iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
17,082 Blog Posts

BITCOIN BROKE $13,000; IOTA IS +200% THIS WEEK

Greetings and salutations lads,

The Bitcoin happy train continues to run over morons in its path, now higher by 10% to $13,188, up more than 25% this week. The total market cap of the cryptos is now $380 billion, now worth more than the market cap of JP Morgan.

While all of this is super impressive and I am sure the gains will continue, uninterrupted, another contender has emerged, something called IOTA. This small little ICO is now worth $11 billion, up a mere 1,000% in 2017 and 202% over the past week.

Perhaps others on the site can redpill us on why IOTA is blasting off. Inquiring minds want to know.

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50 comments

  1. ferd

    No mention on ibc of what Netanyahu’s bitch is saying re Jerusalem. This will really get them hating our freedoms. Hold onto those MIC stocks.

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  2. tonka

    There’s a trump card in every bitcoin argument. Doesn’t matter how reasonable you try to be people just plug their ears and scream “limited supply, limited supply, limited supply!”

    Apparently this is the line in the sand where humanity changed and this asset will go up forever until it’s worth more than everything else combined.

    If we have created an asset that only goes up, we have simply created an asset we don’t understand.

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  3. fryguy15

    Like you said… equities are old hat. Equivalent to trading railroads when MSFT and ORCL were new. 47 1/2 fast approaches you old fuck

    https://cointelegraph.com/news/iota-partners-with-microsoft-fujitsu-others-for-iot-data-monetization

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  4. Marc David

    When Bitcoin can be shorted.. is that the 2nd opportunity of a lifetime?

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  5. gappingandyapping
    gappingandyapping

    As soon as I get paid to pay with Bitcoin, get a free 30-365 day loan with it and have zero responsibility if its stolen then I will start buying things with Bitcoin. If I am looking for anonymity there is no way I would pay with bitcoin. I still can’t find a reason to pay with it or use it at all. I have zero costs with Zelle pay and its instantly in another person’s account so paying person to person doesn’t matter. Chase and many others pay me to store money with them (I use Synchrony and Alliant by the way). Still waiting on someone to tell me where I am wrong for using what I am using vs. Bitcoin. And before you even respond yes I do own some bitcoin and also made a shitload with it buying on Jan 15 and selling at exactly $10,000 (trade posted in 12631).

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    • tonka

      But you don’t have the fun of remembering all your private keys!

      The real play is to invest in home security. Once the whole world shifts to using private keys, they’ll have to write them down somewhere. Burglaries and hostage situations will go through the roof!

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    • bob smith

      The value of BTC would not allude you if you were a drug dealer, arms dealer or thief who had to launder lots of $$$.

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  6. bespokesuit

    Here is my attempt at a serious answer, which on this site is hard to find, like cutting through a shitpost jungle.
    What I know so far about IOTA:
    IOTA is built from ground up for Industry 4.0 & IOT (internet of things) started in 2015

    IOTA is not blockchain; blockchain network goes slower the more it’s used, eventually stopping.

    IOTA is “directed acyclic graph” based nicknamed the Tangle, which speeds up the more its used, it infinitely scalable. The more it’s used, the faster it gets.

    IOTA is impermeable to quantum computing; blockchain will be cracked by quantum computing

    IOTA has no mining; no one group controls the direction or speed of the transactions.

    IOTA has no mining; it does not use half of the worlds power to function.

    IOTA has no mining; if miners abandon blockchain, it stops. Transactions keep IOTA functioning, the more transactions, the faster the network.

    IOTA participants’ devices process two pending transactions before their transaction get added to the Tangle

    IOTA is 100% open source

    IOTA is fee-free, zero costs to process transactions regardless of size. Blockchain (Bitcoin) has large fees making small transactions foolish to impossible.

    IOTA can transfer data to and from digital entities as low as sensors.

    IOTA will work on all devices. Mobile, sensors, PC, arm based, plc based etc.

    IOTA can replace the function (or shilled function) of all altcoins

    IOTA can be built on top of; like Etherium, but with no costs for transactions.

    IOTA has the potential to replace the majority of Etherium’s functions.

    IOTA is still in Alpha phase ( huge upside potential).

    IOTA is being actively adopted by massive corporations. Microsoft, VW, Samsung and Cisco are already partners.

    IOTA is a registered not for profit foundation in Germany.

    IOTA will be unleashing holy hell via tech partnerships, innovations, adaptation and announcements in 2018

    IOTA will beat all other crypto in market cap by EOY2018

    Disclosure: I own IOTA

    Suck it.

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    • Dr. Fly

      TL;DR

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    • sarcrilege

      The best and most informative comment (except all of mine) I have read in a long time. This sound like a great technology. I will look into it and might actually get me some for simple reason…it solves and addresses all BTC’s problems that I have been banging on…most notably scalability. I trust this is not hype and bullshit like many other “miracle” technologies. It sounds a bit too good to be true but worth looking into it for sure if even 1/2 of it checks out.

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    • bob smith

      Is it still true that you can only buy IOTA with Bitcoin or Ethereum? If so, why does IOTA want to own Bitcoin and Ethereum so bad?

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    • lapens

      Nice work bespoke fruit! Congrats. I missed the iota train ?

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    • lapens

      Nice work bespoke fruit! Congrats. I missed the iota train ?

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    • tonka

      Finally someone that can see the future!

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    • bitcoin fag

      A team of MIT researchers also found a bug in IOTA code that could allow people to spend other people’s money. Not good.

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    • numbersgame

      Does IOTA also walk your dog?

      Seriously, that may be enough for Joe Retail to speculate on, but what I see is a lot of claims (including some rather dubious ones) with no substance. For example, the primary questions I have are:
      (1) how does one create an IOTA
      (2) how does one acquire an IOTA once created
      (3) how does one sell/use/trade an IOTA for a service or for an IRL/hard currency

      Also, IOTA is clearly a digital-Ponzi, which means that it will cease to function unless the transactions continue to grow at an exponential rate. It’s simple math.

      A critical issue that you didn’t mention is that a transaction is not labeled as “confirmed” until it is validated (processed) at least “n” times. That means that if there are “x” number of transactions, these require n*x number of validations. However, if there are only two validations performed before a new transaction is added to the Tangle, that adds to 2*x

      2*x < n*x, so the existing transactions can't all be confirmed. The only way this works is if the number of validations required to confirm a transaction is the same as the number of validations each new transaction is required to perform before adding it to the Tangle. However, if that was doen than transaction speed would greatly slow down.

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      • numbersgame

        As an analogy, let’s say that you only trust someone (transaction confirmation) if at least 10 people vouch for (validate) them.

        Now let’s say that people are only willing to vouch for 2 other people.

        Persons 2-11 vouch for Person 1, so he is now trusted.
        Persons 1 and 3-11 vouch for Person 2, so he is now trusted.
        Well, now Persons 3-11 can’t vouch for anybody else, because they already vouched for 2 people (Persons 1 and 2).
        Person 1 and Person 2 can both vouch for Person 3, but he needs 8 more people before he is trusted, and persons 4-11 still need 10.

        Basic pyramid scheme (not Ponzi as I originally stated),

        Now if each person vouched for 10 others instead of 2, then all 11 people would be trusted. However, that’s a lot more vouching….

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  7. lapens

    Screw IOTA. Have you checked out PPT yet Fly? I did mention it a while back asking for your honest opinion.

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  8. fryguy15

    Largest Crypto-Mining Exchange Confirms It Was Hacked, Over $50 Million In Bitcoin Stolen – LMFAO!!!

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  9. gappingandyapping
    gappingandyapping

    13,000 is old news, we are taking this bitch to 14,000 already and then 15,000 tomorrow. Its just too fucking easy.

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  10. numbersgame

    For all of those “long-only” investors that think shorts are scum-of-the-earth, keep an eye on bitcoin and watch how it turns out. This is not price discovery that you are seeing, so it is much closer to tulip-mania than anything even the dot-com bubble had (dot-com stocks could be shorted). Shorts keep prices from running up too high. They also cover on the way down, so the plunge isn’t as bad.

    Now of course, the big boys can’t short the market until futures are up (well, I guess they could write derivative contracts and sell them to pension fund managers), so it wouldn’t shock me if the rise continues. Once the futures market gets up and running ,the big boys will dump their coins, first making profit on the coins, then making profit shorting the futures.

    Of course, the plunge will be greatly exagerrated, so THAT is when you want to buy – right after everybody panic-sells.

    I predict prices in the $500- $2000 range when the dust settles.

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    • metalleg

      What are some of your previous predictions. I just want to feed my bullshit meter something to evaluate before taking your word. No offense.

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      • numbersgame

        No offense taken.

        I’ve been short NFLX for awhile if that helps. I still think of that as a timing issue. Revenue and subscribers have been steadily increasing, and I see those trends continuing. However, EPS is awful:
        (1st 3 quarters for all years)
        2012: $0.16
        2013: $1.06
        2014: $0.42
        2015: $0.18
        2016: $0.27
        2017: $0.84

        Looking at the stock price, you’d expect a totally different story. For comaprison, BBBY (which I’m long) is making 3x that EPS and is now at $23 after a big post-Thanksgiving pop. If you look at tech stocks, FB and AAPL ahve a simialr sahre price to NFLX, but making 4x and 8x the EPS. NFLX just spends too much and has margins too low. They still make higher margins *shipping DVDs round-trip* than delivering on-line content. High growth + low margins makes this a $70 stock, IMHO.

        However, as I’ve said in the past, the stock is powered by Millenium optimism and investors confusion between a good company (or at least one with a good prodcut) and a good stock. Today was the first time in a while that good news (PiperJaffray note about higher than expected subscriber adds) didn’t pop the stock. Might be a sign.

        I’m also long TLT and believe that it will make an ATH.

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        • ironturd

          You lost me at long BBBY and short NFLX. Nflx has been one of the single greatest investments of all time and millenials don’t control it. BBBY for the love of god why have you ever used amazon.

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