Unlike the traditional stock market, where prices often go though minor fluctuation every now and then, the crypto world is totally opposite. In the world of cryptocurrency, a small news can pump up the money, leaving other crypto coins to plummet.
Something similar might have happened with a very hot coin called IOTA, so much that the coin jumped to the 4th position within hours on the coin market cap. There were a few things that may have caused the coin to surge.
- IOTA was everywhere announcing their partnership with Microsoft. In the crypto world, a small tweet or news regarding partnership with a big name can bring you huge gains. We have seen it happen many times with other coins. No where on the web did we find a source where Microsoft has mentioned any tie ups with IOTA.
- A Microsoft developer named Marley Gray has written a blog welcoming two platforms, Alphapoint and IOTA, to their Azure ecosystem. It was just IOTA making use of the Azure platform for their own product development. You can read the official post here. The interesting part here is that the blog is dated 2016. So the news is old and shouldn’t have impacted the surge.
- IOTA team is holding a meetup for corporates in Paris on 14 December. The meetup is happening at the Microsoft campus in France. It is easy to imagine it to be a sign that IOTA is soon going to partner with Microsoft in big ways. In a world where it is easy for rumors to pass as news, it could be a masterful plan from the company to make values shoot up.
More than happy to announce the #IOTA meetup at Microsoft France on December 14th. Due to a very large interest in @iotatoken we’ll only be able to host corporates for this first meetup in Paris. Please sign up through the dedicated e-mail. Only 100 seats💺https://t.co/H3xBWTf7Po
— 🌐Pierre Hoffmann (@HOFFMANN3D) December 6, 2017
Nowhere has Microsoft confessed about their partnership.
A reddit member said this on the forum today, since there is little to no proof that Microsoft really did partner up with IOTA.
“I think it’s not just about Microsoft but also about Cisco, VW & Samsung. The coin is cheap so people buy it without emotional guilt of wasting money. But it still is speculation which is what builds a bubble“ .
The news broke a week before the surge happened, so it is very unlikely that the surge happened solely because of it. Millions were poured into this crypto currency by people across the world.
Post the surge when everyone was happy with the profits they made, everyone wanted to turn back the amount earned into BTC and withdraw. Another thing that came as a surprise was that many people had trouble withdrawing their IOTA from the official IOTA wallet. Who knows; this could be part of a whole new conspiracy. The founders are from Europe and as per European law, they can get arrested for making false promises to coin holders.
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IOTA is a one of a kind coin that doesn’t follow the usual blockchain technology. Instead it works on Tangle technology, the world’s first Directed Acyclic Graph/Tangle based distributed ledger. It represents a radical redesign of the conventional blockchain architecture. The main difference between a Tangle and a Blockchain is the lack of rigid blocks; instead the Tangle is like a constant stream of settlements.
Though we clearly believe in the power of tangle technology, we are not particularly sure about the main reason behind the surge of IOTA for now. Until we have a press statement from Microsoft, it does seem like a speculation surge. Wishing the best to all crypto lovers.