|
contraband (OP)
|
 |
August 24, 2018, 02:48:10 PM
Last edit: August 24, 2018, 02:58:22 PM by contraband |
|
Here is a conversation I had a while back on the "Is Electroneum a Scam" topic For some more insight into my personal opinion on ETN and the crypto market in general: Great questions!!!
- there are always 150-175k using the mobile miner these days, the rest are not currently mining at the time
-Patent Info
Richard Ells-
"Thats right we now have a protected patent that allows us to add bitcoin, Ethereum, monero or virtually any other cryptocurrency to our app and allow users to make instant crypto payments to any vendor who wants to have the convenience of instant check-out. This wont be happening this year, as we want to get Electroneum (ETN) out there first into the market, but it gives us the ABILITY to provide this if the market demands it. We could therefore work with a large multinational vendor who had chosen a different cryptocurrency, but still leverage the Electroneum brand, as part of our strategy for brand dominance and growth.
Theres bound to be a ton of questions and theres bound to be a lot of people trying to claim that this cant happen or it doesnt exist but I assure you that the patent is filed (patent app. Number 1805708.3) and Dentons are confident of our claims, and we are going to deliver everything weve said we will. This single jurisdiction patent application protects the idea we apply for global patents.
It covers a number of other things too, that weve discovered by being the first people to ever handle this volume of cryptocurrency users in a hybrid app. Since weve found solutions for a lot of the problems, weve patented the techniques to give Electroneum the intellectual property rights, enabling us to protect the process, or even earn royalties from their use elsewhere.
One of the phrases we heard last year speaking to one of the large vendors we are in discussion with was Where is your moat?. What they meant by this is what is to stop someone else coming along and offering the same thing. What protects the Electroneum business model (other than our massive first mover advantage)? This patent is exactly what they were after. If gives them a reason to publicly endorse us as a fintech partner, because we are following the corporate path.
We are now protected. No new ICO can think great idea and take it, as its protected by global patent laws"
- Rich is a marketing genius. And look at the companies like Avon and Herbalife (Richs Clients) for example, and think on how they market their products.
Rich also pulled off an ICO that had the highest number of investors in crypto history
Can I prove hes a marketing genius? Not really I guess, but if I were to market a crypto, he would be the one Id pick, just on how many users hes been able to pick up without the first marketing campaign that dips into the ICO money having occured yet.
- going back to the ASICs was the smartest move. Sure, if the coin loses all its miners, it will die. I wouldnt worry about that. I dont see that happening. I said many months ago that I fully expect the price to dip to $.005 before it starts going back up. It takes time to build a solid team and get everything worked out with all the different partnerships, and to find, hire, and let the best PR firms in each region of the world prepare for the first real marketing push. Etc etc.
It takes time to roll out what they are trying to accomplish worldwide. During this time the market will lose some faith, but it wont take so long that we will even come close to dropping far enough that we will lose all our support. In fact, we are still gaining users due to the viral effect of the mobile miner.
-Instant Transaction Tech vaporware concern
I hate the vaporware stage myself
There is already beta testing for the Instant Transactions Tech going on within the general community. So were at beta. Past the vaporware stage
- Some friendly Observations and PERSONAL market expectations
--> I beleive BTC will hit $100,000 within 6 to 24 months
--> During this time I believe cryptos total MC will be in the Trillions
--> If these things occur, and ETN is in the Top 5, that puts ETN at $2 to $5, big IFs, but I think thats where crypto is headed.
Like they say, I dont think weve seen nothing yet!!!
And I do think ETN will be in the Top 5 when they have the most users of any crypto, enable the billions of people that are unbanked, the ETN app comes standard on hundreds of millions of phones, Instant Tranaction Tech is a success, etc
All these things are not pie in the sky dreams.
We have made progress on all these fronts. We are on pace with the patent, current already announced partnerships bringing exposure of ETN to 130 million of our partners customers (thats just the partnerships already announced so far), our partners and many of our userbase, is in the regions where many are unbanked, so market penetration is well on its way there, etc. Also, we are already halfway to passing BTC in total users.
Research and stay tuned everyone!!!
*Do not invest more than you can afford to lose and dont mistake my posts for investment advice*
*** I am not a neutral mod or admin. I am Electroneum's Community Manager and have clear bias***
Ok, thanks for replying. - Why are they not mining? You install the app, run it and click 'start mining' - only an idiot wouldn't do this, so I truly believe most of those accounts are meaningless and/or duplicates. As it's an 'experience' and not consuming battery or anything else, what possible reason could you not have for running it? Also Ells said it would earn you $30 a month, I think at this point we all know that was utter BS and not possible.
- Just so I understand this, even with bias set aside (I appreciate and respect that you have bias and disclosed that fact) - are you saying that Electroneum Ltd., the coin that famously couldn't even complete a hard fork, has somehow developed instant payment technology that Bitcoin, etc. has been working on with a much bigger, stronger, smarter team hasn't managed to complete and launch yet? I find that remarkably hard to believe and all I can think of is that Electroneum are acting as a payment processor/settlement layer/bank between both parties and taking on the credit risk themselves which is either very smart or very stupid.
- Richard Ells is not a marketing genius, his own company Retortal is doing nothing, I suggest you check Companies House which has public accounts - I haven't heard of a single Fortune 500 company using his 'freemium' product despite claims. I also heard people say Retortal is worth $50m (USD), well on CH, the net worth is negative so I think the only marketing trick he pulled was to convince people to stake in the ICO.
- With respect to ASICs and judging from your language, I can only assume you have never mined or actually put money on that aspect of it. Who cares if you have tons of 'users' but no-one to validate transactions on the blockchain - the difficulty is still wildly swinging by 25% or so a day if you look at it, at some point it will not be profitable for miners to mine (ASICs, GPUs, CPUS, whatever). If it hits 0.5c then that point has passed and you are in the death spiral. I believe Ells would have had infinitely more credibility if he had just said from the start 'we aren't doing a hard-fork and ASICs are allowed on our blockchain' as opposed to that complete clusterfuck that was a hard fork only to be reversed days later when he realised the very people who supported him (GPU miners) had just been shot in the back and suddenly didn't want to do stuff out of the goodness of their own hearts any more so I am not surprised everyone left.
- I have applied for all the betas and have had access to them other than instant payments, so I don't believe it yet. People keep showing that mock-up photo of a coffee shop but it is just that, a mock-up. When it goes live then we shall see. The iOS app at least looked half decent but it was just a clone of the Android app minus 'mining experience' (airdrop) - I am fairly sure they could sidestep the issue entirely with a 'cloud mining experience' but who knows what they're going to do. At this stage, iOS users have been waiting 5 months for an app that's still not out of beta.
- BTC isn't going up to $100k anytime soon, I mean I'd love it to do that as then I can retire but let's get real. I also think pretending or claiming that it might hit $2-5 per ETN is ridiculous and misleading on any side of the planet, at the moment that is 250x at the thin end. Even if the marketing was perfect, they have a really crap dev team made up of the cheapest hires Ells could find. If you have been following I'm sure you know of the block 202612 issue and what he did/said to KnifeOfPi2. It *is* pie in the sky dreaming, I would expect maybe 2-3x with hype or 10x if lucky or it's just gonna die.
- I honestly don't think Electroneum or anyone else gives a shit about the unbanked, it's just a stepping stone to riches for some people with an altruistic overtone - a bit like when celebrities do those charity appeals on TV, do they care? Do they fuck? It's just free publicity for them and this stinks of the same. Where they are countries suffering issues with their fiat currency, why aren't they buying or accessing this coin then?
In the interests of fairness, I think you should broadly disclose what coins you do/don't hold and a rough figure for ETN. If it's just ETN only, then I can't question your integrity and it's either crazy/madness or if you believe it in, good for you. I can't verify any of whatever you say anyway but it would put an interesting spin on it. Also I think the guy who mentioned coins being dumped was referred to mined ETN being dumped, not ICO funds - I also think when that year anniversary approaches and the ICO funds get unlocked, it will be interesting times. It is just a theory right now but I have a belief that if this goes to pot between now and then, you might find the ICO funds disappear and so does the everyone involved with this project as they will suddenly be very rich. And FWIW, I respect the fact that you have been fairly open, made the correct disclosures and even if I don't agree with your points, you can be sure I've read all of them thoroughly.[/list][/list] - its not always the same people mining, and to be clear, not all registered users are using the mobile miner. And Rich corrected it to $3 before the ICO started. - you dont have to believe it. They are looking for beta testers now if you want to see it for yourself and my last response included the patent # - Retortal is not worth neg dispite FUD you may have heard - Avon and Herbalife are a few brands most have heard of and I bring them up because of the marketing approach they use - Many agree with you that BTC wont go up 10x again. They always do. And everytime most people have been wrong. BTC $20k (100x from not too long ago when it was $200) Everyone always thinks, "theres just no way it can happen again". 5x its ATH in a 6 to 24 months doesnt seem like such a streach to me. But like I said, my belief is in the minority as most agree with you on that, and there is nothing misleading about $2-$5 ETN being tied to a crypto market cap in the TRILLIONS. - About the BILLIONS unbanked you are half correct. No one gives a shit about them - UNTIL ETN  - no one is running off with the ICO money. Taking off with 40 million would be a LOSS in so many ways in the short term and definately the long term. I wouldnt worry about that. We will just have to agree to disagree on these points, for now, and we will see what side if history each of us land on. Hang on the those ETN friend!!!  We appreciate your interest. Get ready for a hell of a ride * only invest what you can afford to lose and dont mistake my posts as investment advice * ***Bias Alert - I am the ETN Community Manager, I am NOT a neutral mod or admin*** When I first read on the forum 6 mounts ago, somebody say that price will go to 300sat I could not believe. And then same person make another prediction to 50sat it looks like si-fi to me. Now I see that scenario is very likely... How coin that is soo popular and have very good dev team and great ideas come to this situation???
It looks like somebody or some group of people (hackers) realy dont like this idea...
Ive been saying we would see $.005 FOR MONTHS NOW. I completely expected it as I knew the market wouldnt wait around when ETNs infrastructure is built. That is what is happening We are in first year still. If ETN were a baby, it hasnt even left the hospital yet. Its very very early Just HODL You still have the same NUMBER of coins until you sell at the moment, the price of ETN is $.006 , that is, according to your prediction, the price should still fall by 20 percent - it will be 90 * 0.8 = 72 sat ? More like a guess based on experience/forecast, and ONLY BASED ON PUBLIC KNOWLEDGE **I could easily be wrong, so DO NOT MAKE ANY TRADING/INVESTMENT/FINANCIAL DECISIONS BASED ON MY POSTS My posts should NOT be considered investment advice Never invest more than you can afford to lose BIAS ALERT!! **I am the Electroneum Community Manager, and NOT a neutral mod or admin**** I personally as an investor in ETN would never consider doing anything with my investment when the project is in the very early building stages. I just HODL. This is just IN MY OPINION. To me selling now is no different than selling the day after I bought ETN. Its just to early to make any moves yet- In my PERSONAL opinion based on PUBLIC KNOWLEDGE ONLY |
