Bag holders are in a strong denial but the harsh truth of crypto market is that 99% of the altcoins are going to cease to exist in the near-term future. Some of the preposterously incompetent and senseless projects even reached billion market caps but all of that is now history.
Nic Carter, reputed bitcoin analyst and commentator, took some time out to investigate what was the year of 2018 like for 15 different altcoins and compared their destiny with his prediction from the year before.
Two of the fifteen caught my eye because I wrote about them as well. Those are the ultimate shills Verge – XVG and Electroneum – ETN. If you’re not sure how you’ll weather the altcoin flood, check out MLMCompanies.org to see how you can make some extra money while you weather the coming storm.
By Nic’s methodology, Verge is declared as dead and Electroneum is still on the breadline. I’d say, give it another year and ETN is gone as well.
Nic had this to say about XVG:
Verge
Verge is/was a privacy coin which relied not on enhancing actual privacy at the blockchain level but rather by bolting Tor on to Bitcoin. It was heavily shilled on Twitter and Reddit last year, but the #VergeFam has gone quiet recently. Development and social media activity all but ceased when Verge was repeatedly 51% attacked earlier this year. The culprit was its unnecessarily complex five hash function Proof-of-Work algorithm, which led to it being much, much easier to exploit.
These weren’t small attacks either:
The official github hasn’t seen a commit since October. (Development may be happening elsewhere, but it doesn’t look lively at all.)
? Price change: $0.16 ➡️ ️️$0.00706
✅ Drawdown: 95.2%
✅ Developer status: apparently inactive
⚠️ Notable event: Verge was 51% attacked into oblivion.
⚖ Verdict: Verge was exploited on multiple occasions, with the developers unable to steel the protocol against those attacks. It has been essentially abandoned by developers and the #VergeFam has all but given up.
Electroneum
As for the “mobile mining wonder” Electroneum, Nic was surprised it is still wiggling away but the project is running on fumes, leftovers of its hype from 2017.
Electroneum is a fork of Monero which raised $39m in an ICO in October 2017. 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. This post goes into some further detail. 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. The official forum hosted an Electroneum-themed halloween costume contest though, so that’s fun.
As much as I’d like to claim victory on this one, it hasn’t quite drawn down 95% and there is some development, so I guess I’ll take the L.
? Price change: $0.08 ➡️ $0.0075
❌ Drawdown: 91.0%
❌ Developer status: Ongoing, if minimal
⚠️ 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.
Where do you do your research and why do you hate ETN so much? Your bias against the project is pretty obvious, not fooling anyone. Spend 5 minutes and do some research, it will help your journalism skills tremendously.
“Some minimal development is ongoing, albeit at a very slow pace.”
SMH, They have so much going on and they are actually on fire right now with all the development and products they have out. Here are 2 articles you can start with to do some research on Electroneum:
https://www.blockhaven.ca/releases/electroneum-the-road-to-mass-adoption
https://medium.com/coinmonks/the-electroneum-ecosystem-411b46a1c1b6
This article only proves that these “authors” need to do better research on these projects. Who approves of this ignorance?
I agree
I have been locked out of my wallet since august 2021. They want source of funds, and i dont want to reveal my eth address used to fund. It makes me want to puke! The amount of eth i exchanged to have it lost in exchange hack, and now locked wallet. This is not crypto imo
You are full of shit!
This article is a joke. Where is your research about Electroneum? Subjective crap!
I think the author is right , we will all wake up one day and find bags of bricks laying under our bed and then trying to sell them for a penny per pound! And these so call projects will be the wishful dreams of many so called “investors” who entertained the developers of these projects by dumping our fiat wallets into their crypto bags!!! Wake up American!!! (If you think these people are all goodie two shoes then give me your money and I will make you a shiny coin with many attributes!)
People like you said that about the DOT com businesses… Those people who didn’t listen to people like you are now laughing with their millions of dollars in their bank account.
Ha! Not sure about Verge, but ETN you are dead wrong about. They are laying the foundation for future success. A coin is more than what the current price is. I’m sorry you got burned last year in crypto, but maybe should’ve waited until AFTER the Mobile Congress next month before the hit piece.
Do you know the development team at ETN, no, I thought not. Do you know the CEO of ETN, no, I thought not.
Do you do any form of actual research, or is it as we all suspect, just hot air.
Do yourself, and rest of us a favour, and do some proper research before posting such utter tripe.
Verge is coming out with a mobile wallet and soon. Dead not yet!
Every coin and token is down 90%+ since the start of 2018 (thanks to the crazy run at the end of 2017) so why single out these coins? Seems like a personal attack.
All of crypto is smoke and mirrors anyway, we all paid money for a virtual commodity. If you guys preach doom then doom will follow, I hope your favourite coin goes broke too.
I bailed out of ETN a long time ago. KYC killed this project deader than a hammer and there are much better projects happening now that makes ETN look ridiculously prehistoric. Plus their wallet is NOW and always has been absolutely horrible.
From 100,000 to 2.7 million users in a year is not really a dead project… Their wallet is in BETA. There will always be issues when building a wallet from scratch. Also, no government or large corporations will take any crypto serious without knowing the money’s origin and who is spending it (KYC). They need this to combat money laundering. ETN is looking to establish towards 99% who are not utilizing cryptocurrencies. They could care less about privacy coins where you can only buy porn and shady stuff on the black market. Good luck with your porn coin investment.
Here are some of the achievements Electroneum has done in just over a year:
– First cryptocurrency to attract over 100,000 people in an ICO.
– First cryptocurrency to join GSMA.
– First cryptocurrency to exhibit at the Mobile World Congress in Barcelona.
– First cryptocurrency to adopt full KYC compliance.
– First cryptocurrency to have signed partnerships with mobile operators to facilitate adoption.
– First cryptocurrency to develop an instant payment system to facilitate blockchain transactions.
– First cryptocurrency to allow anyone to accept instant cryptocurrency payments for their online stores through an easily implanted API system.
– First to make blockchain and cryptocurrencies easier to implement by individuals and corporations.
Yawnnnnnnn this is almost funny but what i like about the haters or just the opinionated is that they are constantly saying there are much better projects out there but not being able to justify any of the hot air they are spouting with real use cases nexxxxxxxxxxt.
Would be nice if you could write a non hate article with research for once all your articles are the same…
This was quite funny to read as it shows that you really havnt got a clue what your talking about.
You need to employ someone to follow you around with a shovel so they can pick up all the crap your spouting.
You posted similar a few months back Damien. Attacking projects with large communities hmmm…Attention seeking at it’s finest, not to mention shit journalism done without any meaningful research. Have a good day.
You are quite simply the most stupid person to pick up a pen in history, let alone being someone who can prove what relevance your subject actually has. A loss of 95% in any crypto you talk about exposes the level of your IQ.
Think before you act and research fact.
Shockingly uninformed article, Damian. We’re is the research? Where is the substance? Must try harder. Don’t leave your homework to the last minute. D-
Only one dead here must be you my friend. Do some research about what’s happening around you. Go to Verge twitter page if you’re too lazy to dig. Don’t even want to mention how ill-informed you are about Electroneum. Embarrassing.
I disagree with the article completely, I feel like a lot of the achievements Electroneum have made are being overlooked. But no business
However, I hate that the ETN holders act like a pack of rapid dogs anytime someone posts negativity about the coin. This comment section is disgraceful
Lmao. You again? You are nothing but a big joke.
You are one of the lambomoon guys who thought will be a billionare in a few months.
Noob
Another brilliantly ridiculous article from Captain Altcoin. To say Electroneum is hardly progressing you surely can’t be researching the same crypto?!? Any crypto that will be regulated adopted and accepted in the mainstream and even governmental departments requires regulation. That means Anti money laundering, that means personally knowing who has funds by KYC. In just one year, the team has managed to get 11 fiat listings, including both USD and EUR pairings at the Liquid exchange, one of the top fiat volume exchanges in the world, which is fully regulated by the JFSA but I suppose it’s just piddling around? I can’t make out if you are seriously that thick or have some ulterior motive for your negativity, maybe both? The road for mass adoption is for innovative, world first, pioneers of the crypto market and ETN has it all in spades. Read the latest article from crypto due diligence experts Blockhaven who have rated it the most under rated and highest future potential projects they have cime accross. I can’t along with soon to be 3 million other’s cant wait to see what the future holds. https://www.blockhaven.ca/releases/electroneum-the-road-to-mass-adoption
You seriously call blockhaven “experts”?
What to do actually think the SEC can do to a British company? The SEC has no power in Britain. Makes your article a joke in my opinion and I don’t hold either of these coins.
Ha ha. I’m saving this pathetic excuse of a web article for a few more years. Absolutely zero knowledge of ETN and what their team has accomplished. Definitely knows nothing about the primary aim of ETN and how they are getting there. Complete bullshit writing.
Disagree with most of this article, it looks to been written with an obvious negative aim. This is not good for anybody. I think click bait as some have mentioned above would probably be correct. A neutral article giving ALL relevant information so as their readers can make an informed decision on ETN would have mentioned the recent large contract signed with One Developement in Thailand. A massive contract that could not have been signed without KYC/AML. This coin is building an eco system targeting the ‘unbanked’, it is not trying to be a Monero or any other Altcoin. Yes it is a difficult time to be an Altcoin and many will lose all value, however I don’t see many other Altcoins continuing to rise to the challenge and overcome challenges that EVERY new company endures, especially one that is trying to break away from the norm to target mobile users worldwide.
This coin may indeed continue to lag for the foreseeable future however I also believe (because of Richard Ells) that it has a strong possibility to be an incredible success. Do your homework, look at both sides and make your own decisions.
dumb ass author.
author talking out his ass… not a smart person. uninformed
Very poor research, you really have no idea what you are talking about, I suggest you get another job.
Here’s a link to the recent beta release of the highly admired modern Verge IOS mobile wallet. If that’s your definition of a dead project then it’s pretty dead alright. Desktop, android, and rebased codebase with ringCT is up next 😉
https://twitter.com/CabrasManuel/status/1081905467776004096
You should mention that everyone who is a little technical understands that Etn Ltd is a scam company.
Last month i filed a report to actionfraud uk and asking them to clear out what did they do with ico money? and i asked to investigate regarding the pre-mined coins.. is etn selling coins and inflating the price for personal profit?? all i know is that etn is a scam company and i believe they think they can hide tx history thats why they chose monero.
Finally someone with some sense commenting on this. We will cover ETN, among other dubious and sham projects, more in the future.
It seems obvious you’re choosing ETN to talk bad about because you know there’s 2.5 million users & you will gain traction by saying anything at all. Might as well be the controversial one.. right? Just because ETN is full of marketing experts.. doesn’t mean they don’t hire blockchain experts. In fact the best companies have leaders who have delegation skills.. not expert themselves in every nuance. I feel I’ve given your silly article too much attention already.. shame on me.
Your an idiot mate a condescending moron, less sarcasm more intellect would do you wonders!!
Such a sad comment.
Lol ETN? to be honest if you have 50,000 investors there’s always that one dude that has to talk fud. It’s there job.
It’s like when a popular band is coming into town and that one but hurt dude doesn’t want to see them because everyone likes them.
That is all this article is.
I see there’s a bunch of bagholders in denial here