The IOTA PR disaster continues. When will people learn from it...
We live in times, where facts are optional. In the cryptocurrency world, even the shittiest of shitcoins can make it under the Top 10. The markets are not reacting to facts - which is the only fact there is.
My approach to everything in life is to get all the facts, then forget them and do what my gut is telling me.
This happened with IOTA too. My gut was telling me, to stay the hell away from them.
The history of IOTA is basically one of one PR disaster after the other and history tends to repeat itself.
The pattern with IOTA is always the same:
They claim something, people proof them wrong and then they go into the victim role of "this is all a big misunderstanding - we have done nothing wrong" and follow up with (legal) threats.
The old "blame and justification game" - something you need to become suspicious of alone...
If you counter each criticism with FUD cries and whining and when criticized by researchers, threaten them, you know, that you are in a deep pile of shit.
So it seems, that over the past days, the IOTA disaster continued.
This time it was not some unknown guy on Steemit, who told everyone about his bad gut feeling, but many serious researchers in the cryptocurrency field.
They dared to speak up and basically crushed IOTA at its core. From that perspective you would believe, that they are done. What did the market do? Right! The IOTA price is going up. Bad news are good news.
History repeating itself and let us think back just a few weeks ago, when Bitconnect shut down - there were also people believing in it and defending it until the last minute.
Read more about this new IOTA disaster here and consider yourself warned.
Over the weekend, various high-level security researchers and academic cryptographers gave cryptocurrency project IOTA a failing grade – exposing a critical weakness and suggesting investors sell their coins while asking researchers to ignore or abandon the project.
I'm not surprised to read this. This is a coin I've stayed away from because I keep reading that it simply doesn't work. Nice idea, but they can't get it to actually work. Much of crypto is still wish-ware, but I prefer to invest in the ones connected to functioning testnets at least.
Yeah, last year I tried to use their wallet and couldn't get anything to work - like many people, I was blamed that it was my fault. They can't get it working between people, so how are the chances, that it will between "things"? Even if it would work though, a company that is always in the blame and justification game has some other big issues.
Interesting, i'll investigate more. Thanks!
This is just not true. IOTA is cutting edge technology they are handling PR their own way this is true, however, IOTA has really good team behind them and their Tangle is much more capable than classic blockchain. They are still in early phase of the project like most alt coins are don't forget that. But accusations given here have no valid backup and they missleading!
Here is my quick review of IOTA if people want to educate a bit more and proper about them. I think this will help much more and give better perspective on IOTA
https://steemit.com/iota/@matt.burniske/is-iota-tangle-actually-worth-the-price-review-part-i
I hear this "we are still in the early phases" argument, but so is every other project out there and most of them have working wallets, a working blockchain and are somehow not accused by experts in the field of being flawed in every way. How come, that so many different experts agree, that IOTA is flawed at its core? Are they all paid to spread negative rumors? I don't think so. It's ok to believe in your coins and investments, but saying "this is not true" and "there is no valid backup" while there obviously is more than one person that came to the same conclusion about them, sounds a bit-connect-ish to me. Even if all these experts were wrong and IOTA is right about everything, their public behaviour alone would scare me off to be honest - but there we have my gut feeling again, which can't be argued with in the end. Good luck though and I wish you won't be disappointed by your investment!
I think most hate from experts comes from direct threat that tangle represents for blockchain. While blockchain is capable of 5-1000 transactions per second IOTAs Tangle will seek to eventually manage 1000000TPS. This is serious gamechanger. If IOTA achieves their vision they will be huge.
Their public behaviour concerned me also but after doing additional research i must say I was impressed with David Sonstebo. He definitely is polarizing figure but so was Steve Jobs...honestly in my opinion they are more concerned with their code than with what public thinks....and honestly...is that a bad thing?
Well, I don't think they will be able to handle more TPS than EOS and Dan Larimer has already proven what he is capable of, which you can't say about IOTA. The "enthusiasm" for IOTA is purely based on belief and not proof.
I had the same issue with Substratum. They were always overpromising and underdelivering until I really got fed up with all this BS of hyping people with no solid base. I never looked back after I sold my SUB, and even if they will be able to really produce any working product (which I seriously doubt), I will have earned so much more in the meantime with proven products, that I won't care. I guess, if you don't care about the money you invested and can afford to wait 1-2 years for any product and proof - or lack thereof - you are fine to invest in projects like IOTA. On the other hand, if I'd believe, that TPS are a gamechanger and that this will rule the future of crypto, then I would invest in projects like EOS, that have already proof and a huge developer community behind them - and surprisingly no bad publicity.
And about the code thing: A good code is only one part of a success story and you are not investing in a good code (which btw is the point everyone is criticizing), but in the whole company. Steve Jobs was not successful, because he was the best coder, but because he knew how to do marketing while delivering solid products. If you are adoring Steve Jobs, this is another reason to stay away from companies, that are so unlike Steve as anyone can be.
Honestly I am a big fan of Dan Larimer and even though it is probably smart move to have everything in EOS, we need to be diversified and having IOTA in your portfolio looks to me like a must. It is a riskier move that can return in high profits. IOTA is worth around 300$ under assumption it has the same coin supply as Bitcoin, you can not deny it has a lot of room to grow, therefore, it has a lot of time to deliver left!
I do not think blockchain will be ever able to scale on a level finished IOTA project would need to. If IOTA won't succeed in their efforts neither EOS, neither any other blockchain project will. IOTA needs are specific to their purpose. That purpose is outside blockchain capabilities.
Comparing IOTA with Substratum is dissrespecting to IOTA.
IOTA's business partners are really big names.
Honestly I find this an interesting discussion because I really hated IOTA and wanted to stay as far away as possible.
Dear members of the community!
Theres a lot of discussion about IOTAs marketing & PR strategy. I believe that the founders have given a clear signal that they will focus on this at a later time when IOTA is more market ready. This is good. Official IOTA channels should hold back until the full product can withstand extreme and extensive scrutiny.
Meanwhile i recommend that we, the community (and earliest stakeholders) should rally behind strong community channels, whilst also fostering a diverse range of channels
Yeah, there may not be a "later time" to focus on PR. If you ignore PR and marketing, it will be done for you, by others.
Nice post, very good, may be useful