Bye Bye ELECTRONEUM

in #crypto6 years ago (edited)

Spoiler Alert: Electroneum Mobile Mining App just makes no economical sense and seems to have a major issue
Two weeks ago I wrote a positive article featuring the electroneum mobile mining app, also describing the technical background.
https://steemit.com/crypto/@solarwarrior/electroneum-tokens-mobile-phone-mining-pros-and-cons

Now after three weeks of field testing I have to say its completely useless.

  1. Payout: In 3 weeks of more or less constant "mobile mining" via the electroneum mobile app - most times in the background where mining hash rate drops to 33% (12 H/s) - I "mined" 40 ETNs with a current marketvalue of 2.1 cents, equaling 84 cents.
    So if I would run it for a whole year my mining proceeds should be 52 weeks / 3 weeks * 84 cents = 14.56 USD
    Due to increasing mining activities the payout shrank during that time so I would guess that you should better guestimate the payout to 10 USD / year.
    At the same time you don't know when they will decrease payout or stop the whole "pseudo mobile mining scheme"..
    As 10 USD is also the payout you may get for other ICO airdprops IMHO it is not worth letting the app run 24/7, consuming power and being constantly open in the background of your mobile...
    For me the monthly payout would have to be around 5 bucks to justify letting it run 24/7 on my phone...

  2. There seems to be a major transaction / technology / security issue...
    As you can see from the picture below, showing the mobile wallet in the electroneum app, I got a payout of 10 ETNs every 4 days... the app just runs up the mined tokens in a counter in the mining screen (as long as you are online and the start mining button is activated) up until it reaches about 10 ETNs, then books those tokens automatically in the blockchain into your wallet and starts at 0 counting up again..
    If you look carefully at the picture below you see a gap in the 4 day booking intervals between a booking on Mar 14 and Mar 22... at Mar 18 there should have been a booking.. but there was not.. the minded tokens just disappeared into nirvana and that's it..
    electroneum blockchain usually is pretty quick.. so to me it was clear there is something wrong...

Contacting the electroneum support I got two standard mails claiming: Your payment is making its way through the blockchain. The speed depends on the amount of traffic.

After I insisted something is wrong, the service person promised to contact a developer... and that was pretty much it.. not heard anything since 9 days..
so where did the lost tokens go??.. for electroneum's sake I just hope that their app was temporarily corrupted while loosing my tokens and that they do not have a major issue with their blockchain...
But for me, that's it.. I never lost any token due to a technical issue in a blockchain transaction.. so I am very skeptical now about whats going on at electroneum..
.. and as they did not respond there is no way to get clarification and getting lost trust back...

electroneum2.png

Sort:  

You just planted 0.18 tree(s)!


Thanks to @solarwarrior

We have planted already 2702.49 trees
out of 1,000,000


Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 18625.45
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
treeplantermessage_ok.png

Coin Marketplace

STEEM 0.16
TRX 0.13
JST 0.027
BTC 58188.83
ETH 2585.51
USDT 1.00
SBD 2.40