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IOTA: Cannot be used for IoT, loss of funds may occur

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Re: IOTA: Cannot be used for IoT, loss of funds may occur

#31

Post by dangero »

testdeep wrote: post #23

Nano is a great alternative and was thought out before IOTA. It was one of the first paper to be published about Block Lattice. It is what Bitcoin said it would be fast and fee-less cryptocurrency. https://github.com/clemahieu/raiblocks

Bitshares did low cost transactions at high volume years ago, so I'm never quite sure why Nano gets so much attention because those features aren't novel.

Furthermore, free transactions with minimal POW don't create proper incentives and will not scale because there is an extremely low cost to spam the network. This means you can essentially use full historical nodes as a data storage for anything you want.

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#32

Post by justboxing »

abrkn wrote: post #21
justboxing wrote: post #15

Earlier quoted context omitted.

I hate how all the coin subs on reddit call anything that's not postive about their coin as F.U.D. Someone posted this 'rebuff' to your blog post on reddit. https://www.reddit.com/r/CryptoCurrency/comments/7we3x0/rebu... Direct link: https://medium.com/@ralf/andreas-brekken-proves-he-has-no-cl...

IOTA an insane cult driven by fear of losing money. No one uses the software. They use social media to attract more bag holders. I read the "rebuff". He looked up the wrong company named "Helix"... I'm not affiliated with the entity he mentions.

Thanks for the clarification. I posted your review on r/cryptocurrency and was quickly down-voted to oblivion.

If I were a conspiracy theorist, I'd say your statement about shitcoins using social media to attract bag holders sounds about right.

I've noticed the mods on r/ripple are even worse. They ruthlessly delete any post that raises legitimate concerns about XRP and it's so called touted use of providing liquidity for cross border payment, that not a single bank appears to be using in a production environment.

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#33

Post by acejam »

Tepix wrote: post #13

Great article. I chuckled quite a bit. This reminds me of my attempts to check out Cardano. There was no working Linux client. (I checked again today: Still no Linux client. The latest release of the software appears to be from September 2017). I then tried to build from source. I'm doing some Node development so I have Node v8.x installed (the current LTS version). Turns out the wallet requires Node v6. At that poin…

You make it sound like switching Node versions on Linux is a hassle. Allow me to introduce you to nvm: https://github.com/creationix/nvm

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#34

Post by dangero »

JohnJamesRambo wrote: post #29
andr wrote: post #9

Of course it's not meant for IoT. It's written in Java, has the whole ternary nonsense going, and uses custom crypto, which would be really slow to implement, compared to hardware-accelerated RSA or AES most cheap embedded chips have nowadays. I, for one, am excited for the moment a cryptocurrency arrives that is actually usable for its supposed use. Every time someone claims to be a cryptocurrency for X (be it file…

Have you looked into Stellar Lumens? I'd be interested to hear your thoughts on it and if it fits your requirement of being usable for its supposed use. It seems so on the surface to me, but I don't know what the look under the hood reveals.

Stellar Lumens make sense. They have a small burn fee to limit network spam and their consensus algorithm is partially centralized through node federation, but it's a reasonable tradeoff used to achieve low cost, high throughput. This means it can work well in mobile environments, etc.

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#35

Post by stefano »

wiradikusuma wrote: post #30
abrkn wrote: post #18

Earlier quoted context omitted.

I interviewed to work at Ripple in 2013! I don't know how interesting the review would be. Ripple is completely centralized. I'll think about it.

Few days ago there was a post in HN basically saying "centralized = no need blockchain" -- why they need to do in blockchain then?

Blockchains seem to be really good at raising capital.

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#36

Post by simias »

abrkn wrote: post #26
simias wrote: post #22

His experience is what I would expect from anybody trying pre-alpha software which is probably what IOTA is right now (at least, that seems to be the common defense from it's proponents, "it's temporary, it's going to change"). The absurd part is that it's pre-alpha software that has a market cap in billions of dollars thanks to the wild speculation around cryptocurrency/blockchain stuff. I mean, the simple fact that…

Why would something that is "pre alpha" be worth billions of dollars? Just doesn't make sense. IOTA has no utility today.

That was my point yes, sorry if I was being unclear. Thank you for your articles by the way, they're always insightful. It's nice to see somebody actually using those cryptocurrencies instead of merely speculating about them.

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#37

Post by dvlsg »

acejam wrote: post #33
Tepix wrote: post #13

Great article. I chuckled quite a bit. This reminds me of my attempts to check out Cardano. There was no working Linux client. (I checked again today: Still no Linux client. The latest release of the software appears to be from September 2017). I then tried to build from source. I'm doing some Node development so I have Node v8.x installed (the current LTS version). Turns out the wallet requires Node v6. At that poin…

You make it sound like switching Node versions on Linux is a hassle. Allow me to introduce you to nvm: https://github.com/creationix/nvm

I do love nvm, but I'm a little surprised that the source requires an older version of node. I wonder if it doesn't actually require it, but the package.json has the engines prop pinned to v6 anyways.

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#39

Post by simias »

wiradikusuma wrote: post #30
abrkn wrote: post #18

Earlier quoted context omitted.

I interviewed to work at Ripple in 2013! I don't know how interesting the review would be. Ripple is completely centralized. I'll think about it.

Few days ago there was a post in HN basically saying "centralized = no need blockchain" -- why they need to do in blockchain then?

These days I feel like it's more "if it's even a little bit decentralized and uses public key cryptography then you can call it a Blockchain and people will throw money at you". It's the new "Cloud Computing" basically.

Cryptocurrencies are pretty mainstream nowadays, everybody and their grandfather want to be a crypto-millionaire. Very few have the skills to decide whether experimental technologies like Ripple or IOTA have a future[1], it's just speculation for speculation's sake. Ask the average Ripple owner what they think of the "trustlines" and the risks associated with it. Actually, just ask them what a Ripple trustline is. I doubt you'll get many answers.

[1] Honestly I feel pretty knowledgeable about how cryptocurrencies work and yet it's not rare for one of these whitepapers to lose me. For many of them you need a pretty good technical background on cryptography, game theory and economy (with maybe a hint of sociology) to really be able to gauge whether an idea has merit or not.

Re: IOTA: Cannot be used for IoT, loss of funds may occur

#40

Post by gsich »

abrkn wrote: post #10
andr wrote: post #9

Of course it's not meant for IoT. It's written in Java, has the whole ternary nonsense going, and uses custom crypto, which would be really slow to implement, compared to hardware-accelerated RSA or AES most cheap embedded chips have nowadays. I, for one, am excited for the moment a cryptocurrency arrives that is actually usable for its supposed use. Every time someone claims to be a cryptocurrency for X (be it file…

They've had some other scandals too! "Emptied IOTA Wallets: Hackers Steal Millions Using Malicious Seed Generators"[1] [1] https://www.ccn.com/a-number-of-iota-wallets-emptied-by-hack...

That's not IOTAs fault.
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