Skeptics and supporters alike are scratching their heads about the massive run Einsteinium (EMC2) has taken over this path month, rising from less than $.06 to over $.80 USD. It is currently fluctuating between rank 49 and 51 on Coinmarketcap, jumping over 200 spots throughout these last few hectic weeks. Einsteinium has been around since 2014, and since it’s inception, has served the same purpose, which is to fund scientific projects voted on by holders. 2% of every block is donated to these projects. Throughout the past three years, there has not been much progress made beyond this. In fact, there
Skeptics and supporters alike are scratching their heads about the massive run Einsteinium (EMC2) has taken over this path month, rising from less than $.06 to over $.80 USD. It is currently fluctuating between rank 49 and 51 on Coinmarketcap, jumping over 200 spots throughout these last few hectic weeks.
Einsteinium has been around since 2014, and since it’s inception, has served the same purpose, which is to fund scientific projects voted on by holders. 2% of every block is donated to these projects. Throughout the past three years, there has not been much progress made beyond this. In fact, there have been no changes to the code in the past month. Overall, there were just six commits made in the past year.
As far as what is happening with the coin, a hard fork is taking place next week. Through the fork, close to 50 million coins will be burnt, reducing supply by around 25%. In addition, mining rewards will be reduced significantly. This does explain some price appreciation, however a 25% decrease in supply does not justify a more than 10 times increase in price. The only other news is a big announcement coming up. There’s no substance behind what this announcement might mean, just that there is an announcement.
What may be even more troubling than the lack of substance behind this project is what this hard fork means for what it actually does. A flat % of mining rewards is donated to these scientific projects. By lowering block rewards, the amount donated will effectively be slashed, as well. This seems highly counter-intuitive to the perceived goal of this project.
The major question Einsteinium fails to answer is what holding the coin actually does. Yes, you get a vote in where the scientific donations go to. Beyond that? Nothing. This begs the question- if you are looking to support donations to science, why would you purchase a cryptocurrency rather than placing donations yourself, where you have 100% control over where those donations go to?
Community members in Telegram and Reddit (which are both comparatively small for a top 50 coin and one that’s existed for over three years, at under 2,000 members each) seem to be struggling to find an answer as to what the value behind Einsteinium is. When the question was posed in Telegram, one user, Ahmat, attempted an answer. “By holding you help the price grow, this means more funding for science.” He is right that a higher priced EMC2 means bigger donations. As stated previously, however, the upcoming hard fork seems to directly oppose a philosophy of raising money to fund science.
Realistically, the first part of his statement is what reigns true to current supporters. By holding the coin, the price goes up. Of course, this pumping ideology only reigns true so long as people continue to buy in, and current investors choose not to take their profits and sell their coins. This current rally is destined to collapse upon itself at some point, likely sooner rather than later.