So…Electroneum has the power to block my funds? It doesn’t sound like BLOCKCHAIN.
No, it’s not that.
If you’re using a paper/offline wallet, it’s not a service offered by the Electroneum Company.
However, if you use the online (app/web) wallet, then you have to do KYC (level 1 at least) as it’s what EU laws are asking for fintech companies… which ETN is.
If you don’t want to do KYC, fine, withdraw to an offline wallet and use the CLI-wallet program to manage your wallet.
You don’t understand my rhetorical question.
I have KYC lvl 2 and I agree with this.
My problem is the company’s ability to block my funds.
It’s a hybrid currency. Company controls flow of currency through the app. The blockchain itself is decentralized as any other.
Electroneum never pretended to be something other than it is…
Yes, but do you understand the company’s ability to block your funds?
Are you agree with that?
Wow, you don’t have a full control of your funds and you are happy with that.What do you use cryptocurrency for?What is new for you?
If you are afraid that the company could block your funds, then don’t use their wallet. Simply use the CLI which only you have control of.
Sorry for the inconvenience of the unscheduled down time.
This will happen sometimes…there isn’t a centralised system on the planet that doesn’t have maintenance occasionally.
You are more than welcome to not use the Electroneum Ltd services; phone app, my.electroneum web wallet etc… its completely optional.
As said above…setup a node, use CLI and you have 100% control over your funds at any time.
The same can be said for your bank account , that can be frozen at any time
It is a company that is trying to bring cryptocurrency to the masses , the unbanked . People who can’t have a bank etn is the alternative. So they can pay for goods via a mobile system , the app is a secure place to keep your coins and to mine coins , see the exchanges , price and calculate in different fiats and BTC…
I will also add , I have full faith and trust in the etn team . If they freeze the wallets it will have a good reason behind it.
100% trust in etn…
Ma bucur ca am mai gasit inca un roman, credeam ca sunt singurul.
It started as a privacy coin, being a Monero fork, but Richard saw the opportunity and they adapted to the regulations we are already seeing for the past several months. That is why ETN has a HUGE advantage on literally any other coin. They are like 10 steps ahead. Huge amounts of money won’t enter the crypto market unless we have a bit of regulation, because the financial institutions won’t put their investments at risk in a market where money laundering can be easily done. That’s why Monero will soon replace BTC as the preferred coin for the deep web drugs and guns traders. Because it is absolutely impossible to be traced, unlike BTC, which can be traced, with a bit of know-how.
Now, don’t think that being regulated, the market will not explode in prices, because it will actually help.