Hello Steemit! In this video, I cover IOTA as an Investment. IOTA is a very unique coin with a lot of great features. It also has some quirks and possible new exploits that hackers may take advantage of in the future. My analysis is as follows:
What is IOTA?
- A zero transaction fee coin, denoted in mega-iotas: 1 million IOTA = 1 MIOTA, present value $0.42
- Uses “tangle” instead of blockchain
- PoW coin, where senders do the work, no block rewards
- Fixed limit on coins, 2,779,530,283 MIOTA
- “Free” Data Transfer protocol that is authenticated
PROS:
- “Tangle” produces zero transaction fees on the network
- Fancy website
- IF devices wanted to do financial transactions, IOTA would work the best for smart devices
o 99% of smart devices do not need to do financial transactions - Data Transfer Protocol – This feature is worth more than financial transactions
- Looks like it may have strong developer support on their website
CONS:
- “Tangle” block exploring is confusing
- Started trading high, can easily crash, has already dropped 50% of the market cap
o (1.79 bil to .88 bil within a couple days of trading.) - Lightly tested system “tangle”
o Susceptible to new forms of hacking attacks
Parasite chain
Large weighted block attack
Split-chain attack
Possible unknown attacks - No users, coin has operated for less than 1 week, it’s 100% speculation
o Businesses that accept IOTA? ZERO; except Bitfinex exchange
o Smart devices using IOTA? ZERO
Genesis Mining: https://www.genesis-mining.com/a/715619
Discount Code: 6EFDl3
** Leaving my Genesis code above, in case you want to use it, but I am no longer going to recommend it for investing due to the unpredictability of mining. **
tbh i am way to drunk to watch it atm but I am sure it will be good
Great video. This is the kind of nuts and bolts analysis I'm looking for but is in very short supply.
Nice recap, changed my view on IOTA!
I bought some IOTA yesterday. Was a little worried about it until I saw your video. Hopefully it does well! Thanks for sharing.
Yeah, I am really interested in their data transfer protocol. People might not think it's a big deal, but to have a blockchain-like proof for a data layer without any fees... smart devices or just any website or computer could be using that data layer to accomplish things in a verifiable fashion at zero cost.
If you would like to test this coin you can get some IOTA from the July 2017 faucet here:
https://steemit.com/faucet/@faucetguy/iota-faucet-get-iota-for-free-july-2017
Thanks for the info and does look exciting.
I just did a post about Bitquence - check the video https://steemit.com/bitquence/@vividrange/bitquence-universal-wallet-and-value-management-platform
Great post. I think given time IOTA could be huge, I like the way it scales gracefully with zero fees (or just the tiny cost of hashing two random previous transactions). You make some good points about not investing money in this coin yet, it's not battle tested and it's just speculation right now. I'm thinking about investing some time though, and learning about this system. I feel a low buzz of excitement about the possibilities with IOTA, kind of like how I felt about Ethereum a few years ago.
Steem on brother.
Interesting, i love the fact that people are getting control of their lives, with these technologies.
I am into IOTA 100% for long term..