Electroneum (ETN) community is melting away: real trading volume is non-existant

The more apt researchers and unbiased crypto investors and speculators already know this, but some formerly delusional ETN holders are figuring it out as well: Electroneum is a wreckage, project that goes nowhere and does nothing but generate hype and fluff. Actually, they fail at doing that as well, these days.

One glance at Electroneum subreddit and you get the picture: community is dissolving amid widespread dissatisfaction with how the project progress (or regresses).

“Have been an active member of the ETN community since PRE-ICO. ​Invested during the ICO and luckily made 2x on my investment during the great crypto-pump of 2017.
Still had about 15% of my initial ETN until this morning when i finally sold it all off. ​I originally was very optimistic about the idea/application of Electroneum, even defended developers for a while. However, after seeing how horrible this project has been (and continues to be) managed I had to get away.”

This is just one of the posts where holders call it a day and jump ship.

Reasons for this?

Well, as I have covered this multiple times, the team is utterly technically incompetent to pull off what they wrote in their whitepaper. They are just a marketing agency that took advantage of an ICO frenzy and racked up millions in ETH. They did good, some of their holders as well (those that sold early), but the rest of the guild is gonna learn it the hard way – by paying for the lesson.

Electroneum “mining app” doesn’t work, it is constantly stuck and doesn’t transfer the rewards to the “miners”.
The mining rewards are already peanuts, averaging at less than 5 ETN per day (a whopping 3 cents per day), with some users doing far less than that (0.5 ETN).

ETN token is losing value constantly, at one point they were outside of the top 100 coins ranked by market cap, and even though market cap in its current shape and calculation means little, it is an important psychological threshold for the inexperienced and unsophisticated ETN holders. That is why the team probably pumped the price a bit to slide back into the top 100, floating around 90th position.

The trading volume for ETN on exchanges is almost non existent – $400k of reported volume in the last 24 hours. Actual volume, Messari’s “Real 10” 24h volume shows no data for ETN. Essentially, ETN is wash traded on fake volume exchanges while no one trades it on legit exchanges that do not manipulate the trading volume metric.

See my other posts about ETN here, here and here. You can also check the bleak outlook and prediction for ETN here.

Below are just some of the comments made by disgruntled long-time supporters and holders.

“Agreed… there’s nothing being done even though they say that they have “monster deals” in progress but nothing happens after MONTHS…. I’m done with it but will just hold whatever I have cause why not. If it drops more well then I lost it… it’s not like it’s usable so I lost it when I bought it…”

I forsaw this a while ago. Several issues happened over the years. I think people are tired of seeing the big news and no real price action. Constantly being told to just wait. If you diversified, youll see other cryptos outperforming ENT by an incredible amount and they are very frustrated by it.

Thats what I did, and its performance is abysmal at best. I say go to onchainfx and look at its historical performance. Its ATH is criminally low compared to other cryptos that came out around the same time.

I was also in the ICO. But ETN has never reached .25 cents since coming on the market, and when you couple that with more and more other cryptos coming out…it may get lost in the sauce as they say.
Looks like people are starting to open up their eyes as hard as it might seem.

One funny comment on wild theories by holder fanatics, as to why ETN is down (he alluded to market cap manipulation by the market itself :)).

It’s is suppressed, no one wants it. That’s supply and demand. If it was worth anything, or had any promise, beyond a bunch of guys in blue shirts in SA handing out air cards, it would be desirable.

And then another comment about the alleged hard work put in by the team:

Working hard? Or scrambling in panic because the marketing magic has failed? I see no evidence of “working hard”. I see no humility in Ells either, over being concerned about price. Hiring a directed ETN salesman (market maker)is not addressing it. They may be working too hard on finding the nearest exit to address price though, who knows? The silence is deafening from them.

All these comments indicate that ETN holders are finally coming to their senses and seeing Electroneum to what it actually is: a vaporware project led by non-technical team that is good in selling ice to penguins.

The team behind the project is working only on one thing: creating an illusion of progress and activity, throwing around fancy words and heavy jargon (that they don’t even understand) to confound their holders and mislead them into believing they are working on something revolutionary.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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. What an Uneducated piece of drivel..As per usual Utter Crap opinion…And that’s all it is …Not Facts …you pick and choose which “comments” to share as well as your assumptions…Someone Running scared..!

  2. Karma will be a bitch when it catches up to you and your fake news

    • Someone who raised $40m in an ICO to fool idiots like you that they’re actually doing something credible. 1.5 years on and nothing. Good luck backing that horse.

      And while he has selected comments, many of the big community members have gone because they’ve been banned for asking questions that made people uncomfortable or they just sold up and out. Anyway just keep your delusion barrier up, maybe it’ll reach $1, maybe $10!!!! LOL

    • No, it won’t. Bad things happen to good people, and good things to bad.
      There is no justice in life, lol, sorry, that’s a loser’s POV.
      Besides, you don’t even know why the community FUD is strong on ETN, no one has even gotten close to the reason.
      But, hey, keep cheering, i admire your spirit.

  3. Who spends on Dentons, Amazon web services, GSMA and Hackerone just to creat an illusion. A bit of research will help you.

  4. Reply
    elvis chirinos jr April 11, 2019 at 09:36

    The mere fact that ETN is still around, still giving updates, surviving the cryptowinter where so many other ICO’s got filtered out, and survived how many articles from cpt. Fake journalism?

    The mere fact that it’s still here in the face of all that, undoes what this entire article alleges.

  5. What he wrote is true! I bought ETN and sold while the water was up to my ankles, thank god I am not drowning in that ship, I mean shit! But hey those who like the project keep buying more and hold as long as you can, we will throw life jackets after it sinks to the bottom of the crap they created… Good luck guys, oh and I got my money back, every cent!!! (All bitcoin now)

  6. Eu lucrei com etn comprei a 0,005 vendi a 0,021 e vou comprar denodo.

  7. I have not read such drivel in a long time. You have done zero research and it’s reflected in your comments. The ETN is following a different path that will take time to materialize. After reading your bio it all makes sense.
    Good luck with your archaic tech.

  8. Dear captain wank stain. Be careful what you write Your accusing a UK limited company of price manipulation. hopefully the ETN team has enough left from ico to sue you for liable.

    Ps you forgot to mention ETN working in the real world, it’s being adopted, while 10 years on btc still isn’t a currency in the real world.

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