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IOTA: A tangled mess

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Re: IOTA: A tangled mess

#221

Post by vinnymac »

AJRF wrote: post #30

The new UCL wallet is even worse. It’s supposed to be launched within the next few weeks. It made me lose $2000 worth of iota because of a loop in the code that resent transactions if you put the app in a background state. You know, a violation of the one canonical rule of using iota, I.e reusing an address. The iota foundation is a nefarious and bad intentioned bunch of crooks.

Why would you use a wallet that is in active development and has an alpha group working on finding bugs and huge issues like this with your REAL seed/account?

This sounds like either you were tricked into using this wallet because someone said you would be better off, or you just went against all the warnings the devs have repeatedly made.

Re: IOTA: A tangled mess

#222

Post by hndamien »

simonbyrne wrote: post #144
tfha wrote: post #111

Earlier quoted context omitted.

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 curre…

I think the point is more to do with savings: in a non-deflationary environment, you have the incentive to invest your savings in potentially productive use. In a deflationary environment the incentive is simply to hide your money under your mattress, which doesn't help anyone.

This isn't true. If you are hoarding Bitcoin and not putting it into productive use, you are reducing the supply. Thereby with constant demand the price should increase. In doing this, you have increased to wealth of others in the economy (of the currency) who can then put that into productive use where they believe they can generate gains above the rate of return of the expected deflation.

Re: IOTA: A tangled mess

#223

Post by Frogolocalypse »

cryptodogemoon wrote: post #214
Zarath wrote: post #92

Earlier quoted context omitted.

Yes, but many believe Satoshi to be dead or to have lost the keys. I'm not arguing that the wealth distribution is good, I'm just saying it's a little ridiculous to assume that the choice was malicious.

It's clearly malicious. Satoshi could have used a linear growth curve. Instead he used a log curve, giving himself and the smallest user group possible (first users to run the software within the limited timeframe where the hyperinflation took place) control of the majority of the supply for the least amount of work possible. All users entering the system late beyond users before them are needlessly exploited.

If you find it exploitative, you are free to create and use your own crypto instrument without these properties that you take offense to. All of the code is available for you to modify as you see fit, as it is open source. If you believe it has value, all you need to do is to convince others of the superior nature of your implementation, and surely they will adopt your solution for their crypto needs.

Re: IOTA: A tangled mess

#224

Post by JohnJamesRambo »

amenod wrote: post #205
JohnJamesRambo wrote: post #143

Earlier quoted context omitted.

We try but there is an army of IOTA shills that drown us out.

Interesting... My first reaction to your post was "meh - surely he's exagerrating". But reading other replies to GP that were posted later made me reconsider. Very unconstructive replies, trying to bully the well articulated opinion... I have never seen anything like it on HN (though that's just my observation of course, maybe I was just lucky). Do you think the people behind this are truly convinced of their cause o…

I just don't know. I think some are paid and some are just IOTA holders with a great financial incentive to squash any valid criticism of IOTA. There really isn't much difference between the two groups when you think about it.

Re: IOTA: A tangled mess

#225

Post by junk_f00d »

hmexx wrote: post #20

What about the other DAG technologies like the one used by ByteBall? I’m not crypto-intelligent enough to analyze them but could DAG be a credible replacement for the blockchain? Iota is just a very well marketed option in that space. Their execution seems shoddy.

I love ByteBall, but also likely the required crypto intelligence. But AFAIK they are a relatively mature DAG tech, with oracles and smart contracts already working (P2P UFC betting being a relatively popular example). XRB is another promising DAG tech (which I currently own), as mentioned. I suggest you look into both if you're interested.

I'm big on DAG tech as I see it being the only form of crypto currency that I can buy my coffee with, without waiting so long for confirmation that it isn't worth it. Whether it can be a suitable replacement to blockchain though I don't know, it may be an apples to oysters type of comparison and one may have strengths where the other has weaknesses.

Re: IOTA: A tangled mess

#226

Post by junk_f00d »

empath75 wrote: post #176
jondubois wrote: post #170

Earlier quoted context omitted.

I read the first few pages of the IOTA whitepaper, including some of the math parts. I have basic undergrad math ability and although I'm not familiar with many of the concepts, most parts make sense to me and are quite thorough. It sounds like OP is trying to manipulate the market. People who own a lot of crypto like OP generally aren't the kinds of people who would write articles for the public interest. It sounds…

The cult like behavior of crypto adherents is really off putting. You guys are going to be in for a hard fall when the wheels come off.

What was once friendly enthusiasm has become hard lines and jagged edges with organized shilling campaigns from all sides. It's quite off putting as someone who spends a lot of time in these communities. It's hard to even ask technical questions or address concerns without being named a "FUD'er", and I don't think it's changing anytime soon.

Re: IOTA: A tangled mess

#227

Post by junk_f00d »

cryptodogemoon wrote: post #78
Frogolocalypse wrote: post #70

Earlier quoted context omitted.

> 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 computatio…

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

Precisely, I see BTC being called deflationary all the time, when really it's just not exponentially inflationary, but logarithmically.

Re: IOTA: A tangled mess

#228

Post by jayjay13 »

tfha wrote: post #123
jayjay13 wrote: post #62

the recent network issues are really annoying but if you run your own full node tx are confirmed in max 20min. something that should be kept in mind IOTA is in early beta and was always promoted as that. when people start to pump it and without reading an announcement right, why should that be iotas fault? and about the usability of iota, when have you started with cryptos? go back to 2011 and look for a good usable…

They are about to prove their network works after making unreasonable assumptions as prerequisites to the proof.

can you spot me to this unreasonable assumptions?

Re: IOTA: A tangled mess

#229

Post by dragonwriter »

cryptodogemoon wrote: post #78
Frogolocalypse wrote: post #70

Earlier quoted context omitted.

> 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 computatio…

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

Well, it's inflation of the money supply, but (while certain fringe groups confuse the issue) that's not what “inflation” alone normally refers to, which is instead price inflation, which is approximately inflation in the ratio of money supply to the utility-weighted size of the market.

Re: IOTA: A tangled mess

#230

Post by junk_f00d »

sireat wrote: post #187
alttab wrote: post #145

Earlier quoted context omitted.

On top of that, all of his technical issues with IOTA turned out, by his own admission, to be using the network wrong. Not understanding that buying 1,000s worth of an obscure cryptocurrency is going to come with a heafty dose of RTFM is a fool's errand. Instead of realizing this, the denial in him turns this into "victim blaming." that said - he's right about IOTA. If that type of use is what it takes to make everyt…

The scary thing is that IOTA is considered a top 10 cryptocurrency. The worst thing is that I can't find a useful alternative crypto currency that can be used stand alone (ie without converting to BTC) for e-commerce. Only choices are BTC with its high fees and to some extent BCH. Even Litecoin which is easy to use doesn't have many uses. Dash, Monero and Zcash make bold claims but aren't particularly useful at the m…

Have you looked into any other DAG tech, besides IOTA? ByteBall and Raiblocks are excellent, functional and mature examples in my opinion that lack IOTA's downsides (likely because they are intended primarily for p2p payments, not IOTA's intended use case as m2m first, p2p second).

In full disclosure, I own a little bit of both. I first stumbled upon them after being disappointed with IOTA, and they deliver on a lot of what my initial expectations of IOTA were. I just want to be able to buy coffee with my crypto and not wait an hour for confirmation times!

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