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IOTA: Fans, Flaws, and Fake News

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IOTA

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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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