It is so obvious that this is going to be even bigger than Ethereum and Bitcoin, the scope of it goes well beyond cryptocurrency. Shit is going to change the world. Once the market realizes what this actually is, it will likely be the #1 coin. Right now the market is too stupid to know how huge this is.
Basically everything you do right now should just be to get more Iota.
Other urls found in this thread:
medium.com
news.ycombinator.com
gist.github.com
bitcointalk.org
blog.iota.org
twitter.com
>the devs don't understand the first thing about cryptography
Buy more so I can drain your wallets with hash collisions.
the distribution for this coin is so fucked that its DOA
>inb4 "daily reminder that iota is useless without a patent on the tangle" fud
loooooool
nice, just bought 100K
shoo shoo pajeet
For someone who doesn't understand what any of this jargon means, can you explain it in layman's terms?
>Custom hash functions in ternary
What
The devs did something batshit insane and totally unjustifiable that makes it possible for people to steal funds from your IOTA wallet. It's so bad you can't even call it a rookie mistake.
> the devs did something something
> no proofs, no understanding
This FUD was yesterday.
IOTA is the future.
The vulnerabilities were described by a team of cryptographers from MIT.
medium.com
You are retarded.
In cryptography, there's a number of famous and well-studied algorithms for doing things like encryption or signing/verifying/hashing. Tons of algorithms in the past turned out to be extremely flawed and it took many years to figure it out. It's taken years of review for the currently-accepted ones to be verified as secure.
It's really easy to make a cryptography algorithm that you yourself can't break, but it's super hard to make one that no one else can break. So something drilled into every actual-cryptographer's head is that for actual products, avoid making your own cryptography algorithms at all costs.
Making a new cryptography algorithm that's actually good is an entire endeavor of its own. People spend years writing papers just to develop and prove algorithms.
The currently accepted-best hashing algorithm is called Keccak (or SHA-3).
>For example, the SHA-3 competition took nine years (from 2006 to 2015) to thoroughly cryptanalyze the candidates and select Keccak as the finalist.
The IOTA devs decided to base verification on their own home-made hashing algorithm *with no justification*. Even if there weren't known issues with it, that's a huge red flag. But turns out there were issues with it. It was vulnerable to a basic type of attack known for decades that's literally used in college course homework assignments.
more info:
medium.com
news.ycombinator.com
Oh and don't even get me started on ternary. I thought that was a fucking joke when I read IOTA was using that. That's like the *holds up spork* im random* of cryptography.
The article you linked has the rebuttal from an IOTA advisor as the first comment. The article itself says this vulnerability is not found in the current version of IOTA. If there are more flaws, your argument might have some weight. But you are still talking about old news.
Ty
>thinking IOTA is better than byteball
>were
>was
Genuine question. Devs said they knew about this possibility and asked the researchers to explore it. The researchers declined citing conflict of interest, then ended up probing it anyways, finding the flaw the dev team was already aware of an unconcerned about, then turning it into a major story behind the devs back.
I don't know shit about tangle, so ultimately I have no idea how worried the team should have been, but there seems to be a lot more to the story than the article that's made its rounds.
dubs and iota crashes and burns
kek has spoken
rip
The point is that the flaw was there, which at best means the devs are wholly incompetent and at worst means there's more flaws we haven't found.
I was a big IOTA marine but I sold all my IOTA because it's gonna fucking die after this. I'll buy back when they hire someone competent
Ok everytime you fuckers post this „vulnerability“ found by fucking WOMEN rofl... i will post this now:
gist.github.com
The devs claim they knew about the possibility of the flaw and originally reached out to the research team to investigate.
>devs fix problems
>"huur shitty devs its a shitcoin lmao xDD!!1!"
stop posting
WHY
THE
FUCK
WOULD
YOU
USE
TERNARY
That specific flaw is fixed, but that flaw existing in the first place is such a huge negative signal. No actual cryptographer would ever make that type of mistake. What else are they doing wrong?
Imagine if it turned out a popular bank was just keeping all their money in one of the employee's cars. No fancy vault or security or whatever banks are supposed to do. When the news comes out, the bank explains that the problem is 100% solved because they fired that employee. You gotta wonder if the guy who made the decision to do that still works there, and what other ridiculous decisions they're making are.
There's two mistakes. They used a nonsense algorithm without any justification, and that nonsense algorithm had a big issue in it. It just makes it sound worse if they kinda knew it might be a problem and warned the researchers about it. If they knew it was worth warning them about, they should've known it was worth not doing. "Hey, I want you to check on the cleanliness of our bathroom. Just so you know, there might be a huge festering turd on the ground. We're not really sure if it's sanitary, but we never know so we just kinda left it there. Let us know when you see it!"
>Dev team creates a bug
>Dev team becomes aware of bug
>Dev team fixes bug
>wholly incompetent devs
Yeah, you're still just a FUD, but it's okay. Accumulating sweet cheap IOTA rn.
A hash function is a kind of cryptographic function. It is the part of the code that actually makes cryptocurrencies secure. So obviously if there's a bug in the hash function then the cryptocurrency isn't secure (hackers could steal your coins for example).
Because these kind of functions are so critical to security even a rank amateur knows that you NEVER code your own hash function, you ALWAYS take one of the freely available ones that are online and have been extensively tested . for years in critical systems and proved themselves to be bug free, the same ones Microsoft, and Facebook, and the NSA use.
The IOTA devs didn't do that, they wrote their own hash function instead. The scandal isn't that it had bugs but that they were stupid enough to do write their own in the first place. I can't stress how fundamentally important it is to use a tested hash function and not your own. It's like the very first thing you learn because it's so fundamental to security. Since the devs didn't even understand this most fundamental rule of security - don't write it yourself - it really communicates that they don't know what they fuck they are doing security wise. The impression is that they aren't serious developers, they are clueless meme-spouting bandwagon-jumping-on hipster neu-programmers.
every time i see this pic I rage internally.
Because it is next level future shit? Computer only works in binary on the lowest level, you just have 01010100101 that the CPU understands. With trinary you have 3 states -1,0,1 so everything is a fuckton faster. It is like have two dicks in a threesome - you are more efficient
wait wtf am I reading
I was already rolling on the floor laughing at IOTA but now I'm having trouble catching my breath
this is the most amateurish thing. And IOTA chose this over fucking Keccak/Sha-3?
Keccak had 9 years of effort and so many papers from different people
This is like a stream of consciousness defense of Curl (IOTA's old broken hash algorithm) compared to ... anything better
He talks early on about his obfuscation and copy protection of the algorithm... Is he admitting that it does security by obscurity? That's straight snake-oil. Has he not heard of kerckhoffs's principle...
why ternary
wait is part of this text file his half of an email correspondence with someone from the keccak team? oh fucking lol, I didn't think we'd get to see this. Michael Jordan is pointing out how a cripple could shoot a hoop better and the cripple is arguing that he likes his nonsense superstitious way better
holy shit this guy can't even tell that the keccak guy is playing easy pity mode on him. I'm fucking cringeing reading this oh my god
oh god I'm only like 1/5 in
Just sold 100k
That's the fundamental risk in investing in tech that's incomplete
Do you even know how to program?
I gotta admit I've thought about working on ternary algorithms before. But like ... as a modern art piece. Entirely separate from any serious ideas that would manage money. Code dealing with money is supposed to be bulletproof and obviously bulletproof. Built on proven ideas. Yes, the system ought to be unique and better than other systems, because why else build it, but it'll be better by combining proven ideas in more clever ways than others do. If I need a part that no proven idea works for, and I have to make my own thing there that also needs to work as one of the pillars for a giant skyscraper/project ... I'm not putting an interpretive art piece there to prop it up. I'm going to look at how pros build that part, figure out what the common issues pros look for in that part are, and I'm going to at least try to approximate the types of proofs and processes that pros do. If pros over decades have decided that the way to judge the part is by the x-quality and the y-quality, I'll make sure my part is good in those ways too, or I'll have a better thought out answer than "I think it's actually a strength that my part has no x-quality or y-quality at all!" or "I intentionally reduced the x-quality because it makes things line up nicely".
I'm sorry for butchering an analogy at length there. I just... need to think about something better to purge my mind of the dunning-kruger ridiculousness of that text file.
Yes I do.
Is anyone really surprised by this? The IOTA team is a bunch of clowns bitcointalk.org
Oh my god I forgot about the whole nonsense internet-of-things angle of IOTA throughout this all. This just keeps getting better in a horrifying way.
>bitcointalk.org
"As the leader of the project I am open to answer any question you may have in detail, but ONLY if it is sincere and not some ramblings by an geriatric alcoholic crackhead who regrets his life decisions and now lashes out."
Classy
bitcointalk.org
>geriatric alcoholic crackhead who regrets his life decisions
>I feel ashamed on behalf of conscious
>Someone skipped kindergarten?
>meh trolls have failed
>Up for a 10 000 dollar bet on that?
>Your IQ is so low it can't even be measured
Holy shit, these IOTA devs are fucking children
blog.iota.org
Iota is the future
Why is IOTA fudded so much
Man it's been so long since I've been to that forum. Used to hang around the altcoin section all the time. You'd get people hyping up features that don't make any sense, and then getting defensive and argumentative about it with nonsense arguments to deflect because they're invested in the project. ... Okay that totally happens on Veeky Forums too, but it doesn't get as personal here without the identities, and people are mainly too busy meming about the prices.
>We only shot our foot while playing with our gun. It's not enough blood loss to kill someone, and my foot already got better since then, so there's absolutely nothing to be concerned about. As continuing director of gun safety, I'd like everyone to know we take gun safety very seriously here.
because they want to shill their hardware to all iot devices everywhere. iota is only the trojan horse.
You reek of Reddit.
Always do the opposite of what Veeky Forums says
IOTA is a shitcoin. A SHITCOIN!
Non programming fag here. Tell me why thiat pic is funny
It's a lot of FUD to push Iota down since its the biggest threat to Blockchains around.
Go read the reddit AMA instead of these halfwits who like to play programming expert on a mongolian basket weaving/trap hentai image board
It's a lot of FUD to push Iota down since its the biggest threat to Blockchains around.
Go read the reddit AMA instead of these halfwits who like to play programming expert on a mongolian basket weaving/trap hentai image board
You a dumb.
The problem is not that there was a bug. Softwares always have bugs. The problem is that there was a major bug that would have never been there had the devs been knowledgeable of cryptography. Which they aren't.
The bitch isn't doing anything on the terminal. Only getting inside a directory (cd code) and then getting back to the previous directory (cd ..).
they simpli ignord the question faggot
>dat pic
>women can't pro-
>Go read the reddit AMA instead of these halfwits who like to play programming expert
You mean the same AMA where they eschew technical talk and hand-wave away every serious question?
Also
>IOTA's aim is to be invisible in the world around you. While some cryptos are aimed at being digital cash, IOTA is focused on becoming a standardised protocol you'll use everyday.
this means IOTA tokens are literally worthless. Great investment mate.
She wants to uses the terminal to move one folder directory up.
And fails throughout the picture, 8 commands spent.
dead coin walking. massively overpriced given the significantly lower ICO price, tech that can never be decentralized because it will always cost less to attack it from non iot devices, broken development process and badly written code meaning hard forks and rollbacks are a certancy in the future, and as it works today a ledger that is unreliable even with the centralized single-server verification theyre currently using today.
if youre trying to make money from iota, great, but dont delude yourself, this coin has nothing to show for itself other than hype.
Iota is a really bad investment actually
My problem with IOTA is that the expectation that this will be huge in 1-2 years seems to already baked into the price. Right now its market cap is above OMG and NEO, its priced 2x LSK and 3x STRAT. Even if this literally reaches current ETH levels that "only" makes it a 10xer. There are tons of other coins that could potentially be "the next eth" that would be 100 or 1000xers. I think IOTA is just riding on the IoT meme so its getting more attention. And if it fails and becomes a DGB level bag holding coin it could lose like 95% of its value.
the idea is next level but if the dev team dont know what its doing its worth nothing unless somebody takes over
The street shitters are terrifie of IOTA. It truly is the final solution to the blockchain problem. The Tangle will set us free!
IOTA is the currency, used inside the network (Tangle). It will have value if the project succeeds.
the prophecy will finally be fulfilled. heil iota! heil victory!
1. Which projects do you See AS the "next ETH"?
2. The market caps for other projects linke NEO are also highly speculative and don't represent shit. If IOTA succeeds, people will accept it more and more. Just like BTC.
IOTA is the next eth and xmr, as soon as smart contracts and anonymous transactions are finished being developed.
Literally like every coin has people saying it will be "the next eth." That phrase is so a common now it doesn't really mean anything.
And yes, I agree IOTA's currency price is purely due to massive speculation of its value 1-2+ year down the the road.
IOTA currently has a higher market cap than NEO and OMG which are extremely speculative already. And I would say IOTA's plan is many magnitudes more difficult to execute than NEO and OMG, which also have much more substantive progress already.
I'm think its either the IoT meme, or good branding and website design that makes people want to buy IOTA even when its this expensive.
>literally
>iot meme
>waaa difficult
>expensive
you sound just like that sheboon in the uber commercials talking about her side hustle.
Daily reminder that Iota will be worthless without a patent. It will be a free communications protocol.
Worlds best uni looking balls deep in the protocol and provides free white hat services on early stages of development.
>feels good knowing whole world is watching closely because its the motherfucking future TCP/IP replacement
see
>iotards are now working to help the illegal immigrants invade even faster/more effectively
There's a reason iota crashed. It will never go anywhere on account of the fact they're too busy murdering LE EBIL WYATT MAN XDD instead of developing a good cryptocurrency.
>implying a decentralized system capable of tagging and tracking immigrants would be a bad thing.
Keep your enemies closer user
When the team who develops such a feature has as goals to genocide people based on their skin color, it is a bad thing.
Who cares? kys whitey
Only non-human animals don't care.
This is might be true if any processors supported it. Until then it's objectively worse.
I love risky long term investments.
I now thinking about buy some IOTA for some time, but im still unsure.
What does seriously thing about it?
Walton (WTC) is better in nearly everyway, especially when it comes to their team which has over 30+ PHDs with a combined 100+ patents, along with the being the only coin to receive direct government support (from China.) All of their team members also have connections to the supply chain industry in China and their advisors are the CEOs of companies like Silicon.
I'm not even sure Walton is a real coin. All I've seen is relentless shilling and photo shopped orientals giving thumbs up.
Fuck iota. Shit coin by and for sjw's. Except sjw's don't give a fuck about crypto since they hate capitalism.
Before the recent blunders I would have said that iota is an extremely solid investment. Its only outstanding flaw was the centralization.
But now it's come to light that the devs care more about politics than the coin, and beside are utterly incompetent and the system is not secure in any way.
>xenophobic
What the fuck does that even mean anymore? What the fuck did it ever mean?
I'd wait until the IAA conference before you call them incompetent, there are going to be a lot of big names in the group announcement
Literally completely irrelevant. The protocol has already been demonstrated to be broken in every single way. As in, 0% of transactions are valid (i.e. double-spend free, etc.)
...
This. I regret selling my guitar to by IOTA.
...
This is the face of a cult member.
Won't listen to reason, can't listen to reason, and too brainwashed to leave even as they're walking into their own demise.
Cancer coin with a refugee agenda.
Fuck this.
cringe.
Spotted the furry.
Is there any assurance that the SJW devs aren't going to fuck this project up? I have a hard time trusting anyone who goes on reddit rants about "white supremacists", not because of politics, but because they are clearly unhinged.
fuck this coin, dev supports white genocide, burn it down, burn it
It's too bad because I still love the idea behind it.
Needs better devs to run with the idea and ill buy in
It's already fucked it turns out. Google around. Hilarious stuff.
Me too. Like the idea. I honestly don't even know or care that much about the refugee thing, but when the guy they select to represent them on Reddit is getting triggered and spouting a bunch of SJW buzzwords, I have to question their judgment. I would be just as wary if their dev was ranting about white genocide. The fucking dev shouldn't be involved in internet shit-flings over extremist politics, PERIOD. They're supposed to be making a crypto currency.
HOLY SHIT
HOW MUCH MONEY IS IOTA SPENDING ON SHILLING?
on Medium, Reddit, Veeky Forums, I keep seeing these apologies, senseless defense and other denials. look I Invested in IOTA, but the devs are showing they are absolutely incompetent and think they can fix things by paid shilling.
disgusting.