Updated: September 4, 2017
An open letter to Cryptocurrency fans, that is not investment advice.
Where there is smoke there is Iota?
For the crypto-enthusiast Iota is nothing new. It’s another cryptocurrency with great new tech, we are advised. Some call it the Bitcoin Killer. A new type of coin with a blockchain and a “tangle” and a new way of reaching consensus — to validate transactions.
It’ll reach a ten billion market cap in no time, some say.
If the coin’s page was well thought out, clean, understandable, with a community of serious people, so much the better. If it’s disorganized, errors are abundant or if the developer’s comments are abrasive, over the top and ridiculous, then question the coin.
And yes I know that many great minds are jerks on the outside. If so, then they’d best get a partner to smooth out the people wrinkles. That goes for broad based appeals to the general public and also getting the German government, for example, on board.
In a recent Iota video, such a process was discussed. Grants from Uncle Germany? Doesn’t make me feel good. When you obtain grants, you gather strings.
And then, after the sales pitch, citing the great tangled tech, a very detailed Reddit Page, new tests are announced. Tests? Yes, I said tests. More tests.
Well, things need fixing. But don’t worry, if you can download a large file, a new wallet, if the repository is not too busy, install it and follow basic instructions (not easily located) you will be just fine.
That’s what happened recently and has apparently happened on more than one occasion.
Why might you need to reinstall a wallet? Because of the upgrades. This happens with bitcoin as well. Everyone expects it.
They are making things better for you, of course. They are going to have the machines talk to each other and probably take over the world. Not really. It’s just to speed things up, like for paying automobile tolls in Germany. A new M2M — machine to machine — tech to speed up transactions and lower the costs of doing business.
The only consideration was if you had a web wallet, during these last tests. You need newer software. So you download, follow the instructions. You install a basic new wallet, pull over your funds from your old “seed” and get all sorted out. You get your new “seed.”
If you are a US citizen there’s another problem.
Bitfinex, the only major exchange offering Iota trading has decided that Americans are too risky. You read the Reddits. All is well they say. Others say get out of there. All, just after your wallet is upgraded.
Certainly, Iota needs more exchanges.
Iota did advance at a good clip, but after the Chinese ICO news, like all crypto’s, it’s drifting lower.
Due diligence. Researching Iota, you will find several experts who work for or with Iota. You can listen to German youth talk about how they are now reformed gamers. Roof top talks with guys who sold game mods on the sly. Could be another Bill Gates. But not likely. I don’t think Bill was gamer as much as a thinker.
All that reading and research. Does it pay off?
All those audio broadcasts. Here’s one. You can listen to them from the Iota guy. That’s what I call him, the Iota guy.
What does it all mean?
Perhaps the Iota Reddit is the best of the worst, at times. So much chatter and occasionally a gem.
I wish Iota luck.