Author Topic: IOTA in the DEX?  (Read 1656 times)

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Offline severo

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IOTA in the DEX?
« on: September 01, 2017, 09:48:01 pm »
IOTA is a new currency without mining that uses a kind of graph, called Tangle, without blockchain. It is taking a considerable volume and is practically no more negotiated than in Bitfinex. Would it be a good idea to create OPEN.IOTA and bitIOTA to take advantage of that volume in the DEX?
« Last Edit: September 01, 2017, 09:54:01 pm by erizo »

Offline moinyoin

Re: IOTA in the DEX?
« Reply #1 on: September 02, 2017, 12:10:02 am »
IOTA is a new currency without mining that uses a kind of graph, called Tangle, without blockchain. It is taking a considerable volume and is practically no more negotiated than in Bitfinex. Would it be a good idea to create OPEN.IOTA and bitIOTA to take advantage of that volume in the DEX?

it's new, untested, unreviewed, centralized (coordinator), not official white paper (other than general tangle paper with many issues) at this point. no incentive to run full nodes despite what they say, no real protection against spam, not a secure coin to add in any capacity to a gateway that wants to be solvent.

Offline severo

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Re: IOTA in the DEX?
« Reply #2 on: September 02, 2017, 03:48:09 pm »
Well, the idea of a coin without mining and with zero transfer cost, does not seem so bad. Regardless of this, my idea would simply be to leverage the volume. IOTA not using blockchain and is difficult to implement in exchanges, so only Bitfinex has done so far. A Smartcoin following the Iota price is a trivial implementation and could serve to speculators of this currency.

Offline estatex

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Re: IOTA in the DEX?
« Reply #3 on: September 02, 2017, 04:00:19 pm »
I think that it is a positive step to start incorporating new ideas. The Tangle has a completely different concept from the Blockchain, and not just an iterative step like some other projects out there. It will take time to mature into its full potential.
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Offline KenMonkey

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Re: IOTA in the DEX?
« Reply #4 on: September 06, 2017, 12:55:04 pm »
Yeah... IOTA sounds a little scammy to me. We'll see how they go. Of course OpenLedger can issue an asset open.IOTA but a bitIOTA is assuming a lot. Very doubtful people want to securely store their wealth in IOTA.

Offline severo

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Re: IOTA in the DEX?
« Reply #5 on: September 06, 2017, 08:34:09 pm »
Dr. Serguei Popov, Ph.D. in math, the developer of Tangle theory, does not have a profile of a con man. It is the type of idea that could be an absolute genius, and mark the development of the cryptocurrency, or disappear in the coming months.

Offline amencon

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Re: IOTA in the DEX?
« Reply #6 on: September 26, 2017, 08:49:41 am »
IOTA is a new currency without mining that uses a kind of graph, called Tangle, without blockchain. It is taking a considerable volume and is practically no more negotiated than in Bitfinex. Would it be a good idea to create OPEN.IOTA and bitIOTA to take advantage of that volume in the DEX?

it's new, untested, unreviewed, centralized (coordinator), not official white paper (other than general tangle paper with many issues) at this point. no incentive to run full nodes despite what they say, no real protection against spam, not a secure coin to add in any capacity to a gateway that wants to be solvent.

While I agree IOTA has a long way to go until it truly matures, I'm not sure what you mean by untested.  Removing the coordinator will be a big milestone and there is good reason to reserve some skepticism about things until that's complete but the network is live and functioning and has survived numerous attacks so far as I understand it.  Also since the cost to send each transaction is processing two other transactions there isn't really such a thing as "spam" since every transaction serves it's function to speed up the network.  Beyond all that, are there extra security concerns inherent with IOTA?

If OPEN.IOTA doesn't share the challenges the exchanges have in implementing the token then it sounds like OPEN.IOTA might be a great idea.  Not sure why people would shy away from storing wealth in IOTA in the context of crypto currencies, it's market cap at $1.5B in the top 10 (over 7x larger than Bitshares if that says anything) shows there are plenty out there comfortable storing value there.

Offline severo

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Re: IOTA in the DEX?
« Reply #7 on: September 26, 2017, 08:23:34 pm »
IOTA is a new currency without mining that uses a kind of graph, called Tangle, without blockchain. It is taking a considerable volume and is practically no more negotiated than in Bitfinex. Would it be a good idea to create OPEN.IOTA and bitIOTA to take advantage of that volume in the DEX?

it's new, untested, unreviewed, centralized (coordinator), not official white paper (other than general tangle paper with many issues) at this point. no incentive to run full nodes despite what they say, no real protection against spam, not a secure coin to add in any capacity to a gateway that wants to be solvent.

While I agree IOTA has a long way to go until it truly matures, I'm not sure what you mean by untested.  Removing the coordinator will be a big milestone and there is good reason to reserve some skepticism about things until that's complete but the network is live and functioning and has survived numerous attacks so far as I understand it.  Also since the cost to send each transaction is processing two other transactions there isn't really such a thing as "spam" since every transaction serves it's function to speed up the network.  Beyond all that, are there extra security concerns inherent with IOTA?

If OPEN.IOTA doesn't share the challenges the exchanges have in implementing the token then it sounds like OPEN.IOTA might be a great idea.  Not sure why people would shy away from storing wealth in IOTA in the context of crypto currencies, it's market cap at $1.5B in the top 10 (over 7x larger than Bitshares if that says anything) shows there are plenty out there comfortable storing value there.

I also have doubts about IOTA. For now IOTA needs a dictator, and dictators often delay the date of his departure. However it is a currency with a lot of volume and difficult to implement in the exchanges: a good opportunity to increase the DEX liquidity.