IOTA

Discussion in 'Digital Currencies' started by leo25, Nov 14, 2017.

  1. leo25

    leo25 Well-Known Member Silver Stacker

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    I agree that most people love gimmicks that provide no real benefit, so the tech will most likely become popular.

    Regarding you using cash and card. Card adds a lot of convenience and security over cash, so you can make a strong use case for it.

    The coffee machine doesn't offer any of that. A Nespresso machine takes seconds to turn on and make a coffee, so by turning it on with your mobile adds no extra convenience, as you still have to go up to the machine and get the cup to drink. Heck it will take you longer to turn on with your mobile then to just press the physical button.

    Aircon might have some small convenience (house is cool/warn when you get home), but it's not performing any back and forwards communication to save money or work better. When you're on your way home you just set it to turn on, nothing more is happening. Also since most people have predictable working times, you can just set the timer and don't even need to have it connected to the net. So the benefits to most people are minimal.

    Regarding all those other IOTA examples I'm not even going to waste time commenting on them. It reminds me of those cities of the future examples back 60+ years ago. It's a nice story and nothing more. Plus most of those examples are not new. "Paying toll fees automatically" we already have those systems in place. (well in NSW we do)

    Anyway I'm still happy for someone to provide one strong benefit from an IOTA like system that people will realistically adopt.
     
    Last edited: Jan 26, 2018
  2. leo25

    leo25 Well-Known Member Silver Stacker

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    Mass adoption drone delivery will never happen. Imagine hearing buzzing were ever you go. :confused: what a hellhole that would be. Plus with their limited payload they would have to do a lot of back and forwards trips, thus making them slow. Not to mention if the weather is bad they will have issues. Then there is the legal and PR nightmare for the company when a drone falls out of the sky and badly injures or kills someone. Again another tech that doesn't solve a problem, it's just another gimmick and at most will only be used in low populated areas.

    BTW i love using drones for fun and i think they are amazing for video shoots as they allow you to do shots otherwise impossible. (both cases have no need for the device to be on the net) I just don't think it's practical for mass scale delivery.
     
    Last edited: Jan 26, 2018
  3. leo25

    leo25 Well-Known Member Silver Stacker

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    Last i checked there are still no driverless cars on the road (apart from some test scenarios) I would say that's still another 10+ years away before you see them driving all over the road. Having a driverless car drive in a well maps out path is VERY different from driving in the real world in unknown conditions. But if you want to believe everything Elon Musk tells you then that's your choice. So yea i do see driverless cars being on the road one day, but drones in the masses will never happen.

    Machine Learning has a long way to go and as for AI well that doesn't even come close to existing. But again Musk will tell you it does.:p
     
    Last edited: Jan 26, 2018
  4. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    I'm not going to say that IOTA is a bad coin, because it clearly has a lot of interest, but what I will say is that it's really important to not get emotionally attached to any coin.

    A lot of people who know much more than anyone on this forum are raising valid concerns over IOTA, so it's important to see what is actually happening and take that on board

    Take your blinkers off - you can't just focus on what they're trying to do whilst blindly ignoring the concerns.

    I'm definitely not FUDding by any means - just be careful and don't get caught up in hype
     
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  5. leo25

    leo25 Well-Known Member Silver Stacker

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    There is one use case, but that happens to be the area IOTA has the most issues with (payment). I started looking into IOTA before most did and i hoped it would solve a lot of issues Bitcoin was having. I was even fighting on IOTA's side and getting attacked for it (SX hehe :)), but then i looked deeper into it and saw it wasn't what i thought/hoped.
    I found it had more issues than Bitcoin, so i started backing away from it. I try not to get attached to anything these days, if something works great, but if it doesn't I'm quick to let it go.

    It's like quantum computers. People keep hoping they will crack it, but I personally think the fundamental theory is flawed, so nothing will ever come of it. Btw don't even mention companies like D-wave or what IBM has atm. Now big name companies are investing or taking interest, but that doesn’t mean it will work as it was intended/hoped. They are just putting a small amount in as a just in case and to be honest i doubt they even understand the theory. Heck I've spent the past 5 years of my life studying it and still don't fully get it. So IOTA is similar as it kind of works, but may never work as intended/hoped.
     
    Last edited: Jan 26, 2018
  6. leo25

    leo25 Well-Known Member Silver Stacker

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    a good follow up to the video above. Skip to about 1hr 25min in.

     
  7. leo25

    leo25 Well-Known Member Silver Stacker

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    Like how David Sonstebo kept swearing in his interview? ;) David talks like a used car salesman, he couldn't answer any question directly without digressing. They don't seems to have any idea how IOTA will work in the real world, not a good sign.
     
    Last edited: Feb 5, 2018
  8. leo25

    leo25 Well-Known Member Silver Stacker

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    I'm not going to say anything else about IOTA as i can see it's very personal to you. Not too long ago i was just like you with IOTA, ill let you find out what i did in your own time and way. :)
     
  9. SilverDJ

    SilverDJ Well-Known Member

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    It's headed back down towards long term bargain territory for those game.
     
  10. leo25

    leo25 Well-Known Member Silver Stacker

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    I would say the video you posted has no real importance as David was not able to give any good info on how IOTA will work in the real world, even when Ivan would try to ask him. All David seems to say is trust us we are better in every way and that Ethereum is essentially crap. IOTA keeps claiming Infinite scalability, no fees & "Quantum" resistance, but has no real world working proof and that's my issue. I still today don't really know how this will work in the real world and haven't been able to find anyone to explain how. I can find heaps of info of people explained Bitcoin and Etherum in detail, but can't find anything with IOTA. David himself said he doesn’t even know how it will work in the real world and that it’s not even worth doing a simulated model to see how it might even work.

    As of now IOTA is still an early development project that doesn’t work well. It’s fully centralised where they verify all transactions, they keep claiming they need more scale for it to work (this in time might prove to be true) but since I'm a very sceptical person I need working proof to be satisfied. Way too many people claiming things today and very little proving things. So sorry if my scam radar starts going crazy.

    Also, this tangle/DAG. So, does everyone becomes their own node? As I understand there is a ledger that records paths to nodes and transactions (which must be purged to stop it getting too big and that's an issue in itself) So you as a node look to this ledger to then connect to another node to verify a transaction? So, must all nodes/devices have to always be online?

    There are too many gaps in my knowledge on how this works on a practical level. I think David has done a very bad job communicating how IOTA works on a fundamental level. He should spend less time talking about how everything else is crap and spend more time explaining how IOTA works in the real world. Everyone just seems to explain it on a superficial level.

    You like writing blogs and stuff, so if you think you understand IOTA well it will be welcomed by many if you can give a good break down on how it works. I was once very excited about IOTA, but the lack of development and details has turned me off. Maybe you might be able to fill the gaps I have and convert me back to IOTA.
     
    Last edited: Feb 6, 2018
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  11. leo25

    leo25 Well-Known Member Silver Stacker

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    So the nodes part is the area which i have found to be the most difficult to obtain good clear info. Lets see if i have it correct.

    - IOTA still has main nodes that contain ledgers with history of transactions. But not all nodes contain all the history, but rather parts of it. So you might have to search for a few nodes until you find one that has history important to you. (maybe this explains why you need to refresh your wallet a few times before it shows your balance)
    - When you do a transaction you interact with one of these nodes to broadcast your activity and it is then recorded on that node.
    - At a later time when someone else does a transaction they first look to one of the nodes to find 2 transaction that needs to be verified. The computational task is done on the senders device instead of a miner like with Bitcoin. Then he is able to broadcast his transaction to a node.
    - When the nodes feel the transaction history of a transaction path is old and no longer important, it will get purged/deleted from that node. But a full history is still kept on some master node somewhere in case something messes up.

    So this is a bit different from Raiblocks where each person becomes their own node and host all their personal history with link paths?
     
    Last edited: Feb 6, 2018
  12. SilverDJ

    SilverDJ Well-Known Member

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  13. leo25

    leo25 Well-Known Member Silver Stacker

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  14. leo25

    leo25 Well-Known Member Silver Stacker

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    You make an argument against him because he is invested in blockchain, so you provided a counter argument from a guy that is invested in IOTA? Either we give both articles some credibility or give non to both.

    The reality is atm IOTA doesn't work very well, so people are free to give their experience. Now when/if the day comes where they can get it working well, then anyone is free to give their positive experiences.
     
    Last edited: Feb 11, 2018
  15. leo25

    leo25 Well-Known Member Silver Stacker

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    I give him credit for being honest :p Because most people are paid directly or indirectly from writing articles, just most claim not to be biased when they clearly are.

    Look if he was the only person that had issues with IOTA i would over look it, but so many people are having issues. So clearly there isn't an "easy" way. Now Bitcoin, Litecoin, Ethereum etc are easy to setup. Yes i know they are older and more developed, but just examples of what "easy" is.
     
  16. leo25

    leo25 Well-Known Member Silver Stacker

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    Fair point, but others had done it the correct way and still had issues.
     
  17. leo25

    leo25 Well-Known Member Silver Stacker

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    Yea that was a good article.
    This this the direction I'm thinking. I would love for something better to come along and over take it, but atm i just can't see it. The proven tech is always the best one.

    The name Spectre has a bad image in the public eye atm with all the CPU stuff. :) I bet they wish they picked a different name.
     
    Last edited: Feb 12, 2018
  18. Nabullion Dynamite

    Nabullion Dynamite Active Member

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    My only negative experience with Iota is that is has one of the worst wallets I have used and still hasn't improved much. It lacks security features like being able to encrypt your wallet. Someone gets your seed and it's over but you need to produce your seed to open the wallet to send coins. I've experience a lot of network congestion and slow transactions requiring multiple reattachment.

    Not knocking the coin and tech itself just wish they can get the wallet more user friendly and secure.
     
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  19. SilverDJ

    SilverDJ Well-Known Member

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  20. leo25

    leo25 Well-Known Member Silver Stacker

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    Funny, as I would say some people will always find something good with it no matter how bad it is. Different prospective I guess. :)
     

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