I want to leave on the side the following red flags:
1. simulated mining that does not secure the network
2. trenched ico with unchecked self-referrals.
3. promising specific monthly return for your simulated mining
4. massive marketing campaign catering to the clueless.
5. bragging about the success and the hard work when ico funds are not accessible
6. that no fees statement pre-ico and then the change of plans and the decision to clone monero!
the list goes on, whoever has followed this "project" knows.....
I want to focus on that hack, i have understood the following:
-The site was ddos'ed and briefly went offline but there was no hack that jeopardized the coins held in the ICO wallets. The electroneum team claims that they locked the ICO wallets as a precaution; they said that a lot of people registered and participated in their ICO with email accounts which were already compromised by previous hacks on other platforms during past years.
So they locked the wallets to protect those who have not changed their passwords since their sensitive info was leaked. In a way, the electroneum team expect us to "be thankful for protecting us"
But it makes absolutely no sense... they locked our money because some are using compromised accounts? why should we care about those people? Why doesnt all other respected-multimillion online services/platforms dont follow a similar policy?
How is hackerone going to help those retarded people that can't follow the most basic privacy rules? why is even hackerone presented as a solution to this problem.
I am also getting attacked everytime i bring those issues to the table; as being clueless, not knowing what i am talking about, not knowing how mining secures the network, missing the ico or other classic bagholding excuses. I can only attribute it to somekind of "Ostrich Syndrome".
Please help me understand this hackerone thing that will keep the wallets closed indefinitely or until the ico participants learn how to handle their sensitive info.
Really help me understand, there must be something i am missing, they cannot be THAT dumb ...
I wholly and fully agree with what you've said here. But there are too many people defending Electroneum by copy-pasting their own (god awful) white paper and because in their own heads if they defend it, 'it must be legitimate' or 'if we believe it hard enough, it must be true'. That and if you don't believe it, then by direct inference, you are the one who has made a bad choice and no-one likes admitting that.
No-one has challenged me when I asked how 'simulated mobile mining' is supposed to work and 'teach people about crypto' when it doesn't follow the basic fundamentals of it.
Whole thing smells bad, and whatever happens and if it all implodes, the 'developers' have still made millions due to peoples' naivety and greed.