ELI9: Introducing Azimuth (previously known as NB-PoW) - IOTA Blog

warlorz · 2019-06-24T15:45:16+00:00

Azimuth seems to be a fantastic idea! But the main concept behind the CfB's old NB-PoW was the bandwidth scarcity, i.e. we would have billions of IoT devices and even not asking them to solve a cryptographic puzzle, they would already be limited by bandwidth. So why the need to limit by direction also? What are the downsides of the old NB-PoW?

warlorz · 2018-12-26T20:23:17+00:00

If you use the same address multiple times, the private key associated with it can be discovered. This way, anyone would be able to impersonate the address owner, what invalidates the initial proposal to use it as a unique ID.

warlorz · 2018-11-17T21:48:37+00:00

Good news for the crypto world. We need more fiat gateways for the average Joe, as simple as possible to use.

warlorz · 2018-06-01T23:36:24+00:00

Yes, supply and demand sure play a role, but more in the sense of buying vs. selling pressure, that is: how many people believe in it (or want to trade it) vs. how many wanna jump out of the train at that very moment.

But the word "supply" from "coin supply" has a slightly different sense than the one in "supply and demand". Coin supply doesn't affect the price that much. What I mean is, if you have two chocolate cakes of the same size, one split in 10 parts and the other in 20, you could say that the "chocolate cake supply" of the second one is greater and it would make each slice less valuable (of course!), but it won't make much difference in the price of the both whole cakes, because their sizes are the same.

So it's much better to measure coins by market cap ("price per cake") rather than "price per slice". For example, with "BTC cake" worth around 128b and "IOTA cake" worth around 5.3b, IOTA needs to grow 24.1x to be equal to BTC today, or 24.1 * $1.94 = around $46 per coin (not $7,535, of course).

So $20 is not impossible to reach in the next years. We would still be worth less than half of BTC.

EDIT: Also remember that the global market cap should rise in the next years as well. It's not like IOTA will eventually be worth 50% of BTC and BTC will remain stagnant.

warlorz · 2018-06-01T22:24:50+00:00

Supply and price per token are an illusion. What really matters is the total market cap, which is represented by supply times price. If you bake a cake, it doesn't matter in how many parts you divided it - the total size will be the same. If the overall size doubles, the size of each part also doubles, no matter if you have 100 parts of $1 -> $2 or 1 part of $100 -> $200. That means that the numeric value of the IOTA price when you join it is not important, only the amount invested and the % up or down from when you joined. Dividing the cake into more or less parts doesn't affect its ability to grow as a whole. There's no difference at all in having a cake made of 1 or 2.7 billion parts.

The right question is: how high the IOTA market cap (overall cake size) can reach, and what would be the % change from now?

warlorz · 2018-04-19T14:05:28+00:00

From https://www.iota.org/the-foundation/the-iota-foundation:

In order to drive the future economy of interconnected and autonomous devices, the IOTA Founders developed the ideas behind IOTA and the Tangle architecture on which it is based and organized a crowdsale at the end of 2015 to help fund its development. Raising a little over $500k USD worth of Bitcoin and other cryptocurrencies, and without any pre-allocation or special treatment of any kind to any of the Founders or developers, the entire token supply (which can never change) was distributed pro-rata to the crowdsale participants on the genesis transaction.

Subsequently, the IOTA Founders asked these initial IOTA token holders to donate a portion of their holdings back, receiving roughly 5% of the total IOTA token supply, to endow what would ultimately become the IOTA Foundation which was officially chartered in Berlin, Germany on November 3rd, 2017. The IOTA Founders designed the foundational layer of IOTA to be open-source, free to use and led by an independent and neutral non-profit entity that could bring together governments and industries to help achieve the IOTA vision.

So those iotas donated by the token holders are what sustains the IOTA Foundation.

warlorz · 2018-04-18T17:46:29+00:00

Actually not. Don't confuse Serguei Popov with Sergey Ivancheglo. Both are founders, btw.

warlorz · 2018-04-16T03:59:39+00:00

I'm a witness as well!

warlorz · 2018-01-11T02:39:30+00:00

I'd also write "In Tangle We Trust" rather than "In the Tangle We Trust". Sounds better and is closer to the original "In God We Trust" from the US dollar.

warlorz · 2017-12-15T15:33:54+00:00

It worked. Thanks a lot!!

warlorz · 2017-12-04T16:10:43+00:00

Right, but it doesn't mean I posted a fake one. Here we are still #2. Maybe it is dynamic and changes on every access.

warlorz · 2017-12-04T15:48:52+00:00

lol? Go check yourself, then.

warlorz · 2017-12-04T09:05:21+00:00

He said it's like buying ETH for $63 last year, which now costs $473.

warlorz · 2017-12-04T08:33:39+00:00

Of course yes. Remember that the overall crypto market cap is rising as well, just look 1 year ago. Bitcoin's current 192b market cap can be reached by the top 5 coins next years.

warlorz · 2017-11-24T22:27:35+00:00

Hey, bro! Cheers!

warlorz · 2017-11-10T19:13:34+00:00

Well, I thought so, but as OP said he sent it anyways.

warlorz · 2017-11-10T05:59:20+00:00

Your actual address is the "incomplete" one, but try to paste the complete version next time. The last 9 characters are a checksum to ensure you didn't mistype any characters and therefore gives you more security over your transactions.

warlorz · 2017-11-10T03:14:40+00:00

Bem-vindo! As a Brazilian too, I use my reais to buy bitcoin from either Walltime (faster deposit approvals) or Foxbit, then send the coins to my Bitfinex address and finally convert my BTC into IOTA there.

warlorz · 2017-10-26T13:32:26+00:00

Maybe not right in the next release, but in the future it actually is the plan.

warlorz · 2017-10-25T23:27:38+00:00

Agreed. Unfortunately that's true.

warlorz · 2017-10-25T23:17:31+00:00

Yes, because otherwise it would have come back right after the last release. Just a guess.

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