Electroneum (ETN) holders coming to their senses: ETN about to see mass uninstalling of their “mining” app

ETN is a proof-of-work crypto currency based on the CryptoNight hash algorithm. It was forked from Monero and aims for mass adoption as an “enablement currency” through mobile applications and instant payment technology, particularly in the developing world.

Typically, cryptocurrencies are mined with specialist equipment. However, Electroneum allows users to “mine” the currency with the mobile app, which should lead to increased adoption and use of ETN. The app allows your phone’s CPU to engage in simulated mining, which won’t overheat your phone or drain your battery. The mobile mining won’t actually help confirm new blocks on the blockchain – it’s more clever marketing by Electroneum to promote interaction with Electroneum and get people involved. Even though you’re not really mining, you’ll still receive rewards. One more thing worth noting is that the mining will also use a negligible amount of your internet data.

Announcement made by Electroneum that they will be raising the payout threshold from 10 ETN to 100 ETN was met with disappointment and discontent of their community. A barrage of negative comments on the decision can be seen on their subreddit (expect it to be removed as soon as one of their mods sees it as they are notorious for censorship of their communities):

Most of the users “threatened” uninstalling the “mining” app from their phones.

“First loaded the app and it said payout will happen after mining 10 ETN.

So I mined 10 ETN and checked the payout amount again: “sorry you must mine 100 ETN”.

What kinda bullshit is this?”

“How does paying out less streamline anything? What’s the real reason?”

“How is that helps with streamlining user onboarding? How is this helping with mass adoption? Are these just fancy words to make us think you know what you are doing? Invest in ETN they said, it will be great they said.”

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 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).
The trading volume for ETN is almost non existent – $250k in the last 24 hours.
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.

We already covered the bleak future of Electroneum in the eyes of respectable crypto analysts with one of them saying:

“Like most ICOs, it’s a priori nonsense, but it did enjoy a brief moment in the sun as the development team (whose main expertise is online marketing) managed to drum up substantial hype, leading the asset to peak at a $900m market cap. In fact, one of my abiding memories of the late 2017 mania was sitting on a plane next to an earnest young fellow who informed me that his favorite cryptocurrency was Electroneum because you could mine it on your phone. Of course, this wasn’t actually mining, but rather an empty proof of time concept whereby you were allocated units of ETN just for having the app open.

It doesn’t take much to realize that ETN is hollow. It’s a generic ICOed fork of Monero with no distinguishing features by a team with no technical expertise. Some minimal development is ongoing, albeit at a very slow pace.

Notable event: The highlight of 2018 was the ETN team forcing every ICO investor into a KYC process.

‍Verdict: Electroneum is in a purgatory where it’s obviously a failed project but still piddling along until the SEC makes their way down the list and makes the team give all the money back.”

In our other article, we dug deeper to find out more about the initial “success” ETN had and what caused it (hint: clever but misleading marketing). Here is an excerpt from that article of ours, you can read full piece here:

Here is a nice introduction to ETN:

“Its because they are all paid shills getting people to swarm to any reddit thread that puts them in negative light…  Go look at their subreddit. Thats how a shill infested subreddit look like. No scepticism, no debates, no substantial information, just braindead praising.

Electroneum is a project made by a marketing company. They know shit about coding. They just fork whatever code is out there. The team was forced several times to get outsiders to code for them because they didnt know how to fix their own mess. They tried to implement ASIC resistance in their code, they didnt have enough miners that supported the project with GPUs, so the team were forced to pay for cloud mining to finish the fork lol, and then suddenly flip flopped 180 and said, ASIC is the future and gave a big FU to the remaining GPU miners that supported this shitcoin.

Electroneum is a headless chicken, trying to do what countless of other projects have already accomplished, with an army of paid shills, and a blockchain thats way way slower than many other projects that does the same, only much better.”

Ok, so a project run by very skilled marketers that used one of the most revolutionary marketing techniques that was introduced with the rise of the internet: affiliate marketing. Affiliate marketing refers to an advertising model where advertisers pay a commission to third-party publishers and content providers for traffic or sales generated by the latter.

The concept has been around for a long time, but is only now gaining prominence as the internet becomes more widely available and its ecosystem is better understood. Electroneum guys ran this perfectly.

Marketers rarely know code. Electroneum apparently had no competent developer on their team but promised to hire “the best developers, they know the best developers”. Check this out:

“Electroneum’s methodology is “fork and forget.” A classic example of how moronic that is can be found right here.

They basically didn’t even look at the codebase they forked, and as a hilarious result, they included an unnecessary patch for an early attack on Monero. This patch would have broken Electroneum completely if it had actually gotten to that point (block 202612.)

As a side note, I received some death threats from people in their community for exposing that bug. :/

– u/KnifeOfPi2

Below is a tiny fraction of the pest atmosphere created by ETN buzz prior to their ICO:

All the marketing around it, all the hype and all the exciment was driven by FALSE CLAIMS.

“ If you messed bitcoin, you can get this one”

“ If you want to make a ton of money, but don’t know how, get in on this”

“ If you want to become a millionaire from crypto, this is your ticket”

The truth is on Facebook and in Google, they are all pushing this narrative.

Because of this, the support is fake, it’s not real.

All most 80% of these people don’t have a clue, they do understand the point of the coin and they will not know what to do when and if it hits the exchanges.”

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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

Julian Joseph Lehmann
  1. Any article that gets posted on CaptainAltcoin is 100% sh*t.
    You guys suck in making an objective article.

  2. You are so upset at ETN’s success that you bad mouth them about ETN payouts? look on the Telegram chats, twiter chats. People are fine and are excited about the new developments going on. ETN is still the fastest growing crypto and hitting the news more often then XRP.

    • Reply
      Julian Joseph Lehmann January 23, 2019 at 15:30

      That is some serious truth bending; I hope you are not too invested in ETN as there is a big chance you will never see a penny of that money.

  3. Rubbish article!! You guys should stop writing articles.
    ETN is a great project.

  4. Aside from the payout change which they did to reduce traffic, whenever this website talking about ETN they only bring up stuff from 2017 and harp on the mobile miner. What about the mobile partnerships they’ve achieved? What about being on the GSMA advisory board? They shouldn’t be written off so quickly. You don’t need the best tech to succeed, you need the best business. They are working to make crypto easy for business’ and people to use in every day life

  5. LMFAO ? another *quality* article from captainaltcoin. Please keep them coming we need more chuckles to keep us going whilst we’re waiting for more good stuff to arrive for ETN. So funny… ?

  6. Pants article from a pants website. Zero subjectivity and credibility well no more needs be said with captain altcoin as the pedigree… ?

  7. Electroneum is making ASIC Miner Manufacturers and their snobby rich clientele wealth.

    Remember we have to share the “price level” with all these guys below

    Electroneum is on original ASIC CryptoNight, only 4 coins exist that aren’t with garbage prices. Sumokoin , has in less then 1 month gone from $1 to 3 pennies right now. (Dero the other has fall dramatically as well from $2 to 0.60 cents). Karbo is stable (0.60 cents) but almost out of initial PoW phase at 7 out of 10 million coins mined.

    —-Prices are at 12 cents per KiloWatt Hour—

    A8+ Innosilican—-> $1.30 (480 Watts) (240 KHS)
    X3 Bitmain———->$1.07 (465 Watts) (220 KHS)
    X2 Halong ———> $1.02 (490 Watts) (248 KHS)
    A8 Innosilican—–> $0.76 (350 Watts) (160 KHS)
    X1 Halong——> $0.67 (245 Watts)(124 KHS)
    A8C Innosilican——>$0.33 (175 Watts) (80 KHS)
    N240 Baikal———-> $0.40 (650 Watts) (480 KHS)
    N70 Baikal———-> $0.01 (240 Watts (70 KHS)
    RR-210 PinIdea—-> -$0.79 (350 Watts) (30 KHS)
    RR-200 PinIdea —>-$0.82 (350 Watts) (27 KHS)

    Not only are you giving coins away for free but you implement a BYOA policy where every ASIC in town is chomping down.

    Since Electroneum is nothing but a marketing gimmick, you’d think they would fork off this algo and institute Proof of Capacity. That way they can beat the upstart PoC coins to the punch and market “green crypto” everywhere.

    Of course they wouldn’t be getting paid by the asicers then.

    Continue to expose this coin chief!

    • What garbage gibberish that makes zero sense.

      ETN is likely to be accepted by mobile phone operators as a payment currency at a discount. This means people will get a sizeable for paying their phone bills in ETN.

      This means people want to buy more ETN to pay their bills. That will raise the price, and its as simple as that.

      No need to spread fake news by furnishing your comment with garbage that makes no sense whatsoever and is just nonsense.

    • Reply
      Julian Joseph Lehmann January 24, 2019 at 08:52

      Finally someone with a brain – we get swarmed with insults of their paid shills every time we mention ETN. Thanks for the info mate, if you have some insider stuff on these guys, shoot us an email so we can cover it in the next piece on this terrible project.

  8. By the way, the mining minimum payout was increased from 10 ETN to 100 ETN to prevent congestion on the blockchain until they make the blockchain more scalable.

    Every so-called “paid shill” is NOT paid a single penny from ETN. WE INVESTED OUR HARD EARNED MONEY INTO THE PROJECT, WHY WOULDN’T WE WANT IT TO DO WELL? We promote the project to spread adoption. Mass adoptions the only thing that will increase the price. It’s simple supply and demand economics, the more people that hold ETN, the more new people have to offer to get into the ETN ecosystem once they finalize the monster deals and phone companies start offering double mobile minutes for paying in ETN instead of fiat.

    Only time will tell when exaxtly we will see these things come to fruition, but I can assure you that the team is doing their best to make it happen.

    • Reply
      Julian Joseph Lehmann January 24, 2019 at 08:54

      Team is doing their best to make themselves rich – I’ll give you that.

      • That’s what every businesses goal is you silly bannana – to make it’s CEO and founders rich.

        Do you not even know why businesses exist?!

  9. I would take great pleasure seeing your immoral and defamatory content prove itself before a court of law. You are a disgrace and have no actual proof or substantiated evidence to show what you have written about the ETN project is factually true. People fudd every project, generally because they are impatient and greedy in there expectations. You however will lie cheat and steal in order to undermine the truth. I’d strongly suggest you tread very carefully, or you could find yourself explaining this to a judge. Thousands of businesses are coming on board with ETN and not one of them will hesitate to put there name on an affidavit in support of seeing you get what’s coming.

  10. Interesting article… however, it is bias. Why you say? It quotes known ETN trolls in the community. I don’t see anywhere in your article that the mining numbers have increased since the announcement? I guess facts don’t matter.

  11. This article is a joke – good thing no one reads this sh*t , the only way to get views is to talk crap about the project with the most potential and the largest user base.

    Garbage article – desperate for attention

  12. This amateur crypto site has been hating ETN ever since they got stuck bag holding. Give it a rest! You made uneducated trades and lost badly, that’s not ETN’s fault. Quit libeling their brand and take some journalism courses at your local community college. If you do that then maybe one day you’ll actually be taken seriously. Until then I will have more faith in my captan crunch giving me reliable crypto news. Argh Matey!

  13. Julian, you clearly have no idea the concept of the mobile miner and who it is targeting. The million and million of unbanked poor need a method of income, not me, not you. They have no concept of crypto and the miner is a way of allowing them to try to obtain, hold or use to pay for a portion of their mobile bills. The GigGuru is about to come live, allowing the unbanked a possible revenue stream which will be paid in ETN. NGO’s have shown interest as a way of funnelling work/income to the many needed millions. The 10-100 pay out wont mean a thing when cloud mining comes into play and mining becomes easier. Take a breath, wait till the mobile conference in Barcelona next month and follow up after then. If you still believe it’s a bad project, then fine, your mind wont be changed.

  14. Reply
    Your article sucks January 24, 2019 at 08:53

    Who paid you to post that ? I mean, how can you actually take what comes out from your ass and put it in a virtual place ? Have you invented any sort of new tech ?

    More seriously, you REALLY have to use your brain instead of reading 3 comments on Reddit, you say you want to inform people and yet you can’t inform YOURSELF, the team is just preparing the release of the cloud miner that’ll replace the mobile miner (that have issues on some phones and don’t generate as much as it should), with the cloud miner, at the current rate, you’ll get 10 ETN much more quickly than with the mobile miner (in about a day), so paying 93k people (at current rate) every at 10 ETN, aka everyday, would litterally be “spamming” their own blockchain, and pay more transaction fees for no reason. With a 100 ETN payout sold, you don’t pay everyday, but every let’s say 8-9 days, not at the same time as people won’t start at the same time, so you reduce the number of required transactions to PAY the miners.

    Next time, please, educate yourself before looking like a fool who’s getting a nice pay for posting this shit.

    • Reply
      Julian Joseph Lehmann January 24, 2019 at 08:55

      No, pulling stuff out of your own ass and ignoring the reality is the “tech” invented by ETN holders, like yourself. I only report on it 😉

  15. Nice one captain! Shit article by a clueless fudder. Made me laugh. And no, I didn’t get paid 5 ETN. I got nothing. Which, ironically, is the same as your crypto knowledge.

  16. What a laugh ? shot mate ?
    on a side note not every single crypto is out there to bring “new tech” there also needs to be cryptos that enable the masses to join and get involved.

    The reason for the increase in the payout is not properly known by any of the community yet, but in a couple of weeks i’m sure we will know. At the end of the day its “free” money to the mobile miners so as the old saying goes beggars can’t be choosers.?

    I’d just like you to elaborate on this statement a bit “Electroneum is a headless chicken, trying to do what countless of other projects have already accomplished” here is a link of on the firsts that Electroneum have achieved in 1 year of being around https://community.electroneum.com/t/electroneums-firsts/12416

    There are so many facts that you have stated without doing the proper research in my opinion, like where did you find that they had to pay for cloud mining and the reason that Electroneum switch to asic was because there weren’t enough miners, the reason was that there was a greater chance that there would be a 51% attack on the network which would compromise the coin…?

    The reason people are getting so upset with your post is that instead of basing your argument or rant on any factual base is a slapped together post tearing down their investment. Its like me saying you are one of the most pathetic, irrational, biased, shameful, unprofessional bloggers i’ve come across to date.

    I’ve got no issue with criticism towards the project as long as its substantial evidence to back your claim.

    look forward to your response, enjoy your day ?

    • Reply
      Julian Joseph Lehmann January 24, 2019 at 14:42

      You deserve 10 ETN since your comment is longer and your insults are a bit more creative, wrapped into walls of nonsense and rhetorical devices.

      • You must be pretty tired of all these replies ? but seriously I just want an answer to my question and I’ll leave you alone

  17. You Are a f*cking disgrace to call yourself a writer/post author…You Don’t Present Facts..!! You’re Completely Biased !! Full of Hate and looking for Attention !! You should get out of your Parents Basement and Try get a life In The REAL World…!!

    • Reply
      Julian Joseph Lehmann January 24, 2019 at 14:45

      Thanks Brendan. You seem to be 14-15 years old since your obviously suffer from Instagram induced grammar debility, writing capital letters in the middle of sentence. Sorry that reality is unpleasant to you and you won’t get rich by investing in something worthless that even has an idiotic name like Electroneum.

  18. What’s the difference between 10 etn or 100 minimum payout? 1 etn is 190 satoshi. U want to mine 10 and sell it on the exchange for 1900 sat and become rich or what? I hodl ETN same as many people, so it’s no difference for me if i need to wait one week for 100 ETN? Im not stupid to sell my tokens at this price. Hodlers like me don’t care about that, cause they got millions of ETN tokens (like me). Sorry bro, your article is bullshit. You wrote it just cause 20 people (from 2 millions users) are dissatisfied? Lol, cant believe.

  19. Love noobs like you in crypto space <3
    Partnerships, KYC, cloud mining, instant payments, adoption, fastest growing community, transparent team, roadmap, mobile app, exchanges, mobile partnerships and u talk that ETN is scam.

    Just tell me – how much did they pay you to act like a wh*re? 😀

    • Reply
      Julian Joseph Lehmann January 24, 2019 at 14:47

      Since when is KYC an advantage on a “privacy” coin? Don’t you see idiocy in that statement? Go do something else, investing is not for people of your intellectual capacity.

  20. Captainaltcunt is a paid shill, immature tw*t, how much are u being paid?something to do with knifeofpie Maybe? You know nothing about crypto

  21. Julian, your recurring and impersonal answers speak of the height of intelligence you have. People tend to be interesting and clever when they realize they are stupid and uneducated. Grow up.

  22. Sh*t article from a spoiled little sh*t with no objective sense. Parents didn’t live him enough. So he’s taking it out on altcoins. Keep sucking

  23. Captain Alt Coin? I’ve sh*t better

  24. The cognitive dissonance is raging in these comments. Good stuff Julian. But wait! The phone companies are going to accept ETN so obviously the token will reach $100 each! Hehe

  25. The author of the article has no credentials to report on this project. He makes it sound like there is a big shift in the dynamics of the community take place. In fact the community is growing faster then enything else in the crypto space ever. Electroneum website has a rodemap that reflects an endless list of achievements over the first year of the project. Why wouldn’t you comment on some real things instead of presenting a few comments of some random users to pass them for a collective and subjective opinion of 3milion ETN users. It’s like saying that people are so disappointed with new Windows, they now going to uninstall it… Sure…

  26. Good article but not great. Next time you have to cover how etn is scamming ico investors and dumping day by day chunks of pre-mined coins on exchanges and how Etn abused ico money. Etn and their team should be under investivation for faud and money laundring. Using MLM schemes does not work so great in the modern days. Ask Mr. Ells to make public the private view key of pre-mined coins.. we are curious to know the balance left from the ~6billion initial amound. What did they with 40m ico money and who is paying for Richard private flighs??? How this scam company is manipulating kids who dont know how crypto works. Etn is without a doubt a huge scam.

  27. You should add etn is also a big loser. Is the only coin in top 100 trading below ico price. So.. 100%.

  28. I just got out of this shit and I sleep better

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