[Source: http://electroneum.com/]
Electroneum's (ETN) token sale reached it’s $40M hard cap and closed early amassing over 120,000 contributors and over 300,000 registered users. The excitement was real and we all waited for the mobile miner to go live. The hours counted down and then to all of our surprise, the app started adding hours to the wait time.
We soon discovered the ETN had thrown on the breaks and locked us all out of our wallets. Why? The below screen shot from their website sheds some light;
[Source: https://my.electroneum.com/]
Please visit the source link if the screenshot is too small to read.
To date this has been the only update on their website. It has been met with mixed reactions. Frustration, anger, even rage can be seen in the comments on google play, these extend onto the communities Telegram, Facebook, Twitter etc.
There has also been a wave of support. Many believe that ETNs CEO, Richard Ells, and his team have been doing their best to protect our investment by presenting a thoroughly tested, secure payment solution ready for commercial growth.
Let's look at the current state of ETN on Coin Market Cap
[Source: https://coinmarketcap.com/currencies/electroneum/#charts]
It is noteworthy that ETN has been in regular communication with investors and this seems to have paid off as interest in the currency, even in light of the current lockout has grown steadily as have investors.
It is also noteworthy that ETN is currently only available on the New Zealand exchange Cryptopia.
https://www.cryptopia.co.nz/
Current screenshot from Cryptopia
[Source: https://www.cryptopia.co.nz/Exchange?market=ETN_BTC]
Now here is the most recent update from Electroneum's Facebook page;
[Source: https://www.facebook.com/electroneum/]
This news has created some serious excitement as investors finally will have access to their wallets. Some of the recent reviews on ETNs facebook page give a good idea of what the those that have remained optimistic are feeling;
[Source: https://www.facebook.com/ElectroneumCommunity/]
Why are we seeing so much optimism?
Simply put, effective community engagement and communication. Richard has not hidden from the controversy, rather he has leveraged it with down to earth open communication and created a following of loyal investors that seemingly have unshakeable faith in Electroneum as a result.
I believe for the currency to relaunch successfully it is important that ETN makes good on delivery before Christmas. For those that lost faith, their will be a selloff if the price does not immediately jump. However if ETN is able to secure a listing on one or more of the leading exchanges I believe the renewed excitement, together with a major listing will see a sharp rise in the price and again a substantial dump by those whose patience was over tested.
For those that hold steady for the first few weeks, frustration may well turn into elation, with investors thanking themselves for staying with this company through the long wait.
Time will tell.
What is your position on ETN? Have you lost faith or are you confident in Ells and his growing teams ability to make this ambitions endeavour a success?
Please share your thoughts below.
Thanks for reading this.
MrSquiggles
Some resources:
ETNs Official Blog: http://electroneum.com/blog/
ETNs Whitepaper: http://electroneum.com/overview-white-paper.pdf
Bitcoin Wiki: https://en.bitcoinwiki.org/wiki/Electroneum
Bitcoin Talk (Forum): https://bitcointalk.org/index.php?topic=2065043.0
Token Market: https://tokenmarket.net/blockchain/bytecoin%20fork/assets/electroneum/