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The article says that the price of IOTA has gone up in the last 2 weeks. What does that mean? I don't see how people can be buying and selling IOTA if they are
by LaineHerron 7y ago
The article says that the price of IOTA has gone up in the last 2 weeks. What does that mean? I don't see how people can be buying and selling IOTA if they are not able to send or receive it.
- greycol 7y agoBecause you can still buy and sell the coins on an exchange. It's just that you can't withdraw or deposit coins from your exchange account only trade between other exchange accounts. No wallet to wallet trades only trades of the coins sitting in the exchanges wallet (so basically trades on the exchanges private(non block chain related) ledgers rather than on the coins ledger). Actually now that I think about it I wonder what liability the exchange has in this. Obviously the exchange can't send you your coins because it's physically impossible and the value is purely speculative but currently being given value only on the exchange. Would they need to reimburse you for the 'value' of the coins if you can't withdraw? Though if we're playing a game of silly buggers I guess the exchange could put up a sell for 0.000001 cents a coin, execute the trade and immediately freeze further transactions then claim any payout would be at the last traded value (which obviously wouldn't work as there are multiple exchanges). Perhaps they could 'give access' to the exchanges wallet key with instructions that the person trying to withdraw is entitled to take out their share of the coins thus it's the account holder who is 'in control' of the coins.