Connect with us

Blogs

IOTA: Fans, Flaws, and Fake News

Published

on

IOTA
READ LATER - DOWNLOAD THIS POST AS PDF

With the recent online scandal with IOTA, it can be a real shame what people are ready to do for an occasional rise or two – we are of course talking about FUD: the cases of fake news that had become a tradition occurring on a daily basis across social media like Twitter. We are analyzing this matter, also talking about what IOTA developers did wrong to have caused this mess.

IOTA #fakenews and what is FUD all about?

Normally, if you wanted to invest in any of the cryptocurrencies that are currently circulating the market, the first thing you would do is to do a thorough research, regardless of which currencies we are talking about. While doing your research you may find lots of useful and relevant information that will help you find your way around, but what you might not know is that you can easily run across FUD, or else known as fake news.

Twitter seems to be the main tool for following up with how well currencies are doing given the fact that lots of people are sharing new information about the currencies at all times. Even developers have found social media very useful as they can now share their announcements and get to a wide array of targeted audiences quickly.

However, there have been multiple cases of developers or community members sharing fake news to boost their sales. All developers also have official websites for their currencies where they can blog about their coins and tokens, directly addressing the holders and visitors.

But, Twitter, as well as other social media platforms, does make all that information more available, and more importantly: more chewable. So, more and more people started to share fake news to boost sales, but IOTA went to a whole new level a couple of days ago when some very important flaws were discovered in IOTA’s protocols.

Apparently, IOTA, which is currently among the top 10 currencies according to the global coin ranking list, has failed to face the reality of the fact that this platform doesn’t have the required technological potential for the project it is trying to run.

Ever since multiple trusted platforms have announced that IOTA is not trading at the realistic price and that the price of this currency should go under its current value, providing all proof needed to confirm this story, IOTA fans and developers seem to have gone mad about it.

What Happened with IOTA “Scandal”

The initial problem that started this online war among IOTA fans that mostly went on Twitter, one of the largest social platforms, was the announcement of cryptocurrency experts that have shared their opinion publically about having IOTA trading at an unrealistically high price when compared to its true value and technical capabilities.

To support their “accusation,” these experts have provided the proof that supported their story. The proof lied in the fact that IOTA, although trading at a good solid price, has no reason for further progress due to purposeful flaws in the system. That having said, the experts have proven that IOTA is a centralized network as it has no qualities of a decentralized blockchain network. Further, they have added that the network is unstable with critical errors and flaws that are considered to be set on purpose and with intention.

After this announcement, confirmed widely across the internet with solid proof of the story, developers have refused to talk to the press and answer any questions regarding IOTA, its systems, alleged flaws and the most recently confirmed accusations.

But, although IOTA developers are leading their war silently, for now, IOTA fans and users are pretty loud about this occasion. Ever since the news about IOTA was announced, the fans have gone to mode “it’s us against the world,” so Twitter has easily become a pot of hot boiling water.

The IOTA fans and promoters have gone as far as reporting Twitter accounts of anyone sharing this confirmed information, which is in all ways absurd. Rather than leading an online war, promoters and developers should probably reflect on their mistakes and make right what can be made right.

What will happen to IOTA?

There can’t still be any claims for certain as this news and confirmed accusations are still fresh. What is for certain is that a lot of investors and users are complaining about their funds being stolen and that the network they are using is not in any way based on blockchain technology or decentralized for that matter.

For now, IOTA is starting to sink with its price falling for over -4%, but it is still holding onto the value of more than 2$ per one unit, which is as proven with the recent information far more than this token should be trading at.

The recent fall in price might be the result of the IOTA promoters sharing fake news as much as the result of the recent discovery that IOTA can’t be considered to be a decentralized platform.

If the allegations are true, more and more holders will be selling their tokens, which means that the price should consequently fall.

We will be updating our subscribers as soon as we know more. For the latest updates on IOTA, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite