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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW

Enigma Website: https://www.enigma.co/
ICO Info: https://token.enigma.co/
TechCrunch Article: https://techcrunch.com/2017/08/21/hack-enigma-500000-ico/
Wired Article: https://www.wired.com/story/enigma-ico-ethereum-heist/
Santiment Website: https://santiment.net/

This startup was incubated in an MIT media lab and the team listed on their website represents that. When you hear Enigma, think data, data, data, it’s all about the data sets. You may remember my recent video that covered Santiment, if you didn’t catch that one, the link up above will take you to it. Like Santiment, Enigma is focused on providing it’s users with data that they can use to make wise investments. Unlike Santiment however, Enigma is giving it’s users free range to create their own data sets and to be an integral part of the platform. You can build a reputation, and get paid in the native coin ENG for subscriptions. Conversely, if you are interested in purchasing data rather than curating it, you can of course do so by purchasing it with ENG coins. They have long term goals for data encryption technology, but this is their starting point.

Enigma will use both on chain and off chain transactions. The subscriptions, rewards and penalties will all be handled on chain, and the data storage and transmission will occur off chain.

I can’t make a video that features Enigma without mentioning the incident that occurred a little over 2 weeks ago. Unfortunately there were some eager investors that were in the slack channel and on the mailing list who were fooled into believing that an additional pre-sale was available to them. In response to this, these eager investors forked over around 1,400 ether to the address of the hacker. Enigma did have a legitimate pre sale, but it was only open for accredited investors, and they had warned previously that they would not solicit funds through the slack channel or mailing lists.

There’s one more thing that we can learn from Enigma, and that’s the healthy reminder that it’s better to be overly cautious rather than overly enthusiastic when it comes to investing in new projects. Before you decide to give anyone your money, you’d better be educating yourself on how to find official updates, how the ICO is organized, and who to ask if you have any questions.

In their defense, the hacker gained their trust because they had administrative access to Enigma’s official slack channel, website and mailing list. They attained this access thanks to the lax practices regarding passwords of the Enigma team. The hacker began falsifying information and was able to take advantage of individuals who did not question the sudden change in the ICO organization.
They have also since dramatically increased their precautions with passwords and finally enabled 2 factor authentication. The Enigma team ensures that the website for their token sale has not been compromised since it is on a different and more secure server.
Speaking of their ICO, it is scheduled for September 11th.

source

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38 COMMENTS

  6. Was just looking at the 100,000,000 quoted on that website in the video and checked on coin market cap and it's now 150,000,000. Didn't realise why that was until I scrolled down and started reading the comments here. Why put money into a company that would do this to their early investors? Screw them, plenty of better projects out there.

  8. Sounds like there just trying to be another Bitcoin. They aren't really solving any present problems to replace fiat currency in the real world. It sounds as if they are trying to have people pay to store data on the blockchain, just through a 3rd party function. None of Thomas Edison's inventions that didn't provide a solution to a present day problem made it to market. Maybe you can ride a little bull run on the ICO, but the market sector they are in is highly competitive with some really big names offering the same technology for free. I don't see it as one to hold in the long run.

  11. I am sorry if my comment has nothing to do with the reality and it may seems like I am blaming a wonderful young woman for thing she never committed….BUT….There is something peculiar about you. Crypto is a serious business….people are losing a ton of money making wrong decisions and you filming yourself from different part of the world "suggesting" how beautiful life can be when you earn millions doing crypto…well sell this to someone else but this is only an illusion. In addition….who is the person behind the camera? This is completely different than the other 100 channels devoted to crypto I am subsrcibed to. Amanda was sponsored and everyone one of us know who started sponsoring her. Who is sponsoring you? And…ENIGMA…..really? Very good timing with the rest of the pack. Today and yesterday suddenly so many of you vloggers decided that…well this is an interesting thing to invest in. I do belive that there is something very artificial in your presentations…..but I don't know quire yet what it is…..on the other hand I am pretty sure that the analysis that you are doing are coming from you and nobody else.

  15. Open sourced blockchain, except when it comes to the Data. PASS. Unless it's just to process transactions like the Litening network, you cannot close source a part of the open sourced blockchain. It defeats the entire purpose of transparency.

  19. I think youre pushing way too many ICO's. They are all scams. I give you credit when you say do your own research but you I cant help but think youre compensated in some way by these ICO's. Given that China has made them illegal, I would bet that other nations will follow shortly. There is much more content available to report on other than ICO's. Please stop enabling these scammers with your platform. Youre better than that…I think…

  27. Thanks for the video as always! People need to be careful with Enigma though… These guys are supposed to be experts in their field and should have never been hacked in the first place. It is also very concerning to raise the hard cap right before the ICO. I was excited about the project but there is just too many red flags with this one.

  28. Enigma just rised their cap and they have lose support of most of their community. They also didn,t handle their website password correctly leading to their hack. Sorry to say, MIT idiots. I will pass on this one

  34. Data, Public Data, Private data, Streameline, Asset, Benefit Rewards, Buy , Sell, Block chain, Side Chain, Data Driven, Invest, Intelligent. Here is the translation for you. BLAH BLAH BLAH BLAH MUMBO JUMBO. GIVE ME YOUR MONEY. here is the question? who is going to give them all the Public data. May be Facebook will give all their data to ENIGMA to analyse.

  36. Thanks for your reviews! Great insight! BTW if your still in Bali, the Cangu area has Pretty Poison Bar with one of the coolest backyard style pools to skate. Really awesome place I was there last year. Keep up the channel.

  37. Hey Crypto Tips! What's the best way to contact you about business inquiries? I could not find a business email in the about me section or any other social media links. Thanks!

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