{"id":46933,"date":"2018-04-23T16:46:38","date_gmt":"2018-04-23T23:46:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=46933"},"modified":"2018-04-23T16:56:02","modified_gmt":"2018-04-23T23:56:02","slug":"einsteinium-the-road-to-recovery","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/einsteinium-the-road-to-recovery\/","title":{"rendered":"Einsteinium: The Road to Recovery"},"content":{"rendered":"

Einsteinium<\/a> has always been a little bit different than everyone else.\u00a0Their currency is older than many others \u2013 its origins go all the way back to 2014 \u2013 \u00a0and it remained primarily dormant until 2017 when a new group of developers took over the unique project.<\/p>\n

\"Einsteinium\"
Einsteinium is a proof of work currency with a philanthropic side goal of funding scientific research and cutting-edge IT and crypto projects.<\/figcaption><\/figure>\n

Einsteinium aims to create a fundraising platform that could support academic and philanthropic projects, which is distinct among the crypto space dominated by a p2p ethos and enterprise initiatives.<\/p>\n

Of course, that doesn\u2019t mean that Einsteinium is entirely distinct from the rest of the crypto-scene.<\/p>\n

New developments have resulted in meaningful price increases from less than $0.01 to around $0.50 by the end of November 2017. That\u2019s when things started to get really crazy.<\/p>\n

By the beginning of December, Einsteinium\u2019s digital token \u2013 cleverly named EMC2<\/a> \u2013 soared to over $2. The reasons for this price spike, like so many others, were not wholly organic. December didn\u2019t trigger the charitable instincts of the investment community to send EMC2 through the roof.<\/p>\n

The Hype Stage<\/h2>\n

2017 created a crypto craze that left enthusiastic investors looking for the next big thing, and many cryptocurrency startups were all too happy to promote their initiatives as such.<\/p>\n

\"Einsteinium
Related Story:\u00a0Einsteinium \u2013 What Is It and Where Is It Going<\/a><\/figcaption><\/figure>\n

As a result, several unscrupulous practices became normative. Airdrops, hard forks, pump, and dumps, became coded language for investors looking to make a significant and immediate profit.<\/p>\n

Einsteinium isn\u2019t totally innocent in this regard.Their team announced a December hard fork<\/a> that would reduce the supply of EMC2 tokens by nearly 20% from 300 million to 245 million.<\/p>\n

With less supply, many investors rightfully reasoned that the value of the remaining tokens would soar.<\/h3>\n

While the intent was more nuanced and included the elimination of a wormhole, it was most noted for its impact on the coin price.<\/p>\n

On December 10th, EMC2 announced that the hard-fork was successful<\/a>, and the price began rising even before its completion. Within a week, it hit an all-time-high, before plunging nearly 50% in less than five days. The price never recovered.<\/p>\n

Instead, it continued a downward trend to $0.30, which is a significant jump from its earliest price, but it\u2019s a far fall from the height of the hard-fork.<\/p>\n

Accusations Abound<\/h2>\n

The trouble began before the hard fork even executed. It started on Twitter, as so many controversies do, with a November 30th tweet promoting<\/a> a \u201cMind Blowing Announcement.\u201d<\/p>\n

\n

EMC2 mind-blowing announcement to be made on December 19th @einsteiniumcoin<\/a> pic.twitter.com\/RDGegNk9zH<\/a><\/p>\n

— Einsteinium (@einsteiniumcoin) November 30, 2017<\/a><\/p><\/blockquote>\n