IOTA - The Cryptocurrency That Jumped Into 6th Position
IOTA was the hot topic of yesterday, for most people it "came out of nowhere" and got into 6th spot (today 7) by Market Cap in whole crypto world.
Currently its trading only on one exchange but a big and badass one - BitFinex so register to get some if you wish.
Sure i remember hack on them and i have been telling you PSA before it happened (sorry too much to browse to find this post) but they are back and have volumes.
To people who didnt get my previous post about 2 wallets issues - PSA means Please Stay Aware, it doesnt mean something will happen for 100%, but means there are signals so its worth doing something to not be sorry later.
IOTA Short Description
Okay so its connected to IoT aka Internet of Things. If you never heard of it read more on Wiki - https://en.wikipedia.org/wiki/Internet_of_things
Short Version
So based on this concept in the new autonomous Machine Economy IOTA will be the backbone.
The Tangle ledger is able to settle transactions with zero fees so devices can trade exact amounts of resources on-demand, as well as store data from sensors and dataloggers securely and verified on the public ledger.
Tangle is a scalable, lightweight and zero-fees "blockchain kind of thing" which will let IoT communicate, exchange data and do more than we can think of now.
Installing Wallet
If you want to get some coins from BFX and hold them off exchange you need to install one of the wallets.
https://github.com/iotaledger/wallet/releases
The process is simple but you need to enter node, go for BFX one - http://iota.bitfinex.com:80
Notice - currently when writing the post IOTA withdrawals/deposits are not working but hopefully they will run again soon.
BitFinex Trading
As usual opening price was super high and now its trying to find real one. I believe IoT is the future so this coin should see huge raises when its time comes - just like ETH got.
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For just clarifications for the unit used on IOT.
By default the exchanges uses:
MIOTA != IOTA
So the current price is $0.53 per MIOTA and not $0.53 per IOTA.
1 IOTA = $0.00000053
1 meta-IOTA = $0.53
1 giga-IOTA = $530
1 mega-IOTA = 1,000,000 IOTA
1 giga-IOTA = 1,000,000,000 IOTA
*Spot market price as of 2017-06-15
At first, I got confused as well. XD
The reason behind it though as I've read is to eliminate decimals in transactions.
if you check the circulating supply of the currency in coinmarketcap you will learn a lot. It doubled more tha 100times just an hour ago. and the price went down more than 100 times as well. so everybody who invested their money in this coin will loose 99.9% of their investment. kindly if you are looking forward to invest in a specific cryptocurrency make sure that it is availaible in too many exchanges. IOT is available only on Bittfinex. thats a warining, stay away of it. there are a lot of opportunities for all crypto investors. I do not advice anyone to put a single sent in it.
You did not do your research very well or you would not be saying that, IOTA as a lot more advantages than other cryptocurrencies based on the blockchain.
First and very important the crypto is not based on the outdated Blockchain and for this reason no wast of money to pay miners.(transactions are free)
Also the confirmations are much faster.
The future of fee-less micro transactions and a tangle that functions at lightning speed. IOTA is the safest investment in the next 5 years.
I think it might be you who has not done all of the research. IOTA looks extremely impressive and might actually be the next evolution in this entire space. First there was bitcoin, then there was ethereum, now there is IOTA (aka the tangle)
da fuck is miota :D
http://iotaprice.com/
M-m-m-my Iota!
Thank you!!!! Really? Do people see how many of these coins are in circulation? I've literally never seen a coin with such little potential. This coin will be gone by years end.....there's 2,779,530,283,277,760 IOT *.....that's 2 QUADRILLION. You have to be kidding me. The biggest pump and dump of all time
@Queeneleanor The actual supply is to prevent decimals in transactions. There is alot of coins but the scale-ability is insane The real question here is when will we start seeing IOTAS being sold for 50 cents instead of MIOTAS
Got it...I don't know still though. My 6th sense is telling me to stay away. Then again, this is the same guy who bought into bitconnect! Stupidest thing I've ever done...just hoping they stick around for another 6 months.lol
Supposedly IoT will be $11T industry within a decade. That's trillions with a T. Suppose electricity bill is charged at 1 IOTA per kW/h, 1 IOTA could in fact cost $0.10. Money is all relative. In fact if all aspects of life one day run on a blockchain, money as we know it could disappear.
i had a dream iota would hit 0.01 cents lol https://steemit.com/iota/@chuckyfucky/my-little-iota-dream
true!
lol
It only has 33% more units than Bitcoin so i guess Bitcoin is a pump & dump too then.
Did you even look into the technology? It might change everything if it's secure. Time will tell...
note to self. one third is small. got it.
but the website is slick
It's because coin market cap was displaying the value in M-IOTA instead of IOTA but had labelled it IOTA, then they decided to display the value in IOTA, then they went back to M-IOTA labelled IOTA.
(1 M-IOTA is 1 000 000 IOTA) M is for Mega.
I really love the idea behind IOTA, and it could verry likely do well, but hearing Bitfinex send me shivers down my spine. Im really new to crypto, but ive allready heard way too much about Bitfinex. Hope they will expand to other sellers, so i can take a small risk on them. Happy trading ;)
It is still absolute Wild West out there.
This is defiantly one to keep eye on. what do you think about all the smaller currency the pre trade ones ?
thanks @cryptosteve what do you think about Tezo's?
IOTA price is falling because of the way they initially distributed the tokens. Every IOTA that will ever exist was created in the first transaction. Those IOTA then spread out from there to more people. The problem is that its not spreading very much. Years after its creation 82% of all IOTA is still held by only a handful of wallets.
Once IOTA hit the markets it became easy to sell these tokens and cash out. This is inherently inflationary, meaning a huge increase in circulating money decreases the value of each unit of that money. Huge sums of IOTA are being dumped onto the markets as the original whales cash out on their 1.5 bil market cap. This will continue for quite some time until the gigantic original accounts have been emptied. I have no idea where it will bottom out, but if bytecoin or dogecoin is any indication, I would guess sub-penny levels.
In theory this process will not change the market cap. The same amount of dollars are still in the market so it does not matter how many tokens are floating around. In practice everyone will see the value of their tokens plummeting and panic sell immediately. This process will remove money from the market and lower the market cap.
Its a little bit like money printing on a massive scale. Like when Wiemar Germany decided to print out quadrillions of additional marks to cover their debts. The flood of additional notes caused the value to drop so dramatically they eventually were worth less than the paper they were printed on.
Agreed , don't invest in IOTA
Yeah its a bit odd. Upvoted for visibilty ;) So users can do the math!
Yeah, indeed. Thanks! :D
Let's spread this info because there have been a couple of scams going around when buying it personally to a seller and the buyer thinks the conversion is what it is but it is not.
Yeah i got on some time ago by secure escrow but i heard some bad stuff. Thanks for posting, really appreciated!
No problem at all. I don't want that to happen to anyone. It feels really awful getting scammed.
Thanks for the info~
Yes but on the bitfinex wallet it stil says iota although it's miotas ^^
I would not register at Bitfinex. They are a scam. They hold withdrawals and delist coins.
I have not had a problem with Bitfinex. I have however had problems with Poloniex. They still owe me half an ether. They haven't responded to my customer support ticket in over three weeks now. Bitfinex works well for me.
As of today is IOT the 7th largest Crypto currency with no fees and with the possibility of being among the top three in the near future, its bullish trend is an eye catching. Conclusively, it is too early to do anything with it, in my opinion let give it couple of months to assess its stability in Crypto market.
lol I buy 600 iota(miot) on bitfinix with 0.6 and when I see is 0.0000006 I know ....I screwed up and I sell whit 0.4 I lost just 120 $ fuuuu but I learned :D Never buy... first day crypto coin listed :D
I just bought 100 Iota, or should I say 100,000,000 😋
I want to say this in regards the drop in price of Bit coin and other crypto currencies. I know there has been a drop in the daily prices.
This is the problem human worried about the daily price of a long term access. I use this company http://bit.ly/2sY44Vg as a way of get passive income no worries about daily prices. Use this code for a 3% discount 5ZEQWb
Let's think about the other side of the coin.
What can possible outcome can make the IOATA "FAIL" as cryptocurrency?
A vulnerability... a very powerful attack with more than 50% of the networks computing power... so the more it grows the less vulnerable it is
Think market cap will fade in the coming few days/weeks like BAT did?
IoT is big i think it has bright future but that doesnt mean big ups and downs!
Agreed, bright future ahead for sure. I'll wait for the fade before getting into this coin!
No it will go beyond bitcoin in the next year for sure
I just made a bitfinex account and bought a little IOTA yesterday. It seems like it could be huge, but right now all wallet addresses that I tangle on the GUI light wallet are not recognized by bitfinex. They probably still have some bugs to iron out since it's brand new to the exchange.
This coin uses a different "blockchain" than usual so needs some time :)
I really wonder whether the new blockchain works as intended.
I do not get the part that each transaction requires the sender to verify two other transactions on the Tangle.
Does this means that a sender is always dependent on future senders to get his payment confirmed (checked and verified by those future senders)?
If so, in theory the system could encounter a problem if 10,000 senders make a payment and thereafter, only 1 person makes a payment each day. It would take a long time before that sender has verified all 10,000 payments before that. And of no one makes a payment for a long time, all the latest payments (still unverified) would remain unconfirmed.
Am I missing something?
They have a mechanism so the DAG is single ended, which means if 10,000 senders make a payment they will verify each other and there is only one at the end. This is a high volume transaction tech used on IoT, which means there is a huge amount of transactions per second. Your payment will usually get verified in milliseconds while on blockchain it takes 3-5 seconds. If a machine plugged into the network is appending his sensor data to the network there is a continuous stream of transactions so the scenario where there is a very long time world wide without a transaction if very much unexpected.
I think you got something wrong here. There can be multiple DAG endings (called tips) in IOTA. The system is designed in a way so that participants are motivated to validate more recent transactions and especially those that have not been confirmed before (=tips), though, else the system would not work. You can view a live visualization of the IOTA tangle at https://tangle.blox.pm/.
Really? Do you see how many of these coins are in circulation? I've literally never seen a coin with such little potential. This coin will be gone by years end.....there's 2,779,530,283,277,760 IOT *.....that's 2 QUADRILLION. You have to be kidding me. The biggest pump and dump of all time. Not trying to be a ####, but this is the worst coin of all time. Save your money!
Large amount is in vision with adoption by numerous IoT devices and to avoid decimals. What matters is Market Cap, why is large quantity a matter? How does it make it low potential and pump-and-dump?
Oh, I completely missed the line where you mention that withdrawals/deposits aren't functioning.
No worries, they were working 15h ago, so just let em sync!
isnt going down already?down like 20%
I would not register at Bitfinex. They are a scam. They hold withdrawals and delist coins.
I had bought some mIOTA the other day too. I sold it after a few days because I didn't like the wallet situation out there in cyperspace right now. I want a hot wallet like Exodus or Electrum that I can keep on my hard drive and have my IOTA keys there. When will a wallet come out that is easy to use?
Man you are the MAN! Thx! You really do get down to some research. I will def nd 0ne 0f these wallets.
REsteemed ;)
I have my 35 L0T ;) wILL grab some m0re and f0r those wh0 follow me & wnna knw the st0ry to how I g0t my L0TA-C0INS - https://steemit.com/investing/@tradz/internet-0f-all-thingslota-token-has-arrived
are you saying a crypto with a $1.5B valuation doesn't even have a working wallet?
yup, we are in a bubble
Seriously, How did i have to scroll this far down to find a skeptical comment? $1.5B valuation with $11,521,600 24 hour trading volume. And everyone is like "Hmmm ...this can be the next big thing!!" People are being taken advantage of and it's going to drag all the legitimate projects down with it when people start realizing theyve been duped.
Seriously! My suggestion to anyone is to only invest in networks that are completed, in alpha stage or late beta, and run my extremely intelligent, credible (NOT ANONYMOUS), and experienced developers.
So true- I did the same and found your comment. i am not an experienced investeor - but really does one need to be. I post this in the morning. https://steemit.com/cryptocurrency/@momogrow/do-you-give-an-iota-or-did-you-get-one-iota-read-this
This indeed has hallmark features of a bubble. But investors will learn soon that investing in crypto is usually done best in the slow period.
I felt the same way and couldn't hold onto these coins because I refuse to keep them on an exchange. The "working" wallets for IOTA are too complicated for my simple mind. When will we see some easy to use wallets? Coders unite for the future of IOTA.
Damn, 1.5 Billion and can't use it 😂
Wallet works but its odd how network verifies things, anyways i loved you comment so upvoting :)
lol thanks!
There are too many of these coins/tokens to track.
There should be a token index that publishes articles like you, but invests a portion of coin for its clients so they don't miss out.
Thats why i choose what to write on, if not id have to write 10 times a day :)
Tbh, i am looking forward to EOS.
I used and understood Counterparty, but not Ethereum. I hope to run experiments on EOS. I guess @dantheman switched from using wren to WASM.
That would be a great idea
I got few on the first day it launched in Bitfinex. I have been following the IOTA for last month or so. The more research I did, the more it interest me.
The concept of DAG or what they call it Tangle is pretty nice concept. Moreover, its faster than any existing blockchain concept and self validation. So, the more tangle in the network, the more faster it will be. Unlike in typical proof of work blockchain where someone (miner) has to validate the transaction. Crazy thing about IOTA, no transaction fees. No other crypto can achieve this.
I must tell you, it has the future. With machine learning, this micro payment platform will grow, every freaking day 😊
Did you get some?
No other crypto? Really? How much fees did you pay the the Steem network to post that comment?
exactly even they are claiming they have to industries most TPS througshput already with 182 tx/s -if people would doing their research they should be aware of the numbers ... BTS 2.0 meanwhile is live over a year and already proceeding more then 300 TPS when using conservative numbers .. at last stress test we used to have a average max . more then 800 TPS .. source
So you must have made a good gain ;) Lucky you
Yeah i got my IOTA before launch :)
Awesome! It has a great potential.
Really? Do you see how many of these coins are in circulation? I've literally never seen a coin with such little potential. This coin will be gone by years end.....there's 2,779,530,283,277,760 IOT *.....that's 2 QUADRILLION. You have to be kidding me. The biggest pump and dump of all time
No transaction fees are indeed a great feature. Lets see how it holds up over the next few years.
got me a few IOT as well and i also believe in IOTA's bright future.
Might not do any harm to invest in a little but wouldn't go all in.
I would ^^ And have
Meh. Gaming CMC so devs can dump.