IOTA as a new payment option?

[Kanarme]

Hey @EvilDragon , because you like bitcoin maybe you are willing to add IOTA as a payment option in your shop, in the future.
Some arguments for IOTA:
- No Transaction Cost
- Scaling has already been solved
- No Mining, so no energy waste

Ok I can not post a source, this spam protection....

 

[Caine]

First time I hear of it. Is this even being used by anyone?

Anyway, here are some links:

• website
• whitepaper

 

[Kanarme]

Not yet but i am sure, it will come. IOTA is really new.

Thanks for the links. I don't like the iota.org page, to overloaded. But the coin is .

 

[Caine]

In my opinion it makes no sense to spend time, effort and money to support a currency that is not being used.
So it is a chicken and egg problem. I do not see why ED should be the one to popularize the currency.

By the way, @ED does not work. If you want to notify him, then you need to use his full username (i.e. @ EvilDragon, but without a space).

 

[Kanarme]

I did not want to say that he should add it in the next days. I just wanted to call him and some others (like you) on IOTA, because I am as enthusiastic as I am from the Pyra project. I think IOTA will be much more important in the future. And as far as I know EvilDragon likes the idea of crypto currencies.

I don't think ED has time at the moment for it anyway, but maybe he will remember IOTA in the background for later .

 

[Wally]

@Karname, I understand you're passionate about this particular coin thing..

As per other threads, I don't believe that we should be offering support for every digital coin bucket given that there's too many and there's a lot of "troubled" ones with flashy websites that are full of buzz words and heavy marketing..

 

[levi]

I point you to the official answer to post (at the time of writing) directly below your own: https://pyra-handheld.com/boards/th...g-in-addition-to-bitcoins.80780/#post-1417151

In other words, you'll need to guarantee more than a couple dozen buyers using a new currency every month before it's even economic to think about it.

 

[Wally]

As levi has answered the question, I am moving this to Off-Topic.

 

[b_o_b]

I even think requests like this are usually done by people that have invested money in their favourite coins and don't use it for payment at all. They just try to fuel the hype for profit and it could even be considered spam.

 

[Kanarme]

I just posted this, because i would be happy if i could pay my pyra preorder with IOTA (i don't think this will happend, But maybe i can pay with iota in the future, like a case or new cpu). If you think it is spam, feel free to delete it. And yes i have IOTA, becouse i like the technology and because iota has no waste of energy, unlike bitcoin and all others crypto coins.

 

[b_o_b]

Sure - I am not saying you are not trustworthy, it is just that you can never tell what the underlying motivation of a post like this is. IMO better not to accept any of these requests.
That said, I can surely understand the enthusiasm for cryptocurrencies. I have made a nice profit with bitcoins and interested in the technology as well

 

[Sumpfmonster]

@Kanarme Did you read the whitepaper? IOTA is actually fully centralized. Thats the reason why they can have almost no mining...
Edit: otherwise the network would be vulnerable to double spend attacks

 

[Kanarme]

@Sumpfmonster I will quote here one of the developers:

"Coordinator
IOTA is currently in what should be considered a ‘transition period’ towards large scale deployment and standardization. Like Bitcoin, Ethereum and all other distributed consensus protocols before it, the IOTA network need an onboarding mechanism to provide 34% attack protection in its early days. Due to the unique underlying architecture of IOTA this takes the shape of a ‘Coordinator’. The ‘Coordinator’ or ‘Coo’ for short, is essentially training wheels for the network until the amount of organic activity on the ledger is sufficient to where it can evolve unassisted, at which point the Coo is permanently shut off. This does not mean that the IOTA ledger is currently in any way centralized, the network is 100% decentralized, every node verifies that the Coo is is not breaking consensus rules by creating iotas out of thin air or approving double-spendings. In fact any talented programmer could replace Coo logic in IRI with Random Walk Monte Carlo logic and go without its milestones right now, so technically even at present the Coo is entirely optional. The only role the Coordinator serves is to protect against attacks in this temporary infancy stage of the Tangle ledger, if we shut the Coo down the network would continue to evolve as it will in the future when it is unassisted by these ‘training wheels’."
https://blog.iota.org/the-transparency-compendium-26aa5bb8e260

 

[Sumpfmonster]

Ok, if you know it then it's fine
I mainly wrote my post, to make sure everyone knows this, because it's not obvious if you just read their main web page.

About the developer quote:
They claim that they can remove the ‘training wheels’ somewhere in the future, but I'm not sure if that is true.
Even if the network would get really large and would have several thousands transactions per second (which is way more than for example on bitcoin right now) it would be still easy for an attacker to get more hashing power than the entire network...

 

[Kanarme]

Discussing it is important, if you are interested in the subject come into the iota slack.
There you can talk and discuss to the IOTA dev's and if you think there is an attack vector they have a donation pot to test it.

I am not so deep into the bitcoin technic, so take revenge on it but if I understand it correctly bitcoin could be also described as centralized, there are just a few mining farms that provide most of the hash power.

Sure IOTA can fail but i still like the idea and the technic. Same as the Pyra.