Electroneum, The scam behind the ICO.

Electroneum, The scam behind the ICO.

Michael Somerville
Oct 23, 2017 · 4 min read

When it comes to the crypto world, hype and the hope of getting free money, is always a turn on. Seems like these days, the cool thing to do is a to not get all the information and just jump in.

First, let’s have a look at the recent insanity around the Electroneum ICO. What you really didn’t know was happening, and why it’s a “fake” support system. ICOs are generally created to help fund an idea, wallets, projects, and more often just a “coin” in the crypto community. Plainly spoken, most of them do nothing and don’t plan on releasing anything for years. One that shocked me was TenX (PAY), they pushed the product out fast and fixed the issues on the go. Which I loved, but that’s not always the case.

Electroneum, right now, sits at around 310,000 token sale sign ups. We don’t know if all of them put cryptocurrencies into the project, but that’s not really a point here.

What most people don’t realize, that are not into a specific area of the internet is, this was ALL DRIVEN BY THE REFERRAL PROGRAM. I, Myself, hold a large amount of products inside the “Make money” and “biz opp” space and watch this go down first hand.

Affiliate marketers, mailed their email lists, facebook friends and some even drove advertising traffic to the ICOs … all with the hope to get rich. Yet none of them, stopped to look at the product or even if the thing will get picked up by an exchange.

In order for something to have value inside the crypto world, you need miners and exchanges. Miners to verify the transactions and Exchanges to help with the price discover … you are told this is all going to happen, but is it? We do not know at this point.

Sidenote: I did put some bitcoin into the ICO when it first launched, before all the craziness happened.

We all know Internet marketers, the real ones, not these ones that work for corporate companies and get paid to do nothing. The internet marketers, that build stuff, market it and launch products all the time. They ( WE ) are the ones that make the internet what it is. Helping crappy companies become something and those companies 99.9% of time will turn their backs on us. We’ve seen it with Paypal, Stripe, Ebay, Amazon and so many others. They need you, but they really don’t want to do business with you.

. . . Strange, but almost 95% of the world doesn’t know this is going on.

But in the end, as always those people are the ones that wreck it too. Over usage and dramatic claims will alway turn on you.

So, why would that matter, what does that have to do with the ICO launch of Electroneum . . . EVERYTHING!

All the marketing around it, all the hype and all the exciment was driven by FALSE CLAIMS.

“ If you messed bitcoin, you can get this one”

“ If you want to make a ton of money, but don’t know how, get in on this”

“ If you want to become a millionaire from crypto, this is your ticket”

The truth is on Facebook and in Google, they are all pushing this narrative.

Because of this, the support is fake, it’s not real.

All most 80% of these people don’t have a clue, they do understand the point of the coin and they will not know what to do when and if it hits the exchanges.

Leading to a mass dump of the coin, why ? because they want to get rich and when they realize it’s not going to happen . . . . BOOOOOOOOM! They dump.

Personally, I believe this company does what they say they will do, within 5 years they could see 0.25–1.00 per coin. But,that’s high hoping, and we know that most coins (tokens) with this type of cap don’t see more than a few cents.

Don’t ever invest in an ICO until you understand what the project is all about. Reading the whitepaper isn’t enough, reading the website isn’t enough and asking for opinions on Facebook is NEVER the right thing to do. Cryptocurrencies are risky and the information surrounding a token, coin, ICO or exchange is generally limited.

Know your limit, play and invest within it.

Do not mortgage your home, Do not put crypto on credit and never sell for fear of loss.

Thanks for reading!

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