IOTA Thread (First Non-Blockchain Coin)

Malone

Pelican
Gold Member
SamuelBRoberts said:
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.

Hmm, that's worrying. I was planning to use USDT to cash out when needed. It seems like any other way is way more work.
 

semibaron

Kingfisher
SamuelBRoberts said:
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.


The thing is, out of the more popular top 10 projects, IOTA is the only coin that has a realistic chance to x-fold its value in the short to mid term.
 
From the introduction

Its field of application is set in the IoT, as the technology for data integrity and industrial appliances. Furthermore pay on demand, micro-payments, and machine to machine communication like sensor technology, smart cities, adaptive systems etc.

As a settlement layer, it aims for interoperability between many existing systems.

It is quite evident, that Bitcoin and nearly all other cryptocurrencies weren’t made to function as such. Considering hundreds of thousands of nano-payments each day in the near future, these Blockchains would generate an enormous amount of fees, just for conducting transactions, while costs of these nano-payments oftentimes undermatch the fees.

Therefore, it is indispensable to use a secure, fee-free system, which IOTA is. This technology, therefore, is a novum.
The underlying technology, the Tangle, is a third-generation Blockchain-technology, based on a directed acyclic graph, made for the problems of tomorrow.

1. Ethereum and Bitcoin are implementing protocols such as Raiden and Lightning to process millions of transactions per second.

2. There are Ethereum-bases solutions being developed for IoT applications, for example Grid+ from Consensys. LO3 is a startup that's already been implemented microgrids in a partnership with Consensys.

3. The idea of no miner or transaction fees is a bit concerning. My understanding is that the fees are used as a deterrent to attacks to change blocks. What deterrent is there in IOTA for people not to attack the system?

4. I don't like investing in specific applications like these. There are tons of IOT/blockchain applications being built and it's hard for me to see which one will win out.

A lot of these applications can become useless the moment a coalition of the largest electric companies, such as Panasonic, GE, Philips, decide on a set of interoperable standards which doesn't include IOTA. It's reminiscent of the entire VCR/Betamax or Blueray/HD rivalry.
 

void

Pelican
Genghis Khan said:
A lot of these applications can become useless the moment a coalition of the largest electric companies, such as Panasonic, GE, Philips, decide on a set of interoperable standards which doesn't include IOTA. It's reminiscent of the entire VCR/Betamax or Blueray/HD rivalry.

The crucial thing for IOT devices will be support by hardware vendors for devices and the chips, securely running this protocol and wallets for example. As they are raving about sensors and other devices using IOTA, I don't see a need to complicate the current setup of infrastructure (sensors and devices).

If none of those players below, Siemens, ABB..... adopts the protocol or they cook up their own version it will forever remain a paper tiger.
https://www.plantautomation-technol...ion-companies-in-the-world?PageSpeed=noscript
http://www.trendingtopmost.com/worl...t-automation-companies-world-largest-revenue/

one other thing to consider, the energy cost to run an IOT might be too high. Why do I need redundant billing processes for devices that have the same "customer" 24h 356days a year, it is just a waste of energy and avalanche of junk data created.

The concept has potential, but if they can't find hardware manufacturers to support this, it will falter.
Re-read the prior posts:
"2. There are Ethereum-bases solutions being developed for IoT applications, for example Grid+ from Consensys. LO3 is a startup that's already been implemented microgrids in a partnership with Consensys."
They are in business with Siemens. Private coin on ethereum platform.

https://de.slideshare.net/JohnLilic/transactive-grid

Press-releases:
https://www.siemens.com/press/en/pressrelease/2016/energymanagement/pr2016110080emen.htm
https://www.siemens.de/ueberuns/uns...grids/Seiten/blockchain-fuer-microgrids.aspx#
https://www.siemens.com/press/pool/de/pressemitteilungen/2016/energymanagement/PR2016110080EMDE.pdf
https://www.siemens.com/global/en/home/products/software/mindsphere.html
https://www.siemens.com/innovation/...ware/internet-of-things-embedded-systems.html
 

BURNΞR

Pelican
I don't mean to FUD IOTA, I think it has a future but I just want to let you know that 4chan might end up bringing this thing down. I would either buy this aggressively or sell when it drops:

1505040457102.png
 

NewMeta

Kingfisher
I just sold at a p substantial loss, I was day trading a small amount but caught off guard by the drop. If you zoom out of the Bitfinex chart though it should come to no surprise, all IOTA has EVER done is drop, I can't believe I never checked that before playing with it.

The devs are increasingly showing they are completely incapable of marketing IOTA, they won't stay out of political discussions, they get baited by reddit threads, and their twitter support is a joke:

https://twitter.com/IOTASupport/status/907130064298377216

Oh and to top it off they are having yet another security issue:

https://www.reddit.com/r/Iota/comments/6zgmg3/iota_under_attack/

I sold, now that it has become the enemy of 4chan, how can you have any confidence in it at all? 4chan shills OMG and meme's IOTA, look at each of their respective performances, it speaks for itself.
 

Transsimian

Ostrich
Gold Member
I used to have a few gIOTA, but I thankfully sold them before all the bad news started.

I guess I only lost 10% including transaction fees. IOTA has a lot of promise, but it is overpriced compared to other promising alternatives.
 
Why I'm down on Iota:

Crazy-high valuation (1 billion +) means that huge amounts of money would have to come in for you to see a 2x or 3x. If the TA supports it you can, of course, still buy, but there's no obvious reason to buy and HODL it over any number of better coins.
From an FA perspective, feeless transactions mean there's no incentive to run nodes: From what I've read there's no good reason to run a an iota node, beyond "You'll get faster transactions" "Maybe you can sell the node data to somebody" "You'll feel like a good person!". Cryptocurrency nodes are computationally and network resource intensive, and will only grow so in the future. http://www.tangleblog.com/2017/06/27/incentive-run-fullnode-iota/ If you want to see the kind of thing I'm talking about.
Doubt in the team: Per above.
Doubt in the underlying technology: Spend some time reading AMAs with the team on reddit and you'll see that people have any number of good, fundamental questions about the technology that the team is avoiding answering.
 
Since I already called out the GNT thread I should probably do this here.

IOTA is the worst coin in its marketcap class. You could literally throw a dartboard at a list of cryptocurrencies and you'll hit one with better long term potential than IOTA. This doesn't mean you shouldn't buy it short-term on a technical analysis perspective, but do not just buy some at market price and hope it will go up. You will lose a lot of money.
 

semibaron

Kingfisher
SamuelBRoberts said:
Since I already called out the GNT thread I should probably do this here.

IOTA is the worst coin in its marketcap class. You could literally throw a dartboard at a list of cryptocurrencies and you'll hit one with better long term potential than IOTA. This doesn't mean you shouldn't buy it short-term on a technical analysis perspective, but do not just buy some at market price and hope it will go up. You will lose a lot of money.


You can also see it from another perspective.

IOTA is the best coin in its current market cap class as it is based on a new technology, which enables a lot of new use cases, all those blockchain based coins can never do.

Time will tell.
 

Transsimian

Ostrich
Gold Member
semibaron said:
IOTA is the best coin in its current market cap class as it is based on a new technology, which enables a lot of new use cases, all those blockchain based coins can never do.

By that time, our alternative investments would have gone up more, allowing us to buy more IOTA half way through the moon.
 
"IOTA is the best coin in its current market cap class as it is based on a new technology, which enables a lot of new use cases, all those blockchain based coins can never do."

IOTA is horrifyingly awful.

I'll ask again since the question got ignored the first time: Who is going to run these IOTA nodes that are expensive to run? BTC mining and PoS exist to provide an economic incentive to run nodes, because if you don't have an incentive to run nodes, you get no nodes.
If there isn't a very solid, good answer for this question, the coin will never achieve actual use and will remain a toy with an overvalued marketcap.
 
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