Topic: Do you think IOTA has the potential to dethrone Bitcoin? And why? (Read 292 times)
I do not believe that any other altcoin besides ETH can replace BTC on top of crypto currencies market. First of all, a coin needs a long history and a lot of supporters to defeat the most powerful coin on the market. In my opinion ETH contains everything to replace BTC one day.
June 04, 2019, 01:48:50 PM
You have already solved the puzzle by yourself. Dethroning Bitcoin as the king and leading coin in Cryptocurrency by any other coin is not going to happen now or anytime soon and might never happen.
When you do not think that IOTA takes off bitcoin then why you created this thread to ask it. If you know the possible and most speculative answer, it is hard to ask the same thing and get the thing.
It is just few bucks worth of altcoins but marked name called Bitcoin and first ever emerged currency alone will bring the throne to bitcoin directly.
It is just few bucks worth of altcoins but marked name called Bitcoin and first ever emerged currency alone will bring the throne to bitcoin directly.
iota is no doubt a good project but to think of it as detroning btc, I think itbis too early. Moreover, it is about time we ended discussions on a coin detroning btc because I don't see anything like that happening any time soon.
Why are you talking about IOTA and not XRP or XLM or whatever else?
IOTA is a serious project with major partnerships, and if they take just 10% of the IoT market it will bring substantial value to the MIOTA token. But bitcoin is a totally different cryptocurrency with the first-mover advantage, and the Lightning Network may also power IoT. I don't see MIOTA overtaking BTC, but I think both projects have a very bright future.
I also think that there is no coin which will dethrone Bitcoin, and even if time pass and some coins have some value they will not value so much as bitcoin, even the name is good choosen.
lol no, why even start a thread like this OP ? What are you trying to sell ?
IOTA and Bitcoin are two very different things.
Bitcoin is the King, IOTA is a pawn.
IOTA and Bitcoin are two very different things.
Bitcoin is the King, IOTA is a pawn.
IOTA has different goals than Bitcoin. IOTA has some "owners" of the project. It constantly discloses marketing news that is not entirely true. And it has as a great goal to leave those who keep the project, rich. It can be an interesting investment, since it has characteristics that can be used by industries from different sectors. But it will never get to the feet of what Bitcoin is.
Almost every ambitious altcoin claimed this "dethrone" thing but still up to this date, nothing succeeded in doing so. Let's just face it that BTC is really too strong and stable, and the community backing it up is so solid. I do not say that BTC won't be dethroned. Nothing is indispensable, especially in this fast-paced crypto sphere, but definitely it's not IOTA. There are lots of good crypto out therethat have more huge potential than IOTA like ETH, BNB, XLM, EOS and LTC, ADA.
Its obviously "No" like what other said be realistic and face the reality IOTA is stil new in cryptoworld theres a lot of potential altcoin can compete them like BNB, IOST, EOS and ETH even this aktcoin cannot surpass or dethrone Bitcoin potential because most of the time Bitcoin is being used in centralized and decentralized exchange site.
People continue patronizing bitcoin and its grow faster day by day.
People continue patronizing bitcoin and its grow faster day by day.
dethrone is ambiguous because it doesn't really have any meaning and there is no "throne"! dethrone in what aspect?
in utilities, adoption and usability? not a chance. there is nothing that IOTA can do better than bitcoin.
in security of the network, and decentralization of it? not in a million years specially since there are certain centralized aspects to IOTA
in price? again not a chance because IOTA has a huge volume and unlike bitcoin it doesn't have that adoption that is needed for its price rise. so even if it reaches bitcoin's adoption (which it will never do) it still can't increase its price to bitcoin level.
in market cap? who cares
but no for same reasons above
in utilities, adoption and usability? not a chance. there is nothing that IOTA can do better than bitcoin.
in security of the network, and decentralization of it? not in a million years specially since there are certain centralized aspects to IOTA
in price? again not a chance because IOTA has a huge volume and unlike bitcoin it doesn't have that adoption that is needed for its price rise. so even if it reaches bitcoin's adoption (which it will never do) it still can't increase its price to bitcoin level.
in market cap? who cares
but no for same reasons above 
Every altcoin has the chance to dethrone BT, the problem however is that they don't have people getting onboard with them because most of us prefer BTC and thus the reason they can't dethrone BTC. ETH doesn't even get to half of its price, its not like the price of ETH can grow while BTC don't. Its not gonna happen.
Forget IOTA. ETH itself does not stand a chance in comparison.
I don't think we can compare any other crypto currency with bitcoin. Btc is and will be the King. It's the most trusted and more valuable crypto out there. Plus it's dominance in the market is strong making all other crypto following its uptrend or downfall.
Every altcoin has the chance to dethrone BT, the problem however is that they don't have people getting onboard with them because most of us prefer BTC and thus the reason they can't dethrone BTC. ETH doesn't even get to half of its price, its not like the price of ETH can grow while BTC don't. Its not gonna happen.
I do not think IOTA has the potential to dethrone Bitcoin. At the moment IOTA does not even have a working product. They can handle 25 TPS (significantly more than Bitcoin) and provide free transactions only because the IOTA Foundation runs a closed source Coordinator node that is completely responsible for determining what transactions get added to the Tangle. This is how they solve the double spend problem and provide security to the network. However, this is no better than if I were to create a cryptocurrency by hosting a MySQL database behind an Nginx server I control. I could make similar claims to the IOTA Foundation in support of this cryptocurrency. I could provide free transactions, I could say I could way out-scale Bitcoin, Ethereum, and any other decentralized cryptocurrency, and I could boast about the much smaller environmental footprint of my centralized setup.
Bitcoin has the obvious first mover advantage and they are completely different in too many ways to list here. A good way to see Bitcoin is like physical gold. Yes, it's money, but are you going to use it to buy a cup of coffee? Difficult to use for small transactions, but a definite store of value. Based on the blockchain protocol so at present, unhackable. IOTA was designed differently, and for a different purpose
Nonetheless, do you think IOTA can dethrone BITCOIN
Bitcoin has the obvious first mover advantage and they are completely different in too many ways to list here. A good way to see Bitcoin is like physical gold. Yes, it's money, but are you going to use it to buy a cup of coffee? Difficult to use for small transactions, but a definite store of value. Based on the blockchain protocol so at present, unhackable. IOTA was designed differently, and for a different purpose
Nonetheless, do you think IOTA can dethrone BITCOIN
no i dont think so , feels like it is alot of projekt with more potential than iota but i might be wrong, to be honest i have a hard time seeing any crypto dethrone bitcoin.
There's technically a possibility. But will it? I don't think so. Bitcoin is simply too far ahead in terms of almost everything for an altcoin to surpass it. Heck, I don't even think Ethereum will, even though it has slightly more possibility. But then again, it's still possible for IOTA to do so, and if it does, then it means the cryptocurrency markets just went full retard.
In theory there is always possibility that some new coin and solution surpass Bitcoin. But in practice that didn't happen so far and I don't think that soon it will.
IOTA maybe has potential, although this still needs to be proven but I don't think that it represents any kind of danger for Bitcoin.
They can handle 25 TPS (significantly more than Bitcoin)
first of all 25 is not "significantly" more than bitcoin. secondly it is not 25, i couldn't find the topic on this but someone on reddit once posted a good comparison of these DAG coins and most of them had much higher TPS according to their statements, i think this case was in thousands not 25!
but none of it matters when it is not truly decentralized. i haven't really analyzed all of the DAG coins but those that i saw have a certain level of centralization when there are certain nodes (checkpoint nodes of IOTA, witness nodes of Byteball,...) and that is always a bad sign in them and it also means they can not compete with bitcoin let alone "dethrone" it.
Well, bitcoin had been trusted for so long since bitcoin ia the first successful crypto to be created. It is to far ahead from IOTA as a currency. However, if we talk about IOTA's technical aspect it really has potential.
I agree sir, potential to grow yes, but to dethrone Bitcoin? This is not happening. I doubt it, that btc will get dethrone. BTC is already matured and has store of value.
There's technically a possibility. But will it? I don't think so. Bitcoin is simply too far ahead in terms of almost everything for an altcoin to surpass it. Heck, I don't even think Ethereum will, even though it has slightly more possibility. But then again, it's still possible for IOTA to do so, and if it does, then it means the cryptocurrency markets just went full retard.
Sir, what do you mean by technical posibility? Because for me they IOTA is universe away to bitcoin.
I meant that the chances of IOTA to dethrone isn't technically 100% impossible, or non-zero. While the chance is very very very small, it's still a possibility. Everything is possible in the cryptocurrency markets. I mean, we have XRP, EOS, and TRX dancing and moving back and forth around the top 10.
No I don't think that it would ever replace Bitcoin.
We are her because we want freedom and decentralized currency why would we turn a centralized crypto to be the next King?
If this would be the crypto to replace BTC then might as well go back to the banks.
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Possibly due to the IOTA devs sharing similar concerns, IOTA's software currently relies on centralized checkpointing
IOTA relies on centralized checkpoint while on the other hand BTC is decentralized.We are her because we want freedom and decentralized currency why would we turn a centralized crypto to be the next King?
If this would be the crypto to replace BTC then might as well go back to the banks.
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I do not think IOTA has the potential to dethrone Bitcoin. Nonetheless, do you think IOTA can dethrone BITCOIN?
Well, you already answered it yourself. As of now and in the coming years, I don't think there will be a real threat to Bitcoin on its throne as the King of Cryptos. I was considering Eth as possible heir apparent but even now we can see that it is lagging far behind. All other contenders are just contenders and only their promoters are telling us that they can be the next big thing even if the market says otherwise. Only time can tell if there will be another cryptocurrency to supplant Bitcoin because if there will be one that can stand out and can have many new features to cover the flaws of Bitcoin still at the end of the day it is the market that can determine the ultimate winner. I am not very familiar with IOTA but for sure it is not even a close contender to the throne. I am encouraging the people IOTA to work more and make their platform truly attractive for the users and partners with people and organization that can help push for its use and adoption...for the sake of their supporters and believers. The cryptocurrency marketplace is getting bigger everyday and certainly there is always a space for a good project.
IOTA has got more realtime usage access, and for the same it can't be compared with bitcoin. It will serve to be one of the potential altcoins as more realtime projects have got it to be the base. To dethrone bitcoin, it is not that a simple task. It is far beyond, and to reach the growth level of bitcoin it requires something much highly advanced.
Well, bitcoin had been trusted for so long since bitcoin ia the first successful crypto to be created. It is to far ahead from IOTA as a currency. However, if we talk about IOTA's technical aspect it really has potential.
It depends on the point of view as currency or as technology. If we talk about technology, it has great potential thanks to Tangle
There's technically a possibility. But will it? I don't think so. Bitcoin is simply too far ahead in terms of almost everything for an altcoin to surpass it. Heck, I don't even think Ethereum will, even though it has slightly more possibility. But then again, it's still possible for IOTA to do so, and if it does, then it means the cryptocurrency markets just went full retard.
Sir, what do you mean by technical posibility? Because for me they IOTA is universe away to bitcoin.
There's technically a possibility. But will it? I don't think so. Bitcoin is simply too far ahead in terms of almost everything for an altcoin to surpass it. Heck, I don't even think Ethereum will, even though it has slightly more possibility. But then again, it's still possible for IOTA to do so, and if it does, then it means the cryptocurrency markets just went full retard.
Theymos has an opinion about IOTA:
Personally, the chance for IOTA to completely flip BItcoin is near zero. Not to mention there is some issue about IOTA centralization. IOTA might exist for some time in the cryptocurrencies markets space, but to even think about the flippening, its bizarre. Bitcoin might have some tight competition within the spaces, but I'm sure any sort of flippening things are too good to be true.
~
For each one, I will assign a technical merit/innovation score. On the day of its release, Bitcoin would have had a score of 100, whereas a score of 0 would be a pure pump-and-dump built on stupid gimmicks and other nonsense -- I don't list these at all.
IOTA
The tangle design is interesting and potentially useful, though I have several serious concerns about how it will actually work long-term:
- In order to achieve lasting, stable scalability, something will need to be done to limit bandwidth. Otherwise you still have the problem that everyone needs to download everyone else's transactions in order to be a trustless node, and this simply doesn't scale no matter what else you do. How can you split the network so that one node can trustlessly ignore a lot of the network's total transactions, but transactions are still possible cross-split? Doing something like splitting the graph into a cycle of semi-separate segments might be possible, but it seems very difficult to do this and maintain security+convergence.
- With a chain, if miners become evil and rewrite the last 6 blocks or something, everyone is going to notice and be affected, and so a unified response (PoW change, etc.) will be fairly easy. But with a graph, maybe an attacker could just nibble at the edges in such a way that 99.99% of users are able to think "well, it's not really my problem". In fact, it may not even be easily provable that an attack happened at all.
- I am not convinced that a tangle is stable/convergent/secure in all circumstances. Even if it seems to work under all tests so far, it may well fall apart under a clever but not-too-difficult attack, or perhaps even just on its own. The whole idea that transaction volume is what adds security to the tangle makes me uneasy, since an attacker can always produce unlimited fake transactions, while the network will only produce a "natural" number of transactions unless additional measures are taken to generate good fake transactions.
Possibly due to the IOTA devs sharing similar concerns, IOTA's software currently relies on centralized checkpointing.
Score: 0.1
For each one, I will assign a technical merit/innovation score. On the day of its release, Bitcoin would have had a score of 100, whereas a score of 0 would be a pure pump-and-dump built on stupid gimmicks and other nonsense -- I don't list these at all.
IOTA
The tangle design is interesting and potentially useful, though I have several serious concerns about how it will actually work long-term:
- In order to achieve lasting, stable scalability, something will need to be done to limit bandwidth. Otherwise you still have the problem that everyone needs to download everyone else's transactions in order to be a trustless node, and this simply doesn't scale no matter what else you do. How can you split the network so that one node can trustlessly ignore a lot of the network's total transactions, but transactions are still possible cross-split? Doing something like splitting the graph into a cycle of semi-separate segments might be possible, but it seems very difficult to do this and maintain security+convergence.
- With a chain, if miners become evil and rewrite the last 6 blocks or something, everyone is going to notice and be affected, and so a unified response (PoW change, etc.) will be fairly easy. But with a graph, maybe an attacker could just nibble at the edges in such a way that 99.99% of users are able to think "well, it's not really my problem". In fact, it may not even be easily provable that an attack happened at all.
- I am not convinced that a tangle is stable/convergent/secure in all circumstances. Even if it seems to work under all tests so far, it may well fall apart under a clever but not-too-difficult attack, or perhaps even just on its own. The whole idea that transaction volume is what adds security to the tangle makes me uneasy, since an attacker can always produce unlimited fake transactions, while the network will only produce a "natural" number of transactions unless additional measures are taken to generate good fake transactions.
Possibly due to the IOTA devs sharing similar concerns, IOTA's software currently relies on centralized checkpointing.
Score: 0.1
~
- Possibly some merit, not sure: ~ IOTA
- Possibly some merit, not sure: ~ IOTA
Personally, the chance for IOTA to completely flip BItcoin is near zero. Not to mention there is some issue about IOTA centralization. IOTA might exist for some time in the cryptocurrencies markets space, but to even think about the flippening, its bizarre. Bitcoin might have some tight competition within the spaces, but I'm sure any sort of flippening things are too good to be true.
I do not think IOTA has the potential to dethrone Bitcoin. At the moment IOTA does not even have a working product. They can handle 25 TPS (significantly more than Bitcoin) and provide free transactions only because the IOTA Foundation runs a closed source Coordinator node that is completely responsible for determining what transactions get added to the Tangle. This is how they solve the double spend problem and provide security to the network. However, this is no better than if I were to create a cryptocurrency by hosting a MySQL database behind an Nginx server I control. I could make similar claims to the IOTA Foundation in support of this cryptocurrency. I could provide free transactions, I could say I could way out-scale Bitcoin, Ethereum, and any other decentralized cryptocurrency, and I could boast about the much smaller environmental footprint of my centralized setup.
Bitcoin has the obvious first mover advantage and they are completely different in too many ways to list here. A good way to see Bitcoin is like physical gold. Yes, it's money, but are you going to use it to buy a cup of coffee? Difficult to use for small transactions, but a definite store of value. Based on the blockchain protocol so at present, unhackable. IOTA was designed differently, and for a different purpose
Nonetheless, do you think IOTA can dethrone BITCOIN
Bitcoin has the obvious first mover advantage and they are completely different in too many ways to list here. A good way to see Bitcoin is like physical gold. Yes, it's money, but are you going to use it to buy a cup of coffee? Difficult to use for small transactions, but a definite store of value. Based on the blockchain protocol so at present, unhackable. IOTA was designed differently, and for a different purpose
Nonetheless, do you think IOTA can dethrone BITCOIN
To tell you honestly, no oway IOTA will dethrone BTC. BTC is the great great grand father of cryptocurrency. It survived 10 years already despite FUDS and government issues. BTC will always be at the top. Nothing can dethrone bitcoin. THis is me okay? This is my opinion.
No, I don't think so.
IOTA still a new coin and needs time before it could increase and it won't happen in a short time.
And even if they can increase in the short time, IOTA still difficult to dethrone bitcoin because bitcoin is very strong and bitcoin still lead the market.
If IOTA somehow, dethrones bitcoin, I cannot imagine what will the market happens, and maybe there will be a big reshuffle on every coin position, but I don't think that it will happen.
IOTA still a new coin and needs time before it could increase and it won't happen in a short time.
And even if they can increase in the short time, IOTA still difficult to dethrone bitcoin because bitcoin is very strong and bitcoin still lead the market.
If IOTA somehow, dethrones bitcoin, I cannot imagine what will the market happens, and maybe there will be a big reshuffle on every coin position, but I don't think that it will happen.
IOTA is definitely a step in the right direction - or a new direction at least that can lead to new things. Both are solutions that solve different problem, but I don't think IOTA is the final long-term answer.
I do not think IOTA has the potential to dethrone Bitcoin. At the moment IOTA does not even have a working product. They can handle 25 TPS (significantly more than Bitcoin) and provide free transactions only because the IOTA Foundation runs a closed source Coordinator node that is completely responsible for determining what transactions get added to the Tangle. This is how they solve the double spend problem and provide security to the network. However, this is no better than if I were to create a cryptocurrency by hosting a MySQL database behind an Nginx server I control. I could make similar claims to the IOTA Foundation in support of this cryptocurrency. I could provide free transactions, I could say I could way out-scale Bitcoin, Ethereum, and any other decentralized cryptocurrency, and I could boast about the much smaller environmental footprint of my centralized setup.
Bitcoin has the obvious first mover advantage and they are completely different in too many ways to list here. A good way to see Bitcoin is like physical gold. Yes, it's money, but are you going to use it to buy a cup of coffee? Difficult to use for small transactions, but a definite store of value. Based on the blockchain protocol so at present, unhackable. IOTA was designed differently, and for a different purpose
Nonetheless, do you think IOTA can dethrone BITCOIN
Bitcoin has the obvious first mover advantage and they are completely different in too many ways to list here. A good way to see Bitcoin is like physical gold. Yes, it's money, but are you going to use it to buy a cup of coffee? Difficult to use for small transactions, but a definite store of value. Based on the blockchain protocol so at present, unhackable. IOTA was designed differently, and for a different purpose
Nonetheless, do you think IOTA can dethrone BITCOIN
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