/biz/ - Business & Finance

Is IOTA just one big confidence trick?

Cannot stand it anymore, why is this the only coin not moving up these days?

Why in the fuck cant this shit stop falling and falling? Bought at 4.5$ ffs...that fucking Rai shitcoin that got its major exchange hacked or whatever is fucking raising after that ffs.

Biz please help me relax.

Say goodbye to $4.00 forever boys

ITS PUMPING AGAIN LOL


TIME FOR YOU TO MISS OUT, YET AGAIN.

STAY BROKE

Why does this make eth holders so mad?
Isn't this something completely different from smart contracts?

ITS HAPPENING AGAIN.... PUMP. PUMP. PUMP

GOING TO MISS OUT AGAIN?

IOTA is fundamentally broken.
It's a PoW crypto that uses a dag (ok). Hype aside it's a minor change that's equivalent to transaction chains in Lightning Network or Raiden, offering exactly the same advantages (asynchronous) and disadvantages (lower security). Where iota breaks down is assuming a model with everyone mining their own transactions can work.

What PoW means in practice is that cost spent on mining = security. Ie. $100 fees per hour? Spend >$100 (in energy used for mining) to rewind these transactions. It's better with asics as that adds 'has access to asics'.

The reason PoW currencies currently work is because cost is shared among every owner due to inflation - with it, total cost per tx in bitcoin is $81.91. Iota is economically exactly like Bitcoin without any block reward, which requires every transaction to pay a very high fee (in energy used for mining) for any reasonable security.
Firstly, it requires every iota sender to be _able_ to do that - which means high-speed hardware capable of mining and access to required energy. A premise fundamentally incompatible with light IoT devices.
Secondly, the fee market doesn't work due to the free rider problem. Everyone is going to use low fees (=low PoW expenditure) hoping that a high-fee transaction confirms it, or lots of other low-fee tranactions. Which means no high-fee transactions, which means no security at all.

That's why there's a coordinator. It's never going away. The fundamental design is hopelessly broken.

Yet because there's no inflation there's no new supply on the market, ownership is extremely centralized (ie. few whales own almost everything) and few speculators care or understand why iota can't work. So it can moon. Just remember that it's fundamentally a shit product and if you buy you're only looking for a bigger fool.

FUCK GUYS I BOUGHT 5GIOTA AT 0.40$ AND WONT TO TAKE PROFITS BUT IM AFRAID I WILL FOMO BUY BACK WITH A LOSS.

WHAT DO I DO???? HELP ME

BEEN WARNING YOU FAGGOTS FOR THREE STRAIGHT WEEKS NOW INCLUDING THIS MORNING BEFORE IT UP 20%.

I WANT ALL YOU FAGGOTS THAT DIDNT LISTEN, SPREAD FUD, AND CONSEQUENTLY BIT THE BULLET TO BE A MAN AND APOLOGIZE TO YOUR NEW KING IOTA.

ALL MAJOR SELL WALLS DOWN THERE IS NO MORE STOPPING THIS GUYS, MAKE SURE YOU HAVE AT LEAST 1 GIOTA BEFORE WE GO INTO 2018.

thoughts on iota?

Thinking of buying some IOTA but im paranoid. Do the partnerships with Microsoft, Bosch and Fujitsu mean anything or is it just a meme and hype?

What is a criticism of IOTA?

tfw successfully bought the dip.