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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

#61

Post by cryptica »

The thing about IOTA is that it's just a reflection of the entire economy which is founded on coercion, manipulation and deception; our economy has transcended reality and reason; particularly the tech sector.

There is nothing behind it but the lie is so strong and there are so many people peddling it that the market starts to believe its own lie.

It's funny how quickly some capitalists will discard cryptocurrencies as worthless junk while simultaneously preaching the doctrine of "efficient markets" and not realizing the simple fact that "real markets" and "cryptocurrency markets" both exist in the same universe and are acted upon by the same market forces.

Re: IOTA being shut off is the latest chapter in an absurdist history

#62

Post by acpacp »

Erlich_Bachman wrote: post #39
Blackthorn wrote: post #32

This 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.

Reading the reddit is insane. It is one thing to see the creators and their bullshit and insane ideas and think "ok they are good at marketing, some people believed them, happens all the time". But it is reading the reddit that really puts you in contact with the chilling fear that comes from the sheer number of idiotic completely disconnected from reality people who flock around this project, who not only support th…

That's very much like most of the crypto projects/subs work. Lot of people with no technical understanding, completely disconnected from reality, probably owning substantial amounts of coins.

Honourable mentions to subs like /r/lisk or /r/arkecosystem

Re: IOTA being shut off is the latest chapter in an absurdist history

#63

Post by acpacp »

Aaronstotle wrote: post #31

Good riddance, I remember during the bull run my friend was talking about Iota. I was into mining at the time and looked up how to mine it. Read about the project and knew it was scam then, not sure how it survived until now. Looking forward to the day where the shitcoins die off and there's only a handful of cryptos on exchanges/people talk about.

SI'm afraid that day will never come. BS in that space is just too deep. Valuations are imaginary, people involved too delusional and none of these projects are based on anything real.

Re: IOTA being shut off is the latest chapter in an absurdist history

#64

Post by lawn »

wyldfire wrote: post #51

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)

And as always claims about cryptocurrencies should be taken with a grain of salt. Nano uses delegated proof-of-stake which has a questionable level of decentralization compared to proof-of-work coins like Bitcoin.

(But it's not as bad as IOTA of course.)

Re: IOTA being shut off is the latest chapter in an absurdist history

#65

Post by diegoperini »

Zenbit_UX wrote: post #55
shoo_pl wrote: post #3

Earlier quoted context omitted.

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?

I bought monopoly money for 100 USD, hoping that they will become a thing. Then I lost my monopoly money. From my standpoint, all explanations are true, therefore irrelevant. I can no longer redeem my USD, 100 of them or less. 100 USD is gone during my gamble.

The responders are wrong about my proficiency with crypto. I've been following the tech and finance side of it since Bitcoin was worth 120 USD. I've written trade bots, some fun smart contracts and even participited in Dogecoin giveaway with some doge I mined.

Re: IOTA being shut off is the latest chapter in an absurdist history

#66

Post by psychlops »

101404 wrote: post #50
psychlops wrote: post #26

It would be nice to read an attack on the technology rather than an article highlighting hater quotes on the feuding misogynist, ego-maniacal founders. Iota remains a speculative cryptocurrency. It does not rely on the technology before it and is not a copy-paste crypto like many that came out of the last boom cycle. I still think it is quite innovative. That said, it may eventually fail due to its poor implementatio…

> misogynist ... founders Where you got that from?

From this:

"By 2019, members of the IOTA community earned a reputation for routinely harassing women security experts, like Open Privacy founder Sarah Jamie Lewis, who found flaws in IOTA research."

Fair enough that it's implicating the community and not the founders, but is in the same paragraph with the Sonstebo/Narula scandal.

I see that I did infer, but perhaps that was the intent.

Re: IOTA being shut off is the latest chapter in an absurdist history

#67

Post by zelly »

shp0ngle wrote: post #42
zelly wrote: post #24

Earlier quoted context omitted.

There isn't. If there are, none of them would be viable for-profit business entities like they're claiming. I can see a nameserver (like DNS) using a blockchain. Or maybe a distributed identity service can use a blockchain. These would have to function as public goods owned by no one; otherwise why not use existing DNS or existing government IDs. This pretty much rules out any mention of "blockchain" in a for-profit…

DNS on a blockchain is actually the very first altcoin, before even Litecoin. 2011. It’s not really usable though; all the “dns on blockchain” means just “well we can store arbitrary data on the blockchain, some are parseable as DNS records maybe, and then I guess we can parse all the chain to get all the records???” it was as meaningful in 2011 as it is in 2020

A blockchain alone is a horrible data structure for random access lookup. There were so many hacks that had to be done to make Bitcoin work efficiently on BerkeleyDB and LevelDB.

Ethereum lets you do general purpose computing, so there are nameservers that just use a hash table. That's how ENS (.eth) works. But at that point it's not really "DNS as a blockchain"; it's more like ICANN but running on Ethereum miners's computers instead of 8.8.8.8.

Re: IOTA being shut off is the latest chapter in an absurdist history

#68

Post by ForHackernews »

acpacp wrote: post #62
Erlich_Bachman wrote: post #39

Earlier quoted context omitted.

Reading the reddit is insane. It is one thing to see the creators and their bullshit and insane ideas and think "ok they are good at marketing, some people believed them, happens all the time". But it is reading the reddit that really puts you in contact with the chilling fear that comes from the sheer number of idiotic completely disconnected from reality people who flock around this project, who not only support th…

That's very much like most of the crypto projects/subs work. Lot of people with no technical understanding, completely disconnected from reality, probably owning substantial amounts of coins. Honourable mentions to subs like /r/lisk or /r/arkecosystem

Yeah, I was gonna say, this pretty standard /r/buttcoin fare. The main difference with BTC (pick your flavour...) is only that the pyramid hasn't toppled (yet?).

Re: IOTA being shut off is the latest chapter in an absurdist history

#69

Post by psychlops »

jki275 wrote: post #59
psychlops wrote: post #36

Earlier quoted context omitted.

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.

I don't recall reading about their rationale that way. Only the unholy way in which they defended it, while swapping it out then sequestering all iota until claimed through centralized means.

Sadly, I don't think that the blind defense of flawed security is that bizarre and is all too common today.

That said, it was corrected and seems solid to date.

Re: IOTA being shut off is the latest chapter in an absurdist history

#70

Post by kaffeemitsahne »

wyldfire wrote: post #51

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)

In a bunch of the recent IOTA threads I've seen people shilling Nano. I'm slowly beginning to understand HN's allergy to cryptocurrencies.
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