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IOTA: A tangled mess

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Re: IOTA: A tangled mess

#71

Post by flavio81 »

tasubotadas wrote: post #15

>The IOTA source code is written in JAVA instead of C++ like most professional cryptocurrencies are. That did not instill me with confidence. This made me lose any confidence in a person's capabilities in evaluating the coin. If anything, Java is way more (or any language with modern memory management) robust choice than C++ where security is concerned. In any case, I am highly skeptical of the IOTA as well.

Yes, that was a very silly thing to say, but the rest of the article has interesting criticism.

Re: IOTA: A tangled mess

#72

Post by TFortunato »

ricardobeat wrote: post #54

> as if this was a JavaScript some 12 year old was writing for his homebrew website. Who can tell the difference? > Look, let's be very clear. IOTA is a live cryptocurrency with a market cap in the billions of dollars. Real people have large amounts of value tied up on that network. It is hosted on several exchanges. This is a naive misconception, and one of the most dangerous aspects of cryptocurrencies right now -…

I'm missing what the misconception is in this quote? I don't see him saying they are regulated / guarenteed or anything like that, only that people have poured a stupid amount of money into this thing.

Re: IOTA: A tangled mess

#73

Post by y_u_no_rust »

seanwilson wrote: post #53
kleiba wrote: post #19

Earlier quoted context omitted.

I don't agree with your "way more robust" argument per se , but I also didn't buy that point in the original article. It's unclear to me why the choice of programming language -- unless it was a very obscure and rarely used one, or one that's specifically used in one (unrelated) domain -- should be of any significance.

> It's unclear to me why the choice of programming language -- unless it was a very obscure and rarely used one, or one that's specifically used in one (unrelated) domain -- should be of any significance. I'd rather use a language where e.g. a buffer overflow couldn't be turned into a remote exploit that would let you steal coins from every client on the network. Mistakes in cryptocurrency code has the potential to b…

Not to mention integer overflows/memory allocation issues in a lot of the code that's common within p2p networks

Re: IOTA: A tangled mess

#74

Post by shak77 »

tasubotadas wrote: post #15

>The IOTA source code is written in JAVA instead of C++ like most professional cryptocurrencies are. That did not instill me with confidence. This made me lose any confidence in a person's capabilities in evaluating the coin. If anything, Java is way more (or any language with modern memory management) robust choice than C++ where security is concerned. In any case, I am highly skeptical of the IOTA as well.

Not saying this is the case but to me Java looks like the choice of someone who's fresh out of school. Nobody would start a new project in Java if he had the choice.

Re: IOTA: A tangled mess

#75

Post by Zarath »

cryptodogemoon wrote: post #65
Frogolocalypse wrote: post #41

Earlier quoted context omitted.

> hyperinflationary I don't think you understand what this word means.

It's forever part of Bitcoins orgin story that it begin as hyperinflationary and has since slowed the minting of more BTC. The irony is the mythos of bitcoin being "deflationary" is not historically accurate and the supply is inflating every 10 minutes. What Bitcoiners conveniently omit from explanation in Satoshis protocol is the initial "dump" of the supply to the first few users who ran the software. This is a mal…

"This is a malicious design decision intended to control the supply early."

Cmon dude, really?

Re: IOTA: A tangled mess

#76

Post by y_u_no_rust »

afpx wrote: post #69
cromwellian wrote: post #22

Why do people persist in the idea that a deliberately deflationary currency is a good idea. It might be a good investment, but as a currency, it doesn't promote commerce and trade, it just promotes hoarding. Much of crypto-currency holders today either seem to be people seeking to get in at the top of the ponzi pyramid and sell before collapse, or people who need to avoid some legal issue, be it capital controls, dru…

The deflationary aspect is the number one reason I’ve never bought into a crypto currency. I have serious ethical and moral issues that prevent me. In addition to hoarding, deflationary currencies (like gold) cause people to spend lots of money and effort trying to get other people to buy into them too. For me, it’s a very sad thing to watch unfold. It’s like when the ‘buy gold’ commercials started appearing on Fox N…

Yeah, I love the idea of not being beholden to card processors/paypal-type services when making payments online.. it's strange to think that those companies almost control all online commerce

I do really dislike a lot of the other themes common in the cryptocurreny communities though especially when it comes to claiming the federal reserve has a noose around their necks.. like the new noose will be any better than the old one

I am glad bitcoin popularized the non fungible peer-to-peer ledger thing and bringing the values of decentralization back to popular conversation

Re: IOTA: A tangled mess

#77

Post by Zarath »

seanwilson wrote: post #34
runeks wrote: post #10

As I understand it, the problem with IOTA is that — in order to execute an attack — attackers just need to verify more transactions than all honest participants combined. So, in other words, honest participants have no incentive to verify more transactions than required (because they don’t profit from it) while attackers have an incentive to verify more transactions, in order to successfully double spend.

Could an attacker not create lots of transactions between wallets they own so the attacker is given more transactions to verify as well?

Yes, but I think what parent was pointing out was that an honest network user has no reason to do so.

Re: IOTA: A tangled mess

#78

Post by cryptodogemoon »

Frogolocalypse wrote: post #70
cryptodogemoon wrote: post #65

Earlier quoted context omitted.

It's forever part of Bitcoins orgin story that it begin as hyperinflationary and has since slowed the minting of more BTC. The irony is the mythos of bitcoin being "deflationary" is not historically accurate and the supply is inflating every 10 minutes. What Bitcoiners conveniently omit from explanation in Satoshis protocol is the initial "dump" of the supply to the first few users who ran the software. This is a mal…

> deflationary ? It is deflationary because it is known what the total number will be, and coins will be permanently lost over time. > Any user who joins the network They do this out of free choice do they not? No one is coerced into acquiring bitcoin. There isn't even a coordinating body, like a company, that controls the issuance or exchange of tokens. I would encourage any person that invests in anything to unders…

Bitcoin is inflationary until the year 2140, and assuming no fork changes that sooner.

If you actually understand Satoshis algorithm and history you'll take notice at how the supply was intended to benefit the first few users to run the software during the brief phase of hyperinflation and production for minimal work, while later users are punished merely for running the same protocol and offering the same computational work equivalent to prior users.

If you consider how easy a linear curve could have been chosen by Satoshi instead of the reverse log curve, you'll understand the manipulative nature of how Bitcoin exploits new users.

The supply inflates every 10 minutes, this by definition is inflation.

Re: IOTA: A tangled mess

#79

Post by unholywars »

My god. So many amateurs commenting on this.

Whoever wrote this has no idea that IOTA has been planning from the beginning to write both a C++ and a Rust implementation of the IRI, so his Java argument is already invalid.

Do you guys even know who writes the IOTA code? Do you guys even know what Proof-of-stake is?

Dear lord. Please keep selling your iotas so I can buy them real cheap.

Re: IOTA: A tangled mess

#80

Post by aaronm14 »

matthewbauer wrote: post #8

The post mentions the psychology today article but I’d like to say it’s actually a pretty okay article: https://www.psychologytoday.com/blog/mind-in-the-machine/201... (Author should disclose if he owns IOTA however)

Thanks for highlighting this, I'm going to share with all of my friends investing/thinking of investing in the crypto space. Always good to get a reminder to take everything you read with a grain of salt. Also rarely get to see these almost short-term post-mortems, which give the (seemingly) whole picture of what happened with the price increase and following decrease.
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