Hard to believe that a couple days ago, on October 19th, Richard Ells sent the following email to the registered users:
I loved that they established a hard cap because it made me feel they were not interested in just cashing in like some other ICOs have done in the past. They had a budget set up for what they will need, and they have respected it.
I know a lot of last minute buyers have been upset about the hard cap, and if I had been one of them I would have been pissed as well because considering the goal of Electroneum is to reach the masses and a portion of the masses are not familiar with crypto currency jargon, a lot of them were confident the ICO supply was 6.3 billion ETNs as indicated on the whitepaper:
If you don’t know much about cryptocurrency you would have felt confident that since the number of ETN sold until October 20th was still under 5 billion you still had some time to invest (how much extra time I don’t know because between Oct. 16th and October 19th (3 days) almost 2 billion ETN were sold). Yes, they announced the hard cap on social media and by sending an email on October 19th, but it would have been better if this info had been on the whitepaper.
However, I can’t crucify the team for a minor mistake as they have done a phenomenal job promoting their ICO. Furthermore, something else that gives me confidence in this project is that the team won’t be able to sell / trade their ETNs for a year, so I am sure this will push them to work even harder so that when they start trading their ETNs they can get a better profit. If they can hold for a whole year, so can I.
Now, if you looked carefully at the numbers Richard shared on his email, it proved what I thought all along … a lot of people registered but didn’t invest (they may have done it only for the referral code, for the bounty campaigns or just curiosity). Still from the 250,000 people registered at that point 110,000 did contribute making over 160,000 transactions. The number of registered users is important because from now until November 1st you won’t be able to purchase Electroneum, so once it hits the exchanges, the demand will probably be high as a good number of these “non investors” may want to get a hold of ETNs before the price gets higher. The team has been doing massive marketing during the ICO and I am sure this work will continue post ICO causing more people to feel like they missed out by not investing during the ICO so, more demad (take into account people are still registering even though the ICO is over! If you want to register, visit the Electroneum website: http://electroneum.com/).
After the ICO finished, a new timer was set up. This timer is now counting the days, hours, minutes and seconds until the Blockchain goes live on November 1st, 2017.
There is also a message from Richard that reads the following:
In case you were wondering, these are the stats from the last table I shared, as well as the ones from today:
| Stats | 19/10/17 | 16/10/17 | 10/10/17 | 04/10/17 |
|---|---|---|---|---|
| # Regist. users: | 280,878 | 140,810 | 53,920 | 35,243 |
| Total ETN Sold: | 4,157,773,286 | 2,457,367,304 | 1,300,967,288 | 965,404,178 |
| Total ETH Raised: | 39,827.7286 | 25,828.4104 | 15,365.3426 | 11,880.1735 |
| Total BTC Raised: | 4,559.2399 | 2,530.0786 | 1,254.9082 | 871.5965 |
My guess is that these numbers could change a bit as some transactions may still be pending – we know BTC is slow - , so we will know for sure once the team releases an actual statement, and like I mentioned earlier, even though people can no longer purchase ETN, some are still registering (probably to get ready for the app and the exchanges … I know, wishful thinking, but … can you blame me?)
Over 4 billion ETN were sold during the ICO (4,411,590,293) so that means that there are still about 16.5 billion ETNs to be mined.
I know having a supply of almost 4.5 billion ETN circulating concerns a lot of people because it sounds like a massive number, but … did you know that over 2.2 billion people own smartphones today? (A number that will continue to increase). So the current supply is low for those many potential users. Please note I am aware those 2.2 billion people are not familiar with ETN at the moment (less than 300,000 are), and that even mass adoption won’t reach them all anytime soon, if ever. But there is still a huge market that Electroneum can reach, and for that market (that will continue to grow) the supply is not that high.
Interesting fact: When we compare the total supply of ETN vs. BTC at the micro unit level, Electroneum has less coins than BTC:
So now, it is just a matter of patience and waiting until November 1st. As Richard advices, don’t panic if you missed the ICO. Electroneum will soon be on a number of crypto exchanges, so you can trade there. Some people will probably dump what they earned as referrals for a reasonable price (but I am positive they will regret it once ETN starts rising). Also, the app will be released on November 1st, so slowly but safely you can start earning some ETN (either by running it in the background, or playing the game). Whatever you do, don’t purchase before it hits the exchanges. It is risky, and there is no guarantee you will get your tokens (speaking from personal experience. You can read my post on how I was crypto scammed or my post from yesterday regarding a fake Electroneum website).
To keep up to date with the latest Electroneum news, always check their official website, official social media (Twitter, Facebook), Telegram, and bitcointalk thread.
Anyway, after investing so much time on Electroneum for the past few weeks, I think I might take a break from ICOing … nah that would be wishful thinking (it is hard not to check what ICOs are ongoing or upcoming). I guess it doesn’t hurt to read a bit. ;)
Once again, thanks for joining me during my Electroneum journey. We might get to meet again in a future ICO.
Cheers!
Ally
PS. Links to some of my previous articles:
