Incentivising creating ETN account


#1

Hi team @ETNCEO,

I’m sure you’ve thought about many ways to reach more people. I’m aware that you guys have your 1%/5% scheme for mining if referral code was used. Paypal started by giving money away for referring friends . If you have no clue about crypto and the still complex and rather difficult entry into this new world, wouldn’t that be an incentive to tap into crypto? With the current price, giving away 100ETN wouldn’t be too bad and I’m sure it would help ETN finding it’s way into the media, which in my opionon is not really happening atm. Coverage of ETN is terrible and who does not like free stuff, right. So once you got your influencers sorted, that might be worth sharing with them!?

I know these kind of programs do exist with direct banks as well where you get 50€ for opening an account which I don’t even think is necessary, as 100 ETN would be just as nice. And the person getting the new person onboard will benefit through a grown communtiyity and maybe get 50 ETN himself, or so.ething like that?

There’s this app, YOYO wallet, you connect it to your account and by using it you collect points. For every 5€ you got 500 points, 5000 points made a meal. So why bother paying by card or cash with such incentive, right??

What do you think?


#2

The problem with promotions like that is they often get abused (that’s why banks have caveats when they run similar schemes to ensure actual usage).

The current mining option still rewards participation but with far less ability to abuse.


#3

But then again, would you get into a new app because you can mine 5 coins a day if you have it running all day? I wouldn’t! And I suppose with KYC it already is a bit more difficult.
Alternatively, the team could say you’ll get X ETN after your first 3 transactions or after paying in 1000 ETN.
I signed up for a bank and after three deposits greater than €1,000 I received 50€. So automatically you used that account as your main one for your wages.


#4

I would yes. If i was someone new to crypto, found out about a way of “trying it” which was super easy and free…yes i would download the app and give it a go. Plus the new “cloud” way of doing it will be even easier.

Sign up incentives are often abused, the current method is very elegant in attracting people but not be easily abused. Plus it also feeds into the blockchain paradigm by being linked to “mining”…even if it is a simulation.

Good introduction to the world of crypto.


#5

Well, I suppose there’s no right or wrong to the answer. You’re right, I assume it would be abused by some, but then again, the mining is as well, isn’t it? I know the team has tried to put an end to it but it’s ongoing!?

I guess for those that are interested in the topic of crypto, the mining part might be an incentive. But with mass adoption, the majority of people won’t give a darn about the technology and won’t bother to read. Do people care about the technology behind paypal? No, the majority does not. They just want a comfortable easy and safe enough way to transfer money. Same applies to this kind of payment. At the moment the small amount of people that are into crypto are tech interested. Crypto is a hype but that won’t matter in the future.

My gf wouldn’t bother to mine a single coin but being awarded to use an app to pay, sure. So imo, if you want mass adoption, you must think about people who don’t care about crypto and never will. It being crypto will never be an argument to use it. Why explain what mining is to people. Let those mine that are already interested into it. But the benfit should lie elsewhere.

Crypto is too complicated for people. ETN already has an app, a good interface, now deliver incentives for the nontech savy, and we’ll do well. Otherwise why bother getting yet another app?! And why not YOYO wallet then?


#6

I have another idea. Make a weekly competition for each country. And top 5 members of each county get some reward. 1st person 1000 ETN 2nd person 500etn 3rd person 300etn 4th person 200etn 5th person 100etn… So we have 2100 total coins for each region. We have total about 200 countries so its weekly total 420 000 coins it’s not much for the team I need to look to my excel. But good competition for all of us to be able to join this giveaway for participating… What do you think? Or if it’s too much for the team this competition can be for longer period 20 days or month… Reward get person who get most referals per this period… For example I have now 157 people total for 1 year… So if you get about 10 or more people you can be rewarded maybe :slight_smile: if you have luck in some countries you need be more powerful and gain more it depends on others :slight_smile:
So i make my homework and check the data from excel.
So we have daily from ASIC miners about:
9 670*30 (120sec blocks so 30 blocks every hour)*24 (hours in day) = 6 962 400 coins (so about 7 milions per day)
Mobile miners AIRDROP i take:
130 000 * 10 (payout) *3 (a lot of people get payout 2-3 per week) = 3 900 000 coins per week
So total about 50 000 000 milion of coins
So 420 000 coins for better viral growth and coins for all countries and every week reward for 200 countries and 5 top refferal gainers is nice and can help us. Total 1000 people get reward what I take as a good chance for everyone who wan to participated and you have chance every week (or period) which take the ETN Headquarters (10,20,30 days if they dont want to spend so much coins).
What do you think ? @ETNCEO @chris.gorman @BegaMutex @Bee

Total circulation coins (data from my excel) look at the right side and date from August till now or better to look inside excel: https://docs.google.com/spreadsheets/d/1uIcx9lmegjZfbA1e5Vg6O-oEtR4erBtmOOhi02XNxbE/edit#gid=1531331036


#7

That might work with the community. But I think the majority of people actually using ETN in the future won’t be bothered to join a community or forum or anything. I doubt that many of us who joined PayPal ever joined their community. It’s about the usage itself. I very much doubt that the community will grow with the same pace as the product itself. I mean, how many people are currently in this forum…out of 2.5m users? Not that many…So while a competition might be nice for a few enthusiasts, I don’t think it’ll help ETN to reach mass adoption.

Nice Excel sheet @Mr.CryptoCZ. Still not how you reach mass adoption imo. It mus be easier than that.


#8

Agree that can be maybe hard for team to count every country and every person and number of referrals but I think that they have this data somewhere stored… and if we now have 2,5 milion people on board, You write about this weekly giveaway via email to all you can have in 1st weeks about 10% of join from the community so if I am right its 250 000 that will join and if everyone from them refer to about 5-20 new people. I Count with 10 - you have 250 000*10= 2 500 000 for 1st month and cost you only milions of coins if we take that we will give exactly what i SUGGEST 420 000 per week *4 weeks in month so total less than 2 milions of ETN… for double the number of registred users… not mass adption but can help us in some regions :wink:


#9

I admire your optimism but I doubt that 250,000 people will join, never mind referring 10 people each. I don’t think it would even be anywhere close to that. Unrealistic imo. Lovely math, but not reality


#10

From what I get on street level.
I can be talking with ten businesses or ten customers
Or ten people just random put of the public.
Out of those thirty people I might get:
One that actually invests in it
One that I can see is really going to invest or use it.
Five that are really taking notes on what Im saying
Three that will ask me" what was that coin again
The remaing twenty will be saying “I wish I had listened to that crazy old coot about Electroneum”
I now have four people that have invested.
None of which have accounts .
Two of them I personally incentivised out of my pocket.
These are real figures based on my input to the Electroneum project.
:heart::heart:


#11

Hi Val

I’m in what is needed? Skills or ETN or both?

Paul


#12

I got 6 people into ETN personally and I’m talking all high numbers so it depends on your user group I believe…


#14

Watson is ace known him for longer than I haven’t! He’s a genuine decent human! Not many people say that about people!


#15

Buy an ASIC and make An App that just runs ads all day as push notices all running in the background. You make the money back on the ASIC from the Advertising on push and everyone is happy can you code?