On their site it mentions something about an OTC order desk. Would they fill those orders via supply they buy off exchanges or do you think they might try to work directly with a mining pool to keep the volume off exchanges?
I’m curious if the high volume of transactions we saw on the blockchain sometime last month and last week was maybe Algoz loading up/moving their stash around to various exchanges ETN is on to provide that liquidity/stability.
Or maybe even as far back as when there unusual was high volume on Kukoin and the blockchain at the same time? Not sure when ETN started working with Algoz, so who knows.
Petty cool though, sounds like it opens the doors for large investors or enables partners such as possible remittance partners to load up on a large supply of ETN without effecting price too much. Win/Win.
IMO, after comparing a lot of HUGE cap crypto’s wiki descriptions to electroneum there is a clear distinction between which one will hit mass adoption first and HARD.
Good morning from WI everyone! It’s opening day for my Milwaukee Brewers today and I’ll be heading to to the ball park in about two hours. The pre-game tradition here in WI is to tailgate in the parking lot. Think lots of grilling, yard games, loud music, and of course boozing. Tail-gate setups can be as simple as a lawn chair and a small grill or as elaborate as lined shade tents with tables that hold enough food for an army. Brewers flags will be raised and whipping in the cool spring wind. Bean bags will be tossed. Beer will be consumed. And of course, Electroneum t-shirt will be worn.
Perhaps an ETN themed bean bag/ cornhole set is in order? Or is yours already Brewers blue and gold?
Doesn’t feel like baseball weather yet here in the NE, 27°F this morning. I don’t make it to the pro games, but our farm team is conveniently located and go to a bunch of those.
It has been bothering me since i heard about the Algoz “partnership”
The fact is that Algoz do not need to be working with anyone to do what they do. They wouldnt need any permission from ETN to perform the actions that they are. They make money by buying X amount at 150 sats and placing them for sale at 155 sats. Once sold, they place another buy at 150 sats and repeat the process over and over again.
The only involvement that i can think of that would be required from the ETN team would be to give Algoz the coins required to get this started rather than them having purchased off the market to begin with. But this raises serious questions! I hope Richard addresses the Algoz partnership and is willing to make a statement about it to clear up how it began.
Yes, the purpose is a good one and it will help stabilise the price, and yes it will make it easier for larger money players to become involved in buying ETN. But! Despite there being large, in fact, huge blockchain transactions around the time of the “parnership” being announced… those coins were not being bought from the exchanges based on my observations. This caused me some concern. This is not creating FUD, this is a concerned investor looking for an answer to something quite concerning.
The fact is that if Electroneum have supplied Algoz with an abundance of coins to make this all happen to begin with, means they have accessed coins from “somewhere” and as per their whitepaper and previous comments about the premine… those coins should not be accessible to the team! They are supposed to be “locked away with the lawyers for the MM”
Dont hate on me for bringing this up, because you too should want the answer to this. They have always been transparent, and hopefully they will be regarding this. I wouldnt like to think they are using the premine for things other than the MM. This would be a massive breach of trust and going back on reassurances throughout the past 18months.
Algoz should have been made to buy the coins from the market, but with the amount of coins required to provide marketmaking services (100’s of millions) we would be able to trace the coins being bought off the market quite easily.
I am posting this, not to stir up a hornets nest. And i hope nobody starts bickering over it, or calls it FUD. Ideally it would be great if it got upvoted and we brush right past it. I only want information on why Algoz is a “partnership” and where the coins came from that they have to perform the MarketMaker activities.
