Does anyone truly understand IOTA?

[Come-from-Beyond]

From the lack of answers in this thread, the answer is No.

Not even the main devs understand it, they are working on solutions for the mentioned obvious problems of PoW on IoT, or achieving global consensus and trustless DAG-coin.

Coordinator, so far they took a short-cut and they cant provide an answer when if ever it will be turned off.

The answer was provided. Unfortunatelly, not everyone got it.

[SatoNatomato]

From the lack of answers in this thread, the answer is No.

Not even the main devs understand it, they are working on solutions for the mentioned obvious problems of PoW on IoT, or achieving global consensus and trustless DAG-coin.

Coordinator, so far they took a short-cut and they cant provide an answer when if ever it will be turned off.

The answer was provided. Unfortunatelly, not everyone got it.

What a breakthrough that must have been in the last 30 min, since I checked, then the IOTA Centralized Coordinator was still active! Amazing! Such progress you and your coin made in only 30mins! /sarcasm

[Come-from-Beyond]

What a breakthrough that must have been in the last 30 min, since I checked, then the IOTA Centralized Coordinator was still active!

You probably forgot that IOTA is decentralized and we can't force users to go without Coordinator. Every user will decide himself when it's time to go without Coordinator.

[buharikx31]

The best future that have IOTA it's no fees for transactions, and they describe how it works on there website. But it's really complicated explained to the people and only people who have good mathematical skills can calculate that formulas

[shirokumo]

This article gives a good analysis for understanding IOTA:
https://hacked.com/ico-analysis-iota/

[SatoNatomato]

What a breakthrough that must have been in the last 30 min, since I checked, then the IOTA Centralized Coordinator was still active!

You probably forgot that IOTA is decentralized and we can't force users to go without Coordinator. Every user will decide himself when it's time to go without Coordinator.

Really man, Why did you force your users to switch from Curl to SHA3? You called it a "network upgrade".

IOTA with a Coordinator is a shit scam coin worse than using fiat with banks.

[berrygood]

I have not also completely understood IOTA technically but I think it is good coin, you should look at the analysis of theymos in his thread

[Come-from-Beyond]

IOTA with a Coordinator is a shit scam coin worse than using fiat with banks.

Not sure your words are true taking into account that you put all your money into Byteball right before the crash. Do you think by posting here you can affect the price positively?.. Let's check it, would be an interesting experiment!

[Febo]

Let's leave price aside.

IOTA promises to have found the holy grail - infinite scalability with zero transaction fees.

If that is truly so, then screw just the IoT usage, such a system should replace every imaginable form of value transaction known to humanity.

Questions that arise from it are:
1. What is the mechanism behind such an ingenious discovery?
2. How come nobody came with the idea before (there must have been some bright minds within blockchain technology who understood the scalability and fee problem and never came up with solution)?
3. What prevents other coins from implementing such a revolutionary design?
4. Can other coins with established market caps and track records switch to such a design?
5. Who secures the network if there is no fee-incentive?

It dont really work so ...
Technology existed before and this tangle thingy is called different in Bitcoin.

But in general everyone has rights to innovate.

[SatoNatomato]

IOTA with a Coordinator is a shit scam coin worse than using fiat with banks.

Not sure your words are true taking into account that you put all your money into Byteball right before the crash. Do you think by posting here you can affect the price positively?.. Let's check it, would be an interesting experiment!

Ive made money on both Byteball and IOTA, seeing how there is no lack of retarded sheep willing to swallow your hype and scam IOTA.

One of these, Byteball, will be around in 2050 the other long dead and inactive just like your previous coin Nxt.

[Come-from-Beyond]

Ive made money on both Byteball and IOTA

I know, this is why you swing from talking shit to praise IOTA. I can gauge your current IOTA holdings just by checking your last post about IOTA. Right now you sold all iotas and want to buy cheaper. 

[SatoNatomato]

Ive made money on both Byteball and IOTA

I know, this is why you swing from talking shit to praise IOTA. I can gauge your current IOTA holdings just by checking your last post about IOTA. Right now you sold all iotas and want to buy cheaper. 

Sold all my iotas which I bought to test back in 2016, a mistake, like so many others make, to belive the marketing instead of checking technology first.

As you said, iota is worthless without the closed source Coordinator.

[baam25]

The tangle technology from my perspective is theoretical but potentially revolutionary. If it succeeds the repercussions could be massive.

Truth is many people dont care about the tech, they just want to know how much money the speculation on it is going to make them

[craZyLovE0916]

I read a post from Theymos yesterday which states IOTA actually has some decent technological innovations over Bitcoin called Tangle. Although I do not understand it... so can't offer much more than that.

[Come-from-Beyond]

Ive never praised iota

I need an incentive to dig for that quote. How much will you pay me?

[Xxmodded]

I believe IOTA will go to the moon, look at the concept they describe, I am still studying and investigating about IOTA, but I started to like this. It looks like it will have a bright future prospect.

[SatoNatomato]

I read a post from Theymos yesterday which states IOTA actually has some decent technological innovations over Bitcoin called Tangle. Although I do not understand it... so can't offer much more than that.

Quote or take your lies elsewhere, shill.

[SatoNatomato]

I believe IOTA will go to the moon, look at the concept they describe, I am still studying and investigating about IOTA, but I started to like this. It looks like it will have a bright future prospect.

Read my criticism of iota on this forum.

There is nothing wrong with the ambition, the vision, IoT, but the technical implementation, the "PoW on IoT" and "The Tangle" is oxymoronic at best and retarded at worst.

Currently and past 2 years IOTA is more centralized than PayPal, without the Coordinator iota is worthless according to its main dev.

[Keihatsu]

If it seems too good to be true, it is too good to be true.

I don't understand it. So I have stayed away.

Nice thread though.

[zoom_rich]

Let's leave price aside.

IOTA promises to have found the holy grail - infinite scalability with zero transaction fees.

If that is truly so, then screw just the IoT usage, such a system should replace every imaginable form of value transaction known to humanity.

Unfortunately that is a claim I have seen no evidence to support.  A transactional DAG still relies on a global state to ensure double spends can't happen, thus its still vertical in nature even though the architecture promotes horizontal scaling.

Ultimately the problem of scale comes into effect when you try and shard it.  The structure of the transactions within the DAG is shard-friendly, but the consensus is not.

Lets say we shard a DAG into 2, and I present a transaction on the strongest tip on each shard.  Unless there is still a node that has both shards, the transactions I presented will validate in each, thus a double spend.

The 2 shard example is very simple, but as it scales you'll have less overlap between shards as nodes scale back how many shards they can support, thus the possibility of double spends going undetected increases.  Auto-detecting shard availability and overlap is an NP-Complete problem...i.e expensive!

Does IOTA have a mechanism to mitigate this?  I don't know and for my example I'm talking about a pure DAG implementation.  If there is a solution it will likely be a form of master node that witnesses all transactions within the network / batch of shards and alerts on a possible double spend across shards.  Not really ideal IMO.

The good news is, I researched and implemented similar architectures a number of years ago now and it certainly WILL scale better than a block chain (a lot better), and the lack of a global state won't become a problem for quite some time.  IMO though, it's no holy grail, just step forward in the right direction.

Questions that arise from it are:
1. What is the mechanism behind such an ingenious discovery?
2. How come nobody came with the idea before (there must have been some bright minds within blockchain technology who understood the scalability and fee problem and never came up with solution)?
3. What prevents other coins from implementing such a revolutionary design?
4. Can other coins with established market caps and track records switch to such a design?
5. Who secures the network if there is no fee-incentive?

1. Not sure what the question is.
2. They have, DAGs have been around for a while, using them in a decentralized transactional nature is fairly recent and so development has taken the time.
3 & 4.  Can't be done, they are TOTALLY different architectures.  It'd be like trying to install a combustion engine into a horse to make the horse run faster.
5. Thats IOTA specific, so I can't really answer it.

I remember your name from a long time ago. Aren't you the creator of eMunie? What's going on with that?