I made a recent post about this but it was more of an overview and my initial perception of the coin.
It's still traded regularly ($35,076,400.00 traded in the last 24 hours) so I just wanted to post a more concise piece about why I feel you should stay away from it entirely (even in day trading scenarios).
If you're not familiar, Einsteinium collects 2.5% of each block reward to award various science/research projects as stated in their mission statement:
This sounds great, but unfortunately seems like false promises.
Reasons to avoid Einsteinium
Poor PR. Lets get this one out of the way, they obviously have a difficult time announcing news
The coin is almost 4 years old yet lacks a white paper. Not a huge deal, but without one the roadmap and website are almost all speculation.
The coin has a partner listed, Blue Lab IT, which happens to be owned by the chairman of the Einsteinium foundation, , Malden Trifunovic. Blue Lab focuses on developing blockchain solutions for businesses among other things. This may not seem like a big deal, but look further down the Blue Lab website and you'll see Einsteinium listed as one of their projects. The description of the coin is quite different than the mission statement at the top of this post
Notice now it says they also fund IT projects.
If we switch back to Einsteinium's own background page we'll see another different description of the coin's purpose:
So according to this description the Foundation funds science, IT, and crypto projects. 2/3 of these is something the chairman's company provides. This is an obvious conflict of interest.
- What have they actually funded? The only two projects I could find that the Einsteinium foundation funded were in 2014 and early 2015 (sleep deprivation and diabetes research respectively.) They donated $1,500 worth of the coins for each project.
If you look at the block explorer for the foundations public address you'll see there have been very large withdraws over the past couple of years.
This wallet address for instance has received 2 large transactions from the Foundation's wallet. One for 100,000 EMC2 on 2017-05-19 and one on 2016-07-05 for 1,974,843 EMC2. Why were those transactions made?
All in all, I feel it's just a matter of time before EMC2 gets fully exposed and the coin will nosedive very quickly. This is why I suggest to avoid this coin. I feel it's very risky to hold EMC2 even for a short time.
Stay smart out there guys!