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Post by Pete on Oct 19, 2017 5:35:14 GMT -6
If/when they are all mined, what happens to mining, does it just stop? Suddenly that's a big incentive for new take ups gone. I think, if I understand correctly, with BTC people are saying miners will still earn from transaction fees even if no new coins, but not sure if that would be the case here? Or even in worst case scenario how long before we would get to that point.
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Post by mrnewguy on Oct 19, 2017 5:43:16 GMT -6
If/when they are all mined, what happens to mining, does it just stop? Suddenly that's a big incentive for new take ups gone. I think, if I understand correctly, with BTC people are saying miners will still earn from transaction fees even if no new coins, but not sure if that would be the case here? Or even in worst case scenario how long before we would get to that point. all crypto are finite. it is the same reason why there is not infinite dollars or €in the world. When all is mined (electroneum will take at least 6 or 10 years to mine 21B coins i think), that is the maximum amount of coins in circulation. Its value goes up when no one can mine it anymore, so it is a good thing. |
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Post by Pete on Oct 19, 2017 7:08:28 GMT -6
If/when they are all mined, what happens to mining, does it just stop? Suddenly that's a big incentive for new take ups gone. I think, if I understand correctly, with BTC people are saying miners will still earn from transaction fees even if no new coins, but not sure if that would be the case here? Or even in worst case scenario how long before we would get to that point. all crypto are finite. it is the same reason why there is not infinite dollars or €in the world. When all is mined (electroneum will take at least 6 or 10 years to mine 21B coins i think), that is the maximum amount of coins in circulation. Its value goes up when no one can mine it anymore, so it is a good thing. Yes, what I was getting at really was whether mining is still needed to process transactions even after 21b are in circulation? If there are still unissued coins they are given as a reward for miners, but when there are no coins left won't mining still be needed anyway to process transactions? I am still quite new to this but this is what I picked up in reading about BTC, that mining will always be needed but whether it will be worth it for the miners if the reward of new coins no longer exists. I may have misunderstood, and it may be different with ETN in any case! |
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Post by mrnewguy on Oct 19, 2017 7:23:40 GMT -6
all crypto are finite. it is the same reason why there is not infinite dollars or €in the world. When all is mined (electroneum will take at least 6 or 10 years to mine 21B coins i think), that is the maximum amount of coins in circulation. Its value goes up when no one can mine it anymore, so it is a good thing. Yes, what I was getting at really was whether mining is still needed to process transactions even after 21b are in circulation? If there are still unissued coins they are given as a reward for miners, but when there are no coins left won't mining still be needed anyway to process transactions? I am still quite new to this but this is what I picked up in reading about BTC, that mining will always be needed but whether it will be worth it for the miners if the reward of new coins no longer exists. I may have misunderstood, and it may be different with ETN in any case! That, my friend, i do not know  |
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26 
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Post by etnsab on Oct 19, 2017 9:57:49 GMT -6
I really wanted to join Electroneum at the 40% Bonus and ended up getting them near the ending days of the 20% Bonus. That's how long it took me to be able to get some Bitcoins and on top of that, the fees involved were so much. Hi, the bit of your post that I've quoted above I think is important for another reason... many of the investors in ETN have put in quite small amounts of money. They are not big time investors, many of them have probably never been involved in cryptos at all. This will be even more true in the case of the people whose first involvement will be "mining" on their phone, those people who haven't even gone through the process of buying BTC to be able to take part in this ICO. Now, are all these people going to rush to join an exchange and dump their ETNs at the first chance? I don't think so... they will want to keep it, watch it grow in value thinking (rightly or wrongly) that it is the next Bitcoin, the next "big thing", or maybe spend it. The value of their investment is probably quite small, is it worth the difficulty and hassle of learning about exchanges, choosing the best one, assuming there is a choice of those offering an ETN market? Then selling their ETN which they were so keen to buy and converting it to BTC, then getting that converted back to fiat currency? Of course there will be some experienced traders with larger stakes among the 250,000 who might turn the "massive dump" they keep talking about into a self-fulfilling prophecy, but I think the "little guys" are in this for the long term with the difficulty of cashing out helping to keep them in. One thing I'm interested to see, is how much ETN is used for daily person to person transactions, regardless of retailer take up. If I ask someone to get me that 83 cent bottle of Coke (from the video) and I offer reimburse them in ETN, direct from my phone to their phone... whether they are happy to accept it, or if they instead demand to be paid in "real" money, that will be the real proof of how much this has been successful, not just in games and gambling, but the far bigger field of everyday life. Absolutely. I'm one of those people who invested a very little amount in ETN simply because that's all I can afford to. Personally, I'll be holding my ETN for a long time and wait to see how it's going on. Massive dumps will surely happen in the first week. Someone who put $2M dollars on that with a 2x return is already very rich to begin with. People who have a few thousands are better off holding it for the long run. I truly believe in Electroneum. The worse that can happen is a bad execution from the team and the probability of that happening is very slim given their reps. |
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Post by Pete on Oct 19, 2017 10:31:15 GMT -6
What's exciting to me is that the 275,000 investors are the really keen ones, the savvy ones, a lot of them probably already had BTC or were motivated enough to go and get hold of some. And that 275,000 is a TINY, TINY fractions of the people who will soon have it on their phones! This is what the critics are missing.
I hope the "Mining Games" will include all the info on how to look after your ETNs and what you can spend them on, how to exchange between users etc. We have to keep the interest up and not just let ETNs sit forgotten on peoples phones after their owners have lost interest.
I wish eBay would allow cryto payments from buyers.
How about charities and good causes taking donations of unwanted ETNs from peoples phones? Keeps things turning over.. amounts which will probably be quite small and not worth bothering with for some people once the initial interest has passed.
I want to find out how to take payments in ETN, would I just publish a "send to" address or QR code for people to copy?
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26
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Post by etnsab on Oct 19, 2017 11:26:29 GMT -6
What's exciting to me is that the 275,000 investors are the really keen ones, the savvy ones, a lot of them probably already had BTC or were motivated enough to go and get hold of some. And that 275,000 is a TINY, TINY fractions of the people who will soon have it on their phones! This is what the critics are missing. I hope the "Mining Games" will include all the info on how to look after your ETNs and what you can spend them on, how to exchange between users etc. We have to keep the interest up and not just let ETNs sit forgotten on peoples phones after their owners have lost interest. I wish eBay would allow cryto payments from buyers. How about charities and good causes taking donations of unwanted ETNs from peoples phones? Keeps things turning over.. amounts which will probably be quite small and not worth bothering with for some people once the initial interest has passed. I want to find out how to take payments in ETN, would I just publish a "send to" address or QR code for people to copy? They will release the API for accepting payment soon. Developers will be able to integrate it. Everything you mentioned that can be done can indeed be done. It will just take some time for people to adopt it and use it. |
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Post by Pete on Oct 19, 2017 12:17:18 GMT -6
What's exciting to me is that the 275,000 investors are the really keen ones, the savvy ones, a lot of them probably already had BTC or were motivated enough to go and get hold of some. And that 275,000 is a TINY, TINY fractions of the people who will soon have it on their phones! This is what the critics are missing. I hope the "Mining Games" will include all the info on how to look after your ETNs and what you can spend them on, how to exchange between users etc. We have to keep the interest up and not just let ETNs sit forgotten on peoples phones after their owners have lost interest. I wish eBay would allow cryto payments from buyers. How about charities and good causes taking donations of unwanted ETNs from peoples phones? Keeps things turning over.. amounts which will probably be quite small and not worth bothering with for some people once the initial interest has passed. I want to find out how to take payments in ETN, would I just publish a "send to" address or QR code for people to copy? They will release the API for accepting payment soon. Developers will be able to integrate it. Everything you mentioned that can be done can indeed be done. It will just take some time for people to adopt it and use it. That's great to hear. maybe they should run their own webstore for a while selling ETN branded mugs and t shirts, as a kind of working example for retailers to emulate! |
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26
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Post by etnsab on Oct 19, 2017 16:10:13 GMT -6
They will release the API for accepting payment soon. Developers will be able to integrate it. Everything you mentioned that can be done can indeed be done. It will just take some time for people to adopt it and use it. That's great to hear. maybe they should run their own webstore for a while selling ETN branded mugs and t shirts, as a kind of working example for retailers to emulate! I'm actually planning on building a Store around ETN and launch it mid-december. I already acquired an amazing domain for that purpose. :-) |
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Post by mrnewguy on Oct 19, 2017 16:13:13 GMT -6
That's great to hear. maybe they should run their own webstore for a while selling ETN branded mugs and t shirts, as a kind of working example for retailers to emulate! I'm actually planning on building a Store around ETN and launch it mid-december. I already acquired an amazing domain for that purpose. :-) I will be your first customer! |
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Post by roman on Oct 19, 2017 23:35:32 GMT -6
Update: It just ended. Now we wait! Number of Token Sale Users: 290,317 Total Electroneum Sold: 4,405,576,498 Total ETH Raised: 42,063.7952 Total BTC Raised: 4,873.2452 Good luck everyone! Let's hope for the best!  |
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Post by Chriskoh on Oct 21, 2017 1:28:52 GMT -6
That's great to hear. maybe they should run their own webstore for a while selling ETN branded mugs and t shirts, as a kind of working example for retailers to emulate! I'm actually planning on building a Store around ETN and launch it mid-december. I already acquired an amazing domain for that purpose. :-) Thats awesome! If more ways that people can spend ETN, there will be more demand and increase the value of it. All the best to your work! |
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Post by Chriskoh on Oct 21, 2017 1:34:41 GMT -6
I have a take on the future value of electroneum.... Any one that has been involved in network or telecommunications technology knows that the basic "value" of any network grows proportional to 2^n. This is also known as Metcalfe's law. (Look it up). This is a rule that has been understood well since the early era of telecommunications. Believe it or not, people used to scoff at the idea that the telephone would ever be that useful because in the early days, there weren't that many of them around and they were very expensive to implement. So, when people and organizations looked at buying into the technology, the cost to value ratio seemed so high. Of course, we see this dilemma with every network ever built. For example, if one is to look at the value of Facebook on February 4, 2004 when Mark Zuckerberg released it to the public, at one point, there were only 2 people using it. At that point it was not worth very much but impregnated in the source code DNA (which even Zuckerberg admitted he didn't know the power of at the time), was the inherent tendency for the system to go viral. The key ingredients for Facebook viral effect were the "relationship status" and the fact that you initially had to have a @harvard.edu email address to be allowed on the system. Turns out that the whole world wanted to be on a network where they could discover the relationship status of the "high value" Harvard grads. When that caught on, in a very short period of time, every Harvard student had signed up and Mark Zuckerberg needed to find more fresh meat. They naturally expanded exclusively to one ivy league school after another and then on to more public universities. Eventually it was published for worldwide use, but this caused a "crystalline-like" growth structure which is also known as the largest social network in the world. It currently has a market value of over 500 billion USD. If you really think about it, Facebook is just a network comprised of 1s and 0s and each and every participant in the network, added together, create its overall value. The primary value of that network is in its DNA. Facebook is uniquely comprised of people using their real names and seems to be an overlay of the real world interactions we all have. That was its secret to success. Every network has to be evaluated for its inherent ability to go viral. But what about cryptocurrency? All crypto assets are networks but they are not always necessarily viral in nature. They all improve in value as the number of participants increases. We have seen bitcoin grow at a slow viral pace for several years. Network viral spread can grow rapidly at first and then flame out as we have seen in many fad-like systems (e.g. hotornot.com). It can take many years to increase in popularity, but still be viral in nature (the internet itself), and then develop rapid adoption. All of us are familiar with these growth patterns. So all of us have high hopes in electroneum and believe it can go viral. We have seen numerous systems go viral as piggy-backs to known viral systems such as tinder or pinterest. In the case of electroneum, the developers have sensed that a system needed to be built to piggy-back on the smartphone sensation. Nobody has done this before. When I told my son (in passing) about this new electroneum idea, he was instantly excited about it and I later learned that he had recruited 7 of his buddies to get in on it. They went out and bought small fractions of bitcoin or ethereum, and then bought into the ICO. They are very excited to play the game itself and have assembled all the android devices that they can find to download the mining app once it is available. I suspect several of those 7 friends of his have told their respective friends. This all came about from me telling him about this almost accidentally! When I saw this effect myself, I had to double down on my investment in electroneum. In addition, I have personally referred 5 other people to invest with very little effort. They all have stakes in the ICO now. We have been informed that during the last 2 hours of the 40% bonus phase, over 100,000 visitors went to the site and the servers went down because of it. One of the hallmarks of some of the greatest viral systems ever to be invented ---> ...at some point, servers are overloading or crashing. Happened to Facebook. Happened in the early days to Google. Bitcoin is hovering between 70 and 100 billion in market value. It is the most trusted and widely used cryptocurrency. There are millions of users and the value of that system will only grow over time as we have seen. But as has been correctly pointed out, cryptocurrency has remained in reach primarily for the technologically elite among us. There has never been a coin invented for the masses. I personally believe that the general tendency of cryptocurrency enthusiasts is inherently anarchist. Most of them don't want to play ball with the real world. For Richard and the gang to take this leap into legitimacy represents a counter-intuitive movement which I believe is a step in the right direction. We will see crypto assets be a multi-trillion dollar market cap eventually. Right now, gold has a market cap of over 8 trillion. We are still in the infancy phase of this technology ecosystem and anyone investing now will be considered the pioneers of the movement and ultimately very wealthy. When people suggest that electroneum could hit 5-10 dollars each, I suspect we would need to see a network effect of at least 2 million people on the system for that to happen. Should this become "the Facebook of cryptocurrency", where we see mass downloads, adoption, and we see it used in real world commerce, this thing could see its market cap go into the trillions itself. I have said for years that the system that goes viral and mainstream will be a multi-trillion dollar network. If it isn't electroneum, it will be something that closely resembles it. ABOUT ME: I am enthusiastically invested in electroneum. My background is mathematics. I am currently a physician. I love the concept and am very excited for November 1st. I have to say I think the value of the electroneum ecosystem has the potential to go up substantially since it is going to be so easy to get into it! I have already told at least a dozen people about this that plan to download the app on November 1st and start mining. Most of these people have been way too intimidated over the years as I have told them about other cryptocurrencies. Even though they have marveled at the value of bitcoin rising over the years, this concept is the first time I have been able to get traction with these people. For example, my best friend that has wanted to get involved in bitcoin for years, has now decided that he is investing $200,000 in this ICO. This will be his first step into the world of crypto. This is a guy that I told to buy bitcoin when they were a few dollars each and he didn't. I have been involved in cryptocurrency since 2009 and was someone that originally mined bitcoin on my laptop. I have seen the evolution of crypto assets with a front row seat. I believe that cryptocurrency will supplant sovereign currency in time. It is more viable for world-wide asset securing than any technology we have seen before and fiat will simply not be able to compete with it over time. I have been very selective in my investments. All of them so far have paid out handsomely. My investments to date have been bitcoin (2009), NXT (2013), Litecoin (2012), Ardor/Ignis (2016), and now electroneum (2017). Totally agree. ETN is different from BTC era. BTC mainly based on technology expert to circulate and supply it. Now ETN targeting the world's greatest network circle, and you do not need any knowledge to get it, just download app and click buttons like we always doing! The success of ETN is unpredictable, but it would be huge! As it creating a new way in world crptocurrencies. It bringing normal people to it. I am very highly positive about ETN.  |
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Post by electrotncm26 on Oct 21, 2017 11:01:29 GMT -6
With the .00 limited dividing factor of ETN, and if hypothetically 1 ETN is worth $100 for example, which means .01 ETC would be worth $1, you could still convert it to USD or BC and then make micropayments for something once converted. That's the only thing I can think of if 1 ETN ever becomes worth more than just $1.00.
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Post by mrnewguy on Oct 21, 2017 11:29:15 GMT -6
With the .00 limited dividing factor of ETN, and if hypothetically 1 ETN is worth $100 for example, which means .01 ETC would be worth $1, you could still convert it to USD or BC and then make micropayments for something once converted. That's the only thing I can think of if 1 ETN ever becomes worth more than just $1.00. they can: add 1 more decimal - create a secondary coin like satoshi from bitcoins. |
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