Quote from: illumin8ed1 on July 11, 2017, 10:11:52 PM

Quote from: SatoNatomato on July 11, 2017, 09:53:03 PM

If only there was a cryptocurrency which relied only on signing messages and didnt waste energy doing worthless PoW... Roll Eyes

Oh right, Byteball!

If only there were no transaction fees... oh wait... IOTA.

As per the "whitepaper" which you supposedly read:

"When a new transaction arrives, it must approve two previous transactions" (yea that sentence makes no sense, the author of the whitepaper means that to issue a transaction a node first has to approve two other transactions of the "tangle")

and

Quote

More specifically, to issue a transaction, a node does the following:

First, it chooses two other transactions to approve (in general, these two transactions may coincide), according to some algorithm.
It checks if the two transactions are not conflicting and do not approve conflicting transactions.
For the transaction to be valid, the node must solve a cryptographic puzzle (which may be computationally demanding) similar to those in the Bitcoin mining (e.g., it needs to find a nonce such that the hash of that nonce together with some data from the approved transactions has a particular form, for instance, has at least some fixed number of zeros in front).

So you say there are no transaction fees in IOTA, but to issue a transaction a node has to pick two other transactions to approve according to some algorithm, has to check if the two transactions are not conflicting according to another algorithm, if they are conflicting the node has to run an algorithm to decide which transaction to approve (this algorithm may take a lot of time to finish), and then the node has to solve a cryptographic puzzle (potentially computationally demanding again) to validate each transaction.

So great you don't have to send tokens to the network to issue a transaction but you have to do all that shit, how wouldn't you call that "fees"? It takes computing power, it takes time, it takes energy, those are fees which you have to pay for.

muh "no fees" muh "no blockchain" muh iota the savior of all humanity and beyond Roll Eyes