Last week I shared a post addressing a few concerns I have with Electroneum. That post garnered a response from a one trick pony. If you would like to read his response simply review the responses to my first Electroneum post. He replied saying that he attempted to be “objective while reading my post.” However, all of his posts are shilling Electroneum. If all you do is promote a project and someone posts concerns about said project how can you honestly respond that you read my entire post objectively? I read his entire response and I could tell as I read it that he actually did not read my entire post. That’s neither here nor there.
So why have a continued…. to my first Electroneum post? I’ll tell you why!
For starters I made my first post to address my concerns and I felt it only fair to shed some light on Electroneum’s one year history. I left quite a lot out! Did I only leave out good things? No, heck no, I left out a ton of terrible things too! My goal was not to write a book or to reference every single event surrounding that project. My goal was to address a couple concerns that I felt are being overlooked, are HUGE problems and will have an impact on any true increased value of this project as a functional cryptocurrency.
If you look at the rest of my, very recent, medium posts they are about multiple projects in the Crypto Space and also, in my biased opinion, a great article about Success. I am a fan of several crypto projects, however, I am not emotionally attached to any project and you should not be either! If you allow yourself to be emotionally attached to a project you will have great difficulty seeing the issues with the project or you may see them but try to justify them in your head, which is very dangerous for the value of your future wealth, based on your current misconceptions.
I didn’t mention that Electroneum locked their ICO investor’s coins for multiple weeks longer than they promised. They did this to protect their investors from being hacked, or if their investors had an email that had been compromised, to give them a chance to change their passwords and ensure the security of their email before the coins were released. Oh and they hired Hacker One to check their systems for any vulnerabilities too… after the ICO had already been completed! All of that was sloppy, but I didn’t feel the need to mention that in my first post and a lot of these crypto projects start off sloppy so who cares right? Then a few months into it and while the Bull market was near its 2017 peak they announced a partnership with Titanium Blockchain and Michael Stollaire from Titanium who would be an advisor for Electroneum.
Electroneum listed Michael Stollaire as an advisor on their website and every major Electroneum YouTube channel that was doing regular coverage of Electroneum was touting this advisor as an amazing addition for Electroneum. Long story short, Michael Stollaire is a scam artist, Titanium Blockchain was shutdown, Stollaire falsified his past successes and partnerships to score an advisor spot on Electroneum’s team and to also launch his own ICO, which turned out to be a scam and was only shut down by the SEC after it had been fully funded. Does Electroneum’s partnership with a scammer make them a scammer? No, I wouldn’t say it does, but it reflects poorly on Electroneum’s lack of “due diligence” when selecting an advisor.
Another reason why I feel the need to write about these concerns with Electroneum, has absolutely nothing to do with my involvement or the lack there of. It has 100% to do with the fact that the majority of people touting Electroneum are doing so because they are blinded by greed and they want to get as many people into this project as possible to raise the price. They only want to hear good things about the project and will try to discredit anything negative about the project. I’m not surprised by this, after all, if the value goes down their investments lose value and if the value goes up their investment goes up. I get it… I totally get it and I understand that any post I make that is holding a project accountable and presenting the concerns with the project are going to get flamed. In my opinion though it is worth it. Why is it worth my time to post concerns about a project knowing that it will be unfavorable to many and make people troll me and flame my posts? If I can save any number of people from losing their money and wasting their time then it is worth it.
That said, do I think that Electroneum has a decent business model, will get more people exposed to crypto and potentially be a successful business for many years to come? Maybe, maybe not.. Let me ask you a question… do you have the Electroneum mobile wallet and if you do, have you used it to mine? If you have it and you use it to mine, is it exciting? Does it feel groundbreaking and like bleeding edge technology? Maybe it’s not exciting… maybe it’s very slow to update your balance, maybe the camera on your phone isn’t the greatest and you can’t send ETN from your mobile wallet to your friend’s wallet because your phone is unable to read their cryptographic wallet address. Maybe you have a slightly older phone and when ETN updated their app the app no longer worked on your model of phone.. Maybe you don’t have an Android so you haven’t even been able to sift through the dozen fake electroneum apps to find the real wallet which would then provide you with the subpar experiences I mention above. All of these examples I have experienced myself and I know of several others who have also experienced them. By the way… this is Electroneum’s route to market! The mobile wallet / miner, that doesn’t give the user access to their private keys and is not available on any Apple device either. Whether you like Apple or Android, I like both by the way, but what I know about the two is that the app store for Apple has a much higher standard that must be met than that of the Google Play store for Android.
I don’t hate Electroneum, I’m not trying to spread unnecessary FUD, however, for every newbie YouTuber trying to tout Electroneum as a top 10 or top 5 crypto, there needs to be the occasional voice of reason! I’ll be the voice of reason when it comes to Electroneum, even if it gets me a ton of hate. One way to tell if you are getting objective information from someone advertising any crypto project, is see what else they post. Do they ONLY talk about that one project? I’ve been accused of only talking about one project before, but, that’s because the group doing the accusing didn’t actually look at me, my content or anywhere else I post.
If you read this far, thank you for taking the time to actually read my entire post, while forming your own opinion! Also, if you read this far, than know this, I am not here to bash Electroneum, I am here to spread the good news of cryptocurrency! However, in order to share what is good about crypto we must hold ALL projects to the standard of the multi million $$$ companies that they are. If they aren’t multi million dollar companies than why did they need to earn ungodly amounts of our money through their ICOs and other crowd funding means?
If you follow me you will see that even the projects that I am very fond of I rake over the coals! I go into the discords, their telegrams, I tweet at them on twitter or I post comments under their YouTube videos, anywhere and everywhere I can to get the questions answered that will help anyone who is investing make as informed a decision as possible!
There is a particular YouTube personality who “claims” to also do this, however, I call BS. He says he enters a community like a bull in a china shop and that he respects a team that is “able to take a tackle, dust themselves off and get back on the field.” However, this individual is full of it. He’s a bull in a china shop sure, but it’s his china and it’s his shop and if YOU break something in his shop he gets offended and calls you abusive all the while refusing to pay the same respect that he expects from the projects he previously disrespected. I actually want to thank this individual for being a phony because it is his unwillingness to deliver on his promises that made me realize that someone in this crypto space needs to TRULY hold projects accountable. So here I am, ready for work, and I’m here to stay, just like Crypto! So buckle up, FOMO, FUD, irrational exuberance, capitulation and TRUTH to be expected!