The 2020 Fomosapien club vol 3

So, just to clarify, once and for all, this circuit is entirely separate from the phone top ups one? As many of us speculated a while ago that top up money directly paid AnyTask sellers. So it is a different 3rd party? (with the AnyTask 3rd party maybe being AnyTask Ltd itself?)

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You don’t choose if you’d like to list your crypto assest or token on coinbase, they choose what they want to list, the token or crypto being regulated has nothing to do with anything as far as I can tell. Coinbase is regulated, so that covers that.

Plain and simple ETN is not going to risk their project’s stability without proper legal docs before playing in the US exchange market.

Electroneum isn’t your average crypto geek boy community club crypto…it’s an entire eco system that also happens to be a self contained digital payments system.

If they say they are working on being able to list safely on USA exchanges then it is FACT, so why stress about it?

And then even when they have all their ducks in a row, it may come down to volume whether or not any big exchange wants to list us or not.

We will have our day…one day things will start going our way and what will help that day along will be FCA registration, combined with KYC/AML and a legal doc stating we aren’t a security in the US market.

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Yes I understand that, but since coinbase is regulated it shouldn’t risk projects stability? wether we have a paper or not, since the exchange is legit. If that’s the case, shouldn’t we be (unlisted) on EVERY exchange til we get that paper then? Because the ones we have been listed on, (without) paper, are far, far worse then for an example Coinbase.
I see your point, but it is flawed IMO.

I’m not talking soley about Coinbase. There is other exchanges the team could on their own hand contact.
Also the team (can) contact coinbase.

I’m just wondering, as it won’t matter wether we have that paper or not since coinbase in it’s whole is regulated. And also one of the more trusted exchanges in the world.
Yet we continue pursuing listings on some pump and dump exchanges filled with botswarms that DEFINITELY have risked projects stability.

Either we list on exchanges with paper, or we don’t list on ANY exchanges til paper is due.

I just personally don’t see a reason for why we are dragging this process out for these extreme lenghty times.
IMO it is far worse dragging this process out for this tremendous amount of time, then to just get it done and over.

If we can list on these different out of US exchanges left and right without any concern what so ever about stability, it would be fairly safe to assume we can list on US exchanges aswell.? Or what am I missing?

PS: I’m just trying to understand. I know we are waiting for papers, but they are quite literally irrelevant?

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I get it though Winky, it is sometimes a bit frustrating that we seem to get snubbed a lot by exchanges that are popular and have lots of trading volume.

I think the paper is exclusive for the USA market, since it’s highly regulated and they just want to make sure ETN isn’t considered a security.

I think what has held us back is the crypto purists dismissing us because we aren’t decentralized and also some exchanges may shy away because we just don’t have volume that gets them excited, combined with crypto snobbery and maybe we aren’t easy to integrate…maybe that’s changed now.

What I meant earlier about the payment system is that puts us in another category than the average run of the mill crypto project, when you talk about the US market. At least that’s how I see it. And here you don’t deal with just the Fed regulation, it’s every state and their own regs. If it looks like money transfer or pseudo banking, then it’s a slippery slope IMO.

But anyway, no I don’t think a paper stating ETN is not a security is irrelevant , it’s important IMO. The US market is no place to mess around in when you are a business with something to lose.

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Valid points, and I agree. I understand fully that the paper is going to be fundamentally important in the future. Anyhow, from what I understand the paper should be done just about anytime now, within month(s).
Definitely agree with that probably many are not really into listing us due to our low traffic.
Hence why we need to start somewhere :smiley:

I think we are “easily” integrated now, I think that was updated a while back with some fork, or if it was a cold update so that part should have been taken care of.

Aah si then I understand what you meant we are definitely another category, that’s why I’m so, well annoyed that these random rank 2000 (staking) coins gets listed left and right on every other global #1 exchange.

Obviously though, eventually we will have the paper and from that point on I guess we will be seeing some new exchanges in a fairly rapid schedule probably.

Your words actually helped me a bit on the road, eventhough I already was aware of basically exactly what you’re saying.
But sometimes, we need a helpful remainder to get back on paths again.

The reason for why I’m also a little spongy is because I want to change apps and never ever visit them again, I don’t feel safe you know! :slight_smile:

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It’s cool Winky, I could tell you are a little grumpy and I don’t blame you for that, sometimes it seems things are moving slowly, but we are still making progress.

I truly believe that one day we will be known by all in every corner of the world. When that day comes is anyone’s guess. I think once it starts rolling it will happen quickly.

I’m still betting on cross border personal remittance playing a huge part in adoption at some point…just need the fiat on and off ramps or an existing remittance biz to integrate us into their system. Eliminating fees might help in that area. Maybe that gives them a big enough cushion to make fluctuations in value tolerable If they can charge $3 - $5 or maybe even less in fees to send a transfer that costs them zero fees to send, then maybe it’s all the sudden more attractive a proposition.

At least I think that’s what Richard said, they will be eliminating fees on transfers that occur within the wallet to wallet system. So that seems to open new doors for remittance possibilities IMO.

But then fees were already stupid low, so who knows.

Yeah, I despise using financial apps on my phone, or downloading apps I have no idea what’s going on, what info they are gathering and sharing.

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Ahh i see what you mean. That’s a good question, I’m reasonably sure there is no bridge between those services but never specifically asked. Rich has mentioned in videos the AnyTask purchases are made from the open market so i don’t think there is any link to top-ups.

Even if it was however, that wouldn’t make any difference as now there are no rewards, top-up ETN would have been purchased from the Open Market anyway. So either way its originates with FIAT not block rewards or premine ETN.

Good question though, especially if the same middle man was used for both services.

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Definitely and yeah that’s what I understand aswell, and also I’m sure that the app was supposedly going to get a TRUE instant payment within app-app transfer, still occuring on the blockchain somehow.
And no, i’m not talking notifications. Truly instant trasnactions within wallet.
But it was a long while ago I read or heard those lines, pretty sure it was on the roadmap even a while back but I can’t find it anymore.

Does anyone else remember hearing truly instant transactions within the app? I’m almost a 100% sure it was supposedly to come this year.
But I could have misinterpreted the wordings also.

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Richard stated in his latest interview that they just submitted the FCA application 2 weeks ago, and should get approved by Jan. 1st. The FCA is with the UK, not the US. But it will give ETN the “backing” she needs to expand into the US market and so forth.

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The work the team are doing in the US does not require the FCA I believe tete.

Electroneum is not getting “regulated” in the US, it’s just getting the necessary legal acknowledgement to make its standing clear (in terms of security/legality of the ICO etc). This allows the team to push ETN in the US market (this would obviously include US exchanges, but also other things as well).

The team could of course push forward without this, but that’s not how Electroneum work and not something you do when you are in the middle of being assessed for FCA compliance in the UK as you mentioned.

More red tape, but that’s just whats required when working in the fin-tech sector and ensuring you meet all the necessary regulations and requirements. A price we pay for attempting to break into mainstream markets. A pain, but will be worth it moving forward in an industry rife with questionable practices. Time spent now will pay it forward tenfold down the line.

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Instant payment can’t happen on any distributed system with any level of decentralisation. Consensus takes time.

However, with the changes the team are making it can be close.

The instant payment API can hold the funds (as it does now) and then a 1 block confirmation (on the new consensus model) would allow the funds to be used very shortly after in the receiving account. (i.e. seconds or minutes). That’s not instant, but certainly performant/close enough.

The team are dedicating a lot of time and resource to taking the performance of the mobile wallet, instant payment and blockchain to a level where it both users and businesses will be happy. As with any software development, future cycles always focus more on performance…and there is plenty of scope for improvement.

Looking forward to everything that’s being worked on. When it comes to UX, often the “little things” make all the difference.

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Aah yes exactly that’s what I was reffering to, It was so long ago I can’t remember exactly how it was phrased.
So we can confirm that this is still undergoing work?
Thanks, I have been trying to back track this information for quite a while now and haven’t been able to find it.
This is probably one of my most hyped updates for me personally, it really doesn’t change anything honestly, but it is a very desired update from my perspective:D

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I was thinking more of where the ETN goes to compared with where it comes from ie. AnyTask ETN is fine because it goes to individual users, but top-ups ETN can still end up being dumped in big chunks if the neat and tidy system that some of us imagined isn’t actually taking place ie. not ETN>Top Up>3rd Party>AnyTask Seller>Top Up but actually two systems 1. ETN>Top Up>Dump and 2. ETN>AnyTask Seller>Possible further use or dump.

I understand there are probably some commercial arrangements that we don’t know about and that’s fine, I just like to know how the ecosystem works.

Someone here, sorry I forget who, made a very nice and complicated diagram showing the flow of ETN around the ecosystem a while ago, but it perhaps needs to be revised!

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Here’s the stats

Heres the motivation

4f7fe1b11def832a80d41622439dfbee

Have a super Sunday…

Time for the british grand prix. :racing_car:

:heart::earth_americas::peace_symbol:

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Yeah, not sure. Might be a good question for the next AMA with Richard :+1:

Ultimately it no longer matters. Without rewards any more, top-ups are paid for from ETN purchased on the open market. So even if it does overlap (which i don’t believe it does), it still gets purchased from the open market.

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Daily stats

Inspirational quote…

Whatever you do
Wherever you go
Stay safe and above all
Stay strong.

:heart::earth_americas::peace_symbol:

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Things are looking good guys, price moving in the right direction.
Just need to smash the next line of resistance and its up up and away.
The next 24 hours look very exciting indeed.

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Hi @Zero7 and welcome back to the forum.

Are you a TA person? If you are then perhaps you could post your TA in the Technical Analysis section - or is this more of a gut feeling you have?

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Welcome back @Zero7

:handshake:

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Are yoy sure about that? :grinning: down is not a good direction haha :wink: hope you right and we will see smoon :rocket::rocket::rocket:

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