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IOTA Surges Past Ripple

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Re: IOTA Surges Past Ripple

#51

Post by ThePhysicist »

lojack wrote: post #46
phire wrote: post #22

Earlier quoted context omitted.

> The subtangle with the highest weight. Which is not an acceptable answer, at least from the perspective of an offline node accepting payment. People will exploit it by paying an offline vendor, taking the goods then rushing online to create a doublespend which reverts the transaction. So offline vendors will never accept it as payment, and the entire feature is useless.

Who said anything about offline nodes accepting payments? I wouldn’t expect transactions to even be remotely possible offline.

In my understanding, the ability to make transactions on a sub-tangle while not connected to the main network is sold as one of the main advantages by the IOTA creators.

Re: IOTA Surges Past Ripple

#53

Post by nadam »

IOTA fans say that IOA is scalable and capable of microtransactions. They often say that it gets faster and faster as there are more transactions, which seem to be an incredible bullshit to me. I started to read the whitepaper, but I just don't understand how it is scalable. The whitepaper goes into details about how the transaction DAG is maintained, but absolutely basic things seem to be missing: Are nodes all full nodes? Is the history stored on all nodes? Is account state stored on all nodes? There is another project which is designed specifically to be extremely scalable, called EOS (https://github.com/EOSIO/Documentation/blob/master/Technical...). Reading its whitepaper I understood how EOS is scalable pretty clearly. I cannot understand the IOTA whitepaper at all. At least not how it is scalable. Currently IOTA seems to me a project that wants to impress people with good-sounding concepts like DAG, ternary number system, etc... but does not seem to be good engineering to me. Or at least its whitepaper is extremely poorly written and missing critical information IMHO.

Re: IOTA Surges Past Ripple

#54

Post by tfha »

nadam wrote: post #53

IOTA fans say that IOA is scalable and capable of microtransactions. They often say that it gets faster and faster as there are more transactions, which seem to be an incredible bullshit to me. I started to read the whitepaper, but I just don't understand how it is scalable. The whitepaper goes into details about how the transaction DAG is maintained, but absolutely basic things seem to be missing: Are nodes all full…

EOS has made security compromises though. If you aren't validating every transaction on the network yourself you have no way to be certain that the money you are being paid is legitimate

Re: IOTA Surges Past Ripple

#55

Post by wolfgke »

Double_a_92 wrote: post #52
wolfgke wrote: post #3

Earlier quoted context omitted.

Rather: Three cats and the moon: > https://www.coindesk.com/3-dead-cats-moon-bitcoin-market-dyn...

In hindsight you can find patterns in everything. Also those "dead cats" where just random fluctiations.

I know. But if there is a hype bubble, it cashes out to have a very compelling story with which one can explain the world.

Re: IOTA Surges Past Ripple

#56

Post by DalasNoin »

madsravn wrote: post #49
makomk wrote: post #7

Earlier quoted context omitted.

I've heard that they didn't just roll their own crypto, but that it was in fact unsurprisingly found to be broken and the devs then claimed that this was intentional to stop anyone setting up a clone without the central closed-source coordinator.

It's the second time I hear that today. I don't deny it's true, but can't we put some sources on this? I think it is a little childish to just be spreading rumors.

It took me while to find this, he calls the vulnerability a "copy-protection measure"

https://gist.github.com/Come-from-Beyond/a84ab8615aac13a4543...

Re: IOTA Surges Past Ripple

#57

Post by tfha »

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…

It is too good to be true. And it's not true. You will not be able to find any major bitcoin devs saying anything encouraging about iota. Nor tangle/braid/dag researchers. Nor ethereum devs. Nor respected academics.

Why? Because everyone serious who has taken time to look at the paper has realized it's not a valuable project, and makes plenty of claims it can't back up.

Re: IOTA Surges Past Ripple

#58

Post by DalasNoin »

After a security vulnerability in a self-made hash function of iota was discovered, they claimed that it had been included to stop people from copying iota. While I dont believe them, it does show something about the personality and professionality of the people behind iota.

https://gist.github.com/Come-from-Beyond/a84ab8615aac13a4543...

Re: IOTA Surges Past Ripple

#59

Post by minxomat »

DalasNoin wrote: post #58

After a security vulnerability in a self-made hash function of iota was discovered, they claimed that it had been included to stop people from copying iota. While I dont believe them, it does show something about the personality and professionality of the people behind iota. https://gist.github.com/Come-from-Beyond/a84ab8615aac13a4543...

I was asked by the IOTA team to work on GPU acceleration for "their" ""hash"" algorithm. Not only was there no documentation or even comments for that matter, everyone has been less than helpful. They also insulted part of their contributors as "too autistic to write documentation".

Finally, they wanted to pay me in IOTA, which was the point I walked away.

I'm sure there's more going on there, but I wouldn't want to know. I'm not touching this cc with a 10 foot pole.

Re: IOTA Surges Past Ripple

#60

Post by tfha »

IOTA is built by a bunch of technical founders who know enough about blockchain to confuse a lot of non-experts into thinking they are really smart and credible.

But you will see very consistently in the cryptocurrency space that the experts refuse to endorse iota, and frequently say strongly negative things about it.

They are very effective at selling snake oil, but that's all their blockchain is. The tangle that they have designed is neither scalable nor secure. Every node still needs to verify every transaction, and because there is no mining it's trivial to double spend if you have a few machines that focus on cranking out as many transactions as possible.

If you understand enough about blockchains to find security flaws in an insecure system, all you need to do to believe me is learn more about iota. Their flaws are not subtle, there are many of them, and they are substantial.

If you are not expert enough to analyze the security properties of various blockchains, look for reviews of iota by other experts. You will not find any positive ones by people with significant standing. Not from the ethereum camp, not from the bitcoin camp, not from the academic camp.

This is not because of some iota vs. the world conspiracy. It's because iota is genuinely a terrible cryptocurrency.

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