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IOTA Surges Past Ripple

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Re: IOTA Surges Past Ripple

#31

Post by tromp »

lewi wrote: post #20
knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

It's 100% premined, which smells as scammy as Ripple. It needed to be as there are no miners in the IOTA network. Additionally, In contrast to conventional ICOs, IOTA had 0% of their ICO reserved for founders. Not a single iota. The founders had to purchase their technology back during the ICO. Furthermore, there was no allocation for foundation or ecosystem funds. They asked the community to donate for this foundati…

> IOTA had 0% of their ICO reserved for founders.

So the founders were forced to buy IOTA from themselves if they wanted some?

Re: IOTA Surges Past Ripple

#32

Post by nhaehnle »

lewi wrote: post #20
knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

It's 100% premined, which smells as scammy as Ripple. It needed to be as there are no miners in the IOTA network. Additionally, In contrast to conventional ICOs, IOTA had 0% of their ICO reserved for founders. Not a single iota. The founders had to purchase their technology back during the ICO. Furthermore, there was no allocation for foundation or ecosystem funds. They asked the community to donate for this foundati…

So they didn't reserve any iotas for themselves; instead, they got the BTC that people used to buy the initial iotas. Six of one, half a dozen of the other.

... which isn't actually so bad when you think about it, as long as those BTC all went to their foundation.

Iota has bigger problems, like pretending to be more efficient by using a DAG, when in reality everybody still needs to see the whole tangle to verify transactions.

Re: IOTA Surges Past Ripple

#33

Post by Cthulhu_ »

lewi wrote: post #20
knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

It's 100% premined, which smells as scammy as Ripple. It needed to be as there are no miners in the IOTA network. Additionally, In contrast to conventional ICOs, IOTA had 0% of their ICO reserved for founders. Not a single iota. The founders had to purchase their technology back during the ICO. Furthermore, there was no allocation for foundation or ecosystem funds. They asked the community to donate for this foundati…

> The founders had to purchase their technology back during the ICO.

Which is still dirt cheap and they got first dibs so nothing major there.

Re: IOTA Surges Past Ripple

#35

Post by Legogris »

nlperguiy wrote: post #6
knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

Ethereum had a master node too. Other than that, yeah it's weird. Although I'm not sure why there's so many announcements of businesses like Microsoft, Fujitsu doing partnerships with IOTA. Sounds very weird and overpumped.

Microsoft has been very promiscuous with partnerships in the recent years. It doesn't really signify much in terms of promise of individual projects.

Re: IOTA Surges Past Ripple

#36

Post by rootsudo »

knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

Yep they rolled their own crypto and are broadcasting it as a feature vs a con.

Re: IOTA Surges Past Ripple

#37

Post by lewi »

tromp wrote: post #31
lewi wrote: post #20

Earlier quoted context omitted.

It's 100% premined, which smells as scammy as Ripple. It needed to be as there are no miners in the IOTA network. Additionally, In contrast to conventional ICOs, IOTA had 0% of their ICO reserved for founders. Not a single iota. The founders had to purchase their technology back during the ICO. Furthermore, there was no allocation for foundation or ecosystem funds. They asked the community to donate for this foundati…

> IOTA had 0% of their ICO reserved for founders. So the founders were forced to buy IOTA from themselves if they wanted some?

Yes

Re: IOTA Surges Past Ripple

#38

Post by yestur »

albertgoeswoof wrote: post #19

I've reviewed the IOTA paper and some docs on it. It seems too good to be true, if it works it's much better (faster, free) than block chain cryptocurrencies with no downsides. I am surprised that no one else has come up with this approach so far, why is that? The only downside it's not currently decentralized, and requires a "conductor" to run securely, which will be removed in the future, apparently. The other crit…

Byteball exists and doing well just missing marketing (there wan no ICO! so no big funds). Also has witnesses system but 3rd party witnesses already exist and promises to allow more decentralized once ripens

Re: IOTA Surges Past Ripple

#39

Post by lojack »

knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

I see this argument against premining all the time, and while I’m not bullish on IOTA, I think it’s worth at least calling out... just because it’s premined doesn’t mean it’s a scam. Most of the time I see this argument from crypto purists that think the only valid currency is evenly distributed. Using XRP as an example (because I’m most familiar with it), Ripple has been nothing about transparent about the supply of XRP and what it’s being used for. They have made it clear that they own the majority at the current time, and their holdings will be used to further their partnerships. Everything Ripple has done has been completely upfront and transparent. Their mission is well stated, and they have a clear plan. Whether or not they will achieve their goals is a different story, but there is nothing they’ve done that seems remotely like a scam to me.

You may not agree with premining for other reasons, but please don’t call something a scam just because someone is trying to be a capitalist.

In the context of deceiving users and leading them to believe there is a more even distribution than there is in reality – premining could be a scam. The examples you gave, however, don’t fit the bill.

Re: IOTA Surges Past Ripple

#40

Post by lewi »

nhaehnle wrote: post #32
lewi wrote: post #20

Earlier quoted context omitted.

It's 100% premined, which smells as scammy as Ripple. It needed to be as there are no miners in the IOTA network. Additionally, In contrast to conventional ICOs, IOTA had 0% of their ICO reserved for founders. Not a single iota. The founders had to purchase their technology back during the ICO. Furthermore, there was no allocation for foundation or ecosystem funds. They asked the community to donate for this foundati…

So they didn't reserve any iotas for themselves; instead, they got the BTC that people used to buy the initial iotas. Six of one, half a dozen of the other. ... which isn't actually so bad when you think about it, as long as those BTC all went to their foundation. Iota has bigger problems, like pretending to be more efficient by using a DAG, when in reality everybody still needs to see the whole tangle to verify tran…

The BTC about 500k USD worth, of which 200k got taken as VAT, was used to develop the technology for the first 2 years. Only in the last month have the IOTA foundation been able to legally access the money donated to them by the community.

As opposed to say, tezos which has 232mil to develop their self-governing token. Additionally, "the founders get 8.5% of the fiat proceeds in cash in addition to 10% of the tokens"\

  Iota has bigger problems,
Can't attest to this. But if you are interested in discussing the tangle I suggest joining the slack. Specifically check out #tanglemath
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