Home / Bitcoin / Electroneum (ETN) is just a well-executed marketing campaign with little chance of success

Electroneum (ETN) is just a well-executed marketing campaign with little chance of success

Since my last post on Electroneum was, as expected, encountered hostility, insults, murders and emails to the chief editor of Capitanaltcoin asking him to fire me, I decided to make another post, but this time the community has to say about their.

Please do not try to force the publisher to start me because he will not. I adhered to this publication under the strict rule of independence in my work and in expressing my opinions and research without censorship.

Here is a nice introduction to the ETN:

"It's because they're all paid to get people swarming about any profitable thread that puts them in a bad light … Take a look at their subreddit … That's how it looks like a shill-infamous subreddit. debate, no substantial information, just a praise of the brain.

Electroneum is a project created by a marketing company. They know shit about coding. They only have fork any code is out there. The team was forced several times to persuade strangers to program for them because they did not know how to fix their mess. They tried to implement ASIC resistance in their code, they did not have enough miners to support the project with the GPUs, so the team was forced to pay for cloud mining to finish the fork lol, and then suddenly flopped 180 and said , ASIC is the future and gave a big FU to the remaining GPU miners who supported this shitcoin.

Electroneum is a headless chicken, trying to do what many other projects have already done, with an army of shilling for a fee, and a blockchain that is much slower than many other projects that do the same, only much better. "

Ok, so a project run by very experienced professionals who used one of the most revolutionary marketing techniques introduced with the advent of the Internet: affiliate marketing. Affiliate marketing refers to an advertising model in which advertisers pay commission to publishers and third-party content providers for the traffic or sales generated by the latter.

The concept has been around for a long time, but it is gaining importance only now that the Internet becomes more widely available and its ecosystem is better understood. The Electroneum guys executed it perfectly.

Marketers rarely know the code. Apparently Electroneum did not have a competent developer on its team, but promised to hire "the best developers, they know the best developers". Check it:

"Electroneum's methodology is" fork and forget. "A classic example of how it is possible to find what is moral right here.

Basically they did not even look at the base code they forked, and as a hilarious result, they included an unnecessary patch for an early attack on Monero. This patch would have completely broken Electroneum if it had actually arrived at 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 small fraction of the pest atmosphere created by ETN before their ICO:

"All the marketing that surrounds him, all the hype and all the excesses have been led by FALSE CLAIMS.

"If you messed up bitcoins, you can get this"

"If you want to make a lot of money, but you do not know how, enter this"

"If you want to become a millionaire from Crypto, this is your ticket"

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

For this reason, the support is false, it is not real.

All 80% of these people have no idea, they understand the point of the coin and they will not know what to do when and if it hits the exchanges ".

They also advertised on billboards:

Who is behind the project?

Here's more on the background of the ETN founders:

"Electroneum is founded by an experienced digital marketer, Richard Ells." Richard Ells is director of Retortal, a UK-based digital marketing agency with extensive experience in digital companies but no evidence or experience in cryptocurrencies or technologies. blockchain.

Richard Ells is a digital entrepreneur able to implement an effective digital marketing strategy that binds his track record well. The insane clamor and aggressive marketing surrounding Electroneum becomes clear when we understand more about the responsible person.

What I find interesting is that the Electroneum team is made up almost entirely of Retortal employees. Does Richard Ells use his staff to create a team that convinces us to believe in trust and credibility? How does Retortal work as a company with its daily tasks now that Electroneum has obtained an investment of $ 40 million, a user base of 200k and blockchain ready to be published in a week? Has attention been shifted from Retortal to Electroneum?

What experience does this digital marketing team have in working with blockchain technologies? They are just a bunch of glorious marketing people who know the smell of money online by involving it in what many think is the new plan "to get rich quickly"? The team profiles on the Electroneum website highlight the results achieved in university level education but do not affect industry or professional experience and achievements. There is little evidence to suggest that these people have the ability to run a multi-million dollar digital currency. "

This post completes the pleasant one from the top:

"I remember commenting a post some time ago on the Electroneum association with Healthy Living Products, if anyone is familiar with MLM companies like Amway, you know there are so many similarities, especially when it comes to reference programs This obviously is not the same as a scam, since Amway and their gender are legitimate companies with impressive strategies that keep them alive.

But if you need a reminder about what MLM does to encrypt, look for OneCoin. "

BTW. OneCoin is one of the biggest scams busted in the young history of cryptocurrencies (and the competition for the top scam of the encrypted world is fierce).

So let's move on to their "mobile mining". A little confusing to use the job test in the context of Electroneum, because …

"Phones do not do anything about PoW, they only give it a currency for nothing, it's kind of a test of time but not really and there's no real effort on the part of the user. point on PoW is that it is computationally impossible to cheat the system.

I do not buy this concept of 'introduce all', they have not explained how, it's just a flashy white paper and some clumsy videos on social media. Cryptocurrency is not for the average joe, requires a little intelligence and just pass it to anyone and anyone who owns a smartphone is not right. Furthermore, the whole concept of currency that drops the air to the phones requires centralization, which is against one of the fundamental principles of cryptography and, if all of them have, what is the true value?

Anyway, I could be wrong and that's why I have some hashpower focused on it. I will wait and see and I am happy to have a reasoned debate about it. If you can explain exactly how it works and manage the app, I'm honestly all ears. "

Of course, the ETN shiller he was responding to never again resurfaced since he was trotting the vague statements that someone had told him / paid to do. Once someone wanted to engage in a real debate with him, it was beyond his duty / knowledge purpose and he had made himself scarce.

There is still much more to say about Electroneum. I'll probably do another post about it in the next period. I want to emphasize again that I do not think this project is a scam, but it seems to be a wonderful marketing campaign launched in perfect timing. The team behind the project could really invest the $ 40 million of funds raised and really develop something, but since it's not clear what they actually want to develop, it's hard to expect them to succeed.

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