IOTA vs MIOTA


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Sairai
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Hi together,

in the very first hours of getting familiar with IOTA (I am pretty new in this stuff and haven't had contact with other cryptos), I learned that IOTA is usually traded in MIOTA (1 million IOTA), but in many places, people decided to call "MIOTA" just "IOTA".
The first thing that was on my mind after hearing this was: How many people will be fooled one way or the other, by this misleading naming convention and who thought this would be a great idea? Maybe most times it will be just a misunderstanding or an accident, but it may also be used for organized crime, will it not?

Now, one month later, I finally got fooled myself. Now, that it happened, I can not say that I couldn't have known it, because using 0.5 IOTA as a fee would be the tiniest fee, people ever heard of, that would just be nonsense. However, I misunderstood this and the "damage" (its not really worth mentioning it, but it is there) is done.
This post is not for crying about my lost 0.5 MIOTA, but to discuss, why do people think it would be a great idea calling MIOTA just IOTA and that this is leading to potential risks that should not be ignored imho. This may also be a warning for others, not to fall for the same stupid thing on bitfinex as I did. Never deposit your IOTA on bitfinex, if its not totally worth paying 0.5 MIOTA for the stuff you want to do with your bitfinex wallets after that.

Just enjoy the following screenshot, to understand what I have done and why I have done it, regardless of the "warning":


This screenshot is from my IOTA Ledger History on bitfinex, where I thought it would be a great idea to sum up all of my IOTA, even those few from a transaction test, I did yesterday. I payed ~2$ for this test. Thank you bitfinex.

I know, that was stupid from me, but honestly, I think there will be waaaaay worse scenarios, where people might lose tons of money because of this IOTA/MIOTA confusion that is going on in the internet. And may be, this will even be used for organized scam attacks. Such things are not user-friendly and may even harm the reputation of this currency imho. What do you think?

Kind regards,
Sairai

Sairai
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Anyone interested in talking about anything else besides pending transactions and reclaims on this board?
qb
qb
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You're right that this can be confusing, nevertheless it is an issue of Bitfinex and not of the IOTA foundation itself.
For now MIOTA are being traded - in the future maybe KIOTA and finally IOTA?
In my opinion this is still better than it is with Bitcoin now. 0,00127 BTC etc.  (and i am not talking about those 20$+ feesSmile







Sairai
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qb - 9 Jan 2018
You're right that this can be confusing, nevertheless it is an issue of Bitfinex and not of the IOTA foundation itself.
For now MIOTA are being traded - in the future maybe KIOTA and finally IOTA?
In my opinion this is still better than it is with Bitcoin now. 0,00127 BTC etc.  (and i am not talking about those 20$+ feesSmile







You are correct, it is a bitfinex issue. I also opened a ticket for this at bitfinex support. They take their time answering anything tho...
GO

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