'Ello Steemians!
Before I begin:
- 95% of all ICOs are scams
- Blockchain technology was never meant as a "get rich quick" scheme
- No roadmap? No invest..
So I have a problem with Electronum. It promotes itself as a mobile mining currency and has two decimal places....... THAT'S IT!
Looking at the history on the bitcointalk forum:
- 8/2015: "The team at Retortal start building their own cryptocurrency, forked from cryptonote" (start, not starts lol)
- 8/2016: "The team choose the open source Bytecoin improvements in cryptonote as the basis for their new currency" (choose....)
Ok, so....
- It's a "cryptonight" algorithm coin (bytecoin, digitalnote, monero, etc.). These coins are known to have serious issues (especially Bytecoin) and have been able to be mined from phones for years.
- 21 billion coin supply. The only moderately valuable coin with a max supply that large is Ripple. This is obviously not a Ripple as it targets a phone and gaming audience. Every other "good" coin with a max supply this large (Verge, Stellar Lumns, Cardano, Siacoin) have never peaked anymore than a few cents per coin.
- Roadmap?? To me it doesn't even look like they have a product other than a mobile wallet and mining software. All development is dependent on how much money is raised. And beyond that, I still see nothing special. API, exchange (lol.. ok.. because DEX do so well), game console mining software (could easily be done with other cryptonight algo coins, would probably take one good day of coding), and "future upgrades"
Summary:
Will it make me money? Sure. So many people are on it that it's guaranteed to pump. It's selling for ~1 cent per coin right now. You could knock out probably a 5-10x profit if you catch the pump.
5-10x? Why not 100,000% like Stratis, etc. It's a cryptonight algorithm coin with a 21 BILLION coin supply..
It's not the second coming? Absolutely not. It's over-hyped by big investors on twitter with no knowledge about specifications or development. Electroneum isn't bringing anything new to the table. I see absolutely nothing that makes me desire and want this coin..
Are you going to invest? I'm not hating on this coin because I'm getting in late. I could've gotten in on day 1. Didn't see anything good then, don't see it now
Will you mine it? Probably while I'm bored at work. Who doesn't like a bag of good 'ole shitcoins?!