/biz/ - Business and Finance

ICO is always a bad sign especially if it is a closed ICO. You end up with 20 wallets owning 2/3 of the issued coins and the devs booking a flight to the carribean with their millions. If it fails, nobody goes to jail. Bernie Madoff would be proud of the modern day scammers.

Then again, IOTA trading volume and price have gone down over the past week and there seems to be less interest in it. I guess the whales are waiting for a hype so they can cash out at 1$ and take their profits

Anyways, I am waiting for Radix, sounds more promising and revolutionary

IOTA was up 10% today

pretty much any crypto as well

what is happening?

>>1629

sure why not

This coin appears pretty legit.

The devs are crypto veterans. The lead dev Sergui is the guy who did the first successful implementation of PoS with NEXT. He's now moved on to this coin and they've spent the years since ICO really their product developed and building industry relationships. They got a bunch of whales to chuck in and fund a partnership called "The Big Deal" where they gave billions of IOTA to companies that would have a use case for the coin like telecommunications, manufacturing, identity and let them experiment. They've recently released some of their industry partners working with them in the trusted iota alliance which includes BOSCH, Cisco, Innogy, Rootstock, Huawei.

Raiblocks and Byteball are the only two other DAG coins out there and though they may arguably have better distribution models, neither have those kind of industry partners. The tangle (their DAG) is blockchain 3.0. A settlement layer for the internet of things where data can be securely transmitted for zero fees from remote sensors and oracles.

This is probably the coin I am most confident about, but also probably the most concerned about because of the implications of having that kind of tech out in the wild. Drones, cctv, mindfuckery, parking, fines, super lightweight client meaning microchips could interact with the ledger. Not that all crypto doesn't have a NWO cashles society feel to it, but pretty much this one feels like legit mark of the beast technology. I will not hold this coin for ever and will be looking to cash out into physical assets like property, means of production, food water and energy sovereignty as this coin becomes more widely adopted.

>>1777

Considering it is targeting IoT, it has my concerns with surveillance, etc. I will probably never buy an IoT device. I checked around the forums where some application developers sometimes share their ideas.

Came across

https://forum.iota.org/t/identity-of-people/2629

However, the 3rd post to the thread makes things less menacing since IOTA sending addresses are one time use only. So hypothetically, if people are verified by one time use address transactions instead of personal information, it seems like an upgrade.

I've been looking at this coin for a while. The truth behind it's statement for decentralization is that it is currently centralized with a network coordinator. This also allows the developers complete control of the network such as changing address balances. This network coordinator is said to be a temporary thing to help the network while its young but we have to trust that the developers take it down and never redeploy it again.

For an actual instance of the developers changing address balances. They did this for roughly 4 occasions.

>2.3.0 to 2.4.0 transition phase

>curl implementation update

>another transition phase in October

>if the address was reused

If a wallet missed the transition phase or reused an address, it's funds were taken into custody by the IOTA Foundation. Where after users are expected to use the reclaim tool in order to submit their old seed.

>>2227

Then that shit isn't decentralized. Bootstrapping the network is one thing, but AFAIK said coordinator isn't even open source.

Don't take me wrong, I want to like IOTA and I dipped a bit of play money into it, but I don't see it going it far.

>>2232

Of course it isn't. I wanted to like IOTA as well given the promises. But I also think the current scene of investors aren't too concerned with decentralization it seems- you have many of them brushing off concerns with IOTA, et al.

>>2227

wow, what a shitcoin.

If it doesnt work as its supposed to, they shouldnt hype it.

I think any coin that depends on a foundation is a get rich quick scheme.

If IOTA can be censored by the foundation, there is no point in even using IOTA.

IOTA can do faster transactions than Bitcoin?

Well so can amazon. I just click on a dash button and new washing powder is ordered instantly.

Just to follow up on the reclaim issue that many "early" holders are experiencing. No one has anything back yet. It's probably been 3 weeks since the reclaim tool has been released.

https://forum.helloiota.com/1242/Reclaim-Status

The timeframe that someone has had their assets frozen is probably 2 months at most by now. The common excuse is that IOTA is a beta and etc, but about every cryptocurrency has a testnet for precisely that.

>Internet of Things, being internet integration with mundane appliances such as toasters, microwaves and cars, has been criticized as extending surveillance. The developers seek in some way to cater to that sector.

My concern here is: Why does IOT need IOTA?

Why does IOT even need any "cryptocurrency"(If thats what IOTA can be called)?

I think what we see here is typical for most altcoins, they propose some cool stuff, and then say thats what their token is for.

Like "well, how about carsharing? and guess what will be the currency of carsharing? Its gonna be our new token!"

They are just claiming something without giving you any reason why that something needs them.

Why would the Internet of Things use IOTA?

Lets see on the Website of IOTA:

"As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees."

I dont understand that.

Do all the IOTA buyers even understand that? Are they smarter than me?

Or is this just some nonsensical gibberish?

can someone explain what IOTA is useful for?

>>2293

I bought this when it came out because I thought the Tangle was a legitimate solution to the issue of Bitcoin scaling. That's as a general thing, but I accepted that to distinguish itself, it catered to IOT devices. As a side thought, that's good- IOT devices are typically low resource, so if a cryptocurrency can run on that, then it's a good indicator for some regular home computers.

It was about 15k-17k sat when I bought in. So I've seen it drop down to 8k sat. Now I see it's 25k sat, and I would absolutely love to cut my bags lose at this moment and dump everything for a decent profit, but I can't because my balance is completely gone (0) for missing one of the first transition phases. If I knew they were even close to capable of this shit, I wouldn't have bought any in the first place.

And I missed the transition phase not because of not being diligent, the transition transaction literally never completed within the week I broadcasted it and became effectively canceled. So I've been waiting since September (?) to at least get my iota back. I ran both parts of the reclaim tool when the wallets were released, and it was said a week after they'd start processing reclaims; that was around mid-November, except now it's December and I still literally have nothing.

I've had the thought.

So if a lot of the early buyers do get their funds back, can we expect them to dump the price down? They, or at least a lot of them (~10% of supply), essentially have been prevented from selling during the bull run to $5 (don't remember the sat price, but they would've profited there as well).

I can expect many are not happy with the situation and IOTA Foundation.

>>2295

As an update to this, I actually got my funds back. This whole issue still shouldn't have happened to begin with.