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>The IOTA source code is written in JAVA instead of C++ like most professional cryptocurrencies are. That did not instill me with confidence. This made me lose any confidence in a person's capabilities in evaluating the coin. If anything, Java is way more (or any language with modern memory management) robust choice than C++ where security is concerned. In any case, I am highly skeptical of the IOTA as well.
Much of crypto-currency holders today either seem to be people seeking to get in at the top of the ponzi pyramid and sell before collapse, or people who need to avoid some legal issue, be it capital controls, drug laws, etc. Many people are using it as an investment vehicle mainly, and rarely as a exchange of value mechanism for payments, except where they actually need to. But would pay Uber with BTC, or buy a coffee? Why? if you simply way a few days, you'll make a lot more money not spending it.
A deflationary currency to replace fiat currency or centralized banking and credit seems like a contradiction. I mean, if my cash is growing at 10%-1000%, but my Visa fee is 3%, and my inflated USD is 2% inflation, I'm gonna go with the fiat currency or Visa fee.
>The IOTA source code is written in JAVA instead of C++ like most professional cryptocurrencies are. That did not instill me with confidence. This made me lose any confidence in a person's capabilities in evaluating the coin. If anything, Java is way more (or any language with modern memory management) robust choice than C++ where security is concerned. In any case, I am highly skeptical of the IOTA as well.
What about the mining code? Is it still in Java? JNI?
What about the other DAG technologies like the one used by ByteBall? I’m not crypto-intelligent enough to analyze them but could DAG be a credible replacement for the blockchain? Iota is just a very well marketed option in that space. Their execution seems shoddy.
Thus far I've been pretty impressed with Raiblocks (XRB). Near instant (1-5 seconds depending on the wallet in my tests so far) and fee-less.
I'm pretty keen to check out the other DAG projects after this one.
Why do people persist in the idea that a deliberately deflationary currency is a good idea. It might be a good investment, but as a currency, it doesn't promote commerce and trade, it just promotes hoarding. Much of crypto-currency holders today either seem to be people seeking to get in at the top of the ponzi pyramid and sell before collapse, or people who need to avoid some legal issue, be it capital controls, dru…
Why do people persist in the idea that a deliberately deflationary currency is a good idea. It might be a good investment, but as a currency, it doesn't promote commerce and trade, it just promotes hoarding. Much of crypto-currency holders today either seem to be people seeking to get in at the top of the ponzi pyramid and sell before collapse, or people who need to avoid some legal issue, be it capital controls, dru…
Why do people persist in the idea that a deliberately deflationary currency is a good idea. It might be a good investment, but as a currency, it doesn't promote commerce and trade, it just promotes hoarding. Much of crypto-currency holders today either seem to be people seeking to get in at the top of the ponzi pyramid and sell before collapse, or people who need to avoid some legal issue, be it capital controls, dru…
The problem is that our existing financial system probably had an intention of using inflation to encourage commerce and trade, but over the past 40 years, that focus shifted from using debt for the funding of productive enterprises to debt being used for the bidding up of fixed assets like houses, but also stocks. The only thing that mattered to this bidding process was capital growth. The solution to these bubbles wasn't to reign in debt creation, or to force the targeting of debt creation to productivity, but to simply increase it. Bubble after bubble after bubble, crisis after crisis after crisis. But not only that, a death in productive capacity, which is all too apparent to the middle-income demographic.
Because of this irresponsibility of the finance world, crypto-currency technology was developed to allow people to park their productive gains in inflation resistant financial instruments. So in order to get these people to part with their inflation resistant instrument, you will have to convince them that you will give a better return than inflation, and that means by increasing productivity. You can no longer just create more debt, because the only thing that will do is increase the value of the deflationary asset, by decreasing the value of the inflationary one. That means if you want to survive as a national currency, you better start working on education and building productive capacity, because you'll no longer be able to fleece your populace whenever banking execs are looking to buy a new bentley.
why would you dump $2,000 dollars into a crypto coin you don't understand
Earlier quoted context omitted.
The author dumped a lot more than $2,000 into IOTA. They mention buying 26,000MI at $0.85, which would be a $22,100 investment. Just 5,600MI was worth $28,000 at $5/MI. Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me.
> Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me. The richer you are, the more likely you'll consider 5k small change. Same reason why the big bet poker tables have non-experts sitting there.
The iota foundation is a nefarious and bad intentioned bunch of crooks.