What are your thoughts on IOTA?

Iota has a hard goal!

Their plan is to be THE platform for the machine to machine economy. There are over 2 quadrillion iotas in circulation and people are typically buying by the millions! They have partnerships with Volkswagen and Bosch (as well as many others but I don’t know how many working products or implementations are publicly available) and they plan to adopt the currency in their cars, allowing for autonomous payments to be made between cars and connected devices. Even though it sounds great, the network has to be able to handle the corresponding transaction volume for its goal(s).

Iota uses what they call Tangle, which is DAG rather than blockchain. Without going into too much detail, the best difference is, instead of giving prizes to a short few running software to maintain the ledger, everybody participating in iota transactions must verify 2 transactions for every 1 they execute, adding more avg. verifications per transaction (more security) at scale. Sounds great right? Well I personally think it is, but a reason the price could be falling, is that there is a controller in the iota network right now, essentially there is a centralized authority over the space. Until the IOtA foundation removes this controller, the cryptocurrency will not be fully decentralized, and will be vulnerable to attacks.

In conclusion my best realistic answer to the price action is that there is a whole bunch of FUD in the market with all the chaos going on, and until we see more confidence and higher average support levels for longer time, the prices won’t rise very much, and could very well drop.

But ...Vitalik Buerin and John Mcafee say its #cryptotrash

Hoping for a bull soon!

Sincerely,

Satoshipapi