned I was speculating, and given the fact 10,000+ miners haven't received a single ETN token from the official mining pools in over 48 hours is bloody odd and should be addressed ASAP.

Also given the fact people spent money on this ICO and are stuck unable to withdraw their funds is unacceptable, as miners who don't have any ties to this project are mining it and making the most profit. Whether or not the dev team has been dealing with a hack, or more likely scenario, they don't have the ETN to send to the ICO holders yet, or even worse they lost their pre-mine somehow, might sound crazy but I have every right to speak my mind and speculate especially after such a shady and unprofessional launch.

What's ridiculous is you censoring this thread, my post and others who are just airing their thoughts and ideas. I'm not trying to spread fud, but it's hard NOT to speculate when a 40million ICO disappears from the world then pretends to be in talks with "Amazon" which is bullshit and add to the madness has mining pools that are stuck and not working. Goodluck being their PR rep Contraband.

Another Poster Boba02 dealing with deleted posts when just asking questions...

Contraband,

The following pools are sitting on Electroneum domain, you announced them, so why now you are trying to distance yourself from what your team had created?

eupool.electroneum.com
uspool.electroneum.com
asiapool.electroneum.com

My approximate calculations suggest that there are at least 5-10 BTC in ETN coins haven't been accounted for and that's ~ 36,000-72,000 USD in today's money.

If Electroneum development team is not going to release those payouts, I guess the community would be curious to know how those money will be spent.

Thank you.

Okay, seems like my posts are being deleted, so I have to repost.
The whole project lacked transparency since day 1 (no details on "hack", no real ETA on ICO coins release and now they don't want to be responsible for the money that haven't been paid by their own pools.

Just a reminder, here is an announce of the pools that hold at least 5-10 worth of BTC in payouts.
Contraband suggests to contact pools' support, but that's apparently Electroneum team.


Quote from: boba02 on Today at 05:29:02 PM
Contraband, would you like to explain why you are deleting my posts?
Am I giving misinformation?
And if not, are you afraid that people may read my point of view
?

Contraband: I sent you a PM explaining that you had, maybe by accident, quoted someone that posted a "quote" of mine that wasnt true.

EDIT: Contraband has threatened me multiple times via PM and has now "added me" to the Scammers list! LOL. I personally have over 2K invested in Electroneum, this is bloody absurd.

EDIT 2: I will continue to add deleted posts by either myself or other members until we get some answers.

Original thread: https://bitcointalk.org/index.php?topic=2353282.280

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cryptkeeper1979
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November 04, 2017, 06:15:23 PM
 #4

Contraband continues to delete my posts on the original thread and is calling me a "scammer". This is turning into a bloody comedy.

Latest deleted Post:

Quote from: boba02 on Today at 05:59:11 PM
Quote from: contraband on Today at 05:49:15 PM
Quote from: BranNutz on Today at 05:46:16 PM
Quote from: contraband on Today at 05:41:21 PM
Quote from: BranNutz on Today at 05:38:02 PM

I feel like you are really on top of things Contraband, but you are dodging this question every time.

Why won't the devs comment about the pools they setup and collected 4% on that stopped paying out after 12 hours but continued to accept shares for days?

This is a major issue and a lot of coins should still be distributed to the miners that earned them. Not one word about it is very unprofessional even if they don't want to continue running the pools is no excuse for not paying out or addressing problems.

Please at least address this and don't say contact support. Are you not the support for the community?

I was among those miners too. And tried to draw your attention for 3 days up to the point when you started deleting my posts.
It's not cool from PR standpoint.


Boba I mined ETN on 4 different rigs, all 1070s and 1080s and I haven't had a single payout, I tried US and EU both have literally been stuck for days.

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cryptkeeper1979
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November 04, 2017, 06:22:01 PM
 #5

Quote from: contraband on Today at 05:44:15 PM
Remember everyone, if you see anyone on the scammer/spammer list make a post here, click report to moderator everytime you see them post, so that they get banned or at least suspended from BCT, as they have been asked not to post here.

Right now Cryptkeeper1979 is the biggest issue


WOW, I'M THE BIGGEST ISSUE!?!? HOW ABOUT YOU RELEASE YOUR FUCKING COINS TO PEOPLE WHO SPENT "REAL" MONEY ON THEM!!!

Well it officially looks like i'm dealing with a 14 year old community manager here that has nothing better to do then call me a "scammer" and delete my posts. Next time you drop 2K into a project, let me know how it feels to be censored, deleted, called a scammer and harassed. Buying into ETN was a bloody mistake.


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CryptoWhaler
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November 04, 2017, 06:24:12 PM
 #6

Finally a voice for the voiceless.

I too have had a couple of my posts deleted for "spreading FUD".
When one party does not honor their end of the bargain and subverts all attempts to be held accountable then obviously FUD will set in.
Contraband has gone from community manager to community policeman deleting any posts that don't toe the line.
The launch has been a disaster and we have been denied an opportunity to express our concerns.
I can't wait to dump this pos when I finally receive this coin because my relationship with the team is now beyond repair.
boba02
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November 04, 2017, 06:26:42 PM
 #7

What's funny, I would understand if developers didn't give a pig's arse about their communities when coins were launched by enthusiasts with no funding 3-4 years ago.

But now, when they have a community of investors, they still don't give a damn.

Not cool at all.
cryptkeeper1979
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November 04, 2017, 06:34:47 PM
 #8

Finally a voice for the voiceless.

I too have had a couple of my posts deleted for "spreading FUD".
When one party does not honor their end of the bargain and subverts all attempts to be held accountable then obviously FUD will set in.
Contraband has gone from community manager to community policeman deleting any posts that don't toe the line.
The launch has been a disaster and we have been denied an opportunity to express our concerns.
I can't wait to dump this pos when I finally receive this coin because my relationship with the team is now beyond repair.

Yea it's seriously the most unprofessional thing I've encountered in a long time. I spent over 2K on the ICO and also mined on 4 rigs, and all I get in return for asking "hard" questions is deleted posts and "adding me to the scammer list" because I'm speaking my mind. This thread and the one I started in Altcoin Discussion here: https://bitcointalk.org/index.php?topic=2357879.0 can be used to speak freely about what the fuck is really happening. I'm not going to sit idle and be censored after investing 2K into this bullshit project that can't even take "Monero" out of it's code base.

Here's another deleted post by Contraband:

Quote from: contraband on Today at 06:09:37 PM
Yes, the bottom info of the pic. I did not say anywhere.

I quoted this so you and everyone else can understand, but Ill delete your post again because I dont want people seeing that and missing this.

Please understand, I cant let false quotes of me to stay up.

Im sure that makes sense.


Response from Boba02:

Not, it actually doesn't make sense.
I raised a question about pools holding payouts, you suggested to contact the pools, I posted a pic showing that the pools were launched by your team and then you started deleting my posts.

From where I'm standing it looks more like your team threw you under the bus by letting you handle PR on all the mistakes they made. And being under a huge amount of pressure you employed a technique of ignoring questions that you couldn't answer. Then you gave wrong answer (by suggesting to contact pool support) and then you started deleting posts when we insisted.


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November 04, 2017, 06:43:46 PM
 #9

What's funny, I would understand if developers didn't give a pig's arse about their communities when coins were launched by enthusiasts with no funding 3-4 years ago.

But now, when they have a community of investors, they still don't give a damn.

Not cool at all.

And (un)surprisingly those projects end up being successful because the "enthusiasts" know exactly what they are doing.
They way they have hyped ETN, I have a feeling their team is all marketing and the dev side is really wanting.
The AWS devs should have been hired from the get go. Hiring them now shows not only their naivety but they are reacting and not proacting.

On launch this coin was worth 20 cents and now less than 5 cents.
Who know what the price would be when they release the ICO coins to us.
I would be very happy to get 2 cents; doubling up my investment and move on.
I will also not hesitate to sell at ICO price, call it a day and reflect what a lesson this has been.
cryptkeeper1979
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November 04, 2017, 06:45:39 PM
 #10

What's funny, I would understand if developers didn't give a pig's arse about their communities when coins were launched by enthusiasts with no funding 3-4 years ago.

But now, when they have a community of investors, they still don't give a damn.

Not cool at all.

And (un)surprisingly those projects end up being successful because the "enthusiasts" know exactly what they are doing.
They way they have hyped ETN, I have a feeling their team is all marketing and the dev side is really wanting.
The AWS devs should have been hired from the get go. Hiring them now shows not only their naivety but they are reacting and not proacting.

On launch this coin was worth 20 cents and now less than 5 cents.
Who know what the price would be when they release the ICO coins to us.
I would be very happy to get 2 cents; doubling up my investment and move on.
I will also not hesitate to sell at ICO price, call it a day and reflect what a lesson this has been.

Another deleted post:

Contraband, you do understand that every post delete is being re-posted on 2 different threads.

Altcoin Discussion Thread:
https://bitcointalk.org/index.php?topic=2357879.0

Altcoin Announcements Thread:
https://bitcointalk.org/index.php?topic=2357920.0

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Foxcor
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November 04, 2017, 06:53:18 PM
 #11

Normally, the project started on November 1, and the mining began on October 30)))
Is not it SCAM?

https://eupool.electroneum.com/#payments
30.10.2017, 15:16:15 d5a8f562ae5fa1682f1bd92b260557adba84b0d477b87a4fb5fd0a6637eeddee 7689.00 0.01 0 1
https://blockexplorer.electroneum.com/tx/d5a8f562ae5fa1682f1bd92b260557adba84b0d477b87a4fb5fd0a6637eeddee

See how he refused the question)))
https://bitcointalk.org/index.php?topic=2353282.msg24023220#msg24023220
I think this project is HYPE !!!
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November 04, 2017, 07:00:31 PM
 #12

Guys, here is more.

Project's spokesman, Contraband, started deleting his original posts where he announced mining pools that didn't pay to the miners.

Here is his original post 3023:




And then the post was removed:




And the reason he deletes my posts in his thread is because, according to him, I'm posting images of the posts that he hasn't posted.
cryptkeeper1979
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November 04, 2017, 07:20:30 PM
 #13

Guys, here is more.

Project's spokesman, Contraband, started deleting his original posts where he announced mining pools that didn't pay to the miners.

Here is his original post 3023:




And then the post was removed:




And the reason he deletes my posts in his thread is because, according to him, I'm posting images of the posts that he hasn't posted.

Contraband is claiming you photoshopped this image or hired someone to do so. WOW. BRB going to make some fucking popcorn.

Quote from contraband: https://bitcointalk.org/index.php?topic=2353282.340
"Let me ask you this, since I dont have to delete this post for fake images, did you make that screenshot? Or did you see someone else post it?"

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kurret
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November 04, 2017, 07:21:20 PM
 #14

Electroneum plans to put the remaining of the unsold ICO coins into the mobile mining app. I think that as a compensation to the ICO investors that were not able to withdraw their coins, they should instead give these remaining ICO coins to the ICO investors (proportionally to how much they invested). (I only invested like 30$ so I don't have much to gain from this personally, but it would be a decent solution imo)
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November 04, 2017, 07:26:11 PM
 #15

Hello, my theory, which may also be false is that the ICO coins got stolen by a hacker.
And now, they permit people mining because they need their mining power to recreate the ICO coins.
But i think they won't say it officially and it is better also for us. As that would be catastrophic for them and also the investors.
As people would be afraid to put money on a company who is not safe.
But it may also not the case. I think it is better that nobody know that a company got hacked. It would destroy the project.
The company just want positive comments and no critics to protect the project i suppose.
Let them protect it as this is better also for the everyone.

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November 04, 2017, 07:37:56 PM
 #16

Keep calm fellas,there was a massive spam attack on their system when they were about to launch and Amazon webs their server hosts, advised them to upgrade their entire network ecosystem to avoid any risks that would have resulted in mostly people getting their coins stolen.
I too have been a critic of all that went by since launch, but I saw a Facebook live video by a guy who went over to their office last night and I saw that the team is working their asses off and upgrading their network which requires thousands of code changes, that is why there has been a delay.

https://m.facebook.com/story.php?story_fbid=10214401757178878&id=1266690811&_rdr

This is the link to the video, if you guys watch it fully you guys will understand what exactly is going on

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cryptkeeper1979
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November 04, 2017, 07:43:16 PM
 #17

Keep calm fellas,there was a massive spam attack on their system when they were about to launch and Amazon webs their server hosts, advised them to upgrade their entire network ecosystem to avoid any risks that would have resulted in mostly people getting their coins stolen.
I too have been a critic of all that went by since launch, but I saw a Facebook live video by a guy who went over to their office last night and I saw that the team is working their asses off and upgrading their network which requires thousands of code changes, that is why there has been a delay.

https://m.facebook.com/story.php?story_fbid=10214401757178878&id=1266690811&_rdr

This is the link to the video, if you guys watch it fully you guys will understand what exactly is going on


Understand the team is working their asses off, but asking questions about why our mining funds are locked on the US/EU official pools and why are funds are still locked shouldn't result in deleted posts, censorship and false claims of "I'm a scammer" by their community manager Contraband. He's literally doing everything you shouldn't do in this situation. People are allowed to air their questions, concerns, and frustration without being yelled at and censored.

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November 04, 2017, 07:55:51 PM
 #18

Hello, my theory, which may also be false is that the ICO coins got stolen by a hacker.
And now, they permit people mining because they need their mining power to recreate the ICO coins.
But i think they won't say it officially and it is better also for us. As that would be catastrophic for them and also the investors.
As people would be afraid to put money on a company who is not safe.
But it may also not the case. I think it is better that nobody know that a company got hacked. It would destroy the project.
The company just want positive comments and no critics to protect the project i suppose.
Let them protect it as this is better also for the everyone.

This is extremely plausible since I'm also thinking the same.
I have a gut feeling that the hackers stole the premined coins.
The delay we are experiencing is that Electroneum is now forking away at a point just before the hackers stole the premine.
The hackers will essentially be on an unrecognized chain with a worthless premine.
It has happened before where the best thing to do was just to fork away and isolate the hacker; just google "ethereum hack explained"
As an investor I hope I'm wrong but the delay and silence from the official channels is getting me edgy.
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November 04, 2017, 08:01:40 PM
 #19

Hello, my theory, which may also be false is that the ICO coins got stolen by a hacker.
And now, they permit people mining because they need their mining power to recreate the ICO coins.
But i think they won't say it officially and it is better also for us. As that would be catastrophic for them and also the investors.
As people would be afraid to put money on a company who is not safe.
But it may also not the case. I think it is better that nobody know that a company got hacked. It would destroy the project.
The company just want positive comments and no critics to protect the project i suppose.
Let them protect it as this is better also for the everyone.

This is extremely plausible since I'm also thinking the same.
I have a gut feeling that the hackers stole the premined coins.
The delay we are experiencing is that Electroneum is now forking away at a point just before the hackers stole the premine.
The hackers will essentially be on an unrecognized chain with a worthless premine.
It has happened before where the best thing to do was just to fork away and isolate the hacker; just google "ethereum hack explained"
As an investor I hope I'm wrong but the delay and silence from the official channels is getting me edgy.

Well keep posting on the official thread, and let me know how many times contraband will delete and censor your posts, and if it happens, please re-post the deleted post here so we can continue to keep track of this.

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November 04, 2017, 08:06:54 PM
 #20

Reading from the entire posts showed some anomaly here that I was not expecting to see in a project with so much potential like Electroneuem. I think they should have handled it better especially the community manager. Its true he could be under a lot of pressure especially when things are not going according to plan but that does not mean he should start shutting down objective comments and observations about the project as that alone makes the project lost credibility.

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