IOTA = Apple before the iPhone? Developer responds to hype allegation

Has the IOTA Foundation lured investors with false promises in the past? An IOTA developer has now dealt constructively with this and other allegations.

A few days before the latest Bitcoin dip – the older ones will remember – boxing legend Mike Tyson had his 5.6 million following on Twitter for their opinion on the evergreen topic “Bitcoin or Ethereum?” questioned. Of course, crypto Twitter has not missed the attempt to put other coins on the fighter’s heart in addition to the two largest crypto currencies Tyson. An IOTA witness was also represented, who wanted to break a lance for the project from Germany, which specializes in the IoT sector.

IOTA! No miners! Green, scalable, free of charge, decentralized, that is cryptocurrency 3.0. #BTC and #Ethereum is old technology, we have better networks than the blockchain. If you don’t believe me, talk to @DomSchiener or @hus_qy. IOTA is a German technology from Berlin.

Not everyone shared the IOTA fan’s enthusiasm.

Mainnet centralized; Testnet broken consensus mechanism; no token economy; important parts for use by industry are missing (proof of inclusion …); Fund locked on ledger,

summarizes an IOTA unbeliever his criticisms of the project.

Developers are harshly criticized for supposedly empty promises

Then the IOTA developer Hans Moog, who was mentioned, joined the debate with @hus_qy aka. An investment in IOTA at this point in time is comparable to an investment in Apple – before the first iPhone appeared.

It’s pretty easy. If you think IOTA is on the verge of a major breakthrough that will revolutionize the DLT space, then you just don’t care about these types of temporary issues. Buying IOTA now is like investing in Apple BEFORE they released the first iPhones / iPads. […]

Hans Moog via Twitter

With these words Moog triggered another IOTA critic, who rubs against the communication strategy of the IOTA Foundation (IF):

I have a lot of criticisms that I would like to see translated into productivity. My first point of criticism, which I share with many, is the communication of the IF, especially Dom [Dominik Schiener], You and Dan [Simerman]. You are making hair-raising, irresponsible claims that do not come true. I think that does a lot of harm to the IF.

According to Twitter user “Groovy”, who was not appeased by Moog’s replica. He confronted the IOTA developer with some statements that he is said to have made in the past:

I have my reasons not to believe you are sincere here, but there you go. “Hopefully in 2019 I would say, definitely in 2020” you answered the question when a really decentralized IOTA would exist. “We had no fucking idea how to actually get IOTA up and running”, “$ 5000 per MI [MIOTA] is not completely unrealistic. “

Moog showed understanding for the criticism. He even went so far as to write a detailed blog post in which he dealt with the allegations and explains his point of view.

IOTA: Coordicide will have “massive effects” on the crypto space

In it, Moog admits that the IOTA Foundation actually hyped its technology too much in the past – at least when measured against the level of development at the time. Even he could not get rid of the accusation. However, this was not done out of bad intent, but rather the result of his then still limited understanding of DLT in general and IOTA in particular. Moog apologizes for an earlier assessment that the Coordicide – the decentralization of the IOTA network – would take place in 2020 at the latest.

Regarding his more recent optimistic assessments – which probably also includes the Apple comparison – Moog remains steadfast.

In fact, if things had gone well from the start, we would most likely never have made that breakthrough. Sometimes it takes failure to achieve exceptional results and I will never step back from any of the statements I have made recently.

IOTA is about to make its original vision come true. The Coordicide will “have a massive impact on the crypto space,” Moog concluded. So far, the coordinator is still in excellent health as the central control module in the IOTA network. Only in the DevNet test network has he been killed.