Will IOTA Crush All Other Cryptocurrencies?

louisthomas (75) in cryptocurrency • 7 years ago

Neo Matrix asks "Do you think IOTA could eliminate all other crypto? Bar Bitcoin I guess"

cryptocurrency cryptocurrencies iota blockchain technology

7 years ago by louisthomas (75)

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

vega113 (45) · 7 years ago

What IOTA does makes very little sense. There was a reason Satoshi invented PoW and blocks to solve the Byzantine Generals problem. The mining and block creation is what aligns the interests of miners and users. Block reward and fees make it more rewarding to join the network instead of attacking it. In IOTA - if you have the resources to attack the network - you can't use those for the benefit of the network. This what breaks the incentives structure. The idea of "no fees" is stupid - if the network is opn - someone will offer to submit your transactions and do the PoW for a fee. If the network is actually closed - like the IOTA devs say it will - then IOTA cannot be substitute for Bitcoin. But Bitcoin with Lightning network and Sidechains/Drivechains can. Why would anyone use IOTA tokens for IoT? Why not use Bitcoin (via LN) which is the most liquid coin? If anything - clone the IOTA code and run it as Bitcoin sidechain, you will get the same functionality but better security and liquidity... Bitcoin is the most decentralized and secure coin, no coin is better. There's no point to scale on chain, as even fast transactions is not fast enough because they need to propagate and be confirmed... Just use offline transactions like Lightning Network...

$9.35

1 vote

[-]

marc99 (55) · 7 years ago

Technically IOTA does not have free transactions. You pay with computing power, which is used to verify the next two transactions in the network. This is the way the tangle works.

Moreover, Bitcoin is not threatened because it is clearly not a currency. It is becoming a store of value and is also seen as a medium of exchange to access and trade for the altcoins.

Dash is not threatened as well. Dash aims to be a platform where you can pay for things online (like paypal), but also access products (a bit like in the appstore or googlestore).

Litecoin and IOTA are in competition, I agree

$1.62

2 votes

[-]

bthomas3664 (42) · 7 years ago

I know i am looking forward to what 2018 has in store for IOTA, i will be buying more at the dips.

$0.04

1 vote

[-]

summertooth (72) · 7 years ago

Hi Louis, just received two more ledger nano s using your code. Going to set up some crypto savings accounts for my kids. Thanks for all your effort, love your info and the way you present it. Also love that you tackle things you don't know much about at times, it's inspiring to hear someone admit they don't know about something in order to learn about it. You always seem honest and forthright as well, and that is refreshing.
:)

$0.00

1 vote

[-]

cryptomadesimple (48) · 7 years ago

Great channel and content! I followed :) I would love to get your feedback on the video we did for IOTA a couple months ago.

https://steemit.com/iota/@cryptomadesimple/what-is-iota

$0.00

1 vote

[-]

bescouted (67) · 7 years ago

If IOTA will not get tangled in it's Tangle then it will go to the moon for sure. Many amazing concepts they are working on. If any of those forks reliably, all other currencies, and i mean currencies will be threatened a lot.

$0.00

[-]

angelinoff (7) · 7 years ago

My bet is that IOTA has very bright future. Will be making my first(second) steemit post about it. IoT is in it's very beginning. Just think where we were like 15 years ago. What cell phones we were using, what PCs we had, what cars we drove ... Think about where we are now and where we are heading to. Only thing I pray not to happen is a world war or some kind of disaster. Other than that we are OK :)

$0.00

[-]

dtldesign (30) · 7 years ago

Yes! great breakdown!! checkout my recent article on all PIRACY being eliminated by IOTA. Imagine the next copy of Windows released through IOTA and not one copy can be pirated????

$0.00

[-]

wotanjr (30) · 7 years ago

I absolutely agree! IOTA can be complementary to the other cryptos: BTC can be store of value, ETH a platform for smart contracts, NEO to get interest on savings... and so on... but that was the point all along... to decentralize the issuance of currency so we can have a richer currency environment instead of an inflationary based one (ahemFIATahem) :)

$0.00