Review: Why IOTA was never able to convince last year
- Mud battles and technical difficulties made for a difficult year
- IOTA course remains below expectations
It was a bumpy start to the new decade. Because again the "Internet of Things" (short: IoT) had problems with the coordinator. The fact that the central instance in the IOTA network was no longer able to create milestones made it impossible to confirm transactions. Even if the developers were able to solve the problem quickly, the start of 2020 could have gone better.
It wasn't the year for IOTA fans and investors
The dispute between the developers David Sønstebø and SergeyIvancheglo was also fought on Twitter - it was about open MIOTA amounts that Ivancheglo was still demanding from Sønstebø. And suddenly it also became clear to the eToro customers who have already invested in MIOTA that public mud battles that are personal in nature can also have an impact on the price of a cryptocurrency.
Investing in cryptoassets is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk.
The hacker attack on the Trinity Wallet, which is managed by the IOTA Foundation, caused another setback: the cyber criminals stole tokens worth around 2,3 million US dollars - the attack was made possible by a security breach by the payment service provider MoonPay. Even if the IOTA investors were able to secure the deposits thanks to the seed migration tool, the image was damaged.
All of those events caused the price to drop from $ 0,33 to $ 0,11 - within a month.
In August, the IOTA price reached its annual high: 0,42 US dollars. The all-time high (5,25 US dollars - posted on December 19, 2017) is still a long way off - at the turn of the year the IOTA price was 0,29 US dollars.
There are many recommended altcoins. If you believe that the Tangle, the alternative to the blockchain, will gain in importance in the foreseeable future, you should keep an eye on the IOTA price.