Electroneum and the current Crisis.
If you have been following the crypto new lately, or even just stumbling across it in various social media platform, then you have probably heard of Electroneum.
What's the deal-e-o?
Electroneum was being lauded as the great competitor of bitcoin and also the "First British Cryptocurrency." After the ICO closed due to meeting the hardcap (over 40 million raised in BTC and ETH). There was big hype right before the blockchain went live launch because Electroneum went with using Monero code base.
What's the Crises?
When the blockchain went live, they did not release the coins bought during the ICO, but they let miners start earning coins, which meant that those who invested zero were mining 14k ETN a day and selling them for pennies on exchanges. The coins are still locked in the online wallets, and the community that invested are continually growing in anger and frustration at the current prospect of losing their coins. Add to the frustration the fact that Electroneum was pushing heavy their "sort or" mobile mining, but at launch the app did not work and still does not work.
Is ETN Dead?
Potentially, it could be the end of ETN. As the original investors may get their tokens once unlocked and drop them in exchanges to either make little gain or a small loss.
It can survive though. With all the cheap ETN floating in the exchanges right now, a bunch can be bought up which will make the market level out and settle its volatile nature. Also, the investors hold the bulk share of the coins, so if they decide to HODL and buy, Electroneum can still be a success story waiting to happen.
What do you think? Did you invest or are you mining?
sorry but I think when it eventually gets released to the ICO investors it may get sold down to 0 so fast it overruns and people have to start paying to have electroneum removed from their wallets
That could definitely be on the horizon. Not really worried myself.
nor me...a mate of mine tried to drag me in pre ICO but I could never get past the questions of why electroneum is and what exactly is it for aside from a stunt by a group of marketing people looking to make themselves some money from nothing but hype. I also could not find a member of their team or their advisors who I thought had really done anything of note so decided to swerve this one. I don't get why it's investors are so relaxed with the mess they have made of their launch and so confident for the future, I would be livid at how this coin has started.
If you have got electroneum I hope for your sake I am wrong, would love to see you guys all make your fortunes from it (except Harry Redknapp), just can't see it myself
They are providing no information. It doesn't look good.
Yep, wallets are still locked. I am not worried yet, and I didn't invest more than I was willing to lose.
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