Great point.

Now Id say its not a real scam, its just incompetence. The scam is an opportunity, not originally planned for.

IoT is very attractive, its an enterprise buzzword, so of course it attracts real people with real good skills, but the founders and leaders, are just incompetent, both technically and socially obviously, and are delivering vapor, "almost-good" "we will have it ready soon" "from day 1 we knew we have to build asics and sell that duh".

The train is in full steam ahead, the crash wont be spectacular, good parts will fall out of IOTA. But it wont be the one and only machine economy infrastructure or anything like that at all.