Hello and good day everyone.
Although I am new to the forum I have been invested in ETN since the ICO. I’d just like to talk about the amounts one can transfer if they have completed level 3 KYC.
I lodged a support ticket a while ago about how much ETN I could transfer once level 3 KYC was complete and the response I received (and I quote), once you’ve completed level 3 you can move as much as you like.
Now going into my Electroneum dashboard it states My Profile: KYC compliance: Level 3 transfer 10,000 euros every 3 months.
Now this clearly goes against what I was told in the support ticket. No doubt there is a lot of belief in ETN (hence why this forum even exists), but there are definitely those who hold high amounts of ETN and looking to sell it once it raises in value.
Amounts that would exceed 10,000 euros.
However they won’t be able to if it is capped at only 10,000 euros per every 3 months. Sure, they can move and sell their 10,000 euros worth but the volatility in the market can change over the next 3 month period and possibly reduce in value.
Thus defeating the purpose of “Hodling”.
Perhaps this is in place to try and circumvent a massive dump if ETN rises in value. I’m not going to lie I’m looking to profit from my holdings (and pretty much anyone who says they’re not is lying, even Richard Ells has stated on the All About Tech Q and A series he’s trying to grow a commercial company and isn’t doing this out of the goodness of his heart, so he’s looking to profit as well).
People all over youtube freely express this intention in the comments of the ETN content creators videos as well.
Now I understand there are AML reasons to why we’re doing KYC in the first place, but I do believe once we have jumped through the necessary hoops and proven to be legitimate holders, then the coins we have purchased are owned by us and we should be allowed to move what we wish (which was as stated in my very own ETN support ticket).
Especially if we must prove our earnings.
Richard Ells also stated in Crypto Rich’s video interview that he doesn’t believe that locking down peoples money is the right thing to do. However only allowing a limited amount to move around in a 3 month period is exactly that.
Also lets look at a couple facts about intention to sell vs. growing it’s ecosystem by spending it.
- It’s main use case is going to be the unbanked, therefore at the moment it is useless to us here in the developed nations. (Yes you could spend a couple thousand ETN at Crypto NWO’s store for a hoodie or a used phone but who wants to do that?).
I could be wrong on that amount but you get my meaning
Not bashing on Crypto NWO at all, I love his content
- If ETN does grow its numbers and starts to circulate massively then of course those who invested in it will want to sell, given that adoption won’t be as quickly received over here.
Unless it is adopted by retail outlets and such it is again useless to us in that regard. Again to quote Richard Ells “we already have payment methods here”. So growing it’s ecosystem here will take much longer as it’s tiny value amount will be more useful in under developed nations.
So until such time it is adopted by the developed world it’s only use to us is a store of value.
So naturally speculators such as us wish to sell when the time is right and we were all advised from the start to keep our coins safe in an offline wallet. But since then we’re told “once you’ve completed KYC you can only spend/move this much every 3 months from your web wallet”
And said web wallet must import coins from the offline wallet thus forcing us into this amount/time limitation lockdown.
Now since then I have lodged another support ticket to try and clarify all of this and have retained screenshots of my previous support ticket stating I can move as much as I want once Level 3 was complete.
I raise this discussion for those who also look to profit from ETN, to look more closely at whats going on here. I wont hide or deny the fact that I’m looking to profit from it, but please don’t think you’re just going to “hodl and sell”. With these limitations in place you may be in for a shock.
I never wanted to learn how to use the CLI wallet as I wanted to do all my transactions without hiding anything and be legitimate. I’m willing to pay my taxes on any gains made but I may have to try the CLI wallet, given that crypto is so volatile I want to be able to sell my coins when the time is right and not be limited by constraints and potentially miss out as a result. And I don’t wish to leave them on an exchange as that is just insane.
Unless in the meantime, someone develops a wallet which can import and send/receive ETN like Exodus or something like that then no one will have to resort to the CLI wallet.
I should state that this is not meant to be FUD or anything hateful towards ETN, I do genuinely believe in what its trying to do and I totally get and support KYC and AML. I do not support locking down peoples currency. If they own it then they should be able to spend or sell as they please once they have complied with KYC.
I guess time tells all tales.
Lastly I just want to mention about Marketing, I’m guessing there is no ETA on it yet?. The month is halfway done and isn’t meant to be starting this month?.
If you’ve read this whole thread then I thank you and please understand I’m not trying to start any trouble. I’m just reading into what I’m seeing and if I have gotten any of it wrong then please correct me. Until then I’ll wait for my support ticket for clarity.