I´ve taken a closer look at IOTA the last days, which lead to the question whether it´s a huge Scam or really the Future of the Internet of Things. Will we look at a big exit scam anytime soon or rather see us all pay with IOTA online on a daily basis? But Let´s take a look on the facts that made me question or better said reevaluate the project.
PRO IOTA - It Might Be The Future
A simple google search will make you aware of IOTA´s famous partnerships within a few seconds already. To be precise we are talking about Microsoft, Cisco Systems, Samsung, Volkswagen, and Fujitsu who signed up for a demo test on the tangle technology, which is claimed to be superior to the Blockchain.
Besides that many might have seen the following comparison already, which compares Bitcoin and the Blockchain with IOTA and the Tangle Technology. It claims to enable 0 fee Payments at all times as all users are validators themselves instead of just a few miners as it´s the case on the Blockchain.
IOTA further claims that its scalability is unlimited, which would mean that in theory millions of transactions could be processed in future as long as enough users are tied up to the tangle network. That being said it definitely sounds superior to the Blockchain and Bitcoin in particular.
CONTRA IOTA - Is It Possibly All Just A Scam?
While I scrolled through Twitter and other forums online I´ve found many complains that the IOTA Wallet isn´t working, coins keep to disappear and transactions don´t get processed. Overall you get the impression quite fast that the tangle seems to be broken or even useless at the very moment.
Worst of all for me was whenever I saw a reply of a founder of IOTA on a users complain about the issues of the network. He really offered him to buy back his tokens for a price about 90% below the market instead of addressing the real underlying concerns of a non functioning network.
Just about a day later the same founder replied to an open question of Charlie Lee, the guy behind Litecoin, about IOTA in a way which I wouldn´t do at any occasion being in his position.
MY CONCLUSION
Right now I don´t know what to believe as there is as much FOMO out there about IOTA as is FUD. I´m very excited though that a coin with an apparently unstable or even broken network can become the Nr. 4 crypto based on the market cap. Further the replies to the Community by IOTA founders are not really creating huge trust into the project either...
I will probably stay away from it for now and will await further news or improvements on the tangle. In case I should consider an investment within the next days anyways it would most probably just be a smaller position as the risks seem to be too high for me at the very moment.
What´s your opinion on IOTA?
Do You believe it´s a major Project or a non working Scam?
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