[semibaron]

As people are quite interested in crypto currencies, I would like to give you guys a hint on IOTA, a very promising coin.





The special thing about this coin is the architecture, which ISN'T Blockchain based, but build on a Directed Acyclic Graph (DAG) - The Tangle.

Differences vs Blockchain:
IOTA has no mining, no blocks, no difficulty
IOTA has no transaction fees
IOTA scales almost infinitely, unlike Blockchains

The Tangle:


Read up a well written introduction here: http://www.tangleblog.com/what-is-iota-w...he-tangle/

Further Links:
Roadmap: https://blog.iota.org/iota-development-r...741f37ed01
Consensus explanation: https://forum.iota.org/t/iota-consensus-...class/1193
Whitepaper: https://iota.org/IOTA_Whitepaper.pdf
Distribution: https://medium.com/@IngoFiedler_96862/io...e92cf15eea
Slack: https://iotatangle.slack.com

[semibaron]

Short-term upward potential is given by adding the coin to further exchanges.

Currently, IOTA is tradable only on Bitfinex, which supports an USD/IOTA pairing, next to BTC/IOTA and ETH/IOTA pairings.



However, crypto markets are the strongest in East Asia. Japanese Yen, Korean Won and Chinese Yuan make up the bulk of crypto volume.






Conclusion: There might be a substantial increase in value of the IOTA token as soon as further exchanges start listing it.

[NewMeta]

Thanks for this, I guess you saw my post in the ETH thread, I will probably buy in today in which case and see if the addition to the other exchanges bumps up the prices.

Do you have rough dates on the exchange additions?

[semibaron]

(08-21-2017 11:12 AM)NewMeta Wrote:  

Thanks for this, I guess you saw my post in the ETH thread, I will probably buy in today in which case and see if the addition to the other exchanges bumps up the prices.

Do you have rough dates on the exchange additions?

Here a recent statement from one of the developers:



So rough date: Soon

[NewMeta]

Cool thanks dude!

[Biz]

Bitfinex is banning U.S. accounts

Quote:

Announcements > Service Changes for U.S. Customers (Amended as of August 12, 2017)
August 11, 2017
Bitfinex is making changes to the services we provide to U.S. individuals. These changes impact the verification process and trading of certain digital tokens for U.S. customers. Some changes are effective immediately, and others will be gradually implemented in the coming weeks.

Suspension of U.S. Individual Verification Requests

We regret to announce that, effective immediately, we will no longer be accepting verification requests for U.S. individuals.

We have for some time considered pulling away from the retail marketplace in the U.S., and now with a current backlog of verification requests and ongoing difficulties in providing USD deposit and withdrawals for U.S. individuals, we feel that the time has come to begin disengaging from U.S. retail customers.

Several factors have gone into this decision:

While we have been able to normalize banking for some corporate customers and individuals in certain jurisdictions, compliant banking solutions for U.S. individuals remain elusive. We have been slowly and selectively inviting users in particular jurisdictions who meet set criteria to start using banking channels that have come online. This process is ongoing.
A surprisingly small percentage of our revenues come from verified U.S. individual accounts while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.
We anticipate the regulatory landscape to become even more challenging in the future.
Bitfinex is not based in the United States. Exchanges based in the U.S. are better positioned to properly service retail U.S. customers.
We are thankful to all of our loyal U.S. customers that have consistently traded with us but, unfortunately, we have an obligation to our whole customer base and to our shareholders to make rational resource allocation decisions.

Furthermore, over the next 90 days, we will be discontinuing services to our existing U.S. individual customers. We will be communicating further with affected users on timing and specifics. Our intention is to reduce disruption as much as possible for our U.S. customers.

We will continue to take advice and implement further changes as circumstances warrant.

Restrictions on U.S. Persons Trading Certain Digital Tokens

Bitfinex will be barring U.S. customers from trading ERC20 tokens issued through "ICOs." That ban will go into effect at noon UTC on Wednesday, August 16, 2017. No trading of these tokens will be allowed for U.S. customers as of that date and time. Please note that nothing in this announcement should be taken as fact or opinion that any such ERC20 tokens are a security pursuant to U.S. law or require regulation under U.S. law.

Once again, we regret any inconvenience this change in policy might create.

[newguy]

Protip: make another bitfinex account and don't verify that you are a U.S. resident.

[Thomas the Rhymer]

Correct me if I'm wrong, but can the creators of this currency create more currency on demand? Is that what 'infinitely scaleable' means?

Is this basically the fiat-version of bitcoin?

[Bill Brasky]

(08-23-2017 12:29 AM)newguy Wrote:  

Protip: make another bitfinex account and don't verify that you are a U.S. resident.

I think they can detect the ISP.

[CleanSlate]

(08-23-2017 11:59 AM)Bill Brasky Wrote:  

(08-23-2017 12:29 AM)newguy Wrote:  

Protip: make another bitfinex account and don't verify that you are a U.S. resident.

I think they can detect the ISP.

Do they block VPNs?

[Transsimian]

IOTA seems designed from the ground up to avoid scalability problems, so I've bought a few hundred million.

[semibaron]

(08-23-2017 01:25 AM)Thomas the Rhymer Wrote:  

Correct me if I'm wrong, but can the creators of this currency create more currency on demand? Is that what 'infinitely scaleable' means?

Is this basically the fiat-version of bitcoin?

No, all IOTA ever in existence have already been created. Then those were distributed via an ICO.


Here is another in-depth presentation about the protocol from one of the founders:
https://blog.iota.org/a-primer-on-iota-w...a6eb2cc621

[digitalconquistador]

IOTA sounds amazing. I'm interested in buying some, but is there going to be another way soon besides Bitfinex?

[Alche]

They can definitely detect IP's .. anyone can. If you're thinking of creating an account as US person, you are taking a massive risk even with a VPN. But if you were to do it, a good VPN service is the way to go. This is not my recommendation.

[Deepdiver]

As I am interested in the Internet of Things from a professional cybersecurity perspective considering that the DYN hack that took down many major web sites was via seemingly innocuous IoTs - baby monitors and garage door openers... Currently projected to grow to 59 Billion things on the IoT presents some epic Cybersecurity and Scaling Concerns as well as enormous investment opps... We know the Blockchain works on the various Bitcoin and Ethereum forkenings... IOTA however with their new Tangles have yet to prove themselves under a large IoT load and if tangles are as secure as say blockchains encrypted with sha256 or even Monero with andvanced crypto and privacy code and technologies being implemented and upgraded on a continuous basis...

This is a very interesting analysis of IOTA by a quite knowledgeable GitHub codeist...

What is happening to IOTA? - GitHub - Programmer explains
Ivan on Tech
https://www.youtube.com/watch?v=AalpiI8GSF0

His analysis methodology of IOTA on Github can be applied to many other Crypto Projects when determining if you should invest in any Alt Cryptos and Especially any ICOs...

[Transsimian]

Coinspot.com.au still sells IOTA if you deposit btc there, but the prices are pretty bad compared to bitfinex.

[digitalconquistador]

Wait. So based on the supply, if IOTA managed to hit BTC's market cap, it would only be $25-30, right?

I think the Tangle is awesome and feeless microtransactions is definitely the future, but as an investment I'm not sure if it can make the crazy 300x gains NEO and others have.

Correct me if I'm wrong.

[SamuelBRoberts]

IOTA's not a bad project, but it has a lot of problems, and there are lots of potential opportunities out there for people that will offer more money in both the short and long term.

It's not necessarily a bad investment but I don't know that it's a good buy for your first entry into Crypto.

If you are a beginner I would avoid investing in IOTA until you've compared it to the following currencies:
OMG, MCO, MTL, ETH, LTC, GNT, EOS, QTUM, NEO.

Not necessarily because any of these are super-great buys that will make you rich, but because you really shouldn't be spending any money on alts until you at least know these names and what they do.

[Transsimian]

Bitfinex have been delaying withdrawals for a lot of people. Could this be a sign of insolvency?

I'm holding out on buying more until a bigger exchange offers it.

[SamuelBRoberts]

(08-31-2017 03:55 PM)Transsimian Wrote:  

Bitfinex have been delaying withdrawals for a lot of people. Could this be a sign of insolvency?

I'm holding out on buying more until a bigger exchange offers it.

I would stay the hell out of Bitfinex if at all posssible. Its reputation is atrocious. People bitch about Coinbase, and with good reason, but Bitfinex's problems are on a whole other level.
For what it's worth, no serious trader I know uses Tether either, we're all terrified of the stuff.

EDIT: Some people may be using it for tax purposes. I'd rather just give the government 15% of my money than risk 100% of my money on the solvency of Bitfinex, but that's a choice people can make.

[semibaron]

Here is a nice interview with one of the co-founders, published yesterday.

https://www.cleantech.com/blockchain-and...oundation/

[Malone]

(08-31-2017 06:55 PM)SamuelBRoberts Wrote:  

(08-31-2017 03:55 PM)Transsimian Wrote:  

Bitfinex have been delaying withdrawals for a lot of people. Could this be a sign of insolvency?

I'm holding out on buying more until a bigger exchange offers it.

I would stay the hell out of Bitfinex if at all posssible. Its reputation is atrocious. People bitch about Coinbase, and with good reason, but Bitfinex's problems are on a whole other level.
For what it's worth, no serious trader I know uses Tether either, we're all terrified of the stuff.

Hmm, that's worrying. I was planning to use USDT to cash out when needed. It seems like any other way is way more work.

[semibaron]

(08-29-2017 09:13 PM)SamuelBRoberts Wrote:  

IOTA's not a bad project, but it has a lot of problems, and there are lots of potential opportunities out there for people that will offer more money in both the short and long term.

It's not necessarily a bad investment but I don't know that it's a good buy for your first entry into Crypto.

If you are a beginner I would avoid investing in IOTA until you've compared it to the following currencies:
OMG, MCO, MTL, ETH, LTC, GNT, EOS, QTUM, NEO.

Not necessarily because any of these are super-great buys that will make you rich, but because you really shouldn't be spending any money on alts until you at least know these names and what they do.

The thing is, out of the more popular top 10 projects, IOTA is the only coin that has a realistic chance to x-fold its value in the short to mid term.

[SamuelBRoberts]

With a 2.4 billion dollar marketcap?

What's gonna drive that?

[Genghis Khan]

From the introduction

Quote:

Its field of application is set in the IoT, as the technology for data integrity and industrial appliances. Furthermore pay on demand, micro-payments, and machine to machine communication like sensor technology, smart cities, adaptive systems etc.

As a settlement layer, it aims for interoperability between many existing systems.

It is quite evident, that Bitcoin and nearly all other cryptocurrencies weren’t made to function as such. Considering hundreds of thousands of nano-payments each day in the near future, these Blockchains would generate an enormous amount of fees, just for conducting transactions, while costs of these nano-payments oftentimes undermatch the fees.

Therefore, it is indispensable to use a secure, fee-free system, which IOTA is. This technology, therefore, is a novum.
The underlying technology, the Tangle, is a third-generation Blockchain-technology, based on a directed acyclic graph, made for the problems of tomorrow.

1. Ethereum and Bitcoin are implementing protocols such as Raiden and Lightning to process millions of transactions per second.

2. There are Ethereum-bases solutions being developed for IoT applications, for example Grid+ from Consensys. LO3 is a startup that's already been implemented microgrids in a partnership with Consensys.

3. The idea of no miner or transaction fees is a bit concerning. My understanding is that the fees are used as a deterrent to attacks to change blocks. What deterrent is there in IOTA for people not to attack the system?

4. I don't like investing in specific applications like these. There are tons of IOT/blockchain applications being built and it's hard for me to see which one will win out.

A lot of these applications can become useless the moment a coalition of the largest electric companies, such as Panasonic, GE, Philips, decide on a set of interoperable standards which doesn't include IOTA. It's reminiscent of the entire VCR/Betamax or Blueray/HD rivalry.