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#AltCoinDaily: Altcoin Daily: The TRUTH about ELECTRONEUM (ETN)- Follow Up!!!! Centralized or Decentralized??

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Altcoin Daily: The TRUTH about ELECTRONEUM (ETN)- Follow Up!!!! Centralized or Decentralized??

[ VIDEO POST ] Duration: 18:15 | Views: 10442 | Likes: 429

Hey Altcoin Daily Team,
Today I wanted to do a follow up on a Deep Dive video I did last week on Electroneum.

I got a lot of flack on that video, so I did some more research. In today’s follow up I will primarily be addressing:
Is Electroneum(ETN) centralized or decentralized? And, if centralized, to what extent?

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**Not financial advice. Just opinion.

AltCoin Daily

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49 thoughts on “#AltCoinDaily: Altcoin Daily: The TRUTH about ELECTRONEUM (ETN)- Follow Up!!!! Centralized or Decentralized??

  1. thanks for your time, great video, great explainations !!!

  2. What you said about electroneum is true. The app doesn't mine. Giving downvotes won't increase the etn prices.

  3. Avatar Ayo Jones says:

    I am going to give this a thumbs up bc I liked it much more than I did the first video. If memory serves me right, they premined 6 or 7 billion. Also, of someone wants to go and buy 20 phones to mine ETN then they can go ahead and do it but it will be a huge waste of money bc the more ppl that are on it, the less you make. Also the crappier the phone you have, the less you you make. I liked your video but I still think you did some lazy research. Bc you didn't get the response you wanted, you drew your own conclusion. You were way off on the number of premined coins. There are over 2 million ETN supporters, all of them did their research without getting in touch with Richard Ellis, but you think just bc you asked for your email to be sent to him or someone high in the chain, It should. Any business will never get anything done if that is how they did things, so dont take it as a negative. I am almost certain that the white paper you had talks about how many coins are premined but it seemed like you had your mind set on proving yourself right that it is not decentralized. There are a lot of ETN youtubers that are very honest about this coin. They criticize it just like you but when they are not sure, they say so. You could have watched their videos or contacted them (Mintingcoins; crypto NWO: crypto for the people; and allabouttech). They also follow other projects so they are not just etn enthusiasts. You know how you say people dont like how ETN says that they have a mobile mine instead of a mobile simulator, people also dont like when you say you do a deep dive more it's more like you scratched the surface. And I agree with you that there are some very obnoxious people in the telegram chat but that is only a small fraction of them. I hold ETN but I also hold other cryptos and I appreciate the criticism (I honest do) but try and do a much deeper dive next time (it might actually take you a very long time and you will find info you won't find in an email).

  4. I have previously mined electroneum on my PC. See https://blockonomi.com/how-to-mine-electroneum/ There are usually no more than 150,00 people using the mobile miner at a time… so the figures aren't as high as you state.

  5. Avatar Eric Pedro says:

    hey buddy, if you actually do more research into ETN and richard ells first walk through interviews, you will hear him specifically say the break down for the 21 Billion supply. he says something like this:

    7 billion were "pre mined" that they have secured locked away.

    7 billion simulated mobile mining pool, paid out over the years to mobile miners in the app
    (which they adjust the payout speed on the back end so its continuous and fair for everyone)
    7 billion blockchain, will be put out over the years to the actual real miners

  6. Avatar Queen Wiki says:

    The fact that the mobile phone wasn't really mining was ALWAYS in the technical whitepaper. All folks had to do was actually READ it. I did and I wrote about it at http://queenwiki.com Search for Electroneum if you choose to read it. It is in one of my earlier writings about Electroneum. If you can find a mobile phone that can technologically mine at 30-40H/s, I will faint. And with today's technology to mine on a mobile phone will probably cause so much heat to emanate from your phone, it will FRY very quickly. OR you will mine 1 ETN a year… <chuckle>

    No you never got $30 in ETN. The numbers were estimates/ As a matter of fact he was transparent and informed everyone the latter part of 2017 that he never imagined that the traction he would get during the ICO in itself would be so successful. What a wonderful problem to have! <smile>

    So with that said, he actually wrote a very long response on this subject. He has always been transparent. He wrote that he can't promise $30 because it was simply an estimate based upon their initial estimates on participation/membership.

    The USD FIAT currency amount of $30 was pegged to the PRICE of ETN. Here is an example. Let us assume that the price of ETN is 1 cents USD. Now let us assume folks would earn $30 a month. That means everyone gets 3000 ETNS monthly. But that is not how it worked.

    Let us assume ETN is $10, then the number of ETNs you would get based upon the simulated hash power of your mobile phone would NOT be 3000! It would be 300 ETNs. If ETN is $100, then the number of ETNs you would get would be 30 ETNs. That is how it would work.

    No they don't have a trillion ETNs in reserve. They don't need it. I'll tell you why at the end of my ramblings.

    In terms of people having multiple mobile phones and having them all open, yes that happens. So I agree with you there. My hope is that something can be done to remedy that. It is difficult to block folks by IP address if multiple family members are legitimate customers. Also in many countries, the citizens use 'shared' IP addresses so ya can't use the IP address tracking methods to determine who is being greedy. lol.

    One thing you must understand is this. And this should address why they don't need a trillion billion ETNs in reserve and they really don't have to concern themselves with the multiple mobile phone issues in the FUTURE.

    The current model of folks just using their mobile phone, opening up there ETN wallet, turning on the pseudo-miner , and earning ETNs for basically doing nothing is basically a performance and scalability test bed model.

    Here is what is going to happen.
    1. Telecommunications partners (like Xius) have millions combined of customers already. Imagine their customers becomie Electroneum's customers in the Electroneum eco-system. They can then utilize their ETNs from within the ecosystem to pay their mobile phone bills.
    p.s. Shucks! In developing countries, in particular, mobile minutes on a mobile phone is like currency. Yes. I am serious. I would love it if they capture that market. A company by the name of Bitminutes is capturing that market. It is Huuuuge! But I digress

    2. Gaming companies and others will allow customers to use their ETNs to play games and engage in the ecosystem.

    There are other use cases as well.

    So you see that there is a way to continue to keep the ETNs within the ecosystem. I am also a realistic babe. I am willing to bet that the simple model of giving folks ETNs just for opening up their wallet and clicking "start mining" will be a minor part of the ecosystem. I am simply forecasting based upon what I have heard from Richard Ells and what I know about the industry. But I can see it being more of a "task-based" ecosystem where PROOF of WORK is actually PROOF of doing TASKs … i.e. REAL WORK rather than HASH POWER work. It will also be more of an ecosystem where the participants utilize ETNs for commerce.

    I am an advocate of getting rid of POW miners in the crypto-space and I am willing to bet my cryptocurrency portfolio that POW as we know today will go by the way of the dinosaur in about 2 years time. It is environmentally damaging and is like going backwards in time in terms of managing our resources and cleaning up our environment. We're in the infancy here … things-are a-changing, baby! New blockchain models…. Proven governance and voting use cases, etc..

    Memorandums of Understanding (MOUs) are already signed with a few of these companies (FAnFare Global, Telecommunications Payment Giant – XIUS). See https://queenwiki.com/blog/2018/03/electroneum-secret-document-on-fire-richard-ellis-ceo/

    Also as of today, "InstantPay" is on its way. They just completed a successful forking to ensure that ETN is ASIC-resistant. Monero and others are taking this route to keep the BIG ASIC miners out of the equation. So when you talk about centralization vs. Decentralization, Bitcoin as well as Bitcoin Cash aren't truly decentralized when the biggest and wealthiest most resourceful mining outfits own most of the hashpower. I say strict decentralization today is a myth. But that,too is be a digression of sorts.

    The fork was a software fork which also entailed the modification of the source code in order to meet the needs of Electroneum's business model.

    I am waiting for the InstantPay implementation announcement any day now. It was to coincide with the 31May2018 fork.

    Oh… one more thing about decentralization vs. centralization. Today, there is absolutely NO blockchain that has been shown to compete with the transaction times of let's say VISA. Bitcoin is abuot 7 TPS (transactions per second). I believe Ether is about 14 tps. There are new blockchains out there that 'claim' to be on par or significantly better than the old world transaction systems. ButI take that with a grain of salt. Proving you have a fast highway when 10 people are driving is easy. Let us see how fast you are when 1 million or 1 billion people are on that same highway. lol

    So what Richard Ellis and Electroneum have done is develop an off-chain solution to this problem. His developers have designed a system that will "pre-process" the transactions OFF of the blockchain and then send only the necessary data points onto the blockchain for immutable storage.

    Yes … I know it's centralized as heck. But you know what? It is necessary with today's technology. As a matter of fact, many of the big corporations and government entities will have hybrid blockchain solutions because ain't nobody got time to wait an hour, 20 minutes or even 5 minutes for transaction confirmations.

    I am not a zealot about any project or deal I am involved in. I don't get all worked up. Shucks! It ain't a soccer game. It's a business deal.. an investment.

    So with that said, I like your tone. I like your presentation. I gave you a thumbs up!

  7. Avatar Curtis Chery says:

    I tested this out for 3 months, got to about 300etn. Then all disappeared loooooool this is another bitconnect 100 watch.

  8. Avatar Lay Teo says:

    As long as you are telling the truth, don't worry about those haters. You are only helping people like me that has no clue to learn from you. God bless ☺️

  9. Avatar Maxim Olaras says:

    Use Promo code for 948539 for 5% H/s bonus. 948539 Good luck

  10. Avatar Hector Lugo says:

    GREAT Dude, the way to go, just give out the info, the good, the bad and the ugly. The best advise is alway proceed with caution.

  11. I gave a thumbs up. Dont forget that these tokens are supposed to go up in value. The more they are worth the more they can be divided amongst miners

  12. Hi Altcoin Daily. I am shure You know this by now, but you dont geth 30 etn. per day with the mobile miner 😉 and therefore you equation dont add up saying 2 million people, geth 60 million etn. per day. I dedicated 2 of my amd rx580 gpu's and the cpu's from to of my rigs to mine electroneum on nanopool as an experiment. And with a total hashingpower on 1800 kh/s I geth around 45 etn. each day. Agin, I know you made this video before the mobile miner was lunched, but maby you should ask the miner community next time you make a video asking this questions. I was mining electroneum months before the mobile miner lunched. I am not saying that the electroneum team do not hodl a lot of coins (like most founders of any coin are doing), I am saying that it is actualy possible to mine etn. and on that argument you can't call it a centralized coin.

  13. Its 30 cents they give u 10 coins its llimited I have the app says that

  14. Got the app says unlimited to 10 free is free doe

  15. Avatar Jan Leenstra says:

    I would like to point out that ETN is most definetly decentralized as I am mining it with a traditional minner right now. Also he answers your question in the video. he said it is decentralized!

  16. Avatar DEAN ARANHA says:

    Friends enter my referral code for etn and get a chance to win 5000 etn. My referral code is FD725D

  17. Who gives a fuck if its 'pre-mined' or not. It doesnt matter as long as the people 'mining' get the coins they 'worked' for. Dumbass.

  18. Avatar Circuminvent says:

    Rich kids in the west that was in the ico or even now, dont understand the mobile mining will cancel out the sending fee, this is important when you live on 2 dollars a day, i thank you all disappointed that sold off the coin so i could get in at a 70% discount. This is mass adoption, not for the west, it is for Africa, India etc, where people have 2 USD a day, a 0,25 USD charge for a sending fee would wreck the whole idea.

  19. All cryptocurrencies are centralized….."to an extent"

  20. Avatar gladiator X says:

    ilias sari:
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  21. Avatar OLIVER MUSA says:

    You aint giving any value…just coming back to harp on the mobile miner cos it helped push your subscription rate from 45 when you strated talking boit it to 500 plus…cheap ass channel

  22. Avatar OLIVER MUSA says:

    Really you dont deserve a response from etn…they already stated mobile miner was stimulated why are you creating a storm in a tea cup…oh i get it…you just using etn to get traffic to your page..cos at the end…negative comments or dislike…you still breaking records right…and getting record subscription…keep riding on etn to get traffic with your needless questions.

  23. I like unbiased reviews especially from an actual investor. I will say there are some cryptocurrencies that have pre-mined coin reserved for the development team to make profit later. So I don't have a problem with pre-mined coins being air dropped to the user community for the sole purpose of user adoption. Effectively that means a greater ROI for all investors. I actually have done pool mining for ETN and direct mining as well. I am mining to this day because I believe in the project. Now I heard RUMORS that Electroneum was backing off of the $30 per month and that may be directly related to the issue you spoke about to keep users from running multiple phones and protecting the coin from a simple pump and dump operation. Sorry so long but thanks for the video.

  24. i subbed,like cus ur honest bro,waiting for ur next videos,h5

  25. Avatar Pelle Pelle says:

    You get lots of dislike because your research ist just embarrassing, sorry dude. Your math is way way way off. And the stuff isnt really that hard to check you and verrify. I would recommend checking out some people on Youtube who really put some thoughts in their video. Try "Minting Coins" for example.

  26. This mobile mining sucks…. Always shuts down, resets and mines nearly nothing. In 1 week I have earned 1.5 coins. I am invested in the coin but the mobile miner SUCKS!!!!!!

  27. Avatar Scott Muas says:

    ETN is turning into a garbage coin. Wtf man. Fuq ells and his weakass team of retards. Shit-coin.

  28. Trade the crypto currency not through the exchange …. and through a reliable broker on the MT4 terminal with a 1: 1000 shoulder link to the site http://ru.nordfx.com/?id=1219800

  29. If you put DAC79B in the Code button under "earn free coins" in the mining app you will be entered in a weekly 5000 ETN drawing. This is not spam…. Read it for yourself.

  30. Avatar Dredogg says:

    You bring up a really good point about the "mobile miner" fraud possibilities. Sound rationale in your video.

  31. Avatar Rick Roberts says:

    The ETN officials have said numerous times the mobile mining is not real but rather a "mining experience". They also said in the email they sent out announcing the mobile mining was live that they would be adjusting the amount of ETN thats distributed through the mobile "accordingly" for whatever that means. Lastly I've had the app "mining" since the announcement was made and all I average is roughly 0.5 (1/2 a coin) per day. So no one is going to get 30 coins per day.

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  33. The financials don't make any sense as they are not honest in their projections on how they will give away millions of ETN, definetly Centralised !

  34. Avatar hakan ozgen says:

    Firstly, thanks for your time , the video and the effort (also the first video about the ETN). Really liked it and subscribed 🙂

    Your point is very clear about ETN mobile mining being decentralized. However to be honest , i do believe that , most of the investors in cryptocurrency world do not care about the philosophy ( if it is centralized or decentralized or why blockchain is being called a revolution … etc.) Its 21st century and almost everyone only cares about the money they can make , nothing else.
    Long story short , i think you should not care about the dislikes you got for your two videos. To understand them , they shoud focus and think about it ( which is obviously the biggest issue around the world ).

    Keep up the good work. All the best.

    P.S. just for a little BTC help …. 14ew78M7RFVwt39nYGUuMpvvC8iNZPBifE

  35. They also mention their is a algorithm that will detect phone farms. Probably threw the ip addresses i dont know that part but users are only allowed up to 5 phones per wallet. I notice by connecting an old phone and running 2 apps to 1 wallet that adding "phone hash" doesnt actually increase how much etn I recieve.

  36. The coins from the mobile miner are premined coins. But i think of those coins as the marketing budget. The white paper says they expect people will make a few dollars worth of etn a month. I think it was 1 billion coins they have put away for the mobile miner experience. Now we have to wait to see how they will make the coin usable.

  37. Avatar Mario Pham says:

    I tried the so called mining via the phone but to be honest, if you want to mine etn seriously its better to use normal CPU or GPU mining. the results are much better. Like I let the app run the whole day and I got only just over 0,5 etn also maybe due to being disconnected few times as I was not babysitting the device (11 Hashes/s). With my 2 GTX 1060s (890Hashes/s ) I got over 20 etn for the whole day of NORMAL mining. Of course its not profitable but as I am mining for hodling, I am not concerned about that. Other possibility is just buy the coins on exchange.

  38. Avatar L kendricks says:

    Hey bro have you seen the patent pending mini miner which WILL disrupt the mining industry by way of decentralization the exact opposite of what big mining company are doing.. check it out bro https://8276603.vista.network

  39. Avatar Steve J says:

    X365? No……….. X12 (Per month) ETN have been disappointing….always dangling the HUGE deal carrot, but it never seems to happen.

  40. Avatar Vanguardas says:

    Math is wrong, but your point is still valid. 🙂

  41. Avatar Jo Boo says:

    Really ill-informed set of videos you put out there.

    You jump on the mobile miner and keep returning to bash it but had you downloaded it you would see it CLEARLY STATES it is an experience only which rewards participation similar to real mining. It even goes on to clearly explain why it does not actually mine in the app. You didn't bother to research this though did you?

    And you are dead set on calling ETN centralised based on the fact they mined a bunch of coins (nothing like the kind of figures you pulled out if your a$$, 30$ or 30 coins you ponder, again not researched) which basically did the heavy lifting in advance which the mobile miner would not be able to sustainably do.

    ETN is also desktop actual mine-able – you don't mention that either…

    You play a clip of Richard explaining mobile simulated and that it is a decentralised system, you pause the clip and immediately go back to calling it centralised. Agenda FUD ?

    You are just a lazy tuber too sloppy to even know what ETC ETN you are referring to half the time.

    You will call those invested as shillers who downvote your video like it's unwarranted – but the fact is your video is poorly researched fiction.

    Edit: and asking people for like votes just to counter dislikes is desperately childish and affirms your FUD motives. You come across just like Suppoman – the king of youtube crypto-bull$hit begging for likes.

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