Thoughts on IOTA?

Thoughts on IOTA?

They claim to solve issues with the blockchain by implementing transaction approval into new transactions. No fees and no blockchain.

Will the technology succeed and replace blockchain, or is it a vulnerable shitshow?

sell at 4.75 buy at 3.9~ (f ya want)

xtrabytes does all this and isnt centralized

>They claim to
iota in a nutshell.

No I don't give a shit about investing. I'm asking about the tech.

You missed the thread about the problem once the centralized nodes get overloaded as their is no incentivization to mine or be a node

>MUH TANGLE!

We spent a while arguing with either a dev or someone who wanted to desperately to pump to sell their bags.

>You missed the thread about the problem once the centralized nodes get overloaded as their is no incentivization to mine or be a node

I was under the impression that because of the lack of blockchain the coin wasn't mined and that being a node wasn't optional because it was built into the transaction itself.

Sounds like they won't live up to their claims though, yeah?

xby is also a scam, so they have that in common

How so? Had never heard of xby until now.

Eh. I mean in theory it would be nice, but unless you a bunch of servers that your rich uncle gave you for free for perpetuity, the processing for the transactions has to come from some where.

BTC gets around this (despite being rather terrible at it), but giving people rewards for being nodes for the blockchain. Even when the last BTC has been mined in 100 years, the nodes will still get transaction fees for putting their cpu into the calculation process.

See... That's what bothers me about a lot of ICOs.

I got a saying... If you can't mine it, its a scam or might as well be.

Because if the mining isn't decentralized then it might as well be a bank or an MMO that makes Runescape gold or something.

And the CPU processing and electricity to do that has to come from some where. No amount of magic white papers will change the laws of physics.

I mean if you said... Everyone has to install a client and for the transaction you use a little of your cpu or something. Yeah... I could see that (or of like how torrent works), but unless you give people an incentive to do that full time, it doesn't scale.

salty seller now xby mooning they rage

>claim
thats all they do.

It's rising, but what's the potential here?

With IOTA the processing for transactions comes from whatever device wants to make a transaction. Everyone is a miner.

Problems I see are:
1. They are not using industry standard encryption like SHA-256. They are using an algorithm that they created that is untested. This is a huge red flag.
2. The tangle only works when each transaction mines and validates 2 previous transactions. This is very expensive to do however, and takes a moderate amount of processing power, so every IoT device has to integrate an extra processor capable enough of doing this.
3. The devs are pretty big dickheads. When MIT found a bug with their algorithm that let anyone steal anyone else’s money they just fixed the bug, didn’t change the algorithm and then after MIT published a paper about it IOTA put out a statement saying that the bug was put in there on purpose so that they would be able to sabotage anyone else if they stole their code. Even though their project is open source...

>TFW once had arround 500k XBY.

That's what I had thought. How will that affect transaction times? Do the transactions receive variable or fixed processing power?

40k usd today

So from this thread iota sounds like some super shady shit. How do I short it?

keep larping no-IOTA noiconer

except that they target IOT so doing PoW on that would take forever and burn its battery, hence why iota nodes exists

they brag about how spamming the network actually makes it faster, but since it is all going through the coordinator, you can still spam it and bring it down

>Yeah... I could see that (or of like how torrent works)
that's it.

Because IOTA is barely functioning and way overvalued. It's retarded really, I predict a slow bleed back to 50 cents or so.

>Also tangle is bullshit.

found the nocoiner OMEGALUL

Ballsdeep in ETH since $4. Stay mad bro. I don't need to chase pajeetcoins anymore.

>or is it a vulnerable shitshow?

this desu.

they came up with a "new innovative binary system for computers: trinary"
instead of only 0 and 1 in computer language, there is also a -1.

pure pseudo scientific garbage - since there is no technology for such a bullshit and all experimental devices the dev team comes up with first have to translate their "trinary" garbage to common binary.

it's over-ambitious and overvalued.
get out while you can.

IOTA is next level

I mean, trinary has been a thing for decades. I think they just are claiming to be the first to use it in a crypto.