If you have been following the crypto new lately, or even just stumbling across it in various social media platform, then you have probably heard of Electroneum.
What's the deal-e-o?
Electroneum was being lauded as the great competitor of bitcoin and also the "First British Cryptocurrency." After the ICO closed due to meeting the hardcap (over 40 million raised in BTC and ETH). There was big hype right before the blockchain went live launch because Electroneum went with using Monero code base.
What's the Crises?
When the blockchain went live, they did not release the coins bought during the ICO, but they let miners start earning coins, which meant that those who invested zero were mining 14k ETN a day and selling them for pennies on exchanges. The coins are still locked in the online wallets, and the community that invested are continually growing in anger and frustration at the current prospect of losing their coins. Add to the frustration the fact that Electroneum was pushing heavy their "sort or" mobile mining, but at launch the app did not work and still does not work.
Is ETN Dead?
Potentially, it could be the end of ETN. As the original investors may get their tokens once unlocked and drop them in exchanges to either make little gain or a small loss.
It can survive though. With all the cheap ETN floating in the exchanges right now, a bunch can be bought up which will make the market level out and settle its volatile nature. Also, the investors hold the bulk share of the coins, so if they decide to HODL and buy, Electroneum can still be a success story waiting to happen.
What do you think? Did you invest or are you mining?