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IOTA: A tangled mess

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Re: IOTA: A tangled mess

#231

Post by rajivshah »

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.

Do you have any transaction hashes to prove claims of such a magnitude? Why did you use $2000 on a wallet in alpha testing despite being warned against doing such a thing?

> that resent transactions if you put the app in a background state

This is absolutely false. There is no resending in the background. As a developer who asked to work on the project AND had access to the repository, I'm surprised you don't know the difference between reattaching and resending. Without the transaction hashes to prove your loss of such a sum, your claims are considered fictitious.

Re: IOTA: A tangled mess

#232

Post by UncleMeat »

BLanen wrote: post #146
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…

Because it's literally impossible for people to rationally 'invest' in a inflationary currency. Therefore there is no incentive to make one popular.

If it is useful, then it does not need to have an inflating price. That people think the only reason why a cryptocurrency would ever be popular is if the price rises is a huge problem with the community.

Re: IOTA: A tangled mess

#233

Post by RIMR »

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…

There's really only three things people spend cryptocurrencies on.

1. Other cryptocurrencies 2. Fiat currencies & precious metals 3. Contraband

Re: IOTA: A tangled mess

#234

Post by victor106 »

kybernetikos wrote: post #26
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…

There's a game theory problem which is that if you have a choice of cryptocurrencies at an early stage to play with, and you think they have a similar chance of success, it makes sense to invest in the cryptocurrencies with a limited supply. The fact that this will make them bad in the long run as a medium of exchange is not of interest to the early stage speculator.

> The crypto-currency crowd has this libertarian streak

I wish they did. Unfortunately the buyers who owned bitcoin the past few years are all in just coz the price is growing up. They are not in bacause the believe in anything.

Re: IOTA: A tangled mess

#235

Post by mycall »

> You do not release financial software to the general public in such a buggy state

and there it is, the inherent confusion between public expectations and programmers WRT cryptocurrencies.

Re: IOTA: A tangled mess

#236

Post by mycall »

sireat wrote: post #208
scrollbar wrote: post #198

Earlier quoted context omitted.

I was just researching currencies with fastest transfer time and verified that Ripple works fast and with low fee. Curious if you've taken a look at it for your use case? I bought a small amount recently but am mostly just curious about which of these thousands of coins are actually useful for practical purposes.

Forgot to mention Ripple which is an interesting case with its mission to "The world’s only enterprise blockchain solution for global payments". However, searching for useful things to do with Ripple as an individual leads to nada. All the use cases are provisional. All the top 20 google results are for how to buy Ripple itself(in order to speculate). I've started and stopped mining various currencies since BTC in 20…

> The world’s only enterprise blockchain solution for global payments

Marketing speak there as all blockchains support global payments.

Re: IOTA: A tangled mess

#237

Post by hossbeast »

tfha wrote: post #116
afpx wrote: post #69

Earlier quoted context omitted.

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 40…

90% ? I would expect it to be much lower

Re: IOTA: A tangled mess

#238

Post by chrisco255 »

cryptodogemoon wrote: post #204
chrisco255 wrote: post #155

Earlier quoted context omitted.

You presume that the future was predictable in 2009. Satoshi had no way of knowing whether the Bitcoin experiment would truly work or not. How many times have we thought, "Bitcoin is surely dead" due to some Mt Gox / Silk Road / China ban scandal? It's crazy to call the people who stuck it out and believed in the coin "exploitative" when they lost 90% of their value time and time again and still did not sell.

Production costs of 50BTC per every 10 minutes has historically been a fractions of or a few pennies. Only for later users has the cost gradually increased. The way you and many others approach Bitcoin as a tool to horde and sell to other rubes is indicative of the manipulative design where unsuspecting new users don't understand the history.

Historically? 50BTC every 10 minutes for pennies? Those prices haven't been seen since 2012 or earlier.

If you don't like Bitcoin's model, choose another altcoin to back, there's dozens of them and some of them even have inflationary models. No one is forcing anyone to buy into anything.

Re: IOTA: A tangled mess

#239

Post by drewm1980 »

tfha wrote: post #106
cjhanks wrote: post #50

Earlier quoted context omitted.

I have never seen a GitHub issues page quite like that. Pages and pages of issues ranging from; "Somebody stole thousands of dollars from me" to "My money is stuck and I can't get it out".

I've also read that the devs have seized funds from users. Specifically, if you use the same address twice in IOTA (extremely common habit in cryptocurrency), you reveal your secret key, and the devs will take your money. Among many other wallet related issues.

"All tokens which will ever exist were created on day one and pre-distributed to people who signed onto the project very early." It sounds to me like they are pretty up front about their intention to take all of your money. That is how they started. Same for Bitcoin, only Bitcoin hides it behind a schedule of mining fees so it is more Ponzi scheme while this is more television priest.

Re: IOTA: A tangled mess

#240

Post by rajivshah »

rajivshah wrote: post #231
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.

Do you have any transaction hashes to prove claims of such a magnitude? Why did you use $2000 on a wallet in alpha testing despite being warned against doing such a thing? > that resent transactions if you put the app in a background state This is absolutely false. There is no resending in the background. As a developer who asked to work on the project AND had access to the repository, I'm surprised you don't know th…

Also, I happened to take a look at the TestFlight statistics. You’ve logged the 4th most sessions for this build, which you installed Dec 8. Why would you use a wallet 101 times in the past 10 days if it caused you to lose money?
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