11th October 2021 > > IOTA.

tl;dr

More exciting news for holders of IOTA.

Market Snap

Market Wrap

A quiet yet confident start to the week, with BTC having doubled in price since the 19th July 2021.

That date of course is seared into our memory as having been predicted by the analysts at J.P. Morgan (who are always and inevitably wrong) as the BTC “Death Day”, a buying signal if ever there was one.

I quote from the CCC on that very day:

“I got up early (today) to make sure my buying boots are all shiny and polished.”

Occasional Series – Dominic Raab

Has stated that misogyny is “absolutely wrong, whether it’s a man against a woman, or a woman against a man”.

Either he (*) skipped English classes pre O-level or he is as woke as Justin Trudeau.

Curious Cryptos’ Commentary – IOTA (NOT investment advice, just background information)

You will recall that on 6th September 2021 the CCC reported on the background to the 100% ramp-up in the price of IOTA that week to approximately £1.50.

The backstory was a classic short squeeze initiated by the crypto offshoot of wallstreetbets – SatoshiStreetBets.

The CCC advised that such price spikes due to a short squeeze tend to be short-lived in nature and that if one wanted to actively manage one’s IOTA holdings, then an immediate sale with the objective of re-entering the trade at a touch under £1 might just work.

That re-entry point was reached on 13th September 2021, meaning that for every IOTA sold on the 6th you could buy back 1.5 IOTA on the 13th. Not a bad trade at all.

…

IOTA has been a CCC top pick since March 2018.

As a reminder, IOTA is a dramatically fast payments and data processer with ZERO fees, whose speed and security INCREASES as the number of transactions goes up. The holy grail of micropayments – which will have thousands of applications not least in controlling the autonomous, smart cars of the future - is in sight with IOTA.

…

If you have been waiting for a better re-entry point then wait no longer, as there is some potentially very exciting news for IOTA holders. From the IOTA blog:

“The IOTA Foundation has been selected as one of seven projects from 30+ applications, to participate in the first phase of the EU blockchain pre-commercial procurement process. This aims to design new DLT solutions to improve the scalability, energy efficiency and security of EBSI, a network of blockchain nodes across Europe. If selected for the next phase, IOTA could be one of the technologies that will be developed and tested with core European services.”

What we are seeing here is the large-scale application of blockchain technology to the real world – the digitisation of public services across the European Union. The European Blockchain Services Infrastructure (EBSI) referred to in the quote above is described thus:

“(EBSI) aims to develop a network of nodes across Europe to support cross-border services between governments, enterprises, and citizens (i.e. public administration). The idea is to improve the efficiency and trust of EU-wide transactions, enhance the mobility of citizens, enterprises, and goods, reduce Europe’s environmental impact, in a way that respects compliance with EU regulations, and encourages the growth of tech hubs and projects.”

Of the initial thirty applications for consideration, the list has been whittled down to seven. In two months four of these will be selected for phase two which will last six months. Finally, just two applicants will enter the final twelve-month phase, at the end of which the winning application will crack on with task in hand.

There is no guarantee that IOTA will make it through any of these steps, but it is the only one of the current seven contenders that is solely a blockchain tech organisation. As and when it makes it through each round of the competition, interest in IOTA will grow.

I expect that this growing interest could have a pleasingly upward impact on the market price of IOTA.

…

I repeat – none of this is investment advice, it is information shared solely to enhance our mutual understanding of the crypto world.

…

(*) I am not aware that Dominic Raab has publicly stated his preferred use of a pronoun, so in the absence of that information, reinforced by the way he presents himself, I will stick to the traditional choice.