This is a great concept however etn needs to figure out how to address liquidity and getting more exchanges on board. There marketing campaign and message is flawed. After talking to a crowd of 15,000 people it became very evident that etn marketing strategy needs to be fine tuned. The max liftime supply of etn also contributes to the lack of value. Etn needs to get past the pyramid scheme of refferals and make better in roads with getting more places on board with what etn stands for. Its great to address poverty areas of the world but need investment from wealthy too, if not etn is on a collision course with bitcoin swallowing it along with many other altcoins. When the time comes for bitcoin to rise to levels unheard of, only few altcoins will survive that. Etn has a few nuclear options I have yet to see them do.
They are live with one partner in one country at the moment. You expected global mass adoption in 3 months during the very first trial phase with the first live partner? ETN is supposed to worry about if new investors are attracted to buying coins off exhanges? They aren’t in the business of kissing potential speculative investor’s behinds the last I checked.
They are in the business of building their business and user base.
20 countries by end of year ring a bell? Gig economy website with the ability for the buyer of digital jobs to purchase with Visa/MC and the worker paid in ETN ring a bell? Global Remittance?
Partner incentives ring a bell? Yeah I’d love to see Bitcoin match ETN’s partner incentives…sure.
Just what the heck are you going on about is my question?
And one level deep of referrals is hardly a pyramid scheme. That kind of ignorant labeling is ridiculous BS.
1.70 trillion physical U$D in circulation
14 trillion U$D on the books and physically
They print more everyday.
ETN’s limited lifetime supply is .15% of U$D
The current low value is do to a lack of speculation and low trader/investor interest plain and simple. As adoption grows, interest will follow and supply limitations will naturally raise the value.
First and foremost, welcome to the forum.
So, you directly talked to 15000 people about ETN’s marketing strategy? When and where? I am curious because that is some good marketing in itself!
The supply of ETN is created for mass adoption which will not happen overnight with one small MVNO trial under its’ belt. But it will come and you will see how small the supply actually is. With only 2 decimals, ETN’S supply is a fraction of Bitcoin’s which has 8 decimals.
Pyramid scheme of referrals? No. A pyramid scheme involves the person at the top getting value from not only the people be/she gets in, but also everyone they refer as well. ETN’s program is a referal bonus between only the two people involved where each one benefit. Just like any normal referal program. It does not come anywhere near a pyramid scheme.
Yes, the project needs “wealthy people” too. This is where gig guru will shine. People will be able to pay with their normal forms of payment which will be turned into ETN upon paying for a service before being sent to the person providing the service. Those service payments will be buying ETN directly off the exchanges. As ETN grows, it will be accepted in more and more retail businesses as well which will provide demand for people to buy the coins themselves. All that will happen, but not tomorrow.
ETN will not only survive, but it will thrive as the eco system grows. It is still very young and needs time to mature just like any business requires. ETN is not just a crypto. It is a Fintech company doing real business.
Some of you have already made some great points but I would like to add…
Its not that price of the coin is important because it is, it attracts attention and also of course means the coin is usable, it has to have some value. But of course I don’t think the ETN are too concerned about this at the moment. Most people seem to agree that alot of the market is based on hype anyway with some coins have little actual product.
It’s important to remember some huge companies start out making little to no money, or even loosing money and borrowing until they reach a certain size and start making profit. Many of the huge companies grew this way. They weren’t even that profitable for years so just focusing on value is the wrong idea.
We really need to focus on what the ETN team are working on and putting out, they have been fairly consistent with putting out updates and considering our huge user numbers the system has worked well not perfectly but good I think for a small team. Aslong as ETN are building up there features and partners I think we should be good I understand some peoples concerns with ETN’s tech but they aren’t doing the same things as other coins so not sure we should be comparing them to others with more exchanges and different tech. Thats just my opinion anyway if they go quiet and stop putting out updates then I think we should worry…
Be glad I didnt label it a ponzi scheme, reality is that the first person reffering gains the edge in rewards, hence pyrimid scheme. Im all for the growth of etn and invest accordingly but the point is the outreach hasnt even scratched the surface and if they want to remain competitive which at this time is not happening, then they need to broaden the marketing campaign and soon, once bigger phone companies start to create there own coins/tokens then it could be the end. Im not the first person to voice this concern and its echoed loud and clear by a majority. The concept is great the campaign is flawed.
Grand Rapids, Michigan United States, Group of us is trying to get local transit companies to accept etn, etn needs more movement on the radar but the concern in our area is a lack of information, we have checker cab that on board but companies like uber and bronco cab are hesitant. It couldnt hurt for the etn team to campaign in wealthier spots of the world too.
100% false. The first person gains no advantage over anything. Bonuses are the exact same for everyone.
ETN will be a hard sell in the US right now. Richard himself has said it many times. ETN is not needed in the US, nor is it intended for the US. It is intended for the unbanked in third world countries. Adoption in the US would be welcome, but with all the payment options we (and all other 1st world countries) have, the reality is it will take a very long time to accomplish…not impossible, but a tall stretch for sure.
You obviously have no idea what a ponzi scheme is then or pyramid scheme if you believe ETN falls under those categories. If that’s how you view ETN and are presenting ETN as such to groups of large people then be prepared to face some legal battles in the future.
You don’t seem to have even a basic grasp of ETN’s business model, so why are you trying to speak on ETN’s behalf to any group of any kind?
Richard Ells has already said they have deals in the pipeline that would deliver millions of user but they arn’t bringing them online until they have done more testing and upgrade there infrastructure of course we have to take this with a pinch of salt until it happens but this has been said a few times when people have asked why huge marketing isn’t happening.