IOTA: Fake Wallet Alert, and Public Image Troubles

These Happenings Could Be Catalysts to Moving Crypto Prices Higher This Week

While the IOTA project partners with businesses, the community faces a bullying war.

The public image of IOTA has continued to suffer, repeating the cycle of enthusiasm and troubles. At this point, the MIOTA digital asset still trades way above the levels from the fall of 2017, at $1.81. Yet the peak values of $5 brought speculators to IOTA, and the dialogue in the community worsened.

"IOTA supporters are the scientologists of crypto" -anon— Eric Meltzer (@wheatpond)February 12, 2018

IOTA claims it is expanding, but at the same time, leading figures in the crypto community still see it as too faulty, starting with the initial error of writing a proprietary hash function that produced collisions.

The#IOTAmafia are not giving up! Reporting my account to Twitter now. Read the review that triggered them here:https://t.co/j63V7Bx0hZpic.twitter.com/nWuQJDwZaD— Andreas Brekken (@abrkn)February 11, 2018

IOTA trading volumes have thinned out significantly, relying mostly on Bitfinex, but also on Binance trading. On Coinone, MIOTA trades at a premium, at $1.92, but against the Korean Won.

Fake Wallet, Technological Troubles

Despite the community battles, MIOTA remains a valuable digital asset, so no wonder scammers have tried diverting some of the coins.

For a while, the trinitywallet.co link existed before being reported by a Reddit user, Apache_Sidewinder. But even with one fake wallet down, others may appear, so it is best to only wait for official IOTA release announcements.

Trinity Wallet update:https://t.co/7rssbD6VqN— IOTA (@iotatoken)February 12, 2018

The Trinity Wallet is still a work in progress, and IOTA users are still having troubles with lost funds. Critics also claim the IOTA system could not handle a widespread Internet of Things, fearing loss of funds.

IOTA Cannot be used for IoT. Loss of funds may occur. This article explains the real state of IOTA #Hurify#IoT#ICOhttps://t.co/wNTMHQYAkC— Hurify (@Hurify_hur)February 12, 2018

Harsh criticism like that has been one of the triggers for the worsening discussion around IOTA. Added to this is the fact that even the Internet of Things is still a hypothetical proposition, with no projects realized, much less using a digital asset outside the laboratory.

Still, the IOTA project aims to see the Trinity project realized. However, the popular name may continue to draw in scammers.

"The development of the wallet has progressed to a point where there are 150 Alpha testers across both iOS and Android diligently reporting bugs and collaborating with the developers. The response from them has been overwhelmingly positive, reinforcing the feature and design choices taken," wrote IOTA on its blog.

Others are very optimistic about IOTA:

So many#IOTAbashers and FUD going around by so called "experts". Yet I can do 5 minutes of DD and find article after article after article of some of THE biggest names in EVERY industry beta testing it and reviewing for their use case. 🤔🤔 IOTA is a WORLD changer— Crypto/CyberWarrior (@Rnb010)February 12, 2018

The chief reason behind this would be the potential for real-life business partnerships. But at this point, IOTA transactions are not tested in real life, and regular users mostly move IOTA to and from exchanges.