In June, 2017, a crypto enthusiast named JA Zyskowski had a revolutionary idea ... to create a tokenized version of bitcoin on the Ethereum blockchain. The idea was pretty straightforward: The Ethereum blockchain is faster than bitcoin's and less expensive to use, however, there is a problem in that an UNLIMITED number of Ether can be created. By creating a tokenized version of bitcoin on the Ethereum blockchain Zyskowski reasoned you could have it all ... the speed, affordability, the ability to leverage the future innovations and mass adoption of Ethereum, and a limit on the maximum number that could be created ... 21,000,000 ... the same maximum number as bitcoin.
The EtherBTC website was registered in June 2017. In July, it's Pre-ICO sale commenced. On August 12, the EtherBTC ICO formally began. EtherBTC was marketed constantly in Facebook Groups, on Twitter, on YouTube, and had articles published about it by ICOlert and even the FOX News Network!
Somewhere along the way, the "team" at eBTC "had the idea" to create a tokenized version of bitcoin, too, and registered their site on September 12, 2017, a full month AFTER the EtherBTC ICO had begun! While Zyskowski sold ETHB, those behind eBTC chose to give most of theirs away.
While EtherBTC had a whitepaper explaining the vision for the cryptocurrency, eBTC did not. What was baffling to Zyskowski was that he would, at times, be accused of being a SCAM and not having a whitepaper. It wasn't until he eventually came across eBTC that he realized there could be some confusion in the marketplace as to exactly who was who and what was what.
While Zyskowski was pretty transparent in everything he was doing, the person leading the charge for eBTC hid behind a veil of secrecy, calling himself "Satoshi21." To some industry insiders, the eBTC site and lack of transparency, along with the airdrop, smelled a lot like a pump and dump. They might not have been far off the mark. On October 12, the following was posted on Reddit:
EtherBTC has not had any problems with its code or its management. It's transparent ... straightforward ... honest. EtherBTC is not a security in that no investment contract is being offered. It is purely a cryptocurrency in the family of bitcoin, Ether and litecoin. ETHB is currently trading on EtherDelta for about the price that bitcoin sold for in 2010. To learn more about EtherBTC you should visit their website at http://etherbtc.io. To purchase it on EtherDelta go to https://goo.gl/W8DLUp .
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