IOTA Thread (First Non-Blockchain Coin)

semibaron

Kingfisher
As people are quite interested in crypto currencies, I would like to give you guys a hint on IOTA, a very promising coin.


GGHbhOK.png



The special thing about this coin is the architecture, which ISN'T Blockchain based, but build on a Directed Acyclic Graph (DAG) - The Tangle.

Differences vs Blockchain:
IOTA has no mining, no blocks, no difficulty
IOTA has no transaction fees
IOTA scales almost infinitely, unlike Blockchains

The Tangle:
1*Co2IBbi8SxWZSJS5_UxkFw.png


Read up a well written introduction here: http://www.tangleblog.com/what-is-iota-what-is-the-tangle/

Further Links:
Roadmap: https://blog.iota.org/iota-development-roadmap-74741f37ed01
Consensus explanation: https://forum.iota.org/t/iota-consensus-masterclass/1193
Whitepaper: https://iota.org/IOTA_Whitepaper.pdf
Distribution: https://medium.com/@IngoFiedler_968...r-snapshot-from-08th-august-2017-21e92cf15eea
Slack: https://iotatangle.slack.com
 

semibaron

Kingfisher
Short-term upward potential is given by adding the coin to further exchanges.

Currently, IOTA is tradable only on Bitfinex, which supports an USD/IOTA pairing, next to BTC/IOTA and ETH/IOTA pairings.

GGHlhmD.png


However, crypto markets are the strongest in East Asia. Japanese Yen, Korean Won and Chinese Yuan make up the bulk of crypto volume.

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Conclusion: There might be a substantial increase in value of the IOTA token as soon as further exchanges start listing it.
 

NewMeta

Kingfisher
Thanks for this, I guess you saw my post in the ETH thread, I will probably buy in today in which case and see if the addition to the other exchanges bumps up the prices.

Do you have rough dates on the exchange additions?
 

semibaron

Kingfisher
NewMeta said:
Thanks for this, I guess you saw my post in the ETH thread, I will probably buy in today in which case and see if the addition to the other exchanges bumps up the prices.

Do you have rough dates on the exchange additions?


Here a recent statement from one of the developers:

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So rough date: Soon
 

Biz

Kingfisher
Bitfinex is banning U.S. accounts

Announcements > Service Changes for U.S. Customers (Amended as of August 12, 2017)
August 11, 2017
Bitfinex is making changes to the services we provide to U.S. individuals. These changes impact the verification process and trading of certain digital tokens for U.S. customers. Some changes are effective immediately, and others will be gradually implemented in the coming weeks.

Suspension of U.S. Individual Verification Requests

We regret to announce that, effective immediately, we will no longer be accepting verification requests for U.S. individuals.

We have for some time considered pulling away from the retail marketplace in the U.S., and now with a current backlog of verification requests and ongoing difficulties in providing USD deposit and withdrawals for U.S. individuals, we feel that the time has come to begin disengaging from U.S. retail customers.

Several factors have gone into this decision:

While we have been able to normalize banking for some corporate customers and individuals in certain jurisdictions, compliant banking solutions for U.S. individuals remain elusive. We have been slowly and selectively inviting users in particular jurisdictions who meet set criteria to start using banking channels that have come online. This process is ongoing.
A surprisingly small percentage of our revenues come from verified U.S. individual accounts while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.
We anticipate the regulatory landscape to become even more challenging in the future.
Bitfinex is not based in the United States. Exchanges based in the U.S. are better positioned to properly service retail U.S. customers.
We are thankful to all of our loyal U.S. customers that have consistently traded with us but, unfortunately, we have an obligation to our whole customer base and to our shareholders to make rational resource allocation decisions.

Furthermore, over the next 90 days, we will be discontinuing services to our existing U.S. individual customers. We will be communicating further with affected users on timing and specifics. Our intention is to reduce disruption as much as possible for our U.S. customers.

We will continue to take advice and implement further changes as circumstances warrant.

Restrictions on U.S. Persons Trading Certain Digital Tokens

Bitfinex will be barring U.S. customers from trading ERC20 tokens issued through "ICOs." That ban will go into effect at noon UTC on Wednesday, August 16, 2017. No trading of these tokens will be allowed for U.S. customers as of that date and time. Please note that nothing in this announcement should be taken as fact or opinion that any such ERC20 tokens are a security pursuant to U.S. law or require regulation under U.S. law.

Once again, we regret any inconvenience this change in policy might create.
 

Thomas the Rhymer

Ostrich
Gold Member
Correct me if I'm wrong, but can the creators of this currency create more currency on demand? Is that what 'infinitely scaleable' means?

Is this basically the fiat-version of bitcoin?
 

semibaron

Kingfisher
Thomas the Rhymer said:
Correct me if I'm wrong, but can the creators of this currency create more currency on demand? Is that what 'infinitely scaleable' means?

Is this basically the fiat-version of bitcoin?


No, all IOTA ever in existence have already been created. Then those were distributed via an ICO.


Here is another in-depth presentation about the protocol from one of the founders:
https://blog.iota.org/a-primer-on-iota-with-presentation-e0a6eb2cc621
 

Alche

Robin
They can definitely detect IP's .. anyone can. If you're thinking of creating an account as US person, you are taking a massive risk even with a VPN. But if you were to do it, a good VPN service is the way to go. This is not my recommendation.
 

Deepdiver

Crow
Gold Member
As I am interested in the Internet of Things from a professional cybersecurity perspective considering that the DYN hack that took down many major web sites was via seemingly innocuous IoTs - baby monitors and garage door openers... Currently projected to grow to 59 Billion things on the IoT presents some epic Cybersecurity and Scaling Concerns as well as enormous investment opps... We know the Blockchain works on the various Bitcoin and Ethereum forkenings... IOTA however with their new Tangles have yet to prove themselves under a large IoT load and if tangles are as secure as say blockchains encrypted with sha256 or even Monero with andvanced crypto and privacy code and technologies being implemented and upgraded on a continuous basis...

This is a very interesting analysis of IOTA by a quite knowledgeable GitHub codeist...

What is happening to IOTA? - GitHub - Programmer explains
Ivan on Tech
https://www.youtube.com/watch?v=AalpiI8GSF0

His analysis methodology of IOTA on Github can be applied to many other Crypto Projects when determining if you should invest in any Alt Cryptos and Especially any ICOs...
 
Wait. So based on the supply, if IOTA managed to hit BTC's market cap, it would only be $25-30, right?

I think the Tangle is awesome and feeless microtransactions is definitely the future, but as an investment I'm not sure if it can make the crazy 300x gains NEO and others have.

Correct me if I'm wrong.
 
IOTA's not a bad project, but it has a lot of problems, and there are lots of potential opportunities out there for people that will offer more money in both the short and long term.

It's not necessarily a bad investment but I don't know that it's a good buy for your first entry into Crypto.

If you are a beginner I would avoid investing in IOTA until you've compared it to the following currencies:
OMG, MCO, MTL, ETH, LTC, GNT, EOS, QTUM, NEO.

Not necessarily because any of these are super-great buys that will make you rich, but because you really shouldn't be spending any money on alts until you at least know these names and what they do.
 

Transsimian

Ostrich
Gold Member
Bitfinex have been delaying withdrawals for a lot of people. Could this be a sign of insolvency?

I'm holding out on buying more until a bigger exchange offers it.
 
Transsimian said:
Bitfinex have been delaying withdrawals for a lot of people. Could this be a sign of insolvency?

I'm holding out on buying more until a bigger exchange offers it.

I would stay the hell out of Bitfinex if at all posssible. Its reputation is atrocious. People bitch about Coinbase, and with good reason, but Bitfinex's problems are on a whole other level.
For what it's worth, no serious trader I know uses Tether either, we're all terrified of the stuff.

EDIT: Some people may be using it for tax purposes. I'd rather just give the government 15% of my money than risk 100% of my money on the solvency of Bitfinex, but that's a choice people can make.
 
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