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Author Topic: IOTA  (Read 988850 times)
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Come-from-Beyond
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December 21, 2015, 12:16:57 AM
 #1141

I didn't say Bitcoin will be safe without upgrading. I'm just saying it's not sensible to imagine that Bitcoin will not be upgraded well ahead of time, in order to deal with quantum. The topic of quantum keeps coming up repeatedly in the Bitcoin community, and everyone is well aware of its status and progress and potential threat. It will be addressed, if & when needed, according to the market's demand. I have faith in making that assumption.

In the whitepaper mthcl showed that PoW blockchains are inherently vulnerable to QCs because they do hashing at quadratic speed. So you think that miners will agree to throw away their ASICs? I predict a lot of drama, much more than all dramas that have happened before...
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December 21, 2015, 12:24:41 AM
 #1142

I'm having an impossible time understanding how the IOTA project is viable. It aims to service the IoT niche. However, Bitcoin already is tackling this niche in a variety of ways. Let's remember that BTC has first mover advantage & network effect (should not be underestimated), as well as hundreds of millions of $ in funding distributed among projects aiming to directly/indirectly make BTC & IoT a reality.

Skepticism is always good. I have no problem understanding why you are skeptical or why you reason as you do, but I'll answer each point to explain our motivation:

Hi, I just wanted to thank you for answering my questions to the best of your ability. I did not get a chance to thank you, previously.

I still remain hugely skeptical, mainly because I think Lightning is being hugely underestimated. The Bitcoin community is pouring enormous resources into solving micro-/nano- transactions via Lightning & related technologies (Lightning is only 1 implementation; there will be multiple, competing, interoperable implementations with varying degrees of trust-minimization, and various ETAs). The peer review done so far has uncovered no major problems, and the timeline for LN is decent (I originally said 3 months for testnet; the Lightning team has just released an updated ETA of ~6 months for alpha/beta quality on mainnet!).

I also don't understand what you mean by fees not being low enough on LN. The LN's express initial purpose is to allow transactions of a few pennies (USD), aka by current exchange rate 0.0001 BTC. And, in fact, it's being designed to allow sending transactions as low as 1 satoshi (I have confirmed this with LN devs previously). This is impossible, unless the fee was simultaneously lower than 1 satoshi. In fact, the fee can be as low as 0.001 satoshis. They are actually subdividing satoshis by 1,000 in LN's design, since fees will be within that order of magnitude.

So, I'm curious what you have to say about that?

Regardless, good luck with IOTA.
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December 21, 2015, 01:37:58 AM
 #1143


Which will be the next target in roadmap?

thanks and keeps the god work

Launch and then activism. Having the best technology means nothing without the world knowing that it's there.

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December 21, 2015, 10:14:31 AM
 #1144

After thinking about how the test should be conducted an idea came to my mind. What if the testnet becomes more popular than the mainnet? And those who didn't purchase the iotas will run their own competing version. Due to the first mover advantage they will increase their odds of world-wide adoption. Any suggestions how to solve this issue?
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December 21, 2015, 10:43:27 AM
 #1145


switch off and restart the testnet in regular intervals?
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December 21, 2015, 01:11:50 PM
 #1146

Will this testnet work exactly like the IOTA original? If so would it make sense to just give the IOTA buyers access to the testnet with the amount they have purchased? So there would not be any issue if the testnet would be more succesfull as the core.

NXT-Wallet: NXT-UBDL-3XU4-NQBZ-FT33G
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December 21, 2015, 03:13:20 PM
 #1147

After thinking about how the test should be conducted an idea came to my mind. What if the testnet becomes more popular than the mainnet? And those who didn't purchase the iotas will run their own competing version. Due to the first mover advantage they will increase their odds of world-wide adoption. Any suggestions how to solve this issue?

Have you not run a private testnet on a LAN?

To your point are you really concerned by some dev(s) new to this paradigm stealing your thunder? I find this most unlikely. I partially based my investment on  this being a unique product/protocol run by a team with a unique set of skills not easily replicable.  I trust I was not mistaken.

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December 21, 2015, 03:32:24 PM
 #1148

Will this testnet work exactly like the IOTA original? If so would it make sense to just give the IOTA buyers access to the testnet with the amount they have purchased? So there would not be any issue if the testnet would be more succesfull as the core.

I think we should give everyone access to testnet, just send x amount of test-iota to everyone who asks for it, that way we have more people to test iota, find flaws or security holes and
thereby making iota more secure.

This would also give people who missed out on the crowdsale, or people who are scared of investing in a completely new crypto the
ability to testrun iota without any worries or finincial investment, and if they are conviced of potential of iota, they will invest.

This could be a feature - not sure about iota? here, have some test-iota.

I dont see the concerns cfb has raised, no one will ever want to use testnet as real currency, investors invested (combined) about 1000btc - thats about half a million dollar to get
tokens on mainnet, a lot of poeple are very interrested in making mainnet work. mainnet has value, people invested in it. If we give out test-iota for free test-iota will be worthless,
why would anyone use them if the initial distribution-schema is no based on anything?

just hold 95% of test-iota, and when it gets used as real currency, dump the price to 0 Cheesy
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December 21, 2015, 03:51:41 PM
 #1149

Will this testnet work exactly like the IOTA original? If so would it make sense to just give the IOTA buyers access to the testnet with the amount they have purchased? So there would not be any issue if the testnet would be more succesfull as the core.

I think we should give everyone access to testnet, just send x amount of test-iota to everyone who asks for it, that way we have more people to test iota, find flaws or security holes and
thereby making iota more secure.

This would also give people who missed out on the crowdsale, or people who are scared of investing in a completely new crypto the
ability to testrun iota without any worries or finincial investment, and if they are conviced of potential of iota, they will invest.

This could be a feature - not sure about iota? here, have some test-iota.

I dont see the concerns cfb has raised, no one will ever want to use testnet as real currency, investors invested (combined) about 1000btc - thats about half a million dollar to get
tokens on mainnet, a lot of poeple are very interrested in making mainnet work. mainnet has value, people invested in it. If we give out test-iota for free test-iota will be worthless,
why would anyone use them if the initial distribution-schema is no based on anything?

just hold 95% of test-iota, and when it gets used as real currency, dump the price to 0 Cheesy

Good Idea. If in the testnet only 5% or less will be distributed, there will be never an issue that this will be more powerful than the "real IOTA".

Altcoinspekulant: Deutscher Altcoinblog.
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December 21, 2015, 04:02:14 PM
 #1150

I didn't say Bitcoin will be safe without upgrading. I'm just saying it's not sensible to imagine that Bitcoin will not be upgraded well ahead of time, in order to deal with quantum. The topic of quantum keeps coming up repeatedly in the Bitcoin community, and everyone is well aware of its status and progress and potential threat. It will be addressed, if & when needed, according to the market's demand. I have faith in making that assumption.

In the whitepaper mthcl showed that PoW blockchains are inherently vulnerable to QCs because they do hashing at quadratic speed. So you think that miners will agree to throw away their ASICs? I predict a lot of drama, much more than all dramas that have happened before...

Wouldn't miners just all be competing with quantum miners? I don't see how that would be any different then them competing with asics...
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December 21, 2015, 04:31:26 PM
 #1151

In the whitepaper mthcl showed that PoW blockchains are inherently vulnerable to QCs because they do hashing at quadratic speed.

PoWs requiring billions of bits are pretty safe from QC quadratic speedup,
which is still struggling to work for mere dozens of qubits.

PS: this is my 19*19th post, an important milestone for any Go player:-)
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December 21, 2015, 05:10:00 PM
 #1152

switch off and restart the testnet in regular intervals?

We can't, lol, participants decide themselves on this matter.
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December 21, 2015, 05:11:08 PM
 #1153

Will this testnet work exactly like the IOTA original? If so would it make sense to just give the IOTA buyers access to the testnet with the amount they have purchased? So there would not be any issue if the testnet would be more succesfull as the core.

Testnet is the same as the mainnet. But I like your idea...
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December 21, 2015, 05:12:20 PM
 #1154

Have you not run a private testnet on a LAN?

To your point are you really concerned by some dev(s) new to this paradigm stealing your thunder? I find this most unlikely. I partially based my investment on  this being a unique product/protocol run by a team with a unique set of skills not easily replicable.  I trust I was not mistaken.

Iota protocol is so simple that even amateur programmers can decipher and change it.
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December 21, 2015, 05:14:36 PM
 #1155

I dont see the concerns cfb has raised...

You haven't seen testnet bitcoins being bought for real money. Smiley
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December 21, 2015, 05:17:14 PM
 #1156

Wouldn't miners just all be competing with quantum miners? I don't see how that would be any different then them competing with asics...

Have you watched Neo single-handedly fighting against agent Smith in Matrix 1? Quantum vs classical miners fight will look even more hilarious.
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December 21, 2015, 05:18:50 PM
 #1157

PoWs requiring billions of bits are pretty safe from QC quadratic speedup,
which is still struggling to work for mere dozens of qubits.

We have stopped on time-memory trade-off...
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December 21, 2015, 05:38:46 PM
 #1158

PoWs requiring billions of bits are pretty safe from QC quadratic speedup,
which is still struggling to work for mere dozens of qubits.

We have stopped on time-memory trade-off...

Not all TMTOs are linear...

Some PoWs need q^2 more time to use q times less memory,
which you cannot overcome with a quadratic quantum speedup.
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December 21, 2015, 05:45:03 PM
 #1159

Not all TMTOs are linear...

Some PoWs need q^2 more time to use q times less memory,
which you cannot overcome with a quadratic quantum speedup.

I agree that it's possible to create an algorithm that will be too hard for available quantum computers, it can even be modified each month to keep new QCs out of business all the time. The question is: Will ordinary users be able to run such algorithm? If not, then we'll get Animal Farm scenario becoming the reality - We'll trade one master for another.
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December 21, 2015, 06:19:25 PM
 #1160

After thinking about how the test should be conducted an idea came to my mind. What if the testnet becomes more popular than the mainnet? And those who didn't purchase the iotas will run their own competing version. Due to the first mover advantage they will increase their odds of world-wide adoption. Any suggestions how to solve this issue?

About the test net: just send the participiants no more then 10 nanoiotas, thus you will be able to test transactions, but iotas will be not usable in real cases cause it will be not divisible to the proper extent.

The problem is a forks: I already image UtopianFuture suckpoppet creating thread about "Iota fork but with fair destribution", as he done for NXT with NEM and for Qora with Kora.

Launch without testnet.
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