Irys: That 'Revolutionary' Listing and the Fake Contract Debacle

Irys on Coinbase: Is This Crypto Hype or the Real Deal?

Alright, let's get one thing straight: another day, another crypto listing. Coinbase adding Irys? Big whoop. Seriously, how many of these things are we supposed to get excited about? But, fine, I'll bite. Let's dissect this Irys nonsense and see if there's actually something there, or if it's just another pump-and-dump scheme waiting to happen.

Coinbase Blesses Irys: So What?

Coinbase listing Irys is supposed to be a "groundbreaking development," according to BitcoinWorld? Give me a break. It's a listing. They list anything that smells vaguely like money these days. But, okay, they claim it signals "growing institutional confidence." Right. Because institutions are never wrong, are they?

Enhanced security, simplified trading, increased liquidity, regulatory compliance, mobile accessibility… it’s the same song and dance every single time. They trot out the same tired list of "benefits." It's like they're reading from a corporate bingo card.

And the phased approach? Announce, enable deposits, then full trading? It's all designed to build hype and control the flow of money. Sneaky, but predictable.

The "Revolutionary" Tech: Data Storage and Smart Contracts?

Irys wants to combine data storage and smart contracts. Okay, so they're not just another DeFi token. Fine. They're trying to be the "two-in-one" blockchain solution. That’s what they say, anyway.

They’re promising low-cost, scalable storage for AI, social networks, content, and metadata. All the buzzwords are there. But can they actually deliver? I mean, who isn't promising low-cost, scalable storage these days? The team is touting IrysVM, which is compatible with the EVM. So what? Everyone is EVM compatible now... it's like the bare minimum to even get in the door.

They’re gonna burn most of the tokens collected from storage payments and fees, creating a scarce token model. Deflationary mechanisms? Sounds good on paper, but it all depends on whether anyone actually uses the damn thing. And that, my friends, is the million-dollar question.

Oh, and the founder, Josh Benaron, created Bundlr. Okay... but what has he done lately?

Fake Contracts and Price Dips: Red Flags Everywhere

Now, here's where it gets interesting. Irys launched on KuCoin, and immediately the team had to issue a warning about fake contracts. A price decline followed. Hmm, what's that saying about where there's smoke, there's fire?

The Irys team issued a warning about the appearance of fake contracts masquerading as IRYS. The tweet was even deleted by the author, but the internet never forgets. That initial drop due to the threat of counterfeit contracts isn’t exactly instilling confidence, is it? Irys blockchain launches amid fake contract threat but recovers

They raised $19 million in venture funding before all this, offcourse. But VC money doesn’t guarantee success. It just guarantees that a bunch of suits will get richer, regardless of whether the project actually works.

So, yeah, Irys is trading around $0.03, which is about 10% cheaper than the starting price. Not exactly a ringing endorsement.

Just Another Crypto Dream

Look, I'm not saying Irys is doomed. Maybe it'll be the next big thing. Maybe it'll revolutionize data storage and smart contracts. But let's be real: the crypto world is littered with the corpses of projects that promised the same thing. I’m not holding my breath. Then again, maybe I'm just getting old and cynical. Nah.

Wake Me Up When It's Actually Useful