Taking the deep dive, you will find the black pearl?
This is a second look…
Finally, Electroneum (ETN) appears to have some action. It seems to be drifting off…again. It’s what you might call a long shot, in the semi-private cryptocurrency “industry.”
And it could easily overtake Bytecoin. Personally, and I know a lot of folks love Bytecoin, I think it will eventually shuffle off its mortal coil, however. In any event…diversify.
As you may recall, ETN’s are based on the CryptoNote/Monero protocols. But where Monero tends to stay completely private, leading to accusations of criminal, as well as having privacy and security benefits, Electroneum is gambling that it can eject the criminals — in my view.
How will Electroneum keep your funds private, if they are a known entity? Good question.
If all of your altcoins are stored in the ETN database and/or cell phones, it seems only obvious that investigators chasing drug dealers (and tax evaders) need only serve a search warrant and require Electronueum turn over records.
However, by comparison, that extra layer of protection also keeps everyone else from watching where and how you spend your cryptocurrency.
Bitcoins are far easier to trace. That’s why businesses have not adopted them on a large scale. They seem to be more partial to Ripple XRP. (Hint?)
ETN’s are by nature, untraceable. More cash-like. And people oriented.
Monero XMR’s are even more secure than Electroneum ETN’s. The trade off is customer service and known players. We know who runs the ETN business. And we hope it is easier to use than Monero or Bytecoin — and that it will be accepted by retailers.
So, with ETN’s, we actually have less privacy than XMR’s, but far more than Bitcoin and clan. That goes for Ethereum, Litecoin — you name it — as well.
“…security and privacy…”
It is only when you venture into the CryptoNote coins that you begin to think “security and privacy.” And there are a few other non-CryptoNote altcoins now that attempt to secure your altcoins, but they are not necessarily as time tested.
When they first debuted in November 2017 (when we could buy them on an exchange) Electroneum came with a tad of hoopla. Starting out at about nine cents (US) each, they spiked to over 23 cents in short order. That seemed to say that they were on the right track.
But what happened? They were attacked.
Somebody hit them with a Denial of Service (DDoS) attack. Why? Was it jealously?
Now, this kind of DDoS attack is the chicken’s way of hitting back. It is a last resort blunt force action by those who simply overload the system. It is a criminal act. However, it can also be used to cover-up and hide the real hack. Hence, the Electroneum action to ensure that there was no long lasting damage by pausing services…in my opinion…was a good one.
By the end of November (2017) ETN’s were still trading, but down to two cents each. The attack did have consequences. (I hope that any big short-sellers were scrutinized.)
Then the weeks dragged on. Electroneum sent out news updates and advertisements. Apologies came. Momentum was lost. Dull.
And we waited. In the meantime, trading continued, and you could send or receive your ETN’s very easily — as far as we were aware. I mean, you could, and I did, but I was not sure if they arrived in my wallet. But they did and all was well.
A firm (Hackerone) was hired to check the ETN “books” (their code etc.) and they probably crossed their fingers. There was a lot of money riding on ETN’s continued success. About 40 million, but I’ll wager there was a lot more.
It was a bold move to bring in a top company to essentially clear your name. It told the world that Electroneum was serious. They were not scammers. And that they were willing to stake their millions on it.
By the end of November, ETN trading began to pick up again. Even as the coin lay in a sort of limbo, and as the scam-coin accusations flew, the climb in price continued. Still, the promised web wallets were offline.
By mid-December 2017 ETN’s passed 13 cents and things were looking up. But the ETN’s cracked-up again. It is possible that many investors had had enough and dumped.
ETN was now in the nickel store. A whole five cents in value. It seemed that the DDoS attack had succeeded.
A few more days passed. ETN’s drifted.
The December 13 “relaunch” came and went. It did not look good.
Then yesterday happened, December 17, 2017. ETN’s began to climb again. To six cents, then seven, then nine, then…down…
Currently, you can only buy ETN’s at Cryptopia. And I’m not advising anyone to buy them.
And don’t knock Cryptopia too much, but I hope that other exchanges will soon offer ETN’s. If so, it will help to stabilize the coin as well as prevent it from becoming a captured product — like a monopoly.
As I have mentioned before, Bytecoin was the first privacy altcoin on the market, but it has some allegations against it. The stink of it has floated around the net for years. Clung to it, but it was not so much about the protocol.
In fact, the Bytecoin protocol was later investigated formally, by a Monero hired reviewer and it was generally positive. It was about the alleged 80% premine, that has stuck to Bytecoin like a thorn.
If the premine is true, and there have been alleged denials by Bytecoin Team members, it could be devastating for investors if the original anonymous developers decided to cash out. And that has always been the problem. No identifiable person has ever stepped forward, verified he/she developed the code, and proved otherwise.
And that’s not all the problems Bytecoin has had. There are concerns that the original team is a fraud — a fiction. Not one of them has ever be verified. That the altcoin was sold to other to developers, is another allegation. That Cryptocurrency Exchanges have had problems with it and de-listed it. Cryptopia, for one. Yet another problem.
But the new money is flowing in and Bytecoin has recently soared in value. I think this will be short lived, as investors will once again be fleeced, as BCN’s deflate.
Where will that money go next?
“…Bytecoin’s coming sell-off …”
Monero (XMR) developed from the “ashes” of Bytecoin and they have been very successful. Most of their developers, like those on the Bytecoin Team are unknown, however. So, will Bytecoin’s coming sell-off that I am predicting, go into Monero?
The next choice, in this venue, might be ETN’s. I think they will overtake Bytecoin.
It is not such a crazy idea. That is, after the initial ETN investors (not me) recoup their investment by selling.
This one looks like a HODL, to me.
Note: For the record, this writer does hold a small amount of Electroneum and all of the above words are personal observations, having little to do with fake news.