IOTA Being Shut Off Is the Latest Chapter in an Absurdist History

The IOTA coordinator node responsible for confirming all transactions has been offline for more than 12 days, yet the token remains listed as one of the top 30 cryptocurrencies by market cap, according to OnChainFX. Its price even went up.

There are few cryptocurrencies as notorious as IOTA, which skyrocketed from $0.34 a token in November 2017 to $5.36 by the top of the token boom in December 2017. Eric Wall, CIO of the Nordic cryptocurrency investment firm Arcane Assets, described the project as “the worst coin to have gotten as high as it did.” 

“The sort of meta-question the industry is asking itself is whether IOTA can successfully keep their partnerships and convert themselves into somewhat of a success by replacing the technology pieces as they go, without having had any viable plan whatsoever when they began,” Wall said. “They’re pushing the boundaries of the fake-it-till-you-make-it approach to the extreme.”

Back at the peak in 2017, I was a green crypto reporter…