IOTA: WHAT COULD HAVE BEEN (FOR PROFIT VS NOT FOR PROFIT)
Updated
IOTUSDWell, I have been busy digging into the IOTA FOUNDATION and wanted to get this out as soon as I found out. After delving into their LinkedIn group, I have had a complete change of heart with IOTA as a coin HODL. They re-affirmed the not for profit goal of the foundation, which is a great thing to do...but not for investors. The profit motive is at the heart of business and drives technology. Yes, I do business too (along with a day job) and love what I'm doing, but if it isn't making profits, that's not business. I have in a faith based occupation and that is the perfect place to not have a profit motive, or other things which benefit humanity. But, coming on the scene in this space, knowing that you are marketing to the speculators, investors out there to take the risk on your coin, then taking their money for your venture and not having a profit motive?? Doesn't bode well for me as something I want to invest in...speculate yes. Bosch is backing them for a reason, but we need to find out how the coin will gain from future ventures.
I believe in the technology but not the motive anymore. I can't say what to do, IOTA may skyrocket or it may not, I am just turned off by the responses of the leadership when it comes to a profit motive. Do your own 'DD', I am neutral now, except for pure trading. (I won't be online until late tonight or tomorrow so can't answer any Qs)
Note
Ok, I've received more clarification about IOTA the coin vs the Foundation. Wading through this all, I am more positive again, but still treat it all with the same diligence as any speculative play. IOTA the currency is going to just be based on supply and demand, so getting more interest in Tangle will be a boost. I was hoping that the Foundation would do more but it is in other ways. This article just came out and it's positive overall about who they are working with: FUDsters, Not Misinterpreted Microsoft Partnership, Responsible For IOTA Decline, Clarifies CEO
cointelegraph.com/news/fudsters-not-misinterpreted-microsoft-partnership-responsible-for-iota-decline-clarifies-ceo
Most important excerpt:
Cointelegraph: IOTA’s price exploded abruptly after the Microsoft Partnership announcement, only to drop down after ‘the clarification.’ What do you think happened there? Was it just a misconception or could there be any deliberation from any end?
David Sonstebo: IOTA's abrupt price increase cannot be attributed to a misinterpreted 'Microsoft Partnership,' even though that's the narrative of ‘FUDsters’ and other non-critical people that blindly and misleadingly went with and spread like a virus. IOTA announced the data marketplace, which in itself is a novel killer application of IOTA and significant milestone for crypto-adoption in general, with participating companies such as Samsung ARTIK, Bosch, Fujitsu, Orange, Engie, DNV GL, Schneider Electric, EY, Accenture and tons more. These giants combined far outweigh any impact, one singular company like Microsoft had on the announcement.
Furthermore, IOTA is already a co-founder with Microsoft of the Decentralized Identity Foundation, and we were invited by Microsoft to be part of their Azure stack in early 2016. The Microsoft and IOTA connection was therefore old news to the public. The other world leading companies working with IOTA were what cemented IOTA as a leading protocol in the minds of most and consequently had an impact on the market cap. Microsoft was the least newsworthy participant of this data marketplace— thus we can rule out Microsoft in terms of price attributed to the Data Marketplace news. Beyond this, IOTA also listed on Korea's second largest crypto exchange Coinone around the same time, which was a significant factor in the steep price and volume increase.
What happened was merely an internal procedural error on Microsoft's side, which they have taken ownership of in correspondence with the IOTA Foundation. One of their main Blockchain engineers gave us clearance for PR, logo and provided us with a quote where the now infamous term 'partner' originated. We quoted them verbatim, as any professional entity would.
Afterward, a lot of FUDsters decided to spam Microsoft with inquiries like: "are you launching a data marketplace?" and "are your business partners?" This barrage made their PR department attempt to clarify the nuances in vain. Some journalists then spun a minuscule semantic issue into a controversy, which again was exploited by ‘FUDsters’ in an effort to manipulate the market. It got so amplified and epitomize just how regular users and crypto investors can easily be manipulated by the FOMO-FUD cycle that neuroscientist and author Bobby Azarian felt prompted to pen an in-depth article for PsychologyToday and HuffingtonPost about the whole debacle."
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