IOTA

RevMen

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Watch out for IOTA. It's going to change things.

Instead of a single chain of blocks, it's structured as a directed acyclic graph (DAG). Instead of a single computer being chosen to write the next block for everyone through PoW or PoS, previous transactions are validated by new transactions. Whenever you make a new transaction, you validate two previous transactions.

This solves all of the big problems with Bitcoin and other blockchain-based ledgers.

There are no transaction fees, ever (at least not on the network). Since the sender must do a little bit of work, they're effectively paying the network and there's no reason to pay a transaction fee to another party. This allows for true micro-transactions without the need for some side-chain technology like Lightning or Raiden.

The upper limit on speed is determined only by the hardware and software of the Internet. Bitcoin and Ethereum can only do a few dozen transactions per second, at best. VISA does around 2000/s, and IOTA is the only distributed ledger that can compete with that, or even exceed it (Ripple gets close, but that's a different story). Unlike Bitcoin and Ethereum, which get slower as there are more transactions, IOTA gets faster as more people/machines use it.

Since all participants in the IOTA network are aligned, there is no separation of concerns between user groups. Bitcoin and Ethereum separate miners from users, which are two groups whose interests are not always aligned. BCH, BTG, and B2X are all the evidence of this you need. IOTA is free from this drama because everyone that uses the network uses it in the same way.

The IOTA foundation is focusing on encouraging Internet of Things implementations, which is a smart move. But there is nothing keeping IOTA from being a general-purpose, everyday, world-wide currency and fulfilling Satoshi's vision. I'm into it.
 

Parja

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But where to trade IOTA? Bitfinex won't let 'Mericans trade any more. They need to get on a major exchange.
 

RevMen

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Binance has it. Supposedly a few more exchanges are getting it soon.
 

oblox

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Until it gets on Polo or Trex, it's a nonstarter with the bolus of volume on BFX where US investors can no longer trade.
 

RevMen

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That attitude implies that the only use for a cryptocurrency is trading. There are definitely a lot of people who see it that way, but that's pretty far from reality.
 

Parja

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That attitude implies that the only use for a cryptocurrency is trading. There are definitely a lot of people who see it that way, but that's pretty far from reality.

It's kind of hard for a cryptocurrency to take off if there's no major exchange for it. How is one to acquire IOTA?
 

RevMen

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Again, you're implying that a cryptocurrency only has value if people are trading it. That's the way that many of us interact with crypto currently, but it's kind of a naive way of looking at things. The current market price of a unit of IOTA doesn't say anything about its ability to revolutionize the way the world transfers value.

The IOTA foundation is well-funded and able to work on the tech without worrying about markets. In fact, they actively avoid talking about prices and markets. While the Bitcoin team is jerking us around with fork drama pump-and-dumps, the IOTA foundation is forming partnerships with companies that can use it in the upcoming IoT economy. IOTA isn't in the news for how much people are paying for it, they're in the news for forming partnerships with companies like Bosch and Samsung.

If you really want to buy some IOTA, you can get it on Binance. Transfer in BTC, ETH, or whatever, and trade it for IOTA. As much as I love the tech, I actually don't own that much of the currency.
 

Parja

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Again, you're implying that a cryptocurrency only has value if people are trading it. That's the way that many of us interact with crypto currently, but it's kind of a naive way of looking at things.

...

As much as I love the tech, I actually don't own that much of the currency.

So what, you support it with your thoughts and prayers?

You support a currency by buying into it. But you can't get people to buy into it if it's only on sketchy/immature exchanges.
 

RevMen

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Again, no. You don't support a currency just by owning it. You seem to have a very narrow view of this. Cryptocurrencies weren't invented to make investors rich, they were invented to be used.

You support it by using it. And by promoting it. And by helping to develop it, if you have the skills.

I'm writing a service that supports the IOTA network. I use IOTA to make transactions whenever possible. I promote it by explaining how it solves the problems that blockchain-based currencies have.
 

Parja

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Again, no. You don't support a currency just by owning it. You seem to have a very narrow view of this. Cryptocurrencies weren't invented to make investors rich, they were invented to be used.

You support it by using it.

How do you use it if you can't acquire it?
 

RevMen

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OK. Let's step back. The point is being missed.

The purpose of this thread is not to say "IOTA is the dominant cryptocurrency right now but you just don't know it yet."

The purpose of this thread is to make people aware of a disruptive, next-generation technology. A technology that is still new and under heavy development.

If you want to use it or trade it right now, it's not going to be nearly as easy as something that's been around as long as Bitcoin. The places you can acquire it right now are limited. The official wallet is difficult to use and has some issue that need to be resolved. If you are someone who cares only about trading crypto and mark the value of a cryptocurrency only in terms of how many people are trading it and what its price is wrt fiat, then IOTA is probably not interesting to you.

However, if you are interested in learning about a next-generation distributed ledger that literally solves all of Bitcoin's technical problems, I recommend reading up on IOTA.

If you are a developer who is interested in getting into distributed computing, particularly if you are interested in autonomous transactions of value, I strongly recommend reading up on IOTA.
 

odditory

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I looked into IOTA and everything about it screams scamcoin.

It's a pre-mined ICO, which means that the founders likely bought many if not most of the tokens for free. And then it traded "over the counter" for over a year before it hit exchanges at 1 billion dollars, which was 200,000% of the ICO price. Ironically, people who bought IOTA tokens when they were first released on exchanges have lost money, even though Bitcoin -- the dumb money crypto investment -- has tripled since then.

IOTA is only on Bitfinex, which makes me suspect that Bitfinex was given a large quantity of tokens in exchange for allowing the IOTA founders to slowly dump their coins for BTC and fiat (or Tether in Bitfinex's case -- Bitfinex is such a sketchy exchange that no bank is willing to work with them for actual fiat transfers). It's a red flag that Bittrex, Kraken, Poloniex, Bithumb, HitBTC, Bitstamp, Gemini, bitFlyer, etc. are not willing to list IOTA.
 
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RevMen

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I don't think you looked very close.

The developers of a scam coin never intend to build anything meaningful. The IOTA Tangle has been up and running for a period of years with many updates to all of their software. It's open source so you can see for yourself if you're skeptical.

It's not likely that a scam coin would result in the partnerships that IOTA has been able to create.

It's "pre-mined" only in the sense that coins were distributed at launch. Otherwise that term makes no sense here.

Not having miners is one of the selling points. That's how you have fee-less transfers and that's how you avoid the endless bullshit drama that we see with Bitcoin that is now clearly holding back progress.

The foundation sold every coin at launch. The community donated 5% back.

Bitfinex was the first, but IOTA is on 3 exchanges now. There are others in the works.

The Bittrex API has IOTA in it, they're just not trading it. Presumably they will be, or else why add it to the API?

Do you really think that there's anything rational about the price of Bitcoin? And that any sort of rational conclusion about other coins can be drawn from it?

Since I've gotten on the IOTA train, I've become aware of and amazed by the massive anti-IOTA FUD campaign, particularly from the BTC camp. I can't understand why anyone would pay so much attention to a "scam coin." But I can say it worked on me for months.

I think the Foundation is doing everything right. They're putting a ton of work into the tech and into creating meaningful partnerships in industry, and not much into crypto drama.

I mean, it works. You can send an IOTA transaction right now. You can see it go through with no fees and be confirmed in a few minutes at the most. If you're impressed by the speed of Ethereum (and you should be) you'll be blown away by the speed of IOTA.

It's amazing to me that anyone would think there's nothing here, or that anyone would even consider writing "scam".
 

tayunz

[H]ard DCoTM October 2018
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Not entering this argument for or against, but why is this such a big deal for you? If you believe in it and are investing in it good for you. It's just funny how adamant you are about it. You have the last 3 posts in the thread, not sure what you're going for...
 
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RevMen

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Just enjoying:

I looked into IOTA and everything about it screams scamcoin.

Which is comically detached from reality. Just being an Internet asshole, really. I think we all enjoy a little told-you-so sometimes.

However, I did start the thread with good intentions. As soon as I wrapped my head around IOTA I saw its potential and figured folks here would be interested.

And if folks had looked a little deeper than the FUD and bought a little IOTA for themselves on the day I started this thread, 20 days ago, they would have tripled their money.
 

tayunz

[H]ard DCoTM October 2018
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Gotta get bitcoin from somewhere like Gemini and then transfer and purchase with bitcoin on Binance I believe. That seems to be the most simple way from what I've read about.
 
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RevMen

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If you're in the US, Binance is really your only option right now.

You can use GDAX to convert fiat into ETH and withdraw it to Binance for no fees. If you place a limit order that's a "maker" you won't pay conversion fees, either.
 

Edgar

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Anyone willing to sell iota to me? I'd rather buy with USD instead of my existing coins.
 

Edgar

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nvm. Just converted LTC to ETH. Then sent ETH to bitnance and bought IOTA with that. Gonna sit on it and HODL.
 

Boozer

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nvm. Just converted LTC to ETH. Then sent ETH to bitnance and bought IOTA with that. Gonna sit on it and HODL.
My first bitcoin investment by chance was IOTA just last week @ 1.20.

I also bought at 1.20 last week. It was my first investment in cryptocurrency. Whats funny is my plane was preparing for take off, such a random place to decide to get in on the bitcoin action. I have 209 shares and I'm holding as well. I also have 10k shares split between ADA, XRP, HVN, BCN and recently sold my 6k shares from the quick jump in PetrolCoin for 4x what I bought it for earlier today - which I quickly put into IOTA.
 

Parja

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My first bitcoin investment by chance was IOTA just last week @ 1.20.

I also bought at 1.20 last week. It was my first investment in cryptocurrency. Whats funny is my plane was preparing for take off, such a random place to decide to get in on the bitcoin action. I have 209 shares and I'm holding as well.

Up ~$400. Not too shabby for a $250 investment. ;)
 

RevMen

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All? Maybe not.

Some? Sure seems like it.

That said, I put my whole stack into IOTA just prior to the OKEx launch and have enjoyed watching it quadruple. I keep thinking I need to re-diversify but with 20-40% gains every damn day it's kind of hard to.

The IOTA team says there is some pretty big news coming up concerning something called "Q". No one but them knows what that means, but they've been pretty good at delivering big news lately so there's a chance it really could be something.
 

Edgar

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I put most of my crypto in IOTA now. Other coin is LTC. I think I'm good.
 

TypeO

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All? Maybe not.

Some? Sure seems like it.

That said, I put my whole stack into IOTA just prior to the OKEx launch and have enjoyed watching it quadruple. I keep thinking I need to re-diversify but with 20-40% gains every damn day it's kind of hard to.

The IOTA team says there is some pretty big news coming up concerning something called "Q". No one but them knows what that means, but they've been pretty good at delivering big news lately so there's a chance it really could be something.

I've enjoyed the gain as well. Seems like every morning I check the listing it's gone up. Sure was nice waking up to $3.28 and it's $3.62 now. The speculation on Q is pretty crazy and am just going to sit back and wait. I did not get to see the Volkswagen spot today. A new wallet has to happen soon but heard early January.
 

odditory

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Show us on this doll where the IOTA touched you.

Roger that, but the fact is it's getting pumped hard.

There's a reason its only on Bitfinex and the other big exchanges won't touch it - the founders gave a shitload of free coins to Bitfinex in return for the exchange pumping the coin. The drop is going to be a doozy and only a fool doesn't have a stop loss in place on this thing.

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RevMen

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Binance doesn't have stop-loss built in. You can emulate it with a bot through their API.

The drop is going to be a doozy

How far down is it going to drop? The current price is about 7.75 times what it was when you called it a "scamcoin". Is it going to lose all of that value?

A sell-off seems like a pretty logical conclusion, but it feels unlikely that it'll drop all the way back down to where it was last month.
 

Edgar

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Anyone willing to sell me some crypto? I can’t wait 7 days for coinbase.
 

Edgar

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o well then I'd be in the same boat haha. Buying so I can transfer it to binance to buy more iota.
 
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