Things are really not going well at IOTA in the crypto year 2020: The bad news about the official Trinity Wallet and caustic accusations from insiders are now being joined by another piece of news. Limo, who was running the tangle blog for a long time, has sold his IOTA completely.
In the German speaking crypto scene the tangleblog of Limo aka Steffen Vogt was for years a central place for the followers of IOTA. Here, technological background information about IOTA was presented in an understandable way and Limo always radiated great optimism about the performance of IOTA. The tangleblog under the management of Limo ended in November 2019, Steffen Vogt justified his withdrawal with financing plans that had not worked out. But at that time Limo seemed to believe in IOTA in principle. This belief has now also come to an end, as the prominent IOTA specialist has dissolved his investment. On Telegram Limo answered the simple question whether he still had IOTA tokens with “Nope”.
Why Limo sold off his IOTA
How many IOTA Limo still had, whether he sold them at a profit or a loss – these questions remain unanswered. It is also his good right to keep private money matters private. We have praised Limo’s openness for the “real” tangleblog, with which he also addressed unpleasant topics. The tangleblog has apparently changed hands in the meantime and many an old blog post has disappeared without explanation. Also the Twitter account @TANGLEBLOG is no longer under control of Limo.
But his telegram account is really under his control. There Limo followed up his IOTA as an explanation for the rejection: The IOTA Foundation was in debt to Coordicide. With Coordicide, IOTA should finally keep its promise to convert Tanglenet technologically to a decentralized solution. However, Coordicide is not up to scratch, and whether IOTA will ever succeed in bidding farewell to the unpopular coordinator as the central body is a matter of controversy among experts. Limo now notices that David (Sønstebø) and Hans (Moog) from IOTA’s management team have made very euphoric statements about Coordicide. This has kept investors on their toes, but has also created pressure of expectation. Limo is installing a back door for itself to possibly rejoin IOTA as an investor if the IOTA Foundation, as the engine room of the project, actually delivers and not just announces the project in terms of Coordicide.
Coordicide is so critical for IOTA because crypto-currencies are supposed to be based on decentralized blockchains in their concept to exclude influence of third parties. When a deep-reaching security hole was discovered in IOTA’s official Trinity Wallet, the central coordinator was indeed the salvation. Through him, the mainnet could be deactivated for financial transactions and the direct financial damage could be minimized. But what, because someone else took over the coordinator with malicious intent? Crypto-currencies and their ecosystems receive trust through decentralization, and this is still not the case at IOTA without Coordicide.
Conclusion: IOTA has a problem because of Tangleblogger Limo more
Our reporting on IOTA regularly meets with great interest and we have to endure accusations that FUD (Fear, Uncertainty and Doubts) is being operated here, i.e. controlled image damage for IOTA. But you can read about promising projects of IOTA here, all voices are heard. Limo is such a mouthpiece and certainly has not been noticed as a big sceptic towards IOTA. His financial decision to turn his back on IOTA for the time being gives a deep insight. The fact that he is targeting the IOTA Foundation as the responsible party is in line with the recent criticism by developer Philipp Blum and the self-proclaimed accuser “dog”.
Basically, however, it weighs even more heavily: Coordicide makes it very clear that IOTA is falling behind technologically. The Trinity Wallet was already heavily delayed and then, less than half a year after its official launch, it was already a weak point again. IOTA had to stop the flagship project Qubic in April 2020. Whether we will ever experience Coordicide is written in the stars. For those of you who find this too blatant: We don’t care to badmouth IOTA. But we would like – and this is crucial – to provide investors with reasonable and balanced information about projects like IOTA that attract money and attention. Whether someone follows the strategy of Limo and sells IOTA is something that everyone has to know for themselves.
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