I have posted this on a few places fo forgive me if this is becoming repetitive.
I recently read an article on coinmarket app news section regarding the most “overhyped” cryptocurrencies on the market. I was shocked to discover that Electroneum was number 2 on that list. you can read the report at
“new study reveals the most overhyped cryptos on twitter”
this is my view.
Although I don’t contest the fact that bots have been used by a number of cryptocurrencies, I do want to draw a line between the number of social media accounts discussing/ promoting a cryptocurrency, and it being “overhyped”, (which to me implies it has less value than the numbers would suggest)
my main example is electroneum.
These guys have had the goal of mass adoption as their driving influence since the offset.
many of the coins in the “hype” list above are bought and sold on a daily basis for the purpose of profit for its creator’s and holders.
It would make sense for there to be thousands of fake accounts pushing for interest to rise.
Electroneum has a different approach. They wanted people to spend, not sell.
I’m seeing they put more value in their coin being a currency, not just a store of value.
The testbed for Electroneum has been South Africa, where they introduced the brand as a system for micropayments in their everyday living, a system to give the unbanked population access to the financial world, ( something unavailable to millions of people who happen to have a smartphone), a way to subsidise their mobile phone bills, and very soon with the “gig economy” about to launch, a way to earn money for small jobs done online, payable from anywhere in the world without any of the current cost of a currency exchange.
My point is this,
Over 3 million people currently hold Electroneum accounts, and undoubtedly a large number of those have other media accounts where they promote Electroneum, discuss new developments, and research upcoming events.
I would argue that a huge number of these people have no intention or incentive to trade them. At present they are most likely
1 in the accounts of HODL-ERS waiting for the big payday.
2 used for topping up their mobile phones with data and call time.
3 or being spent buying bread, groceries, or a growing list of products and services at their local shops.
These things are happening in South Africa right now, and recently Brazil too.
Hundreds of thousands of people receiving their free Electroneum and spending it without ever thinking about what the exchange rate is. But all talking about it, researching it, and sharing it online.
I promise you this, whatever the number of bots sharing ETN content online is, it is dwarfed by the number of real people using ETN every day.
This has the potential to be as big a revolution in 3rd world countries as the old Nokia’s were when they started being used as a method of payment by millions of people in Africa.
Exchange traffic, in this case, has no bearing on Electroneum’s value.