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Author Topic: Electroneum coin and ICO - issues during launch (unofficial thread)  (Read 1478 times)
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Dr.Bitc0in
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November 05, 2017, 12:46:05 PM
 #41

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.

Can't beleive they got away with 40 million... so many scam coins.. its so hard to find a good project
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boba02
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November 05, 2017, 09:38:41 PM
 #42

So here is what Contraband says in regards to the official pools holding payouts:

Quote
Just dont hold your breath guys. If a pool doesnt work, use a different one.

Thats the response they gave in the video.

And dont shoot the messenger.

Im just being honest on my take on it. Pools that I have seen broken in the past have never paid out coins later, because there is no coins because they were broken.

If you watch the guy who took the video, he said the pool he was on wasnt giving him anything, so he changed pools.


And my response:

Quote
Pool's software contains four modules:
- Pool - it opens ports for miners to connect and processes shares
- API - used by the website to display network, pool and miners' data
- Unlocker - processes block candidates and increases miners' balances when blocks are unlocked
- Payments - sends out payments to miners according to their balances stored in redis database.

Two modules stopped/hanged on Electroneum pools - unlocker and payments.
Once these modules are restarted, there is a high chance the payments will be processed automatically.

Now, if Development team is not capable of completing such an easy task, what kind of future this coin will have?
Blud87
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November 08, 2017, 12:43:25 AM
 #43

i also have coins locked in uspool
not too happy about it
at least i got everything from eu

i feel bad for ICO people Sad

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cryptkeeper1979
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November 08, 2017, 04:42:41 AM
 #44

i also have coins locked in uspool
not too happy about it
at least i got everything from eu

i feel bad for ICO people Sad

Something doesn't make sense. The ETN team continues to leave updates on FB about their progress of "thousands of lines of code" yet their Github is empty and hasn't been updated since Oct 31st.

https://github.com/electroneum/electroneum/commits/master

Considering they forked off Monero and still don't know how to remove the name "Monero" from their actual code, I'm super curious what those 1000's of lines of code looks like.

BUT HEY, THEY GOT SOME GOOD LOOKIN COFFEE MUGS!  Grin

BTC: 1PP5r4YnGNXo4TFpCX4TKgSjrh9qRmWocn
rohqit
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November 08, 2017, 03:53:08 PM
 #45

So here is what Contraband says in regards to the official pools holding payouts:

Quote
Just dont hold your breath guys. If a pool doesnt work, use a different one.

Thats the response they gave in the video.

And dont shoot the messenger.

Im just being honest on my take on it. Pools that I have seen broken in the past have never paid out coins later, because there is no coins because they were broken.

If you watch the guy who took the video, he said the pool he was on wasnt giving him anything, so he changed pools.


And my response:

Quote
Pool's software contains four modules:
- Pool - it opens ports for miners to connect and processes shares
- API - used by the website to display network, pool and miners' data
- Unlocker - processes block candidates and increases miners' balances when blocks are unlocked
- Payments - sends out payments to miners according to their balances stored in redis database.

Two modules stopped/hanged on Electroneum pools - unlocker and payments.
Once these modules are restarted, there is a high chance the payments will be processed automatically.

Now, if Development team is not capable of completing such an easy task, what kind of future this coin will have?

^^^^This^^^^Amen
cryptobobo
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November 08, 2017, 03:59:43 PM
 #46

i invested hundred dollars for this and this is unexpected from the team,you have a lot of potential yet you didnt play it well. Undecided
boba02
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November 09, 2017, 02:42:48 AM
 #47

i also have coins locked in uspool
not too happy about it
at least i got everything from eu

I'm sorry to disappoint you, but EU pool released the payments that's already been assigned to the miners and the only reason they were stuck at the pool because of a higher payment threshold.

Trust me, that's just a tip of an iceberg.
People kept mining with that pool and submitting shares and the pool showed no blocks found because two of the software modules hang.
Some people rented hashpower and lost real money.

EU pool probably released $2 worth of coins to some users, but it's still holding $30-60k at least even in today's exchange rate.

And the only spokesperson "Contraband" keeps posting stupid pictures instead of giving any valuable information.
ilsshort
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November 09, 2017, 07:11:18 PM
 #48

Let us take the opportunity to invest in this great project. In addition to a promising and necessary branch in the new times, the Team is committed to take us very far with
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