IOTA Thread (First Non-Blockchain Coin)

semibaron

Kingfisher
SamuelBRoberts, please be so kind and stop posting crap all time long. Some hints regarding security issues in the software are valid concerns, but don't highlight every rumor/fud post from reddit or medium as the ultimate truth. Even more so when it just takes a look at the official IOTA channels to find an explanation/solution. At least then mention both sides of the argument.

Here is an explanation how to recover 0 balances and why it happened.
https://forum.helloiota.com/588/Hel...zero-steps-to-help-you-find-your-balance-v253
 
semibaron said:
SamuelBRoberts, please be so kind and stop posting crap all time long. Some hints regarding security issues in the software are valid concerns, but don't highlight every rumor/fud post from reddit or medium as the ultimate truth. Even more so when it just takes a look at the official IOTA channels to find an explanation/solution. At least then mention both sides of the argument.

Here is an explanation how to recover 0 balances and why it happened.
https://forum.helloiota.com/588/Hel...zero-steps-to-help-you-find-your-balance-v253

That is an amazing, amazing link. Every time I think I've hit the bottom of IOTA's horribleness, I look into it further and find out that it's even worse than I thought. This is truly an astonishing piece of software.

So here's how people lost access to their money:
1.) The IOTA database is so poorly designed that it needs to be manually "pruned" from time to time to keep from getting too big. This is called taking a snapshot.
2.) When a snapshot is taken, any transactions in progress will be immediately canceled. So you could be sending your buddy rent money and it just won't get there because the system decided it was snapshot day.
3.) But snapshot taking also destroys the link between your wallet and your actual money that's stored on the database. So when a snapshot is taken, you can no longer access your money.
4.) You can get it back, though, by manually re-entering every address your wallet has ever used. For most people, you only need to manually re-enter 12-24 addresses to get your money back, but if you've been actually using the wallet, you may need to enter over 150. So be prepared to spend an afternoon blindly copy/pasting numbers if you want to see your cash again. Hope you weren't planning on doing anything with that money any time soon.

Oh, but it gets worse! (With IOTA it always gets worse.)
Some users might find that spending a whole afternoon copy/pasting 150 addresses wasn't enough to get their money back. This is because with IOTA, the creators can arbitrarily take your money at any time. I'm not clear if the creators simply deny you access to it, or if they physically move it into their control, but either way last week large amounts of the userbase suddenly found themselves with zero access to their cash. In the most recent case, there was a critical bug that could allow anyone who wanted to the ability to spend your money, so they decided it to "fix" the bug by taking the money. Now if you want it back you have to go fill out a form, and presumably you'll get it back.

Of course, how valuable your cryptocurrency is when the owners can press a button and instantly shut you off from your cash, well... that's something you'll have to decide.

semibaron, do you have any more links about IOTA? I've gotta admit this is becoming something of a mini-hobby of mine. I've been doing tech stuff all my life and I've never seen a project like this. Every time I think I've fully grasped how stupid it is, I look deeper and find out that I didn't really know anything at all.

Maybe some links about their plans for machine to machine micropayments? I haven't had time to look at those yet and I bet they're hilarious.
 

Transsimian

Ostrich
Gold Member
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semibaron

Kingfisher
You can say whatever you want against IOTA, but after the last 2 weeks with all the drama around BTC & Co I'm very happy that the underlying technology, the Tangle, doesn't allow for any bullshit such as hard forks or being kept hostage by mining cartels.
 
Yeah it just has a single, centralized point of failure, deliberately induced bugs and the ability for the creators to take your money any time they want it.


I'll stick with the slow transaction times, honestly.
 

yaku

Sparrow
I tried selling mine earlier but problems with the wallet stopped that plan.

I'm going to ride it out. Seems to be getting a lot of buzz lately.
 
I love it. Multiple paragraphs laying out in detail the problems with IOTA, and the response is "Oh yeah? Well they've partnered with Thondheim Kommune and the Enexis group!"

It's an idiot coin, built by idiots and sold to idiots. Doesn't mean you can't make money off it, because of course you can make money off of any coin in this ridiculous bull market. But it's an idiot coin.
 

yaku

Sparrow
I love how someone who clearly has no idea about the technology, or the research, or the people behind IOTA, will read a few critical paragraphs about the coin and automatically think he has complete knowledge about the technology, the research, and the people behind it.
 

yaku

Sparrow
Oh no, Fujitsu obviously doesn't read Samuel's posts. Tell them it's a scam coin, Samuel!

“The possibilities of applications based on Blockchain and especially Tangle (“next generation Blockchain”) are immense. Providing public access to valuable data is one of the most pressing challenges within IOT. The Data Marketplace of the IOTA Foundation is one of the most innovative initiatives in this area. As one of the world’s largest IT companies, Fujitsu is strongly supportive by developing Blockchain and Tangle-based offerings and actively integrating them as scalable solutions into the ecosystems of our customers.”

Microsoft didn't either.
Up-and-coming cryptocurrency startup IOTA has partnered with Microsoft, Fujitsu, and twenty more companies to launch the first publicly accessible data marketplace for the Internet of Things. What makes this undertaking especially intriguing is that the marketplace will be entirely powered by a distributed ledger.

The initiative, which will allow stakeholders to share and monetize their data in a secure way, aims to demonstrate a proof of concept for a tamper-proof data marketplace. Once uploaded to IOTA’s decentralized ledger, all data is distributed to countless nodes in order to ensure immutability.
 

yaku

Sparrow
https://thenextweb.com/hardfork/2017/11/28/iota-microsoft-data-marketplace-cryptocurrency/

Microsoft and IOTA launch first cryptocurrency market for the Internet of Things

Up-and-coming cryptocurrency startup IOTA has partnered with Microsoft, Fujitsu, and twenty more companies to launch the first publicly accessible data marketplace for the Internet of Things. What makes this undertaking especially intriguing is that the marketplace will be entirely powered by a distributed ledger.

The initiative, which will allow stakeholders to share and monetize their data in a secure way, aims to demonstrate a proof of concept for a tamper-proof data marketplace. Once uploaded to IOTA’s decentralized ledger, all data is distributed to countless nodes in order to ensure immutability.

IOTA is currently the ninth biggest cryptocurrency by market share on Coin Market Cap, boasting a market cap of $2.95 billion. What is notable is that IOTA uses an interesting new technique to distribute and decentralize its ledger. Unlike standard blockchain technology used by most companies, IOTA relies on a method it calls Tangle.

Compared to blockchain, IOTA co-founders Dominik Schiener and David Sønstebø claim Tangle offers free transactions and much better scaling opportunities.

Those curious to see how Tangle works in practice can check out this visual demo of how the network scales.

“We are very excited to announce the launch of our data marketplace,” said Sønstebø. “This will act as a catalyst for a whole new paradigm of research, artificial intelligence, and democratization of data.”

In addition to Microsoft and Fujitsu, a number of other high-profile companies – including Deutsche Telekom, Bosch, Accenture, and PwC – will also participate in the demo.

“We are excited to partner with the IOTA Foundation and proud to be associated with its new data marketplace initiative,” said Microsoft blockchain specialist Omkar Naik.

“This next generation [sic] technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers,” he continued.

The marketplace demo will run until January. IOTA has promised to release a series of blog posts and case studies to showcase the various ways in which companies and individuals can benefit from using its technology.

Ordinary netizens will also have a chance to sell their data on the marketplace by connecting their IoT devices to the IOTA ledger. This will enable them to cash in on various data like weather station statistics and more.
 
Yeah that's what you always hear. I can't count how many times I've had this conversation.

"These idiots got caught with a nasty security flaw in their code. When they got caught out they said it was 'a security measure'. When Vitalik Buterin called them on this they said he didn't know about cryptocurrencies to criticize him."

"Dude you just don't understand the TANGLE!"

You have not the slightest idea who I am, what my background is, what I've read about IOTA or its team, what I know about Directed Acyclic Graphs, the Internet of Things, cryptography, formal proofs, game theory as it relates to cryptocurrencies, centralized control, security through obscurity or a billion other relevant fields. You just know that I think your coin is a joke, and because of that I must "have no idea".

IOTA is an idiot coin, made by idiots, sold by idiots, and touted by idiots. It is going up because it uses lots of shiny buzzwords that are attractive to idiots, (Ternary Computing!) and there are a lot of idiots in the world. But it's nothing more than that.
 

yaku

Sparrow
SamuelBRoberts said:
You have not the slightest idea who I am, what my background is, what I've read about IOTA or its team, what I know about Directed Acyclic Graphs, the Internet of Things, cryptography, formal proofs, game theory as it relates to cryptocurrencies, centralized control, security through obscurity or a billion other relevant fields. You just know that I think your coin is a joke, and because of that I must "have no idea".
.

Microsoft and the dozens of other companies involved in IOTA disagree with your arguments. And your unhinged posts show me who you are, I don't give a shit about your background.

You sound exactly like the "bitcoin is a ponzi" crowd.
 

JayJuanGee

Crow
Gold Member
SamuelBRoberts said:
I love it. Multiple paragraphs laying out in detail the problems with IOTA, and the response is "Oh yeah? Well they've partnered with Thondheim Kommune and the Enexis group!"

It's an idiot coin, built by idiots and sold to idiots. Doesn't mean you can't make money off it, because of course you can make money off of any coin in this ridiculous bull market. But it's an idiot coin.

You can make money as long as you ensure that you have a way to liquidate on your own terms, and perhaps have more than one way to liquidate because you don't want some nutjobs who are controlling the various issues with the coin to be impeding your possible only way to liquidate if shit seems to be hitting the fan.
 

JayJuanGee

Crow
Gold Member
yaku said:
Oh no, Fujitsu obviously doesn't read Samuel's posts. Tell them it's a scam coin, Samuel!

“The possibilities of applications based on Blockchain and especially Tangle (“next generation Blockchain”) are immense. Providing public access to valuable data is one of the most pressing challenges within IOT. The Data Marketplace of the IOTA Foundation is one of the most innovative initiatives in this area. As one of the world’s largest IT companies, Fujitsu is strongly supportive by developing Blockchain and Tangle-based offerings and actively integrating them as scalable solutions into the ecosystems of our customers.”

Microsoft didn't either.
Up-and-coming cryptocurrency startup IOTA has partnered with Microsoft, Fujitsu, and twenty more companies to launch the first publicly accessible data marketplace for the Internet of Things. What makes this undertaking especially intriguing is that the marketplace will be entirely powered by a distributed ledger.

The initiative, which will allow stakeholders to share and monetize their data in a secure way, aims to demonstrate a proof of concept for a tamper-proof data marketplace. Once uploaded to IOTA’s decentralized ledger, all data is distributed to countless nodes in order to ensure immutability.

In summary, yaku, what you are doing is called appealing to authority. If you have a case, then probably it is better to attempt to put it in your own words, and certainly juxtaposing in the claims of authorities can help your factual and argument renditions in various ways, but blanketly asserting that x authority says this and y authority says that does not do a very good job of giving perspective that might be your attempt to set forth what they are saying while putting it a context from your perspective (if you have one besides merely believing that IOTA is the greatest thing since sliced bread).

By the way, I did see that you asserted that IOTA is in its early stages, and therefore suggesting that part of it's value is possibly getting in before others and realizing price appreciation - but surely, it seems important to address the possible ways that you might avoid getting scammed out of your money, which seems a bit difficult too, based on some of the IOTA history that has been outlined by SamR.
 

yaku

Sparrow
Jay, showing the comments of major companies who are working with IOTA is not "appealing to authority".

It does, however, show that whoever says "IOTA is an idiot coin, made by idiots, sold by idiots, and touted by idiots" has self-identified himself as an uninformed idiot whose idiotic opinions can safely be ignored.
 
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