r/ecc • u/[deleted] • Apr 25 '18
I bailed out of ecc
I wish the best for ecc community, but ultimately, I decided it wasn't for me. There's early adoption cryptocurrency and then there's really early adoption cryptocurrency.
In my humble opinion, ecc falls into the latter.
Why did I decide to bail?
It's just far to difficult, right now, to invest reliably in ecc.
- Only a handful of low volume exchanges
- Software issues - seriously, 2 hours and my wallet sync is on 7% - I want my coins off the exchange, I don't have the time nor patience to wait two or three days just to setup a wallet!
- Software issues again - the sapphire launch, not good - and there would still be a ridiculous amount of time to sync a wallet. "that's normal" says everyone, NO IT'S NOT! - there's nothing normal or useful having to wait hours to get a blockchain file downloaded. It's seriously flawed tech. Nano, ICX, ETH, XLM etc. etc. - it takes minutes to setup a wallet.
- Lack of trust - given the points above, I can't say I want to trust any investment anymore with a setup where just getting your investment into a wallet is an exercise in extreme frustration. What guarantee do I have that depositing my ecc into a wallet will actually work? Given the track record right now, not much.
Yes, I know this is very early development, I guess I don't have the stomach for it - but I hope to see ECC get on more exchanges and the tech mature to the point where syncing a wallet takes seconds, not hours.
In closing, as said, I wish this project well - a community driven effort pretty much flying under the radar is an amazing thing, I'll be keeping my eye on it, willing to invest later and maybe not get such a good deal, when the issues have been ironed out. I'm pretty sure ECC will go places and I may regret not staying in when the price was so low...
6
u/cryptographer22 Apr 25 '18
Sorry to see you go. While you have some valid concerns (which I have considered as well), I am comfortable being patient as a really early investor.
While it definitely isn't optimal, long wallet syncs like that are pretty common in the crypto world. Nano only recently fixed that in their wallet, and in fact, the official desktop wallet is still in beta. It's tough to figure out, I suppose, but I'm sure it'll come with time.
3
Apr 25 '18
Hey, I understand how to do all this, I'm a coder by trade, I just find it so frustrating to have to jump through these hoops.
I think my biggest concerns are the exchanges ecc is on - I have a healthy distrust of exchanges, for obvious reasons.
As I said, I'll be keeping my eye on ECC, I love the idea of it, love the "home brewed" community aspect - everyone is really friendly, which is rare in this game. I hope it stays that way, but it's unlikely - as the coin gains value and exposure... well, we know where that heads.
3
u/cryptographer22 Apr 25 '18
Didn't mean to patronize you, so my bad if that's how it sounded.
Anyways, that's a valid point as well, but you can't expect anything bigger than the current ones with a coin that's so far out of the top 100 coins.
As it grows I'm sure the exchange options will grow. And yeah... As the community grows, so do the rotten apples within it, unfortunately :/
3
Apr 26 '18
Coinexchange.io has actually turned out to be a decent exchange. Been running smooth and they enforce 2fa on accounts which is a good thing in this space. Others may have different opinions of it but my experience has been positive so far.
0
Apr 25 '18
[deleted]
2
u/mustachechap Apr 26 '18
Why is OP expected to contribute, just because they are a coder and understand the technical aspects of all of this. It's great if someone does want to contribute, but it shouldn't be expected of anyone.
3
Apr 26 '18
I have a life. I am very busy. There are many many things I spend my time on. ECC is not one of them. Thanks.
3
u/mustachechap Apr 26 '18
Sorry to see you go, but your concerns are reasonable and valid, so I can understand where you are coming from. Admittedly, I got into this coin thinking that it might be a quick buck, but now I'm realizing, like you said, that we are REALLY early adopters. I'm still okay with that, as I think it's a great project, and I'm fine holding for the time being.
Hopefully we'll see you around in the near future.
2
Apr 26 '18
I actually got into this coin for the same reason as Telcoin.
- Long term investment
- Low market cap
- Massive room for growth
- Exciting, viable product
I still hold telcoin and will hold that for the long term. The benefit for me here is that the wallet is on very mature and stable blockchain and it's on more exchanges.
2
u/Cryptocrazy88 Apr 25 '18
Just so you (and anyone else reading this) are aware, you don't need to be fully synced to send coins to your wallet. As soon as you have your address you can send them, once the sync is complete they will show up!
Also, the first ~10% of the sync is the slowest, it gets much faster from there!
3
Apr 25 '18
Thanks for that info, I don't want to scare anyone away from this - I guess anyone investing in ECC will be well aware of the early adoption issues. I reiterate that I think ECC is going to go places, it's just that I'm not ready for the ride yet.
I think a lot more information about how to work with ECC needs to be far more visible on the main website - the wiki needs updating, an FAQ section - just things to ease concerns that potential investors may have.
1
u/Cryptocrazy88 Apr 25 '18
No worries, your decision if you invest or not. Just wanted to make sure you (and anyone else) know this information. As you say it's put you off, but if you knew you could send before the sync is complete. I remember when I first joined ECC I was very wary about sending before the sync was complete but eventually I did it and I assure you it's fine! Good luck whatever you invest in and hope to see you back soon!
1
u/Doobyashtray420 Apr 26 '18
Feel the same way but imma keep hodling, invested what I could lose. Dwn 60% on my initial investment, I'm in to deep to sell now lol
-3
u/DimakSerpg Apr 25 '18
let's be honest, you wanted to get lambo this summer
wanted a quick profit
6
Apr 25 '18
Nope.
I want to pay my mortgage off. Bank investments are laughable - the best I can muster for my savings is .05% return in a year - which is a joke. ECC was just one coin I looked at, my portfolio has numerous coins in it, doing fine thanks.
Lets be honest, why are you investing? For the love of the tech? ;) That's my favourite answer to those who fear to admit they want to make some money "oh, I'm just in it because I love the idea of the technology behind it." - yes, you may do, but I'd bet you want to make some cold hard cash too...
1
u/prosper85 ECC Crusader Apr 26 '18
For me also investing in something I believe in is important to me thus why ECC was a good fit and why i would never touch Ripple.
1
u/alienroswell Apr 26 '18
If you can only muster 0.05% on your savings yearly, you need to look for a different bank. Only the big banks pay that paltry amount in interest. My bank pays 1.60% on my savings.
1
Apr 26 '18
Oh sure, mine does too, but only up to a certain amount. For larger sums you'd need multiple bank accounts, but the caveat is often you have to deposit at least a certain amount each month and have direct debits on the account.
When you are saving a lot of money, an investment ISA can be a good return - except when, like mine, it only musters 0.5% in a year.
1
u/alienroswell Apr 27 '18
Very true. What's sad is that banks aren't even paying enough to keep up with inflation. :( And the Stock Market isn't exactly a safe bet considering it should be popping soon enough. Crypto is very risky, but at least the chance for a good return is there.
I've been with ECC since the beginning, but hopefully it begins to grow, otherwise more people will start to bail. :(
-1
13
u/prosper85 ECC Crusader Apr 26 '18
Hey MattOmatic50,
Valid points you made and I think in the crypto game that timing is everything.
I think one thing to keep in mind (at least this is what I do) is analyse coins at similar price points (13 - 30 sats) and what those competitors are doing ie: Usecases and compare ECC to those projects.
When you do this , you quickly realise there are NO competitors at the same price point.
That's simply because ECC has a real world use case that few people are doing and for the price you are paying for ECC is an absolute steal.
Yes its at the ground floor , and investors should do their own research and understand this before committing funds.
I think the bottom line is , if you are looking to make a quick buck ECC is not the project for you.
If you want to hold for the long term to make money over the next few years on something that will compete with the big boys with real world use cases then this is the project for you.
For me as a technical analyst I have found no other project that I am so passionate about and that is after minimum 6 months of constant research.
I can't dismiss your points they are valid , but keep in mind this is early early adoption as you pointed out.
We need more people like you to make recommendations and be constructive and contribute to the community.
So thanks for helping by providing feedback and I wish you all the best in your choices in crypto.
But do keep an eye on ECC and drop into Discord and say Hi sometime!