We have completed our trial of Crypto Investing Proand here are our final thoughts.
This is more of a general advice service about crypto rather than a tipping service. You don’t get specific tips to buy particular cryptocurrencies at a certain price.
What you do get are videos and blog posts on:
– Market Update videos of about 20-25 minutes with Alex’s general thoughts on the crypto markets and where they are likely to go
– How to get into Bitcoin
– The Advantages and disadvantages of investing in Bitcoin
– How to choose a winner
– How to buy and sell on an exchange
– The steps you need to take to keep your coins safe and secure
So whilst these articles and videos are useful, it’s a little difficult to give the service a rating because there are no actual results to report.
What we can say is that the advice is sound and you would have done well by following it.
Of course at the same time, just about everyone involved in the crypto space in the last year has done phenomenally well, so we wouldn’t say this would have given you results markedly different to the market average or just having bought a selection of coins and held them.
Certainly if you are completely new to crypto then there is some useful advice, but you could probably find that advice for free elsewhere on in the internet.
So overall we think a NEUTRAL rating is fair here. It’s a useful guide to the world of cryptocurrencies for beginners but without specific recommendations or tips of coins to buy at a particular price, we are not sure it is worth the ongoing monthly subscription fee.
We have been a member of Crypto Investing Profor a couple of months now so it is high time for an update on how things have been going.
The main point to note about this service is that it does not provide specific “tips” as such, for example to buy a particular coin at a certain price etc.
It is more of a general advice service where you get Alex’s insights on the market and where he has his own cryptocurrency investments.
This mainly consists of monthly “Market Update” videos where Alex gives his thoughts on where the market is likely to go, in videos of around 20-25 minutes.
Plus there are blog posts and a lot of general advice of how to get into cryptos, store your coins safely, his rules of cryptocurrency investing and so on.
The advice he gives generally is very good though and it is certainly sensible.
Since we joined the service his main focus has been on Bitcoin and Ethereum and he has not been investing in ICOs or the smaller coins, apart from a very small investment in Zcash.
His focus on the “big two” of Bitcoin and Ethereum has done very well as they have both been on a tear lately.
He did recommend selling Bitcoin Cash in his October video, which in itself would have been a mistake as it has rocketed in value lately by about 300%, but he did recommend using those funds to buy Ethereum and Bitcoin, so you still would have done very well with those.
He also gives some good general money management advice and insights into things like the hard forks, which is useful for those who are not experts in cryptos and want to know more.
Overall we really like Alex’s service, it is good, no-nonsense and sensible advice that is based on his own in-depth knowledge of the sector. You don’t get hype or any pump-and-dump nonsense from him, just sound cryptocurrency advice.
So we will run this review for another month before wrapping up, but so far Crypto Investing Pro is looking good and is something we would recommend if you are looking to get into cryptos or even for the experienced investor who wants some additional insights.
In recent times we have become very excited by the growth of Cryptocurrencies such as Bitcoin and have been looking at ways to become involved.
The stories of people buying just a few hundreds dollars worth of Bitcoin back in the early days becoming millionaires are just too hard to ignore.
First up then we have purchased some Bitcoin and Ethereum, but we have been eager to learn more and to find out what the best up-and-coming Altcoins (alternative coins) are.
So in that vein we have turned to what looks like a helpful guide from professional investor and entrepeneur Alex Fortin called Crypto Investing Pro.
This is a course of 40+ videos that provides information on everything from:
Why Bitcoin may pop another 10x
The Advantages and disadvantages of investing in Bitcoin
Other cryptos poised to pop
How to choose a winner
How to buy and sell on an exchange
The steps you need to take to keep your coins safe and secure
To be honest, it is the third item on the list we are most interested in – i.e. which cryptos are poised to surge right now – and thankfully membership of Crypto Investing Pro gives you access to a private Facebook group where Alex will apparently update this information regularly.
So all in all this looks like a very interesting course and we are keen to check out if it can help us select the next altcoins that might rocket in value and land us a big win.
So we have signed up and will be running a live trial to see if Alex can deliver.
It should also gives us some useful info on cryptos in general and strengthen our knowledge of the sector.
https://www.honestbettingreviews.com/wp-content/uploads/crpto-investing-pro-image.png5681173Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2018-01-21 11:10:062018-01-21 12:47:52Crypto Investing Pro – Final Review
Today we are going to take a look at an ICO (Initial Coin Offering) for a new cryptocurrency project called Bankera.
Basically what Bankera are aiming to do is become the “Digital Bank for the Blockchain Era.”
That means everything from payments and debit cards to loans and investments.
Bankera will be set up so that you can use cryptocurrencies such as Bitcoin, Ethereum, NEM and others for payments and banking, as well as exchange them for traditional fiat currencies.
And what is really exciting is that holders of Bankera Tokens will receive 20% of Bankera’s and their partner Spectrocoin’s net transaction revenue on a weekly basis.
This revenue is already up into the millions of Euros!
So not only do you have the possibility of the tokens going up in value, you will also receive weekly income. As we say, already these payouts are looking pretty decent.
But we will go into that further below, as well astake a look at the Bankera ICO in more detail and explain how it will work.
What is Bankera All About?
As we say, Bankera is about joining up the world of cryptocurrencies with the traditional banking industry.
The idea is that you will be able to have a bank account with Bankera and hold cryprocurrencies in it, which you can then use to pay bills, make payments using a debit card, get loans, make investments and do everything else you can do with a normal bank account.
Here is a video from Bankera explaining a bit more about how it will all work:
As you can see, it will be a fairly comprehensive banking service.
The services can be broken down into those that are already available (through Bankera’s partner Spectrocoin) and those that Bankera is aiming to provide in future.
Already Available
– Payment Card – this a prepaid card that allows you to load your Bitcoin onto it and then spend it in shops and use it at ATMs around the world. You don’t have to worry about converting your Bitcoin to fiat currency ($, £, €, etc) as the card does it automatically.
– Bitcoin Wallet – store, send and receive Bitcoin using the wallet, which you can have on your phone. Dash, Ethereum and other coins are due to be added soon.
– Crypto to Fiat Exchange – an exchange where you are able to turn your fiat currency (over 20 currencies already supported) into Bitcoin, Dash, Ethereum and NEM and vice versa.
– Ability to issue IBANs – Bankera say they have the IT facilities in place to issue people with bank accounts with IBAN numbers (after they receive their banking licence).
What is really impressive is that Spectrocoin, which is Bankera’s partner and run by many of the same people, already have over 670,000 clients and have issued over 65,000 cards.
So unlike many ICOs and similar projects in the financial space, Bankera already have working products, a big customer base and revenues being generated. This is a really big plus when looking at an ICO.
Products to Come
In addition to the products already available, Bankera are aiming to put in place:
– A Banking Licence – this is the key element of Bankera’s plans and is what a large proportion of their ICO funds will be used for. Once they obtain a banking licence, then they will be able to follow on with the other products they have planned. Their aim is to have the licence in place by early 2019.
– Payments – this will include payment accounts with personal IBANs, debit cards, interbank foreign exchange rates and payment processing.
– Loans and Deposits – Bankera aims to provide loans as traditional banks do, but also have the ability to make cryptocurrency loans. Also people who deposit money with Bankera will receive interest, much like with savings accounts
– Investments – they will strive to provide investments such as Exchange Traded Funds (ETFs), crypto portolios, roboadvisory solutions and eventually even investment banking.
So quite an impressive list of products there and if Bankera can deliver on these then the potential revenue generated could be quite substantial.
ICO
The Bankera ICOis running at the moment and will continue until the end of February or until the hard cap of €177m is raised.
The tokens are currently priced at €0.019 per Banker token (BNK) but will increase in price as certain thresholds are hit in terms of the number of tokens sold, as you can see in the table below:
They have raised more than €70m so far from over 59,000 contributors, which is very impressive and puts them on course to be one of the top 10 ICOs of all time. Clearly the interest in the project has been huge and this gives them a good foundation to start from.
If you want to participate in the ICO and purchase some Banker tokens (BNK), you need to do the following:
1. First open a Spectrocoin accountand deposit some funds into it. You can use Bitcoin, Ethereum, Dash, as well as other tokens or even fiat currency.
3. Exchange your currency for BNK tokens on the Spectrocoin platform and they will transfer the BNK to you.
As we say, this ICO is proving highly popular so may well sell out.
Payouts
Now for the exciting bit – the payouts!
As we mentioned above, each week 20% of Bankera and Spectrocoin’s net transaction revenue will be distributed to holders of Banker tokens (BNK).
This is great as it means not only could you benefit if the tokens rise in price, but you can also receive income from holding them. It’s completely passive income.
The payouts are made on a proportional basis, so if you hold 1% of the tokens, you will receive 1% of the payout and so on. A nice simple model, which is good to see.
Payments are made in Ether and XEM using smart contracts.
Interestingly, Bankera have already been paying this revenue out for 20 weeks, so we can see exactly what kind of payouts people have been receiving.
Here is a summary of what the payouts have been so far:
Date
Payout Number
Total Net Revenue (€)
Payout – i.e. 20% of net revenue (€)
Equivalent Annualized return
05.09.17
Payout #1
85,219.66
85,219.66*
4.5%**
12.09.17
Payout #2
77,530.22
15,506.04
3.29%
18.09.17
Payout #3
96,715.71
19,343.14
3.72%
27.09.17
Payout #4
66,179.28
13,235.86
2.4%
03.10.17
Payout #5
53,860.43
10,772.09
1.95%
11.10.17
Payout #6
61,495.27
12,299.05
2.22%
18.10.17
Payout #7
96,517.05
19,303.41
3.5%
24.10.17
Payout #8
95,595.13
19,119.03
3.46%
31.10.17
Payout #9
93,968.91
18,793.78
3.4%
07.11.17
Payout #10
97,881.52
19,576.31
3.54%
14.11.17
Payout #11
146,349.87
29,269.97
5.29%
21.11.17
Payout #12
139,436.53
27,887.31
5.03%
28.11.17
Payout #13
175,175.08
35,035.02
6.36%
04.12.17
Payout #14
191,123.85
38,224.77
6.14%
12.12.17
Payout #15
375,644.21
75,128.84
12.06%
19.12.17
Payout #16
344,529.79
68,905.95
10.5%
27.12.17
Payout #17
572,003.28
114,400.66
17.15%
03.01.18
Payout #18
348,529.41
69,705.88
9.32%
08.01.18
Payout #19
478,558.89
95,711.77
11.7%
17.01.18
Payout #20
384,286.76
76,857.35
7.93%
TOTAL
3,480,606.88
760,282.45
*first week payout was 100% of net revenue
**annualized return based on pre-ICO price of €0.01 per BNK
As you can see, the payouts are already looking very good.
What is impressive is the pace of growth in transaction revenue. At the start of the payouts back in September, transaction revenue was around €70,000 – €80,000 per week, but that has grown in just a few months to around €400,000 – €500,000 per week.
For people who bought in at the pre-ICO stage, the payouts are already equivalent to around a 10-17% return on an annualized basis.
Also impressive is the growth in Spectrocoin’s user numbers. At the start of September they had around 350,000 members but this has grown to over 670,000 at the time of writing. More members means more transactions and more revenue.
It is also worth noting that Bankera are already on track to surpass their first year targets. In their Whitepaper, they state that Bankera expects €11M in revenue in its first year with stable growth to 500M EUR within ten years.
However, they have already generated close to €3.5m in revenue and at current levels would generate over €17m in revenue over the rest of the year – and that’s not allowing for any further growth.
So in essence they are growing faster than expected and that is a good sign for the future.
The Team
It is always important when assessing an ICO to have a look at the quality of the team involved. No matter how good an idea is, if the team isn’t competent enough to execute the idea successfully then it will be irrelevant.
Well, for Bankera the team looks very impressive and this gives us added confidence in the project.
– Vytautas Karalevičius, CEO – currently completing a Ph.D. in Cryptocurrencies at KU Leuven University in Belgium. Prior to that, he received an MPhil degree in Finance from Cambridge University.
– Mantas Mockevičius, COO – more than eight years experience in managing operations and compliance for electronic and digital money exchanges. He holds a bachelor’s degree in Economics and master’s degree in Finance.
– Craig Grant – experience in the payment processing industry including three years at Skrill (now a part of the Paysafe Group) as a senior business development manager.
– Lon Wong, Advisor – President, NEM.io Foundation, CEO, Dragonfly Fintech. A serial entrepreneur with more than 30 years’ experience, Lon is a blockchain thought leader and heads the NEM blockchain project.
– Antanas Guoga, Advisor – Member of European Parliament. Also known as TonyG, Antanas is a serial entrepreneur.
– Eva Kaili, Advisor – Member of the European Parliament. Chairman of the European Parliament’s scientific foresight unit.
So a very strong team there, particularly in the advisory department. Having Lon Wong, the President of the NEM foundation, as an advisor is HUGE for the project. He is one of the leading figures in the blockchain space and his experience will be invaluable for taking the Bankera project forward.
Plus they have members of the European Parliament, leading experts in banking, accounting, tax, data, PR and a number of other specialities as advisors. And they have over 40 other team members, so this is no small project.
Overall we are impressed with the team and it looks like they have the relevant skills and experience to make the project a success.
Possible Disadvantages
As well as looking at all the positives of the project, it is also always worth looking at potential problems and disadvantages.
The main downside for us is that the banking licence isn’t forecast to be ready until early 2019 and lots of their services rest on getting the banking licence. So there will be quite a wait until we see all the products going live.
However, the good news is that they have existing products already producing revenue and a growing customer base, so it’s not like we have to sit on our hands for a year waiting for something to happen. Having working products and revenue coming in puts them well ahead of other ICOs and blockchain projects.
The other main issue to consider is that of competitors.
There are already competitors in this space such as TenX and Crypterium and others are popping up all the time. Clearly banking and financial services are industries ripe for disruption from the blockchain.
At the same time though, there is clearly big demand from people to be able to use their cryptocurrencies in the “real world” through the kind of services Bankera is aiming to deliver and this market could be huge in a few years’ time.
So there may well be a big enough market for a number of major players to succeed and the fact that Bankerais already up and running gives it a head start in the field. As far as we aware, there aren’t any crypto banks that already have a banking licence, so Bankera is not behind the competition in that sense.
Of course there are always risks in the cryptocurrency space as it is a very volatile environment and there could be regulatory challenges ahead.
However, we think the fact Bankera already has working products through Spectrocoin and has complied with regulation so far means it should be well placed to cope with any such challenges.
Conclusion – Bankera ICO Review
Overall Bankerais an ICO we really like and feel it is worthy of a PASSED rating and 4.5 stars. The project has quite a few things going for it.
On the positive side we have:-
– Working products with a payment card, exchange and wallet already up and running
– Significant revenues in the millions of Euros already being generated
– Token holders receive 20% of net transaction revenues, with payouts of 10-15% annualized already being received and the potential for growth
– Customer base growing very fast and up to over 670,000
– Over €70m already raised in ICO from close to 60,000 participants – shows strong community support
– Big demand for people to be able to use their cryptocurrency in the real world
– Good team with wide range of skills and experience
– Lon Wong as Advisor, one of the biggest names in the blockchain space
There are competitors in the space but Bankera looks like it has the tools to be one of the leaders in this emerging field and is quite developed with its project.
So taking all this into account we are really excited about this project and have invested some funds into the ICO ourselves.
If the customer base keeps growing and therefore the transaction revenue, the payouts could become quite significant, which would be great. Plus of course if that happens then the coin may well surge in value as well. That is what we are hoping anyway.
Either way though it looks like an exciting project and is one to keep an eye on.
Disclaimer: we are not financial advisors and the above article should not be taken as financial advice. Please do your own due diligence and research and take professional financial advice before investing. All cryptocurrencies are risky ventures so please only invest money you can afford to lose. Your capital is at risk.
https://www.honestbettingreviews.com/wp-content/uploads/bankera-main-pic.png340697Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2018-01-20 16:14:302018-01-25 12:05:40Bankera ICO Review – Token with Payout!
Yes folks, as of yesterday Bitconnect is finished. They have closed the lending and exchange platform and have refunded the value of people’s investment in Bitconnect coins.
The only problem with doing things that way though is that the value of Bitconnect coins absolutely plummeted on the news (by around 90%), so what people actually received was only a fraction of their original investments.
Well we had warned repeatedly during the review that was probably a Ponzi scheme or scam and so it proved.
Anything that pays 1% per day is simply unsustainable, particularly when you can reinvest funds and compound the returns.
It was always really just a question of when Bitconnect would fold, not if.
Officially they say the reason for shutting down was due to two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division, plus bad press and DDos attacks, but more likely it was the crypto market collapse that meant they could no longer afford paying back the loans.
The site’s business case always required a continually rising Bitcoin price to be able to afford to pay back the loans and the recent drops in Bitcoin’s value would have made payouts increasingly difficult.
Plus of course they had some huge loans to pay back from the likes of Trevon James and Craig Grant (prominent YouTubers) who put in money around six months ago.
In any event, at least Bitconnect paid back something to its members unlike some of the other Ponzi schemes that just cut and run.
In the end I have lost around $500 here which is disappointing, but not the end of the world.
Weirdly they are still ploughing ahead with plans for their BitconnectX exchange platform, but given what has happened here that must be dead in the water. All the trust is gone and who would want to invest in anything related to Bitconnect now?
Anyway, the only thing left to say is that this is obviously a FAILED rating and another warning to avoid any other HYIP (High Yield Investment Progreamme) like this that promises to pay 1% per day or anything like that.
Quite simply any scheme of that nature is an obvious Ponzi scheme and is guaranteed to collapse at some point.
So far we have withdrawn $1,385 from Bitconnect in comparison to total deposits of $2,540, so in just over a month or so we should have recouped our investment and be playing with the house’s money so to speak.
Bitconnect continues to develop their plans for the future, with a detailed roadmap for 2018 and the mysterious pre-launch of BitconnectX, which no-one knows what it is exactly but will be unveiled in a few days.
In any event, this is looking like an intriguing experiment that has lasted longer than a lot of people expected and may still have legs in it for a while yet.
For the first month we were reinvesting our funds so that meant we were increasing the payouts further down the line.
But for the last couple of weeks we have started withdrawing our profits and so far have withdrawn $494 worth.
We plan to keep withdrawing until we have recouped our initial investment of $2540 and then may reinvest some more to increase the payouts.
That’s presuming of course that Bitconnect sticks around long enough for us to do that, but so far it is looking good and they even recently launched their own debit card, Bitconnect pay, so it looks like they are expanding rather than contracting.
Anyway we will see, but so far has been operating exactly as advertised.
So far this is looking like one of the best investments we have ever made.
However, that does come with a caveat, as mentioned in our previous update.
The caveat is that we are still unsure of the long-term sustainability of Bitconnect. How long can they keep on paying members an average of 1% profit per day?
We don’t know – and frankly neither does anyone else.
Yes they have the incredible appreciation in the value of their own Bitconnect Coins, which are now up a mind-boggling 185,000% since their inception, giving them potentially hundreds of millions, even perhaps billions, with which to pay investors.
But as more and more people join the platform and start withdrawing funds, their payout bill becomes larger and larger.
Anyway, as we say no-one can predict how long Bitconnect will stay around for but for the time being it is paying us fantastic returns and long may that continue.
Just to recap, this is a passive income scheme based on Bitcoin. You “lend” money to a trading bot which pays out a daily amount of interest.
So far this interest rate has averaged around 1% per day, which is obviously very high indeed!
So high in fact that some people have questioned whether this is a Ponzi scheme.
We don’t know either way, but what we can say is they have an exceptionally clever business model that means the value of their own coins (Bitconnect, or BCC, coins) appreciate over time the more demand there is.
Their coins have grown over 140,000% in value since the launch, which is quite incredible and means they should a huge amount of capital with which to pay investors.
Certainly enough to reward some of their top promoters with supercars at an event they held over the weekend! Some lucky sods won Lamborghinis, Aston Martins and Ferraris.
However, at the same time there is still suspicion around the company. They have no registered address nor does anyone know who is behind the scheme. And there is very scant information about how the trading bot works.
So we treat this investment as very high risk. Ultimately the site could go down at any time and we could lose all our money. There would be no recourse to recoup that money given that there aren’t even details of who the company are!
But of all the dubious high-return investment schemes around Bitcoin at the moment, this one appears to have the most credibility and at least some kind of tangible business model that means it isn’t just a pure Ponzi scheme (if it is one at all).
We are betting on the site being around for a little longer, or hopefully long enough to at least recoup our investment and make some profit.
That is all you are doing if you invest in a scheme like this really – betting on the site being around long enough to make you some profit.
We shall see, it will be an interesting experiment in any event…
We have recently expanded our repertoire here at Honest Betting Reviews into looking at cryptocurrencies.
This is mainly for a fairly simple reason – because the returns around some cryptocurrencies have been pretty insane!
Here are just a few stats for you:-
– IOTA up 56,464%
– Ethereum up 82,450%
– Spectrecoin up 21,102%
– Stratis up 44,293%
– Antshares up 17,813%
And let’s not forget Bitcoin itself, up well over 100,000% since its inception.
People who bought a few dollars worth of Bitcoin back in the early days are now millionaires.
And lots of other people are becoming millionaires all the time off the exciting new coins that are being released these days.
We are eager to check out the potential new opportunities around cryptocurrencies and to see if we can get you and us some of those stunning returns.
So in that vein, the latest opportunity we are checking out is called Bitconnect.
The returns from this look pretty incredible we have to say.
It says on the website you can earn up to 40% in interest per month from being part of Bitconnect.
Yes just to repeat that – 40% interest PER MONTH.
Now let’s compare that to interest rates here in the UK – which currently stand at 0.25% per year.
In the US, interest rates are around 1%.
So you earn pretty much nothing by holding money in your bank account, where as Bitconnect is offering you the chance to earn 40% per month!
Now that potential 40% per month looks – dare we say it – a little too good to be true. However, having done some research on it and looked at a lot of YouTube videos on Bitconnect, there do appear to be people achieving returns like that.
As with all these things though, the only way to be sure is to try it yourself and see how it turns out.
So that is exactly what we are going to do – today we are starting a live trial of Bitconnect here on the site.
How Does Bitconnect work?
Having registered on the Bitconnect site and taken a look around, it is a little complicated and takes a bit of understanding to work out what it’s all about.
Here is a video from Bitconnect themselves explaining what it is in a nutshell:
So basically to break things down for you, there are a few different options as to what you can do when you join Bitconnect:-
– Buy Bitconnect and hold it, hoping the price of the coin will rise
– Trade Bitconnect, hoping to make a profit by buying and selling it
– Lend Bitconnect out and earn daily interest
It is the third option that interests us the most and is the one we will be pursuing in this review. That seems to be the one that most investors in Bitconnect are doing from what we can gather and looks to be by far the most profitable avenue.
Now it should be made clear that when it says “lend Bitconnect out,” you are not lending out Bitconnect to borrowers, like in a peer-to-peer lending scheme.
What you are doing is “lending” Bitconnect to a trading bot that trades on the volatility of Bitcoin. The more volatile Bitcoin is on a given day, the more interest you make.
Any regular followers of Bitcoin will know, it tends to be hugely volatile, with swings of hundreds of dollars in price in a day not uncommon.
So you earn interest on a daily basis from the returns of the trading bot and these can average as high as 1% – or more.
On the Bitconnect platform you can check all the recent interest payouts and at the time of writing, the interest payouts over the last week have averaged just over 0.8% per day, which is pretty amazing.
You can also reinvest some or all of the interest you earn, compounding your returns further.
We have seen a demonstration of how this could allow you to turn $5,000 into $60,000 in six months if interest rates averaged 1% per day!
All in all this looks like quite a compelling investment opportunity, although as we say the proof of the pudding will be in the eating.
So we will be begin our trial today and will report back soon on how it’s going.
In the meantime you can check out Bitconnect here.
https://www.honestbettingreviews.com/wp-content/uploads/Bitconnect-homepage-pic.png5351296Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2018-01-18 09:45:222018-11-08 16:39:23Bitconnect – Final Review
Great news has just been announced for holders of Electroneum and those interested in the project.
Founder Richard Ells has just revealed via e-mail that Electroneum will launch in the middle of next week and token holders will then get access to their wallets.
It also means Android users will be able to download the app and start mining Electroneum coins, although iPhone users will have to wait a little bit longer until the app is available on iOS.
Apparently Hacker One, an outside agency employed by Electroneum to test and improve their online security systems, have finished their testing and found no major problems.
This is excellent news and is exactly what holders of Electroneum had been waiting to hear.
Now the entire community is just eagerly awaiting the release of the wallets and mobile mining app and then the Electroneum story can really begin!
How might this all unfold though? What do Electroneum have in store and how can they take this truly global and really get it to go mainstream, as is their stated aim?
We will take a look at this in more detail below.
Electroneum – An Exciting Future
Richard Ells also announced in his e-mail that they have been:
“Contacting hundreds of potential partners to ensure we have some joint ventures already negotiated for once we are up and running. Hopefully by the time we launch next week, we will have something signed and have our first public partnership(s) in place.”
That is great news and should hopefully allow for the rapid adoption of Electroneumwithin other platforms and networks.
There has also been talk of Electroneum partnering with an African mobile phone company, which would be massive news for Electroneum and allow it to reach a large, captive audience.
In terms of marketing, we expect that given how impressive they were at marketing during the ICO phase, the Electroneum team should be well capable of creating a good deal of hype and excitement about the project to help it go viral.
We would expect some celebrity endorsements to be forthcoming as well as cross-platform marketing on everything from billboards to newspapers, social media and across the internet.
But we think the most powerful means of spreading the word about Electroneum may well be word of mouth. Already we are hearing people talking about Electroneum who aren’t otherwise interested in cryptocurrencies, other than having heard of Bitcoin of course. That is a really good sign.
Once people realise that they can mine what is essentially free money on their phone, Electroneum is likely to spread like wildfire. After all, who doesn’t like the idea of free money?
Perhaps the biggest opportunity for this and where Electroneum will have the greatest impact though is the “unbanked” parts of the world such as Africa and parts of Asia and Latin America.
The “Unbanked” and Electroneum’s Potential to Bring Cryptos to the Masses
Whilst Electroneum has the potential to take off just about everywhere, clearly it has the greatest potential in places where mining $10-$20 worth of ETN per month would represent a substantial amount of money, such as parts of Africa.
It will also be very useful for the “unbanked” – the over 200 million people who have a smartphone but don’t have access to a bank account.
For these people, Electroneum could be a means of gaining access to goods, services, businesses and a global marketplace they were previously blocked from.
The potential of this to revolutionise trade and more importantly – individual people’s lives – could be immense.
As some have pointed out however, there is also the question of what people will do once they have mined Electroneum. How will they spend or use it?
How Can People Spend or Use their Electroneum?
This is probably the biggest immediate question facing the Electroneum project. If people can’t spend or use their Electroneum easily then it will lose a good deal of its attraction.
The most obvious and simple answer would be for people to go to an exchange like HitBTC or Bittrex and exchange their Electroneum for another cryptocurrency such as Bitcoin or Ethereum and then convert it to fiat via a site such as Coinbase or Blockchain.info.
However, often exchanges aren’t very user-friendly to say the least, have very little instruction on how to use them, require you to verify your personal details and have virtually no support – or it takes a few days for someone to get back to you typically.
So most people probably aren’t going to go through the hassle of figuring out how to use an exchange and undertake all the other steps involved.
Plus that option is no help to the unbanked as they still wouldn’t be able to send their converted fiat money to their bank account (as they don’t have one!)
No, it seems there will need to be easier options for people to spend their Electroneum. Here we have a look at some potential options:-
– Naga Coin – a cryptocurrency currently undergoing its ICO, Naga will offer users a cryptocurrency wallet that will allow them to convert a range of cryptos into fiat currency, which can then be sent to the Naga debit card and used for spending in the real world. The Naga wallet is due to be launched on 1st April 2018.
– TenX– similarly, TenX will allow users to convert a range of cryptos into fiat currency and then send that to a debit card that can be used for real world purchases. If you are in Europe you can already get one of these cards. They are currently working on setting up partnerships with card providers for the rest of the world.
– Crypterium – also in ICO phase, this will be a “mobile crypto bank” that amongst other things will allow people to pay in cryptos via their phone, using Apple Pay, Samsung Pay or Android Pay at 42 million stores worldwide. It is not clear when this will be available – on their website it just says “soon.”
So essentially it seems that there are no options immediately available for people to spend their Electroneum without needing to use an exchange first, but such facilities should be available soon.
And it should be noted that none of the projects above mention using Electroneum at the current time, although we expect ETN will be added to their platforms given the level of user adoption expected.
In terms of these projects, it seems to us that Crypterium will be the most useful to the unbanked and those in the non-industrialised world as it will allow payments via your phone and won’t require a debit card.
Of course, it could be that Electroneum will set up their own wallet similar to those we have described above that will allow people to spend their ETN directly using their phone without needing to convert it first via an exchange.
On the other side of the coin, so to speak, will be that merchants could choose to accept payments in Electroneum, much as many thousands of merchants already accept Bitcoin. We understand that there is already a group of businesses on a Telegram channel promising that they will accept ETN as a form of payment, which is good news.
However, for Electroneum to really gain widespread adoption, then in our opinion it needs to be accepted widely as a matter of course rather than just a (relatively) small number of merchants.
For that to happen it needs to be developed from the payments side, so that you can use it to pay as easily as you can with Visa or Mastercard the world over.
Final Thoughts – The Future of Electroneum
We expect these issues will be sorted out in time and you will be able to use your ETN for purchases and transactions.
There seems to be a lot of progress in that direction and it is good to see a number of different projects working on the same problem. That means there is a greater chance of seeing crypto payments in the real world coming to fruition soon.
Of course there is more to Electroneum than just payments. They will be aiming to be incorporated within the online gaming (video games) and gambling worlds, which again should be very achievable given the number of Electroneum users expected.
And there could be other projects Richard and the team are working on that we don’t know about currently.
So overall the future of Electroneum looks very bright now that the security issues have been sorted out and we should look forward to exciting developments in the coming weeks and months.
Oh, and did we forget to mention that at the time of writing the price is up more than tenfold from the ICO?
Sit tight everyone, this could be one hell of a ride!
Disclaimer: we are not financial advisors and the above article should not be taken as financial advice. Please do your own due diligence and research and take professional financial advice before investing. All cryptocurrencies are risky ventures so please only invest money you can afford to lose.
Bitcoin, the biggest crypto by far, is up an astonishing 350% in 2017, up over 1000% in the last 12 months and a mind-boggling 23,000% on five years ago.
People who invested just a few hundred dollars in the early days of Bitcoin are now millionaires.
There have been plenty of other cryptos that have gone up 1000% in a matter of days. It’s been a modern-day gold rush for some shrewd investors.
The latest big crypto to launch is called Electroneum and it’s the first British cryptocurrency.
Its USP is that it is super-simple to use and can be managed from a smartphone.
Richard Ells, founder of Electroneum and experienced tech entrepreneur, said:
“I don’t know if you’ve ever tried buying any Bitcoin, but it’s really hard to do! I realized that what the world needs is a cryptocurrency that is genuinely easy to access and use. We’ve developed Electroneum with the ordinary mobile user in mind.”
So Electroneum could become the mobile cryptocurrency of choice, allowing people to buy goods, send money to friends or make international transactions at the touch of a smartphone button and without all the annoying bank fees. And it has a huge potential market of 2.2 billion smartphone users.
Duncan Logan the CEO of Rocketspace who nurtured the likes of Uber, Spotify and Hootsuite has been publicising his support via Twitter and says this is the first ICO he is going to be involved in, out of the hundreds that have happened so far.
It is also the first one we have been involved in too as we do like the sound of it.
Token Sale Update 17th October 2017 – Breaking Records!
Wow how things have taken off for the ICO!
The Token Sale (which is like an IPO) has been absolutely smashing it – they have now raised a whopping $40m – and counting!
It seems like they have really tapped into something novel here and people are responding.
Electoneum will be the first mobile cryptocurrency that you can manage entirely from an app on your phone.
It will initially target the gaming market, so you will be able to earn tokens while playing games.
But here’s the really clever bit: you will be able to mine it from your phone, meaning you can have it running in the background making you tokens while you sleep! These tokens could then be exchanged for other cryptocurrencies or even pounds, euros and dollars!
Now you won’t be making very much to begin with, but if the value of Electroneum increases, so will the value of those tokens you’ve mined.
So the more viral the app goes and the more people that use it, the more the value of Electroneum should increase.
It’s a genius idea really.
And people have been waking up to its potential. Even former Spurs manager Harry Redknapp has been getting involved!
The number of people joining the ICO has been incredible. It has been smashing all other ICOs to pieces.
Here are the numbers on some of the biggest ICOs happening at the moment in terms of number of people involved:
Those aren’t bad numbers at all, and actually represent some of the biggest ICOs to date in terms of numbers of participants. But Electroneum is absolutely blowing them out of the water.
As we write this update, it currently has over 200,000 participants! We understand that’s a record.
It’s astonishing, Electroneum is smashing the competition more than ten-fold and still has two weeks to run! And it’s gone up by over 50,000 in just the last day!
Essentially the value of a cryptocurrency is driven by demand – how many people want it. So the signs for Electroneum at this stage are very good indeed.
Once the token sale ends on 31st October, the aim is for Electroneumto be listed on some of the cryptocurrency exchanges (like CEX.io), so at that point you could exchange your Electroneum for other cryptocurrencies or normal currency.
But we personally plan to hold this long term, certainly if it continues going viral like it has been. If it could get just a fraction of Bitcoin’s value it would be worth a significant amount.
Please be aware if you are going to invest that whilst some cryptos have done amazingly well, they are highly speculative and carry a significant element of risk, so only risk money you can afford to lose.
Just a reminder that the token sale closes on 31st October 2017 – so don’t miss out on what is looking like the biggest ICO ever.
Today we are going to take a look at a new ICO that has just launched called Spectre.ai, which will run until 10th December 2017.
Just in case you are wondering, this is not in fact anything to do with the James Bond film starring Daniel Craig, but is actually going to be the world’s first broker-free financial trading platform. Spectre stands for Speculative Tokenised Trading Exchange.
Spectre looks very interesting to us and is well worthy of further investigation.
Below we will take a look at what Spectre.ai is all about, how much you could potentially earn from it and whether we will be investing ourselves.
The Problem – Dodgy Brokers
Forex and financial trading brokers have been associated in the past with fraud – particularly in the binary options sector – as well as market manipulation and conflict of interest.
For example, it has been known for “market makers” to manipulate prices of markets so that people’s stop losses get taken out, only for the price to then move back close to its original level. This is flagrant manipulation to the benefit of brokers and the cost of traders.
In addition, people who want to trade with a broker have to deposit funds with them, meaning they are trusting the broker with their money.
If the broker goes bust (as happened with a number of brokers in 2015 when the Swiss Franc decoupled from the Euro) then potentially you could lose all your money – and some people have done.
Some of the worst examples of broker abuse include brokers like Banc de Binary, a digital options broker that was ejected from the U.S for defrauding clients (and went on to shut down in 2017) and FXCM, a major forex broker that traded against clients and others.
And if all that wasn’t bad enough, if you end up consistently winning money with a broker, there is a real risk they will just close your account!
All of these problems arise from having to have a broker as a “middle man” between people who want to trade various assets with each other.
Spectre.ai – The Solution
With so many problems rife in the financial trading industry, this is where Spectre come in.
Spectre.aiwill be the world’s first broker-less financial trading platform.
Spectre will allow you to trade everything from binary options to forex, stocks and CFDs on the platform, but without the problems that can go with having a broker act as an intermediary in transactions.
It will replace the broker’s function with an autonomous, decentralised liquidity pool (i.e. a pool of funds to cover people’s trades).
The liquidity pool will be initially funded by a token sale, with investors receiving tokens in return.
The broker will be replaced by a smart contract which will entirely remove the possibility of human manipulation of the market and allow a seamless trading experience.
An Industry Ripe for Disruption
Spectre have identified an industry ripe for disruption in the online trading world.
Billions of dollars are traded every day on online trading exchanges and yet to date this trading has always required a broker to function, with all the potential problems listed above.
The power of the blockchain to disrupt this situation and replace the middleman with a smart contract is immense.
An example of a Spectre trading slip.
Instead of making money mainly on trader losses, Spectre’s fees are instead generated on volumes (wins or losses) in Spectre, thereby moving away from the traditional conflict of interest model.
Their trading platform will be built on the Ethereum blockchain, which should provide stability and reliability in handling the smart contracts on the platform.
Even just capturing a small portion of the online trading market could make Spectre.ai a very lucrative investment. Indeed, the retail FX market is worth over $81 trillion every year.
The Spectre.ai ICO
The Public Token Sale began on 17th November 2017 and runs until 10th December 2017.
There is an 11% bonus on any tokens purchased before noon (GMT) on 24th November 2017 – click hereto take advantage of this bonus.
There will be a hardcap of 240 million Spectre tokens.
One Ether is worth 2,000 Spectre tokens, or in other words, one Spectre Token is worth 0.0005 Ethereum.
At the time of writing with Ethereum priced at $355, that means one Spectre Token is worth around 18 cents.
So far they have raised just over $9 million towards their target of $30 million.
After the end of token sale the remaining unsold tokens will be burned and the share of all token holders will be proportionally increased, on a pari-passu basis.
Two Tokens on Sale
There will be two tokens available as part of Spectre.ai– the utility token and the dividend token.
The Utility Token – SPEC-U – offers its holder higher payouts on the trading platform, a wider variety of assets as well as participation in the token buy-back program.
In the buy-back programme, the Spectre team will use 3% of fees generated to purchase Spectre Utility tokens, up to a maximum of 15% of the outstanding supply. This buy-back programme will reduce the supply of tokens and serve to increase the price.
The Dividend Token – SPEC-D – will pay a 2% dividend to its holders on the basis of the trading volume on the Spectre platform. Dividends will be paid weekly, with a special dividend paid annually.
Possible Dividend Returns
Some projections issued by the Spectre team estimate that the dividends could be as much as $0.06 per token in 2018, rising to $0.56 per token by 2021, $3.23 per token by 2025 and an astonishing $5.34 per token by 2028 (i.e. just over 10 years’ time).
This is represented in the table below:
That would mean for just a $1,000 investment in the ICO, you would make $3,700 per year in dividends by 2021, $21,000 per year by 2025 and over $35,000 per year by 2028!
Those returns would be absolutely phenomenal and would smash just about anything available on the stockmarket in terms of ROI.
Please note the projections are predicated on the number of users, so for example that there would be 27,000 users by 2021, 154,000 users by 2025 and 264,000 users by 2028.
It is also important to bear in mind that these are just projections and we don’t know whether they will prove to be accurate, but it gives you an idea of how much dividends may be if the trading volume hits certain levels.
The Spectre Team
The Spectre Team brings an impressive range of skills from the financial, blockchain and investment worlds.
Here is a rundown of some of the key team members:-
– Karan Khemani – CEO – started working at J.P Morgan and then went to work for Goldman Sachs as Executive Director in Research and Investment. Graduated from the London School of Economics with MSc in Decision Sciences
– Zisis Skouloudis – responsible for financial forecasting and risk management in SPECTRE’s liquidity pool. Formerly worked at INO SA & Siemens, designing and implementing their ERP software.
– Elena Drakos – responsible for SPECTRE’s accounting, financial planning and analysis functions. An associate chartered accountant (ACA). She previously worked at KPMG London and holds a Bachelors degree in law from Kings College, London.
– Menelaos Scouloudis – Advisor – an undergraduate from MIT and MBA from Harvard, serves as the group’s exchange listing and crisis-management advisor. CEO of Velti, a major mobile-advertising operator. He and his management team took Velti public on the New York Exchange shortly after which it reached a billion-dollar-plus market valuation.
– Sascha Berresch – serves as the group’s M&A and general strategy board advisor. He is currently the Co-Head of the Institutional Department and Head of Institutional Research at Hauck & Aufhäuser Privatbankiers AG, one of Germany’s leading investment and private banks.
– Isaac Lee – CEO and COO of KRtoken, one of Korea’s most prominent blockchain advisory and marketing groups, Lee is Spectre.ai’s Korean and wider Asian market strategy advisor.
So as you can see, an impressive team combining a wealth of expertise and talent that should hold Spectre in good stead.
Spectre.ai ICO – Our Final Thoughts
So there you have it, a summary of the Spectre.aiICO. What do we make of it then?
Overall we think this has some of the key ingredients for a successful ICO and cryptocurrency project.
They have identified an industry that is ripe for disruption – or to “drain the swamp” as they put it – and where the blockchain can provide a solution to some of the major problems in that industry.
In this case, the problem is the unreliable nature of forex and trading brokers and the conflict of interest between them and their clients.
The blockchain can provide a solution to this by utilising smart contracts that remove the need for a broker entirely.
If they could execute such a platform successfully, then it would indeed be a major achievement and could significantly disrupt the industry.
In terms of being a success for investors and generating strong returns for them, that will rest very much on the number of users they are able to sign up to the platform.
That in turn rests to a large extent on two things in our view: marketing and user experience.
1. Marketing:– in terms of marketing, it is a question of getting the message out there that Spectre offers a superior experience to traditional brokers. If they could offer tighter spreads than those brokers they may well find their job significantly easier.
2. User Experience:– with regard to the user experience, it is important that the platform is easy to use, attractive and they have good customer service. From having a look at the test version of the platform, it looks good and seems to work well, which are good signs.
There are some competitors in this space doing similar things – LA Token and Nagacoin for example. So it could be a crowded marketplace.
However, all Spectre need to do is secure a small share of the market and they would still be very successful based on the figures they have set out.
The projections they have put forward showing 150,000 members by 2025 seems achievable to us and if they could reach these kind of numbers then the return on investment for participants in the token sale who hold on to their coins looks to be very favourable indeed.
For this reason, we will be investing in this token sale and will look to hold our coins for the long term to hopefully accrue both dividends and capital appreciation.
If you are thinking of investing, please be aware that all cryptocurrencies are risky propositions and you could lose all your investment, so please only invest money you can afford to lose. Please also bear in mind we are not financial advisors so you should do your own research and make your own deicions based on appropriate professional advice.
As we say though, we like the look of Spectre.ai and will be investing some funds here.
It isn’t often that we start a review and then two weeks later are already issuing a failed rating.
That is the case though unfortunately with Bitpetite.
Basically Bitpetite was a website offering you the potential of earning 4.5% interest per day via investments in Bitcoin and other cryptocurrencies.
We raised a warning in our previous post below about this potentially being a Ponzi scheme and this is exactly what it turned out to be.
A few days ago the site went offline and it seems almost certain now that it isn’t coming back and they have run off with investors’ money.
Fortunately we only invested a small amount of money to test the waters so it was no great loss to us, but we understand some people lost thousands of dollars.
So it is a definite FAILED rating for Bitpetite and a clear warning not to invest in anything that looks like this.
Basically Bitpetite was what is called a High Yield Investment Programme – or HYIP for short – that have proliferated recently but are in effect little more than Ponzi schemes.
They offer unsustainably high interest rates of anywhere from 1% per day to 4.5% per day in the case of Bitpetite (and sometimes even higher).
People are lured in by these fantastic-sounding rates but all the schemes are doing is taking new investors money to pay existing investors. There is no underlying investment or if there is, it is not generating anything like the kind of returns claimed.
In fact, it is almost impossible for anything to generate those kind of returns – and certainly nothing can “guarantee” those kind of returns, which often these HYIPs claim to do.
The recent craze around cryptocurrencies has led to a proliferation of HYIPs promising great returns from Bitcoin-related investments.
The vast majority of these are bogus and should be avoided. People are mistakenly conflating the very substantial gains made in some cryptocurrencies such as Bitcoin and Ethereum with these HYIPs. They think that because Bitcoin has been so profitable, these schemes offering 3% or 4% per day are plausible. But the clear fact is they are not.
Here is a list of Bitcoin-related HYIPs we believe are likely to be Ponzi schemes and would advise you to avoid:
– Chaingroup
– Coinreum
– Hextra Coin
– Laser Online
– Western Coin
– USI Tech
As we said below in our original post, any investment in one of these schemes is essentially a bet on the website staying around long enough for you to recoup your investment.
But as Bitpetite has shown, these websites can disappear at any time and it just doesn’t seem worth the risk to us. You might as well go to the casino, at least that can be fun.
We are also taking a look at Bitconnect at the moment, which is another Bitcoin-related HYIP. The difference with Bitconnect is that it has an ingenious underlying business model which makes a significant amount of money, so it has a chance of staying around longer than most other HYIPs.
However, even with that business model, we believe Bitconnect is unsustainable in the long run.
So in summary, we would advise avoiding these HYIPs and would reiterate the old saying that if something seems too good to be true, it probably is.
We are continuing our foray into the world of cryptocurrencies with a new trial today of a platform called Bitpetite.
This follows on from recently launching a trial of another Bitcoin-related platform called Bitconnect.
Bitpetite is quite similar to Bitconnect in the sense that it is a cryptocurrency-related platform offering exceptionally high returns for investors.
Whilst we thought Bitconnect offered amazing returns at around 1% per day interest, Bitpetite offers an incredible 4.5% per day on weekdays and 1% per day at weekends for its 6-week investment program.
That is quite astonishing and to be honest, we don’t know how long that can be sustained. Some people have questioned whether this might be a Ponzi scheme and to be honest, we don’t know. However, we think people are right to be suspicious with returns promised to be that high.
So what exactly are Bitpetite doing to be generating such amazing returns?
Well, the website claims that:
“We provide secure money transfer services over the Bitcoin cryptocurrency network. There is a connection between you and your money, and our task is to keep this connection secret.”
So normally when you make a transaction in Bitcoin, it is not anonymous in the sense that the persons involved in the transaction can be traced on the blockchain.
However, with Bitpetite they say they are processing these transactions in groups so that the transactions can be anonymised.
In that sense they are providing a service and charge for it. And what they say is that:
“Our system requires dynamic funding in order to run effectively. Our investors’ money improve the performance of our service.”
We are not sure exactly how this all happens but the possibility of making a 147% return over 6 weeks or a 180% return over 9 weeks is intriguing enough for us to give this a try and see if it actually real or just a scam.
So we will start a live trial if Bitpetite today and will update results here regularly so you can see how things are progressing.
In the meantime you can also check out Bitpetite here.
https://www.honestbettingreviews.com/wp-content/uploads/bitpetite-image.png5991210Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2017-11-07 15:03:542023-05-22 17:40:51Bitpetite Final Review – SCAM WARNING
Electroneum is a new cryptocurrency (like Bitcoin) and it has been getting a lot of attention as it undertakes an ICO (Initial Coin Offering).
Some members have contacted us asking whether Electroneum is a scam.
Inevitably with the incredible recent successes of ICOs in raising money there have been a lot of people launching new coins wanting to grab a piece of the extremely lucrative pie.
A few of these ICOs therefore have been accused of being scams, with the people behind them allegedly creaming off investors’ funds for themselves. Hence why China has banned them and other countries are looking at regulating them.
However, taking a look at Electroneum, the people behind it, their White Paper and the publicity they have generated, we do not believe this is a scam but looks like a genuine business to us.
Let’s go through each of these in turn in our full in-depth review of Electroneum.
What is Electroneum?
Electroneum will be the first mobile cryptocurrency that you can manage entirely from an app on your phone.
It will initially target the gaming market, so that you will be able to earn tokens while playing games.
But then as it expands, Electroneum aims to become the mobile cryptocurrency of choice, allowing people to buy goods, send money to friends or make international transactions at the touch of a smartphone button and without all the annoying bank charges.
– It has a huge potential market of 2.2 billion smartphone users, particularly in parts of the world where people don’t have access to bank accounts but do have a smartphone.
– It will enable very fast microtransactions and currency can be transferred between different apps, games and users.
– It relies on its own purpose-built blockchain, unlike many other currencies launched in 2017.
– The maximum number of coins will be 21 billion, giving it a “real money” feel, as opposed to Bitcoin and most other cryptos that have numerous decimal places for sending everyday transactions. This should help with its widespread adoption and use.
But here’s the really clever bit: you will be able to mine it from your phone, meaning you can have it running in the background making you tokens while you sleep. These tokens could then be exchanged for other crytocurrencies or even pounds, euros and dollars.
So overall this looks like a very clever idea to us and its simplicity could be a real USP and mean there is a high level of adoption.
The White Paper is clearly set out, with a business plan and timetable going forward. From that point of view, Electroneum doesn’t look like a scam to us.
The People Behind Electroneum
Of critical importance when looking at whether a new coin is a scam or not is the background of the people behind it. Are they well-known, trustworthy, public figures? Do they have a record of success in business?
Let’s look at the people behind Electroneum and try to answer these questions:-
– Richard Ells, CEO – Electroneum is fronted by Richard Ells, a businessman and entrepreneur. Ells started a digital marketing agency more than 20 years ago that is still going strong and more recently founded Retortal, a platform used by global fortune 500 companies such as Herbalife and Avon.
– Mark Robinson, Advisor – over 20 years experience serving on the boards of companies listed on the London Stock Exchange, Mark is now Director at Flint Engineering Ltd and has won awards for his entrepreneurial work.
– Andy Denton, Advisor – online gaming consultant with over 20 years experience in ecommerce, online gaming and Fintech businesses, having worked with major online and offline gaming businesses such as William Hill, Nektan, Aristocrat Gaming, Gala Coral and Microgaming.
So a good main line-up there. Certainly Richard Ells is an established figure and his Retortal business is well-known and successful.
Ideally we would like to see a little more expertise here from diverse sectors such as finance, legal services and accounting to help guide the progress of Electroneum.
For example, another coin that recently had its ICO, LA Token, included on its team the founder of home loan marketplace Zalogo, the Former Chief Compliance Officer at China Construction Bank Corporation and the former CEO of MySpace – so an excellent range of skills at its disposal.
Perhaps the Electroneum team will be able to call upon advice and expertise in relevant sectors when they have raised all the funds from their ICO.
The rest of the Electroneum team is a little less-known, made up of various programmers, software developers, social media experts and marketers. That is not necessarily a bad thing, it is just that they are not public figures but are more the team behind the scenes working on making Electroneum a success.
Of more significance is the fact that Duncan Logan, CEO of Rocketspace, has publicly backed the project. Logan nurtured the likes of Uber, Spotify and Hootsuite and is a well-known investor, so his backing certainly adds weight.
He has stated via Twitter that this is the first ICO he is going to be involved in, out of the hundreds that have happened so far.
That is a significant statement to make, given that there have been some big ICOs to date, making millions of dollars for some lucky investors who backed them.
Duncan also invited Richard Ells to speak at an event he hosted, the Corporate Innovation Summit in London on 27th September:
That again suggests a genuine venture and we don’t think Duncan Logan would be getting involved with this if he thought it was a scam.
Overall then, it looks like Electroneum has a good team behind it and Richard Ells is a credible figure. Ideally we would like to see a little more diverse expertise across different sectors, but with the funds they are raising this is something they should be able to call upon quite easily.
The White Paper
A White Paper is a document that accompanies an ICO, setting out what a company intends to do with their coin. It is a little like a business plan.
There are some useful nuggets from the White Paper that we quite like. Here is their description of the app:
“We’ve developed a fully functioning crypto coin with some very unique features. We’ve identified multiple enormous markets and we’ve created a free Apple and Android app that allows us to start penetrating those markets from day one after the token sale (31st October 2017).”
It’s good to see that they’ve already got the app built and it will be ready to go as soon as the token sale closes.
We haven’t seen a working version of the app yet (i.e. an iPhone version – iOS) so would like to see that to be absolutely confident in the product. At this stage of the ICO though it isn’t unusual to not have the product launched yet. Normally funds are used to aid product development, so having the app already built and ready to go straight away is a good sign.
And on how it will work:-
“Installing the free Electroneum app (Apple or Android) immediately gives the user the ability to start gaining Electroneum in their wallet. All the time the app is live (even in background mode) it will be running the unique app based crypto mining experience, which requires ZERO technical knowledge. It takes up very little bandwidth, so doesn’t cost much to run on 3G or 4G data.”
That is also good, so no technical know-how needed and the app will take up very little bandwidth apparently.
Finally, there is confirmation that they have developed a payment system for Electroneum:
“Third party payment API (used to allow third parties to accept Electroneum or pay out Electroneum – this is critical to implementation with the Gaming Industry).”
Again, we are pleased to see that they have a third party payment API allowing other companies to process Electroneum, which will be vital for its take-up and viral usage.
Finally in terms of listing on the exchanges, we understand that Electroneum will be listed on the Cryptopiaexchange when it launches and will then target the larger exchanges like Bittrex.
Overall then we like the White Paper and the plan going forward, they are clear and easy to understand, much like Electroneum itself actually.
Publicity
Finally we like to look at the publicity an ICO is generating when judging whether it is genuine and its likely success or failure. Are they getting much publicity? Are they attending events, showing themselves in public and talking to the media?
If the answer to these questions is yes, then it’s a good sign that the project is genuine and has positive prospects.
So how have the Electroneum team been doing on this front?
Well, the good news is that Richard Ells has been doing a number of interviews.
Plus Richard has done a number of interviews on YouTube. Here is one with Crypto Currently:
There are quite a few other interviews with Richard on YouTube as well.
Richard also spoke on a panel at the NEX exchange in Broadgate on 4th October, so he has been promoting Electroneum in person which is reassuring (click on the picture to hear him talk).
Electroneum has also been featured in the press, most notably:-
What is most impressive though is the participation the token sale has generated, with over 200,000 people having signed up with still over two weeks to go. It isn’t inconceivable it could reach close to half a million participants if current sign-up rates continue.
We believe that would be record participation for a token sale/ICO, which would be a very good sign for the potential viral take-up of the app.
Certainly social media is awash with excitement about Electroneum, with endless tweets and hashtags appearing on twitter.
Even former Spurs boss Harry Redknapp has backed it!
All this bodes very well for the future of Electroneum.
Conclusion – Electroneum Review
You can never be sure if a new cryptocurrency is a scam until the ICO is over, the product launches and hopefully the coin itself is listed on the exchanges like Bittrex and CEX.io.
ICOs at the moment are completely unregulated, so it would be much easier for the people behind it to run off with the funds than it would be say in an IPO on the stock exchange.
However, having looked at it in some considerable depth, we do not believe Electroneum is a scam. Here are the main reasons:-
– It is a simple, credible idea that anyone can understand
– The White Paper in support of Electroneum is well set out and clear
– Its CEO, Richard Ells, is a successful entrepreneur with other public businesses
– Ells has made a number of public appearances at events, conferences, interviews etc.
– It has the backing of Duncan Logan, CEO of Rocketspace, who invited Electroneum to speak at a conference
– Other celebrities such as Harry Redknapp have backed it
– It has a listing on the cryptopia exchange agreed
Now at the same time, we haven’t seen a working version of the app which will obviously be very important.
As we say, we can’t be 100% certain it isn’t a scam, but from all our research it looks to be genuine and we can’t see any reason to think it is a scam.
We think Electroneum could do really well if the initial interest is any indication. Getting over 200,000 sign-ups already is quite amazing.
As ever though, please be aware that cryptocurrencies are very speculative investments and only invest money you can afford to lose, because in a worse case scenario you could lose everything.
Only time will tell of course, but we are happy enough this is genuine and hopeful enough it will be a success to have invested in it ourselves – and you can’t get much more of an endorsement than that we suppose!
https://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.png00Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2017-10-17 17:19:092017-11-15 16:36:04Electroneum Review – Is It a Scam?
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