IOTA - The revolutionary new cryptocurrency

[Boba]

When I discovered Bitcoin in 2012, I got this warm fuzzy feeling of excitement, and I just had to invest in some. And all this time since then I never bothered with altcoins since they hardly offered anything new that bitcoin couldn't do.

But then along comes the IOTA tangle system and completely blew my mind. How can you design a cryptocurrency without a blockchain? And without transaction fees? Without miners and without PoS? And to top it off completely scalable. Apparently the tangle system does away with the need for a blockchain and gives us the opportunity to transact with eachother completely free.

I think IOTA will give Bitcoin a run for it's money once it grows a bit more and is tested more unless the lightning network works as intended and will also give us practically free transactions. I'm hoping lightning network works as intended, but if not I have taken a small stake in IOTA as a hedge against Bitcoin failing.

Most of my holdings are still in Bitcoin, but I've invested some into IOTA since it is just about the only other cryptocurrency I believe in atm. Ethereum doesn't scale well and will loose in the long run I believe. All the privacy focused coins will loose to privacy features implemented in coins with more network effect. And don't even get me started on the copy cat coins and hardforks of bitcoin.

The warm fuzzy feeling is back and I'm gonna get rich with IOTA, I can feel it in my bones.

[Minergox]

Yes I agree but what gives the token value?

[Boba]

Yes I agree but what gives the token value?

Same as any other cryptocurrency, the community built around it consisting of users, developers, speculators, traders, investors, exchanges companies and eventually banks.

But the technology behind IOTA, the tangle is superior to blockchain technology, and when the broader cryptocurrency community sees this, they will also want a stake in it.

[dagget23]

We should not forget that bitcoin was created to be a new payment system. To replace fucking fiat. The fact that its being traded alone cant give a coin real value. People on the streets still have no idea what bitcoin even is. They dont care at all. Its only used for buying drugs and is used for money laundering and fraud. And thats it. Nobody is using it for anything else. You dont buy a pizza for bitcoin. You dont pay rent in bitcoin. You dont use it at all unless you buy some drugs. And that alone is the reason why BTC goes up. If I want to buy some drugs I NEED bitcoin. I dont care if a bitcoin is 2000$ or 5000$. I just get a bit to pay someone and my btc is gone again.

Now tell me. Put aside those fancy special super duper features of IOTA and tell me why I would buy it. Why would I buy it regardless of current price. Why is it of any value to anyone. If you cant, then you know that its just another shitcoin pumped and dumped till faded away along with your worthless fiat.

No offense. I would really like to know if it has true value. But right now I cant see it in any coin except of BTC.

[DragonSorbet]

Yes, Bitcoin was created to replace fiat -- but there isn't anything specific in Bitcoin that makes it better for that purpose than other cryptos. In fact, e.g. IOTA is technically much better for that purpose.

Two absolutely fundamental differences that make IOTA better: 1) Bitcoin is limited by the number of transactions that can be processed per minute and, consquently, 2) high fees. Even when Bitcoin implements the Lightning Network to largely solve the transaction rate limitations, there will still *always* be fees. Currently the fees are really high, but even if they would get much lower -- which is not the agenda by the Bitcoin Core developers, by the way -- lowish fees are still infinitely higher than *zero* fees.

Regarding the total value potential for cryptocurrencies, the World Economic Forum and e.g. Deloitte have estimated cryptocurrencies to be worth $5-10T by 2025. Everyone can then make their own estimates and bets on which currencies will get which share of that potential and why. But infinite scalability, super-fast transactions (once the volume on the network is high enough), zero fees, and quantum-resistant security are hard to beat.

Irrespective of how much of the everyday payment flow of people IOTA could capture -- in whatever future replacements/reincarnations of credit card readers in stores or 'crypto-based Paypals' -- there are also other value pools more specific to IOTA. Think of their most widely quoted use cases like charging of electric vehicles (and why not fuel also) -- or any other devices/machines/things that would interact with value. The companies running these services will need some amount of 'liquid working capital' in the system to keep the transaction streams flowing seamlessly. The total amount of working capital in the world in 2015 was $3.5T according to PWC. As the economy and enterprises become increasingly digital, new and more effective forms of electronic capital will increasingly take their share of this chunk.

To not give the impression that IOTA is the be-all-end-all of all cryptocurrencies, the thing IOTA can't do as well as some other cryptos are e.g. advanced (Turing complete) smart contracts, like Ethereum. But IOTA and Ethereum aren't really competitors, rather highly complementary. IOTA and Ethereum are the two that have a crystal clear role and value proposition in this emerging era, and big-name corporations are signing up to start developing and figuring out how to make this vision into reality. That's why most of my crypto holdings are in these two.

Just my 20c  (or in fact, a hell of a lot more)

[Morguk]

I agree wholeheartedly, IOTA is the only other crypto that has made my heart miss a beat since discovering Bitcoin back in 2013.

NO FEES AND IT SCALES.

I don't know how to argue with it.

[btccash24]

Yea good idea to invest in IOTA when it's low price

[Uhde]

I agree wholeheartedly, IOTA is the only other crypto that has made my heart miss a beat since discovering Bitcoin back in 2013.

NO FEES AND IT SCALES.

I don't know how to argue with it.

I also belive that project ls a sleeping giant with its value. It has a potential to be #2 market cap next year. They promise an alternative revolution for cryptoworld.

[WatchMaker]

Yea good idea to invest in IOTA when it's low price

The way to go buy low and sell high!
Not only IOTA but OmiseGo, NEM, Lisk, Tether, Bitshares e.t.c.
They are all great low price altcoins to make a lot profits in the future.

[Sadsong]

Whats the current price on this coin? Or link to whitepaper please! Much appreciated.

[Mockroach]

I agree wholeheartedly, IOTA is the only other crypto that has made my heart miss a beat since discovering Bitcoin back in 2013.

NO FEES AND IT SCALES.

I don't know how to argue with it.

no fees and scaling and no blockchain? ill have to do some reading on how that works

[tychovrahe]

I agree wholeheartedly, IOTA is the only other crypto that has made my heart miss a beat since discovering Bitcoin back in 2013.

NO FEES AND IT SCALES.

I don't know how to argue with it.

no fees and scaling and no blockchain? ill have to do some reading on how that works

It uses DAG - directed acyclic graph, not only crypto that uses it though. You can start by reading the whitepaper https://iota.org/IOTA_Whitepaper.pdf

[VuValley]

If you dont want to dig into the WP hear is the one of the best breakdowns of IOTA I have come across. Edges on slightly technical however its worth every word


IOTA & the Post-Blockchain Era
David Sønstebø, co-founder of IOTA, discusses this next-generation post-blockchain platform designed to serve as the backbone for the Internet-of-Things (IoT).

https://soundcloud.com/arthurfalls/ether-review-69-iota-the-post-blockchain-era

[d0r10n]

Big dips recently due to security vulneralbility found recently in their home-rolled crypto algo

https://www.coindesk.com/broken-hash-function-iota-price-drops-on-tech-critique/

A deeper look into it - https://hacked.com/iota-update-tangled-web-home-rolled-cryptography/

Makes me trust them less due to the way they tried to squirm out of this issue, not completely transparant..

[d0r10n]

More info from one of the MIT researchers who found the vuln - https://medium.com/@neha/cryptographic-vulnerabilities-in-iota-9a6a9ddc4367

FYI I'm not trying to create FUD, I was actually looking to get some IOTA myself and was researching.

I'm slightly concerned actually since i got some BitDice ICO which is going to be using the IOTA ledger for their microtransactions.. eeek.. 

[VuValley]

Big dips recently due to security vulneralbility found recently in their home-rolled crypto algo

https://www.coindesk.com/broken-hash-function-iota-price-drops-on-tech-critique/

A deeper look into it - https://hacked.com/iota-update-tangled-web-home-rolled-cryptography/

Makes me trust them less due to the way they tried to squirm out of this issue, not completely transparant..

I believe they were transparent on the issue, granted they didnt field the scrutiny well. There was a hole a few months back and they fixed it. This is standard operating procedure for development. The "critique" got completely overblown and the blogsphere amplified it. Also MIT's DCI is under review for possible involvement in market manipulation as a result of how the information was distributed.

Heres the source of the controversy without any editorial liberties


CFB's letters to Neha Narula's team during their analysis of Curl-P hash function

https://gist.github.com/Come-from-Beyond/a84ab8615aac13a4543c786f9e35b84a

[Lucacrebbe]

I agree wholeheartedly, IOTA is the only other crypto that has made my heart miss a beat since discovering Bitcoin back in 2013.

NO FEES AND IT SCALES.

I don't know how to argue with it.

 there  are  other  criptosare also scalable

[Mockroach]

I agree wholeheartedly, IOTA is the only other crypto that has made my heart miss a beat since discovering Bitcoin back in 2013.

NO FEES AND IT SCALES.

I don't know how to argue with it.

no fees and scaling and no blockchain? ill have to do some reading on how that works

It uses DAG - directed acyclic graph, not only crypto that uses it though. You can start by reading the whitepaper https://iota.org/IOTA_Whitepaper.pdf

DAG, I will have to check into that part and pay close attention to how it works

[kryptqnick]

When I discovered Bitcoin in 2012, I got this warm fuzzy feeling of excitement, and I just had to invest in some. And all this time since then I never bothered with altcoins since they hardly offered anything new that bitcoin couldn't do.

But then along comes the IOTA tangle system and completely blew my mind. How can you design a cryptocurrency without a blockchain? And without transaction fees? Without miners and without PoS? And to top it off completely scalable. Apparently the tangle system does away with the need for a blockchain and gives us the opportunity to transact with eachother completely free.

I think IOTA will give Bitcoin a run for it's money once it grows a bit more and is tested more unless the lightning network works as intended and will also give us practically free transactions. I'm hoping lightning network works as intended, but if not I have taken a small stake in IOTA as a hedge against Bitcoin failing.

Most of my holdings are still in Bitcoin, but I've invested some into IOTA since it is just about the only other cryptocurrency I believe in atm. Ethereum doesn't scale well and will loose in the long run I believe. All the privacy focused coins will loose to privacy features implemented in coins with more network effect. And don't even get me started on the copy cat coins and hardforks of bitcoin.

The warm fuzzy feeling is back and I'm gonna get rich with IOTA, I can feel it in my bones.

I bought some IOTA as well just to hold it for the better times. Even though nowadays there are lots of coins and it's rather hard for a new one to offer something truly innovative and worth believing in, I honestly thing IOTA did it! I mean, really this graph system instead of the chain of blocks is really something to take a look at. Unfortunately, IOTA is not really considered that important nowadays and we can see it falling down a lot, but I certainly hope you are right and we'll get rich because of it.

[Mockroach]

When I discovered Bitcoin in 2012, I got this warm fuzzy feeling of excitement, and I just had to invest in some. And all this time since then I never bothered with altcoins since they hardly offered anything new that bitcoin couldn't do.

But then along comes the IOTA tangle system and completely blew my mind. How can you design a cryptocurrency without a blockchain? And without transaction fees? Without miners and without PoS? And to top it off completely scalable. Apparently the tangle system does away with the need for a blockchain and gives us the opportunity to transact with eachother completely free.

I think IOTA will give Bitcoin a run for it's money once it grows a bit more and is tested more unless the lightning network works as intended and will also give us practically free transactions. I'm hoping lightning network works as intended, but if not I have taken a small stake in IOTA as a hedge against Bitcoin failing.

Most of my holdings are still in Bitcoin, but I've invested some into IOTA since it is just about the only other cryptocurrency I believe in atm. Ethereum doesn't scale well and will loose in the long run I believe. All the privacy focused coins will loose to privacy features implemented in coins with more network effect. And don't even get me started on the copy cat coins and hardforks of bitcoin.

The warm fuzzy feeling is back and I'm gonna get rich with IOTA, I can feel it in my bones.

I bought some IOTA as well just to hold it for the better times. Even though nowadays there are lots of coins and it's rather hard for a new one to offer something truly innovative and worth believing in, I honestly thing IOTA did it! I mean, really this graph system instead of the chain of blocks is really something to take a look at. Unfortunately, IOTA is not really considered that important nowadays and we can see it falling down a lot, but I certainly hope you are right and we'll get rich because of it.

It's still really important, I hear all my crypto friends bring it up all the time, even ones who only hold btc