IOTA selected by Tokyo Metropolitan Government Program

>no working product
>manchild developers never admitting fault
>fake partnerships
>non-peer reviewed technology

media.mit.edu/posts/iota-response/

because they didn't get in early enough and ar mad and/or they are /pol/fags thinking anyone who doeasn't think we should mass-execute every refugee to "save the arian race" is a race-traitor.

Look for any actual arguments against IOTA when you read FUD. You wont find any. Only memes and bad attempts at making the creators/team look bad.

Here's the argument:

There is a weak proof work and zero transaction fee. So anyone with sufficient hashing power can take over the network. They assume, like bitcoin that if honest actors make up 51% of the hashing power they're fine. But in the case of IOTA there is no reason to suspect that 51% of hashing power will be in the hands of honest actors for every given time period.

They say their network is for IOT devices and what's more it only uses their hashing power when they're spending. So all you have to do is wait for when there is little spending going on and you can take over the whole thing with very little hashing power.

Their network has already stopped working for days (something that has never happened to bitcoin since day 1). And this is when they are under a centralised model with a "coordinator".

It's going to be so easy to DDoS this shit with transaction spamming once they actually go live. It will probably fail day 1.

Got in on IOTA under a dollar and sold at 5, it's a fucking scam man. Just be happy people are dumb enough to buy that you made some money

These, also add in the fact that IOT devices can absolutely never run the POW, which means that the network will collapse on itself unless they setup dedicated "miner" nodes, at which point it's gonna be exactly like BTC v2, except with too weak POW to protect it against attacks

>zero transaction fee
the whole idea is that for every transaction you send you will have to confirm 2 others. This causes spamming to only make the network faster. There has indeed been a problem with spam-attacks but that was due to a bug that let the attacker send transactions without confirming anything. This will get fixed long before launch. Remember this is still in it's beta-stage.

>IOT devices can absolutely never run the POW
why is that?

Yet the network was basically unusable for a couple of weeks because some script kiddie spammed it. Such spam resistance.
>we'll fix it soon guys, we swear!
So, is it still not fixed then? They said it should have been fixed last week.

Because it takes 5 - 10 secs on my desktop PC. IOT devices run on potato hardware that is orders of magnitude less powerful. The whole concept of unnecessary POW kills IOTA for IOT.

Sir, I need you to kindly do the needful and remit payment via Western Union today

So the spammer confirms his own transactions creating a subtangle outweighing all the other legit transactions orphaning them (which could also be used to double spend).

They even wrote about these attacks in their white paper. They just said it's fine as long as honest actor's hashing power outweighs (which it won't as I explained before).

It's in beta-stage. Right. So maybe it shouldn't have a market cap of TEN BILLION DOLLARS.

Bwahaha

I work with IoT, iota is just too hilarious

IoT devices dont have the power or battery to last to perform the work required for proving they did work.

IoT devices, the entire industry is optimizing them to NOT do work, they are in sleep state and no network 90% or more of uptime, just to conserve energy.

PoW is meant to waste energy. Regardless of coinreward or not. Bwahhahahaa

Compare how much energy an IoT device on 4 AA batteries can expend, or mobile phone battery...versus a GPU or dedicated miner connected to powerline.

Bwahaha

What do you make of this response from the founder of IOTA to some criticism:

“In the case of IOTA the client software design intends to kick nodes off the network that do not participate enough, so being even just a passive listener is not an option.”—And again you talk about the Internet, not about the IoT. Googling for reasons of not using IP(v4/v6) should show you the mistake.

> IOT is not going to use the internet protocol

:^)))))))))

omfg, the hilariousness.

Iota is good for delivering humor. Hahahhaha

You do know that certain nodes offer to do the PoW for you? The setup would a few powerful nodes that do PoW and a thousands smaller nodes.

> You do know that certain nodes offer to do the PoW for you?
For a price :^)

How is that different from a shittier bitcoin?

Congratulations you have now realized why IOTA will not come anywhere near IoT - and why some old-school blockchains such as Ethereum are already better and more secure than IOTA will ever be even in concept

But please continue to keep your head stuck up your ass and believe IOTA propaganda and "partnerships"

but we sent them a support ticket and they answered us"

"dev took a ride on tokyo metro his live long dream is come true - partnership announce"

I want to get my IOTA out of Binance but I'm scared as fuck transferring it to this 2.5.5 wallet. What happens when the next wallet comes out and there's some crazy procedure to try to transfer again

any GIOTA club members here? what do you think?
should we tell them about JINN?

...

>For a price :^)
You have to think of IoT deployments as multiple "internets"/meshes/networks. A company that wants to run their M2M network will have a grid setup with many big powerful nodes to do intensive work for the smaller nodes.

For general public nets there will be some nodes run by the IOTA foundations, some by the big corporates and some by hobbyists, and some will incentivised through CognIOTA to do distributed computing along with IOTA traffic.

>How is that different from a shittier bitcoin?
With Bitcoin you can't choose to have a light vs full node. There's no reason for you not to run a full node on your PC and do your own PoW. IoT doesn't apply to you. If you want to deploy your grid of devices then look your PC will act as the hub that the small nodes use.

Who mentioned participanterships?

I fail to see how light nodes will not work on IoT. This is exacly why ETH and BTC can't do it.

20Gi senpai

If you expect somebody to do the POW for free, why is that not the case for bitcoin? If IOT can't do the POW, why aren't they simply using bitcoin for it? What actually makes IOTA good for IOT? Nothing.

Oh shit, sorry