In the app its only 2 decimals…
It’s two decimals on most exchanges also. I’m just talking about how the value of etn is arrived at.
Then what do you mean ‘how the value of ETN is arrived at’? ETN’s price is so low atm that going farther than 2 decimals has 0 effect on value. That being said, if 1 ETN is $100 lets say and you want to transfer $0.50, I predict the team will add a decimal place or simply convert to your local currency automatically.
E.g. The app will ask 'Do you wish to send 0.005 ETN?
My concern is as follows: if etn is being valued as if it has 8 decimal places, that could be one of the reasons the price is so low at the moment. I don’t understand how this wouldn’t affect the value, no matter how low it is.
you can’t blame me for being a little confused. I thought etn had “less supply” than bitcoin when you think of it in terms of units, and the price is SO LOW. I understand the high emissions and all that, but STILL…
You’re confusing units with WHOLE coins. ETN has 1000x more WHOLE coins than BTC. The price you see on coin marketcap is the price of the entire coin, not a unit of it. Hope that makes sense.
Simplest answer. The decimal places have no significant affect on the price. There are other factors at play.
Factors keeping the big investors out of this are mainly related to how different the electroneum business model is from most of the rest of crypto. In particular at first glance the large pool of coins that are held by the etn team makes some suspicious of an exit scam. This pool is earmarked for the mobile miner payouts, but it is still a premine in their eyes.
Obviously for those of us following the project it is a vital part of the marketing plan. Once it becomes evident that this plan is being followed and it is working, I expect they will pile in. ETN is in no way a pump and dump coin. They are building something.
Next is the KYC. A good number of those already invested in crypto are freaked out by the idea of KYC. I consider it to be vital to ETN succeeding. That the team went this way shows their courage and also shows their intent to be above board in their business dealings.
Some are dismissive of the idea of marketing to the unbanked. Their reasoning is the banks ignored these people for a reason. Banks with antiquated business models can’t compete with what ETN is doing. People in the part of the world ETN is targeting already use barter to avoid the banks. ETN offers a better alternative to both. Hopefully the hard data shows this will work. That will take a couple of months yet.
Finally and I will note that this is intended to be a compliment to the ETN team. The team is good at marketing. Part of the nerd culture drawn to crypto never trusts sales guys. They want to instead look at code base improvements and other things. A debate over which crypto works better is irrelevant if nobody is using it. ETN aims to get people to actually use it. Partnerships are needed for that. Partnerships that ETN seems to be getting because of their sales ability.
What I think will happen. As ETN gets user numbers it will become more difficult to ignore or malign. This will cause a climb in market rank. This climb in market rank will cause more to reevaluate and feed into more of a climb and so on. So long as ETN keeps executing on the plan and adapting to changes things will work out.
The decimal issue “might” become an issue if the price rises enough. I’ve seen enough adaptability from the team I’m not even sort of concerned about this. It will be handled in a reasonable way.
As always not a financial advisor and do your own due diligence.
I agree fully. I hold a big bag of etn and keep adding to it. I understand that the number of whole etn coins is greater than bitcoin. But some people say the supply of bitcoin is greater based on the decimal places…https://www.youtube.com/watch?v=9mdkX_5Le0c this is an older video of Richard Ells talking about this very thing.