Nice discussion here on IOTA. The more users the better the tangle becomes.
Value increased recently after the announcement of talks with names like Microsoft, Cisco, Volkswagen and Samsung to test data storage using the tangle.
I followed IOTA during the ICO. It has just now climbed back into 5th place (by market cap) of all cryptos. During the ICO it raised a significant amount of funds and joined the market in 8th place. It dropped out of the top 10 until recently and it is going to be interesting where it will go from here.
In it’s short life I have noticed that MIOTA’s demand/value do not have a strong correlation to other cryptos. Will it overtake Ripple by the end of the day? End of the week? Can it hold that place?
If they can improve the wallet/fix the transaction pending status and list on more exchanges - then it will continue to gather traction - the recent (Coinone) Korean listing was very positive.
Looking forward to be using it for real life applications.
I agree with all of the above. It would be great if they could make a nice wallet, now its definitely the scariest holding wallet I have ever used.
Guys, am I the only one who thinks that iota is just another speculation?
The price went so high last days… because of what? News about something? Pure speculation bmho.
I don’t want to offend anybody here. I am just thinking. It’s a discussion.
I did read parts of the code and the technical / programmatically how are they doing the “transactions”: guys, something there is very disturbing! At least for me. It doesn’t seem right to me - 6th sense. It’s so complicated with so many “if” that looks like the bugs and holes will be thousands.
Whole my life I’ve been taught to write simple and easy to follow code and procedures. And IOTA is all but that.
I like the idea! For sure.
There are many ways to overcome the bitcoin-like limitations - I bet on this. But doing 2 transactions for every transaction because you have to generate new private key each time because you reveal part of your existing private key on each transaction and to send a transaction /you have to do two/ you have to sign two others which are also willing to send and waiting to sign two others… did you see where I’m going? Egg/Chicken problem implemented? I bet this whole IOTA software will be broken once it reaches price high enough for the hackers to be interested. And IOTA will be forced to change all the software.
Hi Guys,
my understanding that iota can not be mining and that it has a fixed supply of 2 779 530 283 277 761 units.
My question is simple: who owns IOTA.
The mining process in blockchain currencies is a litte democratic as every one can mine at least at the begining.
But as iota can not be mined, some people must own iotas. That make them very powerful if iotas succeeds.
The coordinator has been obsolete by now right? After the MIT found out about the curl hashing function collision and Iota moved to the industry standard one. So it should be truly decentralized.
I don’t think so… From what I’ve heard the coordinator should still be running but will be turned of soon
Hey Jepb100,
Can you give me some insight into the reason anyone would buy IOTA? You know I understand cryptocurrency markets and that’s not what I’m talking about.
I mean, Ripple makes money on transaction fees, and Ethereum miners get gas, but everyone who will use IOTA will do the work of the Tangle as their contribution to the system. No one gets paid, which is great, but what is the purpose of the cryptocurrency?
Any insight you can provide would be greatly appreciated.
Mark
Hi Mark! I have my own personal reasons why I don’t buy IOTA but in honor of Grant Cardone’s tweet today “If you want to know the truth, surrender your opinions” here is my suspension of belief.
Instead of looking at value measured as payment for moving money lets 10X the concept and consider the value of the ability to harness and take advantage of the compression of time and space. The vision of IOTA is a viral whack a mole of infinate pathways and possibilities moving money and data in the same time and space, a structure not unlike the human brain. Frankly the vision is beautiful. The velocity of transfer of value will compress our physical understanding of time. The invention of the microwave oven is one practical example of this. I wonder if the inventor realized that the simple act of cooking my TV dinner in 10 minutes would change my expectations of the value and perception of scarcity of time in other areas in my life.
I believe space will cease to exist if time and physical distance become meaningless especially if the sheer uncomprehensible volume of transactions traversing the network are like raindrops failing in the same time and space in a layered fashion in so much so that we can no longer see the rain or the very act of rain falling but instead just see “water”. Imagine for every second you are alive you are receiving value and providing value anywhere in the world instantly. Space is now equally compressed.
To be able to own access to that type of value…
It is possible that IOTA can actualize this vision singularly, collectively with others or not at all. To buy digital currency/assets in general is to support and own early access to this vision before it becomes a reality. I hope my thoughts added value to this discussion.
@Danislav I share your concerns and I would go so far to say it is broken now. I could be 100% right at this very moment and be %100 wrong at the same time. The lifeblood of IOTA is its community. Human beings caught in the act of creation; an expression of nature. The act of living as nature through time is like running your finger across the edge of a very sharp knife, you are most likely to bleed. Nature is sharp and we don’t come away from living life unscathed. We can have a fixed idea of the state of things and then be suprised by a different outcome/state of things almost like we have been stabbed in the back when in reality we have been bleeding all the time. We just simply missed the fact that the state of nature is not fixed but in flux. Our consciousness and continued expression of said consciousness is viral in nature. At some point given enough time viruses succeed even when being wrong due to their iterative attempts in failure. Software reiterating while learning from failure is no different. IOTA can be broken now and at the same time not be and I find that interesting.
I would like to sell data on the IOTA marketplace. Is IOTA also a transportlayer for information? If I have a IOT sensor value. Can I send information over the IOTA network? Or what protocol is used to send the value?
Your thoughts always add insight, and I appreciate the passion you have for a grand scheme of things.
In addition to this beautiful articulation of the vision of the tangle and potential impact on the time-space continuum, I was wondering if you know the answer to my basic question.
Is IOTA the only means of transferring monetary value on the tangle? Is it the equivalent of XRP on RippleNet?
Thanks again for your thoughtful comments. I enjoy our exchanges and wish I had more time to spend on them.
what is the future of iota?
@MarkKos Mark, I am sorry I think I dont understand the question. I thought the tangle is specific to IOTA so in a way yes, Iota is the only way to transfer value across the tangle. I am not knowledgeable on a technical level with any coin, so hopefully i am not a complete idiot by saying that the interledger hyperledger marriage concept is exciting as this will make discussions of value isolation of disparate blockchains obsolete.
Correct, the tangle is specific to IOTA, IOTA is both the network and the name of the coin they’ve build on top of the Tangle’s “blockless blockchain” (it really needs a better description).
But it doesn’t equate to XRP on RippleNet, Ripples are burned when transactions are performed, there is no burning of IOTA. The correlation between these two sits in the fact that all coins have been premined. There are some fundamental differences:
Ripple: uses a distributed agreement protocol to order transactions (I.e. it puts them in logical order), essentially this means a group of nodes agrees on which of the two transactions comes first, and then includes that transaction in the blockchain. They have found that this type of ordering is sufficient to counter double spend problems. It is both a permissioned and permissionless blockchain. Permissionless in that anyone can operate a node and as such create transactions and as long as your node doesn’t conduct fraudulent transactions your node can operate. Permissioned in that in order to become a trustworthy node, you need to undergo a KYC process.
Tangle: is a directed-acyclic-graph (DAG) which is to a large degree asynchronous and which uses weight to achieve a confirmed status. As transactions are created in the IOTA Network, they get attached to the tangle, a weight is added to each transaction (at the start) and to ancestor transactions (the chain of transactions that connects the latest one to the genesis block, using a height). When a transaction accumulates sufficient weight in this manner, it will exhibit a confirmed status.
So a transaction has its own weight (proportional to the amount of work that the issuing node invested in it), it has a score (the sum of its own weight and all the transactions (sites) that approve it), it has a height (the longest possible path connecting it to the genesis block, the height is fixed upon creation), it has a depth (the length of the longest reverse oriented path to any tip, which upgrades constantly).
So as more new transactions are added, your transaction increases in cumulative weight and it increases in score; the cummulative weight is the transactions own weight and the weight of the transactions that validate it.
@iwan.spillebeen Iwan, anytime you want to drop the mike, feel free, I’m happy to sit myself down 
Now this is an answer! I want to understand and I know I have a question about the DAG concept but I need to read/assimilate more first. I may be back.
Sorry, I really do read too much about this stuff 
I’ve been looking into and comparing different blockchain technologies for a while now and get a bit carried away sometimes 
Sheepishly puts the mic back on the stand and exits stage left
I think IOTA is an interesting approach from a technology point of view. There are no miners as everybody who sends a transaction needs to mine in order to send a transaction. The tangle might be a powerful alternative as a consensus algorithm. Also the inverse scalability problem assupmtion is interesting (the higher the scale, the better it works).
However, this stuff does not work. I downloaded the android app and it just does not work. It is too slow and there are too many flaws. Also I dislike the address system (you can only use every address once or the money is gone). I have mixed feelings about it.
I understand that IOTA in this respect is like Bitcoin. There will be no benefits for holders in forms of transaction fee dividends. Think about the gold metaphor: why should gold be worth anything if it does not pay you?
I hope this is the answer to your question.
My problem is not that it currently doens’t work, it is with the IOTA team’s approach to it, they know it doesn’t work, they’ve invested no time / money into the wallet / app and don’t have any immediate plans to do so. They’re testing their tech right now, which does seem to work reasonably well, and their stance is that if you want to participate as a general member of the public, you just need to be smart enough to know how to do it.
That also really transpired in Ivan’s interview with David Sønstebø
I like this question. There are two answers to your question:
- Transaction perspective: There is a reason to mine and put work into the IOTA network in order to be able to use it.
- Hodling or store of value perspective: I do not have an answer. I guess there might be no reason to hodl.