Does anyone truly understand IOTA?

[Come-from-Beyond]

Read my criticism of iota on this forum.

You should provide the direct links, because it's hard to find criticism among the lies spread by you to protect your investment into Byteball.

[SatoNatomato]

I believe IOTA will go to the moon, look at the concept they describe, I am still studying and investigating about IOTA, but I started to like this. It looks like it will have a bright future prospect.

Read my criticism of iota on this forum.

There is nothing wrong with the ambition, the vision, IoT, but the technical implementation, the "PoW on IoT" and "The Tangle" is oxymoronic at best and retarded at worst.

Currently and past 2 years IOTA is more centralized than PayPal, without the Coordinator iota is worthless according to its main dev.

EDIT: Begin here https://bitcointalk.org/index.php?topic=1354220.msg17697705#msg17697705

[Come-from-Beyond]

Read my criticism of iota on this forum.

And his "trust" rating. 

[nevermindthebotox]

Read my criticism of iota on this forum.

so, did you get paid for these flaws you found ? haven't had time to read through all iota threads.

cheers

[SatoNatomato]

Read my criticism of iota on this forum.

so, did you get paid for these flaws you found ? haven't had time to read through all iota threads.

cheers

No, CfB lost many bets with me, never payed up. I pointed out a flaw in his Curl function in February, that was laughed at, and they required I de-anon myself if to be taken seriously for a measly $10k usd reward, not even worth my time. Its in the "IOTA Unmoderated" thread.

Yes, I chuckled when another researcher also discovered flaws in Curl, and iota had to "network upgrade" to sha3. 

[monsterer2]

Iota cannot work as designed.

Without miners there is no possible, trustless convergence - it will live forever with coordinators and be as centralised as visa, with none of the benefits.

[Come-from-Beyond]

No, CfB lost many bets with me, never payed up. I pointed out a flaw in his Curl function in February, that was laughed at, and they required I de-anon myself if to be taken seriously for a measly $10k usd reward, not even worth my time. Its in the "IOTA Unmoderated" thread.

Yes, I chuckled when another researcher also discovered flaws in Curl, and iota had to "network upgrade" to sha3. 

I like how you generate lies, you have an extra-ordinary imagination. Today's gem

No, I didnt miss the boat on iota, I bought some a year ago by mistake before digging into the technical details, and sold on bitfinex

So you were holding iotas for 9 months and still trash talking about IOTA. You should check your balls, if they are not of steel then check your head.  

made my day.

PS: Next time posting lies make sure you don't fuck dates up again. 

[Come-from-Beyond]

Iota cannot work as designed.

Without miners there is no possible, trustless convergence - it will live forever with coordinators and be as centralised as visa, with none of the benefits.

Bold claims, dude, post some math if you want to make your claims look credible.

[monsterer2]

Iota cannot work as designed.

Without miners there is no possible, trustless convergence - it will live forever with coordinators and be as centralised as visa, with none of the benefits.

Bold claims, dude, post some math if you want to make your claims look credible.

No maths required. I quote my previous post on the subject:

*) Network hashrate is the overall power of the network - in bitcoin, this is the computing power needed to generate a block.
*) Bitcoin employs a mining reward which creates a competition between miners to produce a block and claim their reward for doing so. Slower miners lose out to faster miners, but they still participate in the competition to produce a block because they stand a chance of winning occasionally.
*) This mining subsidy provides a positive incentive to miners to play by the rules, and encourages them not try to double spending, because they might as well claim the mining reward instead of trying to double spend which is often much more difficult than producing a single block.
*) The mining subsidy also encourages all miners to participate in the mining process, which gives an overall metric for total network hashing power, which you can then use to give an estimate of when it is safe to accept a transaction of a given size, as confirmed, because (on average), the block reward is equal to the electricity cost of mining that block. That means that when your transaction has been buried under enough blocks that the mining subsidy equals the transactions size, it is more or less safe to accept that transaction as confirmed.

Now, imagine the situation with no mining reward.

*) Instead of participating in a competition to win the block reward, miners have no positive incentive to participate anymore. They now are left with the negative incentive to try and double spend.
*) Since these miners are not contributing their hashing power to the network anymore, the overall hashrate of the network in unmeasurable, since these miners are quite likely to leave their ASICs in sleep mode until they want to double spend
*) With the network hash rate unmeasurable, there is no way to put an estimate on when it is safe to accept a transaction as confirmed.

When there is no way to estimate when it is safe to accept a transaction as confirmed, that currency is now useless because any transaction can potentially be reversed.

Cheers, Paul.

[Come-from-Beyond]

No maths required.

Ok.

[_Ini_]

The whole whitepaper assumes that everybody always has the gigantic tangle.

I got the information that it should work via clustering. But no single word in the whitepaper about that. In my theory I cannot validate a tx if I do not have the whole tangle. I cannot know if he has the funds or not. Now I can trust a cluster or simply validate without knowing if tx is valid. Tursting a cluster would be centralized.

Marketing and website of the company is pretty good. But they actually never try to explain how it really works.

In my opinion people will never use this system because it is way to abstract and nobody understands it (i it is really a valid system and no scam).

Try to ask in their slack for information. They will spam you with pointless articles (about swarm intellegence, human stampedes, human crush, whatever) and not even try to explain it. This seems pretty scammy. Many cryptoscams are easily spotted, this one would be unspottable, because they can just claim you do not understand it.

Information from slack:

"It's a whitepaper on tangle, not on iota swarms".

That was ther reasoning why no single sentence about how it actually works in the whitepaper. So in reality they did not even reveal how it works in their whitepaper. This iota swarms whitepaper will come next year.

[Come-from-Beyond]

In my opinion people will never use this system because it is way to abstract and nobody understands it

Ever heard of Quantum Mechanics? Thanks for adding "in my opinion", now we see how much it's worth.

[SatoNatomato]

Iota cannot work as designed.

Without miners there is no possible, trustless convergence - it will live forever with coordinators and be as centralised as visa, with none of the benefits.

Bold claims, dude, post some math if you want to make your claims look credible.

Bold claims scammer, turn of the Coordinator if you want to look credible.

[SatoNatomato]

made my day.

Thanks for the profits. Hint: I could not sell the iotas earlier/last year because I was banned form your slack where yassin was.

[Come-from-Beyond]

Thanks for the profits. Hint: I could not sell the iotas earlier/last year because I was banned form your slack where yassin was.

Another lie, you could just register a sockpuppet.

[SatoNatomato]

Thanks for the profits. Hint: I could not sell the iotas earlier/last year because I was banned form your slack where yassin was.

Another lie, you could just register a sockpuppet.

Didnt consider the value of those iotas to be worth the time to sockpuppet.

[Come-from-Beyond]

Thanks for the profits. Hint: I could not sell the iotas earlier/last year because I was banned form your slack where yassin was.

Another lie, you could just register a sockpuppet.

Didnt consider the value of those iotas to be worth the time to sockpuppet.

No need to create a solid-looking legend, noone believes you anyway.

[Higginbotham]

IOTA (IOT) is a brand new and micro-transaction optimized Internet-of-Things (IoT). Unlike the heavy and heavy Blockchain of Bitcoin or similar platforms, IOTA is designed for other uses.

[SatoNatomato]

IOTA (IOT) is a brand new and micro-transaction optimized Internet-of-Things (IoT). Unlike the heavy and heavy Blockchain of Bitcoin or similar platforms, IOTA is designed for other uses.

God damn shills and sockpuppets.

Main dev of iota didnt know anything about IoT, he was Java programmer at best. Considered raspberry pi to be an IoT device.

Thats how much IoT there is in iota.

[Come-from-Beyond]

Considered raspberry pi to be an IoT device.

Of course, you can't find the quote even if your life depends on that.