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IOTA - a sleeping giant


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Are we going to have a new thread for every large swing of every cryptocurrency?

I am considering mining my own sh*tcoin.  In many ways it's very similar to bitcoin:

- each one is unique

- only limited number is going to be made

- you can't buy anything with it

- it's not a currency

- it's not a store of value

- everyone else can start mining a similar but slightly different craptocurrency of their own

Until now, I didn't realise it had any value so literally flushed it down the toilet.  I believe the value of the flushed sh*tcoin is about £74,000,000.  I will offer 10% of that or £7.4m (in sh*tcoin, naturally) to my local council, if they help me to retrieve it.

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It works for me...

To answer OP. I have a few but wouldn't recommend investing at this price level.

Alts in general are still on a long-term downward trend in Satoshis.

Pick a few up gradually over time and at intervals, if you believe crypto is the future... is the sensible way to do it.

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1 hour ago, Bear Hug said:

Are we going to have a new thread for every large swing of every cryptocurrency?

I am considering mining my own sh*tcoin.  In many ways it's very similar to bitcoin:

- each one is unique

- only limited number is going to be made

- you can't buy anything with it

- it's not a currency

- it's not a store of value

- everyone else can start mining a similar but slightly different craptocurrency of their own

Until now, I didn't realise it had any value so literally flushed it down the toilet.  I believe the value of the flushed sh*tcoin is about £74,000,000.  I will offer 10% of that or £7.4m (in sh*tcoin, naturally) to my local council, if they help me to retrieve it.

Shïtcoin? Is it related to the Triganic Pu by any chance? Now there's a practical currency.

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17 minutes ago, sPinwheel said:

Shïtcoin? Is it related to the Triganic Pu by any chance? Now there's a practical currency.

Since it's craptocurrency, of course it can be pegged to the value of Triganic Pu.  And gold.

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11 hours ago, SOLZHENITSYN said:

This is what makes me sceptical about crypto currencies, at least in their current form. The whole system just seems so complex and with so many different coin types out there....

I just fail to see how this is going to become mainstream - I imagine my parents trying to buy crypto, or my nan trying to deal with it and I just think no chance.

When will the likes of tesco’s allow me to buy my groceries with crypto? And if they do, which of the plethora of coins will they decide to accept? How will they price their goods in crypto given the volatility? 

The more I read up on it, the more puzzling the whole crypto economy gets. 

A lot of problems that cryptos will solve are "background" problems, e.g. XRP (crypto) will allow banks to send money from bank to bank internationally without needing Nostro and Vostro accounts - cross border payments will be much cheaper (for the banks, so in theory customers should see less fees when using ATMs abroad and other cross border payments) and literally in 3 to 4 seconds (as opposed to one day usually now if not longer).  This isn't pie-in-the-sky stuff - lots of banks are already signed up to using cryptos as it will save them money and time.    Also as mentioned earlier, blockchain tech can allow devices to communicate with one another (e.g. parking meters to cars), even for properties to trade electricity between themselves automatically (Power Ledger). 

Edited by canbuywontbuy
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Lots of doom and gloom about cryptos as if they will be "outlawed", but I doubt it since big corporations are already adopting it.  Look at IOTA - it has partnerships with Microsoft, Volkswagen, Bosch, and the U.S. Bank.  Ripple (XRP) has partnerships with Santander and American Express and has a seat at ECB meetings. Stellar Lumens is working with IBM.  These are just off the top of my head.

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12 hours ago, adamLancs said:

It works for me...

To answer OP. I have a few but wouldn't recommend investing at this price level.

Alts in general are still on a long-term downward trend in Satoshis.

Pick a few up gradually over time and at intervals, if you believe crypto is the future... is the sensible way to do it.

It works for you but not for other people. Lots of horror stories (just go see the IOTA reddit). This token is probably the most broken thing in the top 10 by marketcap. It's all 'potential' and buggy right now. It will crash badly.

 

BTW some alts keep rising. Try Monacoin.

Edited by lombardo
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18 hours ago, Houdini said:

personally, I still think blockchain is a solution waiting for a problem

This is actually true to a point. Smart contracts in particular are moreorless useless right now because their utility is predicated on a certain level of integration with existing systems and having some force in law, pretty much all current smart contract logic is for manipulating things already in the crypto space.

The trustless aspect of bitcoin style blockchain does have at least some amount of immediate utility.

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7 hours ago, canbuywontbuy said:

Lots of doom and gloom about cryptos as if they will be "outlawed", but I doubt it since big corporations are already adopting it.  Look at IOTA - it has partnerships with Microsoft, Volkswagen, Bosch, and the U.S. Bank.  Ripple (XRP) has partnerships with Santander and American Express and has a seat at ECB meetings. Stellar Lumens is working with IBM.  These are just off the top of my head.

Yes and theres the etherium foundation blah blah.

The main use of these partnerships seems to be to hype the price rather than actually do anything with it.

 

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10 hours ago, lombardo said:

It works for you but not for other people. Lots of horror stories (just go see the IOTA reddit). This token is probably the most broken thing in the top 10 by marketcap. It's all 'potential' and buggy right now. It will crash badly.

 

BTW some alts keep rising. Try Monacoin.

I don't see it. Btw, reddits are for the small vocal minority. If I listened to redditors I would have sold Bitcoin at $0.9, $2, $18, $30, $50, $100, $300 etc

It is a pointless exercise to base your investment decisions on this.  But you are of course, welcome to.

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15 hours ago, adamLancs said:

I don't see it. Btw, reddits are for the small vocal minority. If I listened to redditors I would have sold Bitcoin at $0.9, $2, $18, $30, $50, $100, $300 etc

It is a pointless exercise to base your investment decisions on this.  But you are of course, welcome to.

When I visit Reddit subs of various cryptos any don't see them complaining about how their own wallet is broken, but I see it as a daily occurrence - I know that IOTA is likely to have issues. BTW do you now that you lose all your funds if you reuse an address? Sheer madness.

And the coordinator does exist. That is a major problem.

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2 hours ago, lombardo said:

When I visit Reddit subs of various cryptos any don't see them complaining about how their own wallet is broken, but I see it as a daily occurrence - I know that IOTA is likely to have issues. BTW do you now that you lose all your funds if you reuse an address? Sheer madness.

And the coordinator does exist. That is a major problem.

Once again, you are getting your information from redditors.

https://iotasupport.com/how-addresses-are-used-in-IOTA.shtml

Have a read, come back with some proper FUD.

As it happens, I'm being careful of my exposure to alts as Bitcoin is the main train atm. I suspect Iota has serious some volatility left in it's price movements yet to play out. Proceed with caution.

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On 05/12/2017 at 9:12 PM, goldbug9999 said:

Yes and theres the etherium foundation blah blah.

The main use of these partnerships seems to be to hype the price rather than actually do anything with it.

 

This is a sweeping statement.  XRP cryptocurency is going live and setting up payment corridors between Japanese and Korean banks next month.  They have a real partnership (not "in talks") with American Express, as well as many other FIs (https://finance.yahoo.com/news/75-banks-now-ripples-blockchain-network-162939601.html). Stellar Lumens are actually partnering with IBM (not hype, not rumour) and setting up payment corridors with their crypto (lumens) across SE Asia.  OmiseGo are doing the same across SE Asia.  Cryptocurrencies are the future of currency - that is a certain fact.  How it plays out exactly, of course nobody knows.  Bitcoin is a ridiculous sideshow compared to what's coming up. 

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