Thread by @Kwontik

On top of being the most centralized crypto in existence (one iota coordinator controls all iota transactions), #iota is also the most active token printing machine. 🧵

#iota monetized its testnet, codename shimmer, printing 1.45 QUADRILLION new #smr tokens into existence, thus sabotaging its main token #miota.

Afterwards, shimmer denominated its supply by 1 million times, without as much as a community voting, and increased shimmer's supply by an additional 20% (iota is the FED of crypto, printing new tokens out of thin air because why TF not)

But wait, there's more. #iota announced a new network after monetizing its testnet and printing 1.45 QUADRILLION new shimmer tokens (supply increased by 20% afterwards)

Instead of launching smart contracts on the native layer, #iota announced a new network especially for smart contracts, codename assembly. Why a separate network ? Because this allows iota to print a sh*t load of new #asmb tokens.

Once a promising project, now a disgrace. That is #iota in a nutshell. Awful management at the top. Funds spent on stupid ideas. A neverending stream of empty promises. Now close to bankruptcy, fighting to stay alive. Flooding crypto with quadrillions of new tokens.

I wouldn't have said all ☝️ if not provoked. The shamelessness of this iota enthusiast, calling #HBAR an infinity token (many more messages down the road) when the reality is that #Hedera has not minted an extra token since mainnet launch.

https://twitter.com/KimJongUnrekt/status/1627981759009939457?s=20

Who is the infinity token ? #iota, who printed QUADRILLIONS of new tokens, or #HBAR, who has the exact same fixed supply as when it was first launched ? You decide.

iota is live printing tokens, every 10 seconds, ever since Dec 2021. It flooded the market with 1.45 QUADRILLION smr tokens first. Then it increased the smr supply by 20%. And now it's live printing asmb tokens every 10 seconds. 100 BILLION more tokens will be printed in total 🤮

iota is printing new tokens almost non stop for the last 1.2 years and this crazy printing is far from being over (still ongoing, as we speak, every 10 seconds). Not even FED's money printing machine could compete with iota. The iota community should have the decency to STFU 🤐

For those who don't know, iota is on the brink of bankruptcy. That is why they're printing tokens non stop for 1.2 years. They discovered a way to print money out of thin air. Unfortunately, it's the naive investors that will suffer the consequences of this degenerative printing.

First, iota needlesly monetized its testnet (shimmer). Then, it announced a new network for iota smart contracts (assembly). Instead of 1 iota network, there are now 3 iota networks. Each new network will undermine the main iota network (less money flowing into the iota token)

You don't need to launch a new network for each service you provide. Testnet, new network. Smart contracts, new network. NFTs, new network. Governance, new network. Etc. You can do the computation on the native layer. It makes no sense to branch out like that. Unless you're shady

Nothing to see here. Just #iota printing quadrillions of new tokens ever since Dec 2021. Printing still ongoing, at 10 second intervals. Flooding the market with iota tokens, disguised under different brands (shimmer, assembly) - all under the umbrella of the iota corporation.

What do you do when you're financially fkd ? You can't print more #iota tokens (increase supply) to bail yourself out without triggering a community war (too obvious). So you launch new networks to print more tokens, thus removing any community opposition - brilliant or what ?!

Guess what these new #iota networks are

One is a testnet. iota monetized its testnet - printed quadrillions of testnet tokens 😂

The other is a network for smart contracts. Who does smart contracts on the native layer anyway ? So cliché 🤪

iota = the comedy of 'errors'

Can you imagine if #iota's modus operandi would become the crypto norm ? Projects launching new monetized networks for their testnets, their smart contracts, their NFTs, etc. What a clusterfuck that would be 🤦‍♂️ This goes to show how unfit iota is to be an industry leader, ever 🛑

Explain this to me .. iota monetized its testnet, codename shimmer, to print more money basically .. if having a monetized testnet is such a good idea, according to the iota community, shouldn't shimmer's testnet also be monetized ?? Stupid narrative for stupid people.

Shouldn't assembly's testnet be monetized too ? It should, if we apply the same broken iota logic. It's not often that we get to see a project being mutilated like iota. They completely destroyed this project.

Some iota idiots who don't know how to read call me an iota fudster because it's more convenient for their tiny brains to label my argumented iota criticism as fud than to actually debunk it.

#iota fckups

TERNARY 🪦
The mysterious project Q (QUBIC) 🪦
JINN 🪦
TRINITY (hacked) 🪦
FINANCIAL REPORT 🪦
COORDICIDE 🪦

TOKENOMICS 🪦 The iota network generates NO revenues because there are no transaction fees in iota (currently - they're trying to change that after 8+ years of wasting time and money). No revenues for the iota network or for the node operators = economic suicide.

The iota foundation's funds are almost entirely depleted after spending 8+ years doing nothing. Still centralized as fck (one coordinator controls all iota transactions), no coordicide, no EVM compatibility, no nothing. What have they done for 8+ years ?

In 2022, iota started firing people, and lying while doing it - they claimed it's part of a decentralization process 😂😂😂😂 Old money evaporated like clockwork. And no new money was coming in because the network is feeless, aka economically UNSUSTAINABLE.

Guess what happened next, after iota realized it doesn't have money to sustain operations for much longer. Two new projects were announced (shimmer and assembly) = free money/tokens to continue operations.

iota knew it's easier to print money / mint tokens this way, by launching new projects, instead of trying to increase iota's total supply - imagine the war inside the iota community in case of a proposal to mint more iota tokens (too much trouble)

So iota deviously planned to print more money by launching 2 new projects. First project, shimmer, is actually iota's testnet. You heard it right, yes. iota monetized its testnet. 1.45 QUADRILLION shimmer tokens were minted.

Second project, assembly, is supposed to be an iota smart contracts network. Why create a separate network for smart contracts and not integrate them natively, on the iota network, is obvious. You know the answer. Say it with me. BECAUSE iota needed (to print) money !!

Money problem solved. iota printed 1.45 quadrillion shimmer tokens and 100 billion assembly tokens. Instead of 1 network, you now have 3 networks. Accordingly, less money will flow into the main network, iota, going forward (self-sabotage to survive)

More lies. iota promised the following 3 shimmer things before the shimmer airdrop :

1:1 reward ratio (shimmer/iota)
Inflationary tokenomics
Shimmer staking

NONE of these promises were kept. ALL were invalidated.

More iota skeletons
bitcoinist.com/iota-threatens…

iota hack. The Trinity wallet 🪦
cointelegraph.com/news/iota-lays…

More iota lies by the lead iota dev. So much more from the iota founders.

iota has failed to provide the promised transparency financial report for years. Here is the iota foundation's wallet address if you want to see bankruptcy in motion : explorer.iota.org/mainnet/addr/i…

I warned people that iota will become secondary to shimmer, iota's testnet (how crazy this sounds ... a mainnet being replaced by its testnet). And the reason for it is pretty simple. They have WAY more shimmer tokens than iota tokens. Just follow the money.

You'll see (probably noticed already) that shimmer is more talked about / promoted than iota. The idiots will claim that shimmer is just a stepping stone to iota, but they're idiots, what do they know. iota is stealing the carpet from underneath their feet without them realizing.

iota community hoping for @SoftwareAG @ZededaEdge @EU_EBSI etc to do something big on iota 😂 I'm laughing because no revenues will be generated for iota or the node operators (which are useless anyway) if transactions would somehow 1 million X tomorrow. Feeless junk tokenomics.

I called the iota node operators useless because they are. All iota transactions are controlled / need to be referred by one iota coordinator (I dare you to find a project more centralized - you can't). And they don't receive any rewards for processing transactions. No incentive.

If we ever make the long-awaited switch in crypto, from speculation to utility, iota as is will be dead in the water because it generates no revenues from utility. It's like having a fixed amount of money and no job. Eventually, the money will run out. Then what ?

The mysterious iota project Q. Some of you might remember the secrecy around it. Being advertised as the Messiah of crypto. Like all things iota, Qubic was supposed to be revolutionary. Lots of empty fancy words to keep the herd moving in one direction.

https://twitter.com/iota/status/1003305957932269568?s=20

It's fun going back down memory lane and reading all the iota BS we also see nowadays. Same 💩 different shell. Apologies for the article and for all the broken links and useless info it contains.
blog.iota.org/qubic-status-u…

iota's Qubic 🪦 4+ years ago. No smart contracts on iota to this date. No coordicide. What is iota even doing besides monetizing its testnet ?!

iota is going backwards, towards falling out of top 100 crypto (in 77th place now)

https://twitter.com/gilesmorris/status/1638094141241409536?t=A5Ls0il_iyGrWawUiPCkEw&s=19

How is iota generating revenues from network utility ? (trick question) It doesn't !!

DYOR or ask anybody and prove me wrong. I dare you.

iota generates revenues by printing tokens and launching new networks (shimmer, assembly) when money runs out. I've already explained 👆

Everything's working according to plan. More people are dumping iota for the testnet coin. After 8+ years of waiting, this is how the iota community is rewarded for being loyal.

https://twitter.com/IOTAHULK/status/1638623954314076182?t=AFWTz7ro4muYak_ngg_DXA&s=19

They first said mana is reputation / spam protection / network bandwidth rights, NOT a token

Now they (dom) are calling mana a secondary token

#iota 🤡

#iota finally has a plan to generate revenues after 8+ years of activity 😂 But they need iota 2.0 for it, aka implementing fees (mana) in iota

This is the plan 🤣

👆 "More mana demand" at the center of the revenue-generating plan. Remember that mana = fees. Feeless iota will be bye-byeo 👋 8+ years of selling a centralized dream and laughing at fee-based protocols.

What interests me is why dom called mana a "secondary token". Are they planning to flood the markets with yet another iota-related token ? We have miota, smr, asmb ... is mana next ? 🤡

There's so much beauty in #Hedera where one token, #HBAR, is used for EVERYTHING

Translation : the iota token CANNOT currently appreciate in value with increasing demand of the system (utility), so they "NEED" to create new tokenomics, after 8+ years of doing nothing. I'm having so much fun 😂

bitboy is promoting iota 😂😂😂😂😂😂

Oh my lol 😂

https://twitter.com/ThatsNotMyCode/status/1647863736634310658?s=20

#iota who ??? soon

https://twitter.com/dltforall/status/1660169726545330177?s=20