Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

IOTA: A tangled mess

codesuppository.blogspot.com

Post reply on HN
Print view View original

111–120 of 253 posts

Re: IOTA: A tangled mess

#111

Post by tfha »

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…

I've never really accepted this argument. If your money is inflating, that's incentive to spend because you know it's losing value. That's a terrible reason to spend money.

If your money is deflating, you are still going to spend it because there are things that you want to accomplish. Whether it's eating food, sustaining a hobby, or making a difference in the world, people will continue to spend a deflationary currency.

Re: IOTA: A tangled mess

#112

Post by Gargoyle »

dmichulke wrote: post #11
kogepathic wrote: post #5

Earlier quoted context omitted.

The author dumped a lot more than $2,000 into IOTA. They mention buying 26,000MI at $0.85, which would be a $22,100 investment. Just 5,600MI was worth $28,000 at $5/MI. Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me.

> Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me. The richer you are, the more likely you'll consider 5k small change. Same reason why the big bet poker tables have non-experts sitting there.

There's a dead reply here that mentions a very, very good point.

There's a HUGE sum of money out there that people made as early bitcoin investors. For various reasons, large portions of it are being gambled in other cryptos. The nature of cryptoexchanges make this easy to do, and it's without question inflating other coin markets.

It's been this way since forever, but now BTC is worth so much that the effect is much more prominent.

Re: IOTA: A tangled mess

#113

Post by akerro »

jayjay13 wrote: post #66
akerro wrote: post #2

IOTA wallet is full of really bad bugs, just look how bad it is on first pages, the more pages you skip, the worse it is. It still doesn't work on Linux, for many users wallet crashes or shows green screen and nothing more. Doesn't work through Wine either. https://github.com/iotaledger/wallet/issues Issues on github have no responses from developers since early November and there were no commits since than, what's s…

As far as I know there are no bugs in the wallet it's just not completly self explaining. tbh from my view there are just the wrong people in the whole space... 95% of the people are here to get rich quick and not for the developement and it's excatly these people who have problems with Key reuses and so on.. the people have to do their research in such a young space..

>95% of the people are here to get rich quick and not for the developement

You're saying that application and developers came completely unprepared for the market?

Re: IOTA: A tangled mess

#114

Post by Gargoyle »

pimeys wrote: post #67
fiatjaf wrote: post #38

These days it's absolutely impossible to get any serious conversation about any of these cryptocurrencies. Maybe you can do something with Bitcoin and Ethereum, but for any of the others all the foruns and chats are just flooded with crazy people.

Tell me about it. I need to follow the tech and communities as part of my job, and sometimes it's seriously hard to have any discussions e.g. in IOTA's Slack channels. On the contrary, Monero uses IRC for their communication and maybe because of that I've seen more adult discussions in their community. Of course lots of money being on the table, things can get pretty sour everywhere.

It's a shame, quality conversation can help a coin project in the long run. But it's clear that right now IOTA is in the pump-or-you're-a-fud-shill phase and communication is impossible.

Re: IOTA: A tangled mess

#115

Post by wslh »

dangero wrote: post #110

I also recently wrote an article about IOTA and got a crowd of negative flak. https://medium.com/@thedrbits/why-i-also-find-iota-deeply-al...

There is an army of trolls connected to IOTA. You can find them very easily because they cannot defend their position. Here in HN there are plenty also.

Re: IOTA: A tangled mess

#116

Post by tfha »

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…

The two issues are separate. Isn't there a lot of sound finical advise telling people to put money into the stock market? But isn't the stock market widely a greater fool game these days? Companies don't pay dividends anymore, voting rights are being reduced, and many companies are far too large to send a chance at being acquired.

It would be a terrible deal if 90% of the population wasn't accumulating stock via a 401K

Re: IOTA: A tangled mess

#117

Post by asddddd »

seanwilson wrote: post #83
asddddd wrote: post #68

Earlier quoted context omitted.

Most likely it's that the majority of experienced crypto devs (aka people who have been around since it was "fork bitcoin and change PoW algo + logo") will be familiar with C++, so a Java implementation is an odd choice that strongly hints that it was written by a lowest-cost contractor - or at least someone unfamiliar with cryptos. Since there is an awful lot of trust in devs to provide future support/improvement, b…

> Most likely it's that the majority of experienced crypto devs (aka people who have been around since it was "fork bitcoin and change PoW algo + logo") will be familiar with C++, so a Java implementation is an odd choice that strongly hints that it was written by a lowest-cost contractor If you're an experienced developer writing a new cryptocurrency that's radically different from Bitcoin, why would you want to for…

It's an explanation of why a Java client would be suspect as an "investor" - experienced dev teams don't release them. Most of these projects are primarily marketing ventures ("look, we're the next Ethereum!"), a lot of code is outsourced, and the average "investor" expects a handwavy explanation of how it's The Future with lots of big words that that they trust is correct. Making odd/different choices (DIY crypto, Java reference implementation) hurts that idea.

Re: IOTA: A tangled mess

#118

Post by jackstraw14 »

rootsudo wrote: post #96

I went to the IOTA meetup in Chicago, which was hosted and presented by the IOTA team. Never before did I see an entire audience be wowed by a women engineer. They ignored the whole Microsoft partnership idea; anyone that asked just was given the answer "it'd be explained in a future PR release." The drama was IOTA lied about microsoft partnership and deemed hosting on azure == partnership with microsoft. In talks wi…

Microsoft claimed the partnership with IOTA -- not the other way around: https://blog.iota.org/iotas-data-marketplace-setting-the-rec...

The quote that set off this confusion:

> We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers. --Omkar Naik, Microsoft

Re: IOTA: A tangled mess

#119

Post by jackstraw14 »

akerro wrote: post #2

IOTA wallet is full of really bad bugs, just look how bad it is on first pages, the more pages you skip, the worse it is. It still doesn't work on Linux, for many users wallet crashes or shows green screen and nothing more. Doesn't work through Wine either. https://github.com/iotaledger/wallet/issues Issues on github have no responses from developers since early November and there were no commits since than, what's s…

> It still doesn't work on Linux

What are you talking about? I haven't used the wallet on anything but Linux, and I've had no problems.

Re: IOTA: A tangled mess

#120

Post by jackstraw14 »

dangero wrote: post #110

I also recently wrote an article about IOTA and got a crowd of negative flak. https://medium.com/@thedrbits/why-i-also-find-iota-deeply-al...

> So… Your response to why I’m wrong is that you’re going to change everything in the future?

Well, you got a reply from Come-from-Beyond who wrote the damn thing. You've got some attention from the developer and you couldn't handle your emotions, so I'm not sure what your angle is here. Do you mind if I ask, why didn't you engage them and evaluate your own understanding? Why did you resort to a snarky one liner?

Post reply on HN