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His experience is what I would expect from anybody trying pre-alpha software which is probably what IOTA is right now (at least, that seems to be the common def
by simias 9y ago
His experience is what I would expect from anybody trying pre-alpha software which is probably what IOTA is right now (at least, that seems to be the common defense from it's proponents, "it's temporary, it's going to change"). The absurd part is that it's pre-alpha software that has a market cap in billions of dollars thanks to the wild speculation around cryptocurrency/blockchain stuff.
I mean, the simple fact that IOTA currently de-facto centralized, doesn't plan on using PoW to secure the chain and promises almost-free transactions should make investors very cautious. They're promising what nobody has managed to achieve yet and the only thing they have to show for it is a whitepaper and the promise that very clever people are working on it.
- abrkn 9y agoWhy would something that is "pre alpha" be worth billions of dollars? Just doesn't make sense. IOTA has no utility today.
- simias 9y agoThat was my point yes, sorry if I was being unclear. Thank you for your articles by the way, they're always insightful. It's nice to see somebody actually using those cryptocurrencies instead of merely speculating about them.
- nuttycoin 9y agoIOTA has no utility today. Neither does any crypto. Neither does the Boring Company. Yet they all have value. It's foolish to think IOTA is worth nothing even though it is not production ready, because when it is, it will be worth much more than it is today.
- iuguy 9y agoBefore we get to the fact that it's effectively poorly written pre-alpha garbage, let me make something abundantly clear: There is no IoT use case for IOTA. Let me repeat that. There. Is. No. IoT. Use. Case. For. IOTA. I'm not having a pop at the parent here, I just want to make it clear that there is no reason for IOTA to exist. IOTA not only fails to solve a problem, it's failing at solving a problem that IoT doesn't have. I'd be interested to see an actual application of IOTA for any IoT device that can only be, or is optimally solved by IOTA. But there isn't one. Because there's no freaking use case that can't be done more optimally using already production-level alternatives.
- elevaet 9y agoDoes repeating it hard enough make it true?
- nuttycoin 9y agoHow do you allow machine to machine payments in a trustless manner without some sort of value transfer protocol? How do you make these transactions with periodic internet connection? Are you saying IoT devices will not need to pay each other?
- davidgerard 9y agoIn the finest blockchain tradition, this posits a convoluted solution that doesn't work, to a problem that nobody actually has.
- nuttycoin 9y agoSo, IoT devices will not need to pay each other? No need to repeat a point without actually adding anything new to discussion. Companies are reaching out to IOTA, perhaps you should tell them their desire for this technology is irrational? Additionally, while IOTA is designed for IoT, it will obviously work with non-IoT devices. If IOTA works, there is no need for many other cryptos to exist.
- davidgerard 9y ago> Companies are reaching out to IOTA In all the cases so far that IOTA put forward of this happening, the company came back denying it.
- nuttycoin 9y agoThat is false. Either you are not doing your own research, or you are intentionally spreading misinformation.
- iuguy 9y ago
- elevaet 9y ago"doesn't plan on using PoW to secure the chain" - IOTA uses PoW to secure the network (it's not really a chain), that's exactly how the network is secured. Every transaction performs a small PoW. "the only thing they have to show for it is a whitepaper" - say whaaat? IOTA is a functioning digital currency with feeless transactions. You can watch the transactions on the network here: https://thetangle.org/live https://thetangle.org/live