IOTA drama behind the scenes: Now the founder of the coin speaks up

IOTA founder David Sønstebø was „removed“ from the IOTA Foundation on December 10th.
Now he has published an article on this. He says the aftermath of the breakup was avoidable.

IOTA founder David Sønstebø broke his silence on December 26th about the matter of his departure.

Sønstebø published a statement on Medium . In the posting, he gave his side of the story back and left public messages for the remaining board members of the IOTA Foundation.

Technically happy

For the public, IOTA was moving in a positive direction at the end of 2020. In December, IOTA formed a partnership regarding ecological sustainability solutions. On November 30th, the platform announced its next generation wallet – Firefly. In addition, the public test network of IOTA 1.5, called Chrysalis, went live. But behind the scenes the tension grew.

Only sparse at first

The first official indication that something was wrong came in the form of a short post on the IOTA Foundation (IF) blog. In it, the board of directors and the supervisory board declared that their interests and those of Sønstebø had „diverged significantly“. They thanked him for establishing the unit they led and wished him entrepreneurial success.

However, on December 12th, an addendum appeared on the blog. The foundation reminded readers that “IOTA is not about a single person.” At the same time, the foundation emphasized the role that David Sønstebø played in the establishment and initial development. They also wrote that his departure would change “absolutely nothing” in the strategy and delivery of Chrysalis and Coordicide.

Sønstebøs Answer

On December 26th, Sønstebø published his version of what happened. He explains that he was silent at first so that the publication of Chrysalis could continue.

Sønstebø claims that what prompted him to write his article was the preventable chaos created by the IOTA Foundation. His departure, he writes, could have been coordinated between him and IF to suppress loose talk.

Rather than describing a tit-for-tat style of attack, Sønstebø points to three salient features of the development of the project that led to the split. He focuses on the maturity of the project and the need for a separate CEO / COO.

Then he focuses on the finances (especially in 2020) and his repeated proposal to liquidate the foundation to keep the IOTA project itself independent of the markets.

He also emphasizes that the liquidation proposal was not due to financial problems of the IOTA Foundation. Finally, he describes a panicked board member who sees a potential benefit – the creation of new services – slipping away. In his opinion, as the founder, they never had this opportunity.

Chris Wood reduziert das Gold der Pensionskasse für BTC

Wood wird Gold für Bitcoin in einem Pensionsfonds der Jeffries Financial Group verkaufen.

Dies ist eines der ersten Male, dass ein großer Pensionsfonds öffentlich in Kryptowährung investiert hat.

Wood, der globale Leiter der Strategie des Unternehmens, bleibt optimistisch in Bezug auf Gold

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Das Trust Project ist ein internationales Konsortium von Nachrichtenorganisationen, die Standards für Transparenz entwickeln.

Chris Wood, ein leitender Angestellter der Jeffries Financial Group, wird einen Teil der Goldposition des Unternehmens abbauen und Bitcoin kaufen . Die Milliarden-Dollar-Investmentfirma ist eines von vielen großen Finanzunternehmen, die ihr Kapital in den Ring für die weltweit beliebteste Kryptowährung werfen.

Gold wird zu digitalem Gold

Am 19. Dezember 2020 hat Bitcoin ein neues Allzeithoch von über 24.000 US-Dollar erreicht . Dies brachte Erinnerungen an den Bullenlauf 2017, jedoch mit mehr Unterstützung durch die Fundamentaldaten. Seit 2017 beschäftigen sich Banken und Wall Street-Mogule wie Jamie Dimon von JP Morgan (JPM) in den 180er Jahren mit Blockchain-Technologie oder Bitcoin (BTC).

Diesmal ist also die vorsichtige Wall Street im Spiel. Christopher Wood, der globale Leiter der Aktienstrategie bei Jeffries, sagte, dass sein Unternehmen Bitcoin kauft . Obwohl er weiterhin optimistisch in Bezug auf Gold ist, wird er die Goldposition des Unternehmens zugunsten der digitalen Währung reduzieren. Vor diesen Änderungen hatte Woods Fonds etwa 50% Gold bereitgestellt. Jetzt gehen 5% der Goldzuteilung an BTC.

Pensionskassen stapeln Sats

Insbesondere wird die Änderung der Goldallokation in Woods langjährigem globalen Portfolio für auf US-Dollar lautende Pensionsfonds erfolgen. Dies macht den Umzug zu einer der ersten öffentlichen und großen Zuweisungen für Bitcoin in einer Gruppe großer Pensionsfonds.

Dies ist nicht die allererste Investition dieser Art. Anscheinend hat Norwegen für einige seiner staatlichen Investmentfonds ein Bitcoin-Engagement erzielt. Ebenso scheint Morgan Creek Digital, ein Unternehmen, das in Blockchain-Unternehmen investiert, von Pensionsfonds in den USA unterstützt zu werden .

Pensionsfonds könnten nicht nur in Blockchian investieren, sondern Blockchain könnte auch zur Verwaltung von Pensionsfonds verwendet werden. Nicht weniger als Amazon.com hat sich verpflichtet, sein Rentensystem mit dieser Technologie zu verwalten.

After the BTC financing round – Amazon before Bitcoin introduction?

As early as 2014, Bitcoin was already under discussion as a payment method for Amazon. At that time the company could not get used to this idea. Almost six years later, Jeff Bezos, founder of Amazon, is again in contact with the crypto currency.

What spoke against the introduction of BTC at Amazon at that time? Decisive for the rejection of Bitcoin was probably the scalability as well as the market volatility risks of the crypto currency.

On November 19, Ham Serunjogi, co-founder and CEO of Chipper Cash, stated in a tweet that his FinTech start-up had successfully participated in a Series B financing round in which the venture capital company Bezos Expeditions had participated.

I am very pleased to announce our $30 million Series B round. However, I am particularly pleased that Ribbit Capital and Jeff Bezos are joining us on this journey as we continue to execute our vision for the Chipper Cash app.

The funding shows that Bezos seems to have a thing for BTC after all. This fact could now make many crypto engine supporters sit up and take notice. Amazon’s annual turnover in 2019 was about 280 billion US dollars. This makes the company one of the biggest players in the field of e-commerce. Introducing Bitcoin as an Amazon payment method would put the crypto currency in a completely new light for many people. Bitcoin would suddenly have arrived in all areas of society and would gain enormous acceptance.

Sean Rolland, Product Director at BitPay, told Decrypt about the current developments:

To use Bitcoin directly as a payment method, Amazon would have to develop processes and procedures to accept, hold and manage Bitcoin and thousands of other crypto-currencies.

According to Rolland, Amazon would have to assume market volatility risks associated with holding crypto currencies on its balance sheet or via a crypto exchange in exchange for fiat currency.

The introduction of Bitcoin by Amazon remains questionable. However, current events do not make this appear impossible.