Blockchain

Cryptocurrency Announcements – Too Good To Be True

Cryptocurrency-Announcements-–-Too-Good-To-Be-True

Let’s face it; Cryptocurrencies and Initial Coin Offerings (ICO) are starting to gain the attention of a majority of people these days. However, with the rising competition, certain announcements have been blown out of proportion.

In Business, attention gives visibility to the company, and visibility leads to profits. You can see similar cases in the cryptocurrency world, where certain news can help pump up the price of a certain coin.

When Toshi Times has taken a look at some big announcements in the crypto space, it has shown that quite a few of the announcements where missing legitimacy.

Bitcoin.com shared an interesting so-called partnership story between BMW, the popular German car manufacturing company and CarVertical, an ICO project. CarVertical claimed that BMW will be using their Blockchain services to integrate vehicle data.

This was brushed away as false rumors, as BMW reported it was using a service that is available to anyone and everyone.

BMW’s Twitter feed read on 20 March:

“BMW has not entered into a cooperation/partnership with CarVertical. The company is using our BMW CarData interface available to any third party.”

NewsBTC recently revealed an incident where Verge promised to unveil their partnership, only if 75 million tokens were donated. 75 million is worth approximately $3.1 million, which is a very large donation.

Verge most likely took advantage of the human psychology, and a fitting phrase for their approach could be ‘Curiosity killed the cat.’

Now, the interesting part is that there was a deadline set for March 26 and so far, only 19.4 million coins have been reached. Will the partnership get stalled now, because it did not reach the required donation, or have they already partnered up but just not announced it to the public?

Maybe it was only a smart marketing tactic to raise funds…?

Financemagnates wrote an article back in December 2017 about the most bizarre of partnerships. A partnership between IOTA, currently the 10th largest cryptocurrency in terms of market capitalization and Microsoft, one of the largest software and operating system developer.

In November 2016 co-founder of IOTA David Sønstebø announced, “We are very excited to announce the launch of our data marketplace. This will act as a catalyst for a whole new paradigm of research, artificial intelligence, and democratization of data.” This marketplace included Microsoft, with Omkar Naik Microsoft’s blockchain specialist, blew out of proportions. He was quoted saying “We are excited to partner with the IOTA Foundation and proud to be associated with its new data marketplace initiative.”

This was exaggerated further with IOTA reporting to Reuters to highlight the word Microsoft in the headline. IOTA co-founder David Sønstebø responded back after almost a month about it being an absolute fabrication:

IOTA announced “We have never stated that there was any formal partnership with Microsoft, and instead always referred to them as a participant in the marketplace. The media has overblown the story into an “IOTA launches Data Marketplace with Microsoft”, which couldn’t be further from the truth, as we are working together with more than 30 of the largest companies in the world on the marketplace as a co-innovation exercise. “

The partnership announcement was maybe just an effective tactic to create more awareness about the IOTA foundation and gaining a major pump in price due to the partnership being announced by the other party.

Image Source: “Pixabay”

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