Having invested heavily into ETN at one of its highest points - around .15 USD, I know that I was a true victim of stupidity and fomo'ing. Once again my thought processes were wrong. Thinking that ETN would do great because it was one of the most popular ALT coins to be advertised on mainstream media, I thought it would be first in line for mainstream adoption.
Sadly I didn't take the time to step back and look at the project and its unstainable growth from a neutral perspective. The majority of people who invested into ETN on the ICO were stay at home moms and kids, not tech-savvy crypto investors. With that being said, many of them started to foam at the mount once they started to realize profit of 5 and 10 x and took their profits as fast as they could without a care about the original project.
Now almost four months later, while everything else in the crypto world is slowly crawling back up, ETN remains stagnant. Though there has been a terrible amount of bad news - mainly due to the lack of quality leadership and project infrastructure, a lot of projects that were susceptible to the same fud, are starting to retrace upwards - but not ETN.
Watching my almost $10,000 CAD turn into about $1200 makes me completely sick, but I am sure there are others on the hook for a lot more. Will ETN be able to recover from this, are will ETN fall all the way down to zero. I could readily say that the creation of ASIC algorithm specific miners really added to the hardships of ETN and are probably why its price is so low.
If it was up to me, all crypto currency would work on a proof of stake, instead of a proof of work. Why waste so much energy, just to create something that is probably going to be completely worthless come five years from now? At least with staking, crypto seems more like a conventional capital market, where you get paid dividends to hold a stock or security. I know that GBX, a masternode project that I am currently investing in, is doing away with mining due to the popularity of ASIC miners and the downward pressure it has placed on its coin. I hope that ETN quickly makes the same choice, so the price can recover and the project can continue.
