Electroneum added on HitBTC and the price reaction was a ridiculous jump of 38%. This is an indicator of a deeper problem in ETN

Electroneum (ETN) saw a brief, preposterous  spike of 38%, as the coin jumped following its listing on the HitBTC exchange.

As per the official blog announcement from the exchange:

“We are happy to announce the long-awaited integration of Electroneum (ETN), the mobile-based cryptocurrency providing a digital payment solution to the developing world. Today Electroneum has 2.3 million users who mine and transfer the digital currency through their mobile phones.”

ETN was forked off Monero so the two were quite similar. ETN went completely different path to XMR as they decided to implement KYC requirement into their system. New exchange listing is always “celebrated” in the communities but we are now in the stage where investors are indifferent to such news. The fact that ETN jumped this much indicates an attempt of some whales to manipulate the rest of the holders and dump their bags on them.

Red alerts

Electroneum is still perceived as a relatively active, engaged project with a nice-sounding motto: become the Paypal of cryptocurrency world. This will surely be a daunting task to complete.

This excessive jump in price after being listed on a relatively average exchange, deep in the bear market was an eyebrow raising happening. It is an obvious sign that whales wanted to lure in at least a small portion of gullible hodlers to dump some more bags on them. Could it be that ETN whales want to jump ship? Very possible as ETN seems to be a project that goes nowhere.

If we are honest, ETN stands a minuscule chance of reaching a massive adoption and without it, this coin has no point and looks more like a marketing ingenuity of its founders than a revolutionary tech.

The amount of social media shilling of ETN is slipping, obscure Twitter and Reddit users who used to defend it to death are suddenly inactive. Excessive social media presence of a project with similar pattern of behaviour among allegedly different users is a good indicator that it is all engineered and orchestrated by someone. These accounts usually put out vague and hyperbolic statements, spewing out “facts” that no one can verify and vitriolically attack anyone who dares to criticize the so wonderful project that “they are not affiliated with in any way”. They are just white knights fighting for world justice.

For more detailed critique of their whitepaper, technicals and initial stages of their development – check this article out.

I am not saying ETN is a scam but their bar is set so high that even much bigger companies and more competent engineers would have trouble to reach it. Don’t get to excited by the cool concepts you hear from the team, the more big words you hear from a project, the more skeptical you should be. Everybody is “revolutionizing” something in crypto space, but in most cases, only their pockets get to see a revolution.

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Damian Booker
Damian Booker

First thing to know about Damian is - he HATES shitcoins and has declared a war on them! Damian is a bitcoin hodler since early 2013. He used to mine Ethereum back in the day as well. Nowadays he likes to discuss bitcoin and its potential influence on the society organisation and governance. Damian hates fraudulent projects and his mission is to shed light on the maggoty scammers that have invaded the crypto space with their zero-value projects.

  1. Captain Obvious (aka dngruss) November 22, 2018 at 06:57

    You throw around quite a few accusations and seem to have done little to no actual in depth research into the Electroneum project.

    You plan to continue to write fiction about ETN, or are you man enough to actually put in some real work and do some in depth research into ETN.

    Maybe before talking smack about the project and the people behind it for obvious click-bait purposes you could give the team and the project a little respect and courtesy by actually doing some real research into the project and the people behind it. Go to their offices and talk that smack or stfu clown.

    Drop the clown act, there are plenty of other jobs in the circus. Maybe there is an opening in the Fortune Teller dept.

  2. Cryptocurrency purists don’t like the more hybrid approach this fintech company are taking in building their infrastructure on top of a blockchain. That’s 100% understandable; centralised wallets, large premine, less focus on the tech etc etc

    However, commercial partners have no such sentiment, they care about financial incentives, regulatory confidence and opportunity….all of which Electroneum are providing more than ANY other coin on the market…you may hate their method but that is undeniable…. Premine airdrop, KYC, mobile infrastructure and HUGE partners. Feel free to hate the project because it doesn’t follow the same idealism as all the rest of the coins out there, but don’t be so ignorant as to think that mainstream markets feel the same.

    Stop and think for a moment about the impact it will have for ALL crypotocurrencies when ETN starts being used by 100s of millions; its benefits everyone as it will start countering some of the negative sentiment the market has and break down some of the barriers. This will path the way for other projects as people see the benefits of blockchain technology.

  3. you are insane about electroneum
    why do you post this kind of fud about electroneum
    your full of shit and wrong time will tell and then you can replace it with a good one
    blah blah blah

  4. Would be nice to provide more research and proves,facts not only criticise without any backup ,thus whole article is useless and meaningless.

  5. With all respect this is en extremely poorly written article that is both hypocritical and laughable in terms of its weak, barely existent quasi-polemical central argument. It moans lack of fact but is based on hearsay. It talks about orchestration but doesn’t come clean about its own—rather obvious—motives.

    It is so far away from being balanced that its author would do well to google ‘journalism’, indeed ‘balance’ not to mention ‘integrity’ upon his/her return to the drawing board. E.g. it would have been interesting to see what facts the author would be able to bring in support of the dubious assertion that Electroneum will not reach mass adoption. Why would anyone waste their time trying but failing so spectacularly to produce a piece of writing that could/should be worth reading?

    But it’s likely a waste of time actually to try to appeal to the authors common sense or ethical judgement. And so much, also, for the reputation of captainaltcon.com. So let’s just reiterate the good old warning to the two remaining internet users who can’t smell a deliberate agenda here: “Do your Own Research”!

  6. Introducing captainaltcoin.com

    “Who are we”? A WASTE OF TIME

    To think that I had you bookmarked. Well that’s remedied now. Ciao!

  7. Zero facts in this article – What a waste of time reading this was.

  8. what is the deeper problem again? You didnt said any. pardon my language but you are a stupid captain

  9. Electroneum is going to outshine most other cryptos including BTC,we shall see it sooner than later.The achievable goals of Richard Ells and The Team wil come to fruition again sooner than later.Mass adoption is going to happen in two to three months on a big scale.Money transfer is going to explode through using ETN.Massive applications of ETN,great possibilities.No other crypto developers ever thought like Richard.

  10. You can use BCH at a bar to pay for drinks…what bloody good is a crypto if you can only HODL, MINE & trade with it if you cannot buy goods n services with it. I am sure many share this sentiment.

  11. Great reply from everyone here. Adoption, where and by who it is a necessity for economies, I would not be surprised if this took off higher than the market dictates and not the market regulated by whales and dickheaded naysayers.

    For electroneum and other real projects, it’s only a matter of time. I can’t wait to see the results…not for the investors and believers, but the users around the globe who will benefit. The very idea that someone can keep their entire bank account on a mobile device, free to use, any place, any time is too far futuristic for the slave driven paper fiat currency believers.

  12. wtf? this is a pure example of an idiot lmao

  13. You forgot to menton MR.ELLS is sitting on a 12.6B pre-mine. Many people reported it as a scam to uk authorities. Etn is 100% scam company.

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