IOTA

[tmfp]

“ The short answer is that the coordinator can and will be removed if our research team is convinced that we sufficiently understand the coordinator-free Tangle.“

My bold.
And if they don't "sufficiently" understand their own creation?
Then Iota remains what it is today, a centralized mess that's going nowhere.
With a useless mIota token and a nine figure marketcap?

As Eric Wall puts it

Is it possible to create a rubbish coin based on advanced bullshit, build a community of misguided fans nevertheless, run it centralized for 5 yrs, hardfork-copy the design of a real working project, keep the community and become a success?

[Raja_MBZ]

“ The short answer is that the coordinator can and will be removed if our research team is convinced that we sufficiently understand the coordinator-free Tangle.“

My bold.
And if they don't "sufficiently" understand their own creation?
Then Iota remains what it is today, a centralized mess that's going nowhere.
With a useless mIota token and a nine figure marketcap?

As Eric Wall puts it

Is it possible to create a rubbish coin based on advanced bullshit, build a community of misguided fans nevertheless, run it centralized for 5 yrs, hardfork-copy the design of a real working project, keep the community and become a success?

I find it really hard to believe that one of my favorite crypto projects is falling apart like this. Of course from day one I knew that removing coordinator will be hard, but I didn't think that it'll be impossible. This is a pure sh!tshow.

Seems like we're going to see the slow (and painful) death of IOTA; the tangle really got tangled!

[boomboom]

IOTA is a data transfer protocol for machines, the project is in beta, and will be for a few years yet. The IOTA token is important for initial funding, but won't be used by machines as intended for quite a while, and for many use cases the token won't be used at all.

It's unfortunate that a few human users of the Trinity wallet had funds hacked, but it has zero impact on the ultimate roadmap for the IOTA project. Yes, it looks bad that a third party software provider created an attack vulnerability for the wallet provided for humans to use, and obviously some human investors and speculators are going to get upset and abandon the project in the short term, but, the machines using IOTA in the future won't care.

[tmfp]

Well, COO was turned off on Wed Feb 12 @ 17.20, about 100 hours ago.
Despite all Iotean Hans (geddit?) on deck and "additional external cyber security experts (who) have joined the investigation with multiple security teams" and the presence of 'law enforcement', the message to token holders is voicemailesque

Again, we appreciate your patience right now. We are doing everything we can to resolve this incident in as secure and smooth a way as possible.

Hopefully we will have a concrete action plan tomorrow and will then communicate it.

The guilty Trinity wallet (name change being discussed for "religious" reasons) is being V2'd

We will release a new Trinity version tomorrow with the fixes implemented. It's not yet the full transition tool, but it's the first step towards fully going back to operations.

That sounds comforting.
Doesn't it?
All this drama and problem solving has turned the Ioteans a bit passive/aggressive and sensitive, especially on the subject of COO and the definition of decentralization...

I wish people would fuck off about the whole iota not being decentralized because of coordinator, when every block chain token is centralized around a few mining pools that seriously disrupt any possibility for positive software development. They fucking hold back everything that influences their bottom line. Which is why Bitcoin and the rest have pretty much been stagnant for years while we move forward constantly.

So there. Apparently Bitcoin has a big red STOP button too?
Anyway, they rather like their button.
Maybe it's a power thing, or maybe they have no confidence in a post centralized, big red button-free environment?

What is especially funny to me is that the coordinator that everyone was bitching about for years did exactly the thing it was meant to do. It allowed us to halt an exploit that otherwise would have cost everyone dearly.

Yeah Eric, the STOP button works fine, it's the rest...

I will be kind of sad to see it go.

Why?

Anyway, David is upbeat.

Let's not give this fuckface further attention. The cause has been identified, law enforcement is involved and mitigation strategy is being worked on. There will be further official updates, but let's not halt the whole IOTA project due to one idiot.

Just the one....you sure?

Quotes from Discord, Reddit and Iota status.

the machines using IOTA in the future won't care

That, of course, depends on Iota having a future, and I'm not just referring to the manipulated casino chip token.
I've always thought coordicide sounded a bit...terminal.

[Coll3]

Tell you the truth I like iota, Ive a few tokens
By the way iota need some marketing and it'll be ok

[boomboom]

TCP/IP was funded by government (universities and  military ), the IOTA protocol is being funded by the token, and it's basically done the job well to date. Speculators and investors needed a wallet so Trinity was developed, but none of this has much relevance to the internet of things machine economy. IOTA is in beta, it's not a human based digital currency.

The IF has done a good job, the companies considering using the IOTA protocol and making it a global standard for machines on the internet don't care about trinity.

[Piston Honda]

keep failing away boyz! lol
always knew you would.

[tmfp]

Over a week now.....in that time, the MIOTA marketcap has dropped by ~$200m.
Looks like Moonpay are in the blame frame.

Trinity users who have already updated their wallets will have noticed the removal of MoonPay services from the updated versions of the wallet. This was necessary because the security vulnerability was introduced into the Trinity wallet via the MoonPay integration.

For now, we can only share with the community the below statement from Moonpay on this matter. Please note that the IOTA Foundation is not in a position to independently verify the accuracy of the statement

Moonpay shared some bad news

we want to inform users who have input their credit card details into the Trinity Wallet that, to the best of our knowledge, their credit card information is unlikely to have been compromised by this security incident.

You had ONE job......

I'd think that a number of investors in/donators to the IOTA experiment will be thinking similarly to this review of Trinity/Moonpay

Terrible experience...Totally useless...
I am deeply disappointed that that the IOTA team would partner with such a lousy service provider, who is also extremely expensive. 

Victor Faramond CEO (and just about everything else) at MoonPay rather presciently retweeted these wise words recently

As a developer, your job isn't about how much code you write, it's about how effectively you solve problems.
The best code is code you don't write & maintain -- because you're using off-the-shelf solutions, or because you're picking solutions that involve fewer subproblems.

the companies considering using the IOTA protocol and making it a global standard for machines on the internet don't care about trinity.

I'm pretty sure they care about internecine warfare and bad lapses of judgment in the bunch of (supposedly) really smart people who are supposed to make that happen.

[tmfp]

Just thought I'd check my favorite clever people's coin, ~360 hours on from the mishap that lead to the Big Red Button Push.
Had a look at the Status page

February 26th 2020 - 11:10
We are currently in the testing phase of the migration tools

Excellent.
Take it steady boys. Don't want a clusterfuck, do we?

Had a look at Coinmarketcap.
$350 million wiped off the cap so far.
But wait, a ray of hope.... CMC have got this devilishly clever new thing called FCAS. There are such clever people in this space.

What is FCAS™?
Fundamental Crypto Asset Score (FCAS™) is a comparative metric used to assess the fundamental health of crypto projects. The score is derived from the interactivity between primary project life-cycle factors: User Activity, Developer Behavior, and Market Maturity. Each asset is given a score, 0-1000, and an associated rank.

Ok, a metric based on those three bolded things, got it.
User Activity
Well, I'd say that's been pretty modest over the last couple of weeks.
Developer Behavior
Hmm.
Slow? Thorough? Confidence inspiring? Does it factor in EE?
Market Maturity
Not sure. Most things shrink as they get older, is that what they mean by "maturity", because the "market" certainly has?

Anyway, how has IOTA's "health" done over the last two weeks?
During a period when it has shut down, been robbed and lost over a third of its market cap, simpleton me would guess "Not very well".
Nonsense.
We have an IOTA BULL RUN!
Marvellous! Congrats to both teams!

[alexandru.b]

Hey guys! I've just uploaded a video on my youtube channel explaining the IOTA Trinity Wallet Attack. Hopefully my explanation can be understood by non-techies just like you and non-experienced crypto users  Cheesy. I think you will find it interesting. Especially understanding how the attack happen to the IOTA and why the IOTA devs believe it could be a insider job from MoonPay. I also explained what could be the next steps after the attack. More, I also discussed a little bit how to be safe in the crypto world. Hopefully you will find my video interesting. Let me know if you would like more content about IOTA on my tech channel https://youtu.be/DK3UkjfYfyI

https://img.youtube.com/vi/DK3UkjfYfyI/maxresdefault.jpg

Peace. Alexandru

[Bitcoin_Arena]

During a period when it has shut down, been robbed and lost over a third of its market cap, simpleton me would guess "Not very well".
Nonsense.
We have an IOTA BULL RUN!
Marvellous! Congrats to both teams!

https://i.imgur.com/H1yYeiG.png

When i looked at the graph, i couldn't help but laugh so fookin' hard late in the silent night like some possessed being 
CMC is one big hell of a joke. They should just stop already!

[ServerNoMore]

I am shocked that IOTA has not lost more of its value.  The MAINET has been turned off by a small centralized crew and they aren't turning it on again for weeks.  That should absolutely destroy a networks value, right? 

Are there no applications running?  This is supposed to be for functioning applications right, not just coin exchange.

I must be missing something.

[boomboom]

I am shocked that IOTA has not lost more of its value.  The MAINET has been turned off by a small centralized crew and they aren't turning it on again for weeks.  That should absolutely destroy a networks value, right? 

Are there no applications running?  This is supposed to be for functioning applications right, not just coin exchange.

I must be missing something.

IOTA is still in beta development and will be for quite a while, the vast majority of investors understand this, so the recent problems with the trinity wallet doesn't really change the future outlook of the project.

[Lauda]

IOTA is still in beta development and will be for quite a while, the vast majority of investors understand this, so the recent problems with the trinity wallet doesn't really change the future outlook of the project.

This is a lie. IOTA is a proven scam.

[boomboom]

IOTA is still in beta development and will be for quite a while, the vast majority of investors understand this, so the recent problems with the trinity wallet doesn't really change the future outlook of the project.

This is a lie. IOTA is a proven scam.

IOTA is a long term cutting edge project in beta development since 2015, I don't expect mainstream machine economy IOT apps until 2022, everything so far doesn't rate as a proof of concept even, most holders understand the timeframe involved, and understand all the criticism over the coordinator,  some speculators will get nervous and dump, haters will do their thing. The thread you linked to has no new allegations, and no evidence, and less than 25% of the mud slung at IOTA over the years. Can't you even bother to catalogue all the conspiracies in one place?

[Lauda]

IOTA is still in beta development and will be for quite a while, the vast majority of investors understand this, so the recent problems with the trinity wallet doesn't really change the future outlook of the project.

This is a lie. IOTA is a proven scam.

IOTA is a long term cutting edge project in beta development since 2015, I don't expect mainstream machine economy IOT apps until 2022, everything so far doesn't rate as a proof of concept even, most holders understand the timeframe involved, and understand all the criticism over the coordinator,  some speculators will get nervous and dump, haters will do their thing. The thread you linked to has no new allegations, and no evidence, and less than 25% of the mud slung at IOTA over the years. Can't you even bother to catalogue all the conspiracies in one place?

Are you trying to tell me that you are willing to shill this scam despite warnings from major cryptographers to stay away from it? QFR.

[boomboom]

IOTA is still in beta development and will be for quite a while, the vast majority of investors understand this, so the recent problems with the trinity wallet doesn't really change the future outlook of the project.

This is a lie. IOTA is a proven scam.

IOTA is a long term cutting edge project in beta development since 2015, I don't expect mainstream machine economy IOT apps until 2022, everything so far doesn't rate as a proof of concept even, most holders understand the timeframe involved, and understand all the criticism over the coordinator,  some speculators will get nervous and dump, haters will do their thing. The thread you linked to has no new allegations, and no evidence, and less than 25% of the mud slung at IOTA over the years. Can't you even bother to catalogue all the conspiracies in one place?

Are you trying to tell me that you are willing to shill this scam despite warnings from major cryptographers to stay away from it? QFR.

Look at the quantity and quality of people in the IF, their backgrounds, skills and experience, the partnerships the IF has made - so you think all these people and companies and academics and organisatjons are scammers, or being fooled? Your claims are not credible, IOTA project has faced many challenges, and mistakes have been made, but the future is still very optimistic. Iota succeeding is threatening to a lot of people, so there are loads of haters.

[Piston Honda]

IOTA is still in beta development and will be for quite a while, the vast majority of investors understand this, so the recent problems with the trinity wallet doesn't really change the future outlook of the project.

This is a lie. IOTA is a proven scam.

correeeeeeeeectttamundo!!!!!!!!!!!

[Febo]

I am shocked that IOTA has not lost more of its value. 

It did not lost at all but gained. At start of the year price of IOTA was 15 cents now is 23 cents. This simply tells you that all prices in crypto have nothing to do with reality.

[ifinta]

I am shocked that IOTA has not lost more of its value. 

It did not lost at all but gained. At start of the year price of IOTA was 15 cents now is 23 cents. This simply tells you that all prices in crypto have nothing to do with reality.

Later it counts only the difference of selling price and buying price. The price between the two event don't matter. You have at this time not any "gain", you have some IOTA's and maybe you will able to sell it later - OR NOT.