![]() ![]() I read the white paper and some of the press for Iota and it gave me a good feeling, so I decided to throw some eggs in this basket. Blockchain is well known for eating up system resources and I'm not sure such inefficiencies in this infrastructure are going to pan out in the long run. ![]() The other thing I considered is that Iota seemed to be striving to evolve the blockchain into something else. I've felt like Bitcoin was in a bubble for a long time and it appears much too inflated for me to feel comfortable getting into, and it could very well continue to climb. My logic was this: Iota popped up out of nowhere on the marketcap list and Bitcoin is very expensive to buy into right now. One that I could easily lose, but stand to possibly gain a lot if my gut feeling turns out to be real intuition and not just indigestion. For me this was taking $250 and setting it aside, coming to terms with the prospect of possibly flushing it down the toilet, and looking at this as more of a game. General financial advice I feel qualified to give you is don't ever invest money you are afraid to lose, or that would threaten your livelihood. There's no insurance and no assurances in this space. I'd love to hear an announcement from Iota confirming this Binance support statement I referenced earlier: Īs was stated earlier by someone else in this thread, this is the wild west. I'm only mildly annoyed at the situation and I haven't dug as deeply as I could. In this case Binance cited an issue with Iota itself. I chose Binance because, first and foremost, they were one of the only exchanges dealing in Iota in the first place, and from what I had read it had a better reputation and they seem poised to be a big up and comer in this space. I literally bought into crytpo for the first time 2 days ago after 3 years of monitoring and having the itch to jump in the whole time, but for whatever reason just not taking the plunge until now.īinanace seems well made on the surface, but IT infrastructure is a fickle thing and hackers in general have a lot to gain by targeting these exchanges when you boil it down. I have to tell you I'm probably not qualified at all to hand out any advice to you. My risk as a result to ignorance is mitigated by the immense number of traders who've come before me, so simply having evidence THAT it works is, for all intents and purposes, as good as understanding HOW it works. Like I said, I'm a pleb who has no idea what I'm doing and learning as I go. Logically this probably makes more sense. So all of the crypto assets are sitting in the exchange's wallet(s), then, and they simply allot the value to its members on the back end and settle the books when you choose to withdraw to your private wallet? The intricate details for how an exchange functions weren't exactly relevant from my vantage point of having no crypto assets to speak of. When I say "research" I just mean that I've actively watched the market and kept up with various aspects of the technology, not that I've studied every subtle nuance of the technical infrastructure for crypto exchange websites. ![]() I was under the impression that the exchange would generate a wallet for the account, then be the intermediary. Quite simply, as I stated, this is my first time ever using an exchange. Appreciate any wisdom the experienced can bestow upon this pleb. So if that's the case, how is it too congested to "withdraw" if it's just fine for moving coins around in the first place?įull disclosure: I've been following crypto currency for years, but actually immersing myself in it is a new endeavor. Obviously I was able to trade into Iota just fine despite the suspension, and funds came from some wallet somewhere to mine. Still not worried, but looking to the community for information on the concerns around, or maybe an explanation about this so called "suspension". I wasn't that concerned, because I didn't exactly pour my livelihood into crypto currency, just a bit to dabble with. Yesterday I bought it despite it saying the withdraws were "suspended" due to network congestion and what not. I liked what I read about Iota, so I moved some coin into Binance and traded for some. So I'll preface this by saying I literally put my money where my mouth is for the first time yesterday and bought into crytpo.
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