If your cryptocoin is centralized, it's not really a cryptocoin, even if it's listed on a cryptocoin exchange.
Nano is another coin with properties similar to Iota that is actually decentralized.
(disclaimer: I hold some Nano)
IOTA being shut off is the latest chapter in an absurdist history
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Re: IOTA being shut off is the latest chapter in an absurdist history
#52This project is the gift that keeps on giving when it comes to hilarity and schadenfreude. Custom hash function? Bizarre obsession with trinary? Complete centralization in a space where decentralization is the point? Constant big announcements with no substance? I love watching these guys and their supporters. It's like watching an internet cult in real time.
I wonder if there's a single one of them who was legitimately interested in the protocol and technological aspects and "making the world a better place" and was not just looking to get rich quick.
Is there any real reason these exist except for the ultimate motive of making people believe they'll become richer, like 2012-era Bitcoin actually caused, and proceeding to profit off their ignorance?
If not then it makes a lot of sense that a sizeable amount of people would preach nonesense for months. They'd believe there's compensation for them waiting at the end of it all.
And it doesn't even need to end in having cryptocurrency-of-the-month being exposed as a scam or anything. People can just believe it didn't work out this time and continue searching for an IoT-enabled 2012-era Bitcoin that in the future will likely never exist.
I know it's cliche, but money corrupts. This is probably another manifestation of that with what improved technology now allows us to accomplish.
Re: IOTA being shut off is the latest chapter in an absurdist history
#53Re: IOTA being shut off is the latest chapter in an absurdist history
#54Earlier quoted context omitted.
During a lunch the topic of cryptocurrencies came up and a co-worker of mine said he'd invested in IOTA and EOS (another nonsense coin). The thing is I think he's smart and a programmer with the head in the right place and has made a ton of very good decisions at work. So if you think these projects only attract idiots and fools you're wrong. Smart people can also be fooled.
OK, I'll take the bait, why is EOS a nonsense coin?
It does exactly nothing better than anything that was done before it.
Re: IOTA being shut off is the latest chapter in an absurdist history
#55Omg, I just lost my only crypto investment if this isn't fixed. The amount I lost: 100 USD
Just reading this I can see you are new to crypto. You did not lose 100 USD. You lost XXX MIOTA.
Weird distinction, is this a common thing in financial markets? Seems like he might have lost both if the network never comes back online.
If you're a stock trader and you buy $100 in a company that goes backrupt do you lose $100 or XXX stocks?
Re: IOTA being shut off is the latest chapter in an absurdist history
#56If your cryptocoin is centralized, it's not really a cryptocoin, even if it's listed on a cryptocoin exchange. Nano is another coin with properties similar to Iota that is actually decentralized. (disclaimer: I hold some Nano)
Cool video of Nano in action https://www.youtube.com/watch?v=iKt9KepQQF4
Learn more about Nano at nano.org.
Re: IOTA being shut off is the latest chapter in an absurdist history
#57Earlier quoted context omitted.
Bitcoin is not one of the scams with no working software I was talking about. The information comes from a leveldb database you can download from peers after installing this client: https://github.com/bitcoin/bitcoin
> "how do people know who has how many coins, for a coin which has reportedly never shipped a working binary"? They have a MySQL type database that stores IOUs for the people who bought the ICO tokens. They promise to deliver the actual coins once they finish the software, which in many cases has never happened. Others are less egregious than this and have working binaries on a testnet--the future main network is pro…
Cardano certainly has both a working mainnet and a working wallet, and has for a couple of years.
They are also running a testnet for their staking capability, which will promote to the main net eventually -- but claiming they're not running a live net and don't have a wallet is absolutely incorrect.
Re: IOTA being shut off is the latest chapter in an absurdist history
#58If your cryptocoin is centralized, it's not really a cryptocoin, even if it's listed on a cryptocoin exchange. Nano is another coin with properties similar to Iota that is actually decentralized. (disclaimer: I hold some Nano)
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Re: IOTA being shut off is the latest chapter in an absurdist history
#59Earlier quoted context omitted.
The article does go into the flawed technology: the hilariously poorly thought out trits, the flawed internally developed hash, the centralized nature of the system, etc etc. IOTA is to technologically flawed that it's amazing that it's worth more than $0.
The trits are bizarre and introduce complexity but isn't necessarily a critical flaw. I don't see anything in the article about them. They rolled their own crypto, but later corrected it. Indeed, it has had their centralized Coordinator with plans to decentralize. Is that a flaw? Maybe, but it's also a scaling issue. The distributed proof of work is novel as well as the absence of centralized mining and transaction f…
They "corrected" it when they were called out on it, while claiming it wasn't a problem, and also claiming they did it on purpose so that if someone "stole" their code they could attack and destroy anything someone else would create.
Truly bizarre bullshit.
Re: IOTA being shut off is the latest chapter in an absurdist history
#60Still waiting for a use case of blockchain outside cryptocurrency also.
git's a blockchain. you have commits (blocks), which contain a hash of the previous commit (chain).
Blockchain (as in a Merkle tree with some way to decide on a particular path to a leaf as the canonical "correct" chain) is useful in plenty of things, eg git.
Blockchain as in the above with a decentralized decision function (proof-of-work, maybe proof-of-stake) is less likely to be useful outside cryptocurrency.
Typically when people talk about "blockchain" they mean the latter.