IOTA problems

TL;DR be wary of IOTA, don't go all-in right now.

I posted this on their reddit in a polite manner but since it's not getting approved:

- The network is being severely congested by a spam attack right now. The premise of IOTA was to be resistant against spam, however, the spam is still happening. Is this because of a fixable bug / oversight, or is this a fundamental problem with the protocol that cannot be fixed conclusively (without introducing fees)?

- The POW (proof-of-work) involved with sending transactions - it takes several seconds on my desktop PC to complete the PoW for a large transaction. IOT devices are orders of magnitude less powerful than PCs. How can small embedded IOT devices complete transactions in a sensible time, and how can they afford to waste a huge amount of electricity in the process? Most IOT devices would use batteries, and every wasted joule is a sever disadvantage. The proposed solution by the devs has been IOTA-specific hardware to solve the problem. But let's be real - how likely of a scenario is it that billion-dollar businesses would spend billions on R&D just to develop hardware for one crypto to work?

Other urls found in this thread:

medium.com/a-stellar-journey/on-worldwide-consensus-359e9eb3e949)
de.wikipedia.org/wiki/Volksabstimmung_1920_in_Kärnten
twitter.com/jratcliff/status/939578638432985088
twitter.com/NSFWRedditVideo

- The safety of the ledger - as far as I know, the algorithm for storing data in the tangle is currently not peer-reviewed by too many persons of sufficient credibility in the crypto community. We still aren't quite sure about how sure we can be that double-spends won't happen, and that the ledger will remain in a valid state.

- Feelessness - as pointed out by /u/sunnya97, it's possible that since many nodes can't do the required POW for transactions, thus resulting in the rise of more and more public nodes. These nodes are likely to ask for transaction fees, much like miners in Bitcoin. They may also start pumping up the difficulty of the transactions (increasing the required POW) so that even regular PCs would eventually not have enough POW to do transactions, forcing them to pay the fee to the public nodes in order to make transactions. This would essentually replicate the miner situation of Bitcoin into IOTA.

- The coordinator is a thing everybody's tired of people whining about. But it's true that this is a problem that needs to be addressed clearly. Currently, as far as I know, nobody has really pointed out any convincing arguments about how the network could function without the coordinator. Some problems pointed out are, that the hash rate (power) of the network could easily be overcome even in the future as the network grows bigger, because an attacker would have to gain majority only for a short amount of time to attack, and IOT devices are likely unable to reach a steady enough hash rate. The issue is the same as with Bitcoin, only that the hash rate of the IOTA network will remain considerably smaller than that of Bitcoin's.

- This may be an unfounded concern, but I'm throwing it in anyway: to what degree does the coordinator centralize the network? Basically we need it to validate the network's state, but what happens if the network's state becomes invalid (due to some sort of an attack for example) - will the coordinator be able to mutate the network state, and roll it back to a previous one? If so, that would mean that as long as the coordinator is in place, IOTA would be entirely centralized, no less than a bank for example. /u/khmoke has pointed many problems about removing the coordinator (convincingly, although in a rather juvenile manner), so far I don't think any of his points have been disproven in a clearly.

- Competing projects - there's other DAG (similar to tangle) cryptos, and many of them don't use POW at all, thus solving at least some of the points addressed here. It's possible that the focus may shift from IOTA into one of them. There's also many cryptos that aren't DAG, but use different consensus protocols that don't require POW at all (POS, other proof-of-* protocols, DBFT, the one used by Stellar, and the one used by Skycoin). This is my own lack of understanding, but what's keeping those projects from competing with IOTA as well?

- Lastly, this is not a concern about the project, but the dev responses so far - I get that the devs are getting a lot of undounded accusations and are tired, but we'd still like to see some more "sportsmanship". For example, claiming that the critical in a hash function was intended just is not acceptable (medium.com/a-stellar-journey/on-worldwide-consensus-359e9eb3e949)

Yeah, well, let's face it, what did you expect from german sauerkraut hippsters that all stood at the train staition last summer shouting refugeees welcome?

None of the publicly exposed devs are German even. Are you the same retard who keeps spouting the /pol/ bullshit in every IOTA thread? Please do everyone a favour and stop posting.

Fuck off, /pol/. We're discussing the tech here instead of FUDing

I think IOTA blew up too soon. Should've been left on smaller exchanges for some more time. You can tell it's being worked on and networking and PR went on way too fast. You basically have people expecting a finished product but they're barely out of alpha stage.

>Buys into a useless token with viral marketing
>expects a ROI
How stupid are you people? The Devs have no idea what they are doing

>smart refugee cities

The thing is, do we have faith that they can ever solve these major issues? Some of these questions have been around for months, still no satisfactory answers. That's what fucking worries me. I wouldn't place my bets on this working for much longer if we don't get real answers from the devs, instead of the twitter shit we've seen so far.

KYS

>iota will be handed out to refugees when they enter Germany

What the fuck is it with you assmad /pol/sters? Salty that you missed out?

Now it's official, IOTA mods censored the post. If that's not alarming, then what the hell is?

shitting on a street during monsoon season.

Are all these bots?

IOTA's tech is terrible because the devs are retarded. It will probably never succeed. But it's still profitable to hold it in the short term.

don't talk to me, pajeet, i don't understand your accent.

Get byteball or railblocks instead

david seems to get triggered very fast time to make a plebbit account to bait him

Not that these are perfect, either. The problem is, how do you get users to do validation if you keep the network symmetric? They'll just leech off the generous ones, and nothing will work. And how can you achieve trust between these users? Byteball uses witnesses, centralized to some degree, Raiblocks basically uses PoS, so you could just go with some other PoS crypto instead.

Yeah IOTA really has some problems with their tech but I think it will still go to around $10 until EOY because it's hyped so much and there is still news coming out.
After that I'm out. I don't see it going higher until all those tech problems are solved and I'm not 100% convinced that they ever will.

thats why I just bought Raiblocks!

True, but all that needs to happen is for the doubt to settle in. Then those who FOMOed at 4+ $ will start cashing out. We can't know how soon it will be, At least looking at the way all their communications channels are censorized, it might take a while.

See . Don't expect a rocket in your greed, the price is being driven up by a bunch of redditors now.

I've owned XRB for a few weeks by the way, I like the project, at least more than IOTA now, but I'm not gonna go all-in.

Besides all the problems, I mean a fkn 12 B marketcap without a working wallet? cmon man, join the IOTA KILLER, iota has fucking COPIED the code of Raiblocks.

It can't be much more days until a big guy decides to put 100-500 Bitcoins in it

Have you even tried using the XRB wallet?

>Hurr /pol/
Why would anyone think devs who dream about "smart refugee cities" would be competent or logical?

yeah the devs seem extremely dumb. IOTA looks like just a baseless reddit "le new beetcoin" hype pump to me. I would sell what I have right now if I had any

Iota is the future you fucking idiots.
why do you think that they have all those huge partnerships?!

and everything said here was said about bitcoin one million-fold. so suck my cock

>None of the publicly exposed devs are German even

You what mate. Dominik is german (South Tyrol).

Lmao. South Tyrol is 2 countries away from Germany you retard.

Im in a slack with david and he is a fucking dickhead, everyone hates him

thats the sole reason i didnt buy at 0.3....

fucking david.

>implying South Tyrol isn't austrian
>implying Austria isn't Germany

American education ladies and gentlemen.

actually only one. There is only Austria in between

Smart money already took profits and are on byteball / raiblock now. Working DAG tech and future (not past) moon. Iota was a get rich hyped scam, centralized database (when it works) and broken code. Lost money on this shit will be epic.

>he thinks South Tyrol is full of dirty southerners

Lefties are the worst.

jesus, come up with something original. these arguments have been made and refuted a million fucking times

>country boundaries are determined by what people live there
yeah, no.

>t. Austrian with South Tirolian gf

Dann mochts enk mol stork für die doppelte Stootsbürgerschoft. Mir zählen auf enk in Innsbruck/Wien. Südtirol konn die italienischen Schaben net alloan bewältigen.

beim nächsten weltkrieg dann, und Schengen hebelt den ganzen Scheiß sowieso aus. Meine Freundin studiert mit mir in Wien und ist mehr Österreicherin als ich
>t. kann nicht Schifahren
>t. Freundin wohnt neben einer Schipiste

"smart refugee centers".

Buy IOTA? Yes you oughta,
If you want a black grand daughter

guess this is what he is thinking of.

>Schengen hebelt den ganzen Scheiß sowieso aus

Schengen gilt nicht bei Bestellungen, Verträgen, Vereinen o.ä. Dort musste dich mit dem Italiener herumschlagen. Diese Plagen schaden uns nur!

The devs have never, I repeat, NEVER refuted any of those points. Any time they've even addressed them, the answers have been handwavy. But feel free to prove me wrong.

>he hates money
>one day, he'll sit in a trailer park and tell stories about his great fight for the white race
>but nobody hears him
>his daughter screams too loud under Jerome
>he lost the fight anyway

Südtirol muss wieder an unser Vaterland angeschlossen werden, danach vertreiben wir alle Musel und sonstiges Gesindel, reinigen die Kultur von Entartung und alle sind glücklich.

>implying Südtirol isn't Italian
>user's education

nur wenn die Ungarn Burgenland zurücknehmen

tell us how you really feel

should have won the war, m8

Technically he’s right, Austria isn’t Germany and hasn’t been since the treaty of Versailles (not counting the few years during WWII when it was taken back by hitler)

>doesn't understand german
>wants to be cocky
kek, try again

Topkek, implying niggers could survive where I live.

Protip: it's not the cuckold infested West

>9 out of 10 people are german
>South Tyrol almost always differs from italian regions (education, politics, culture, language, economy, transport, health care, criminality)

cool story OP. you are a huge faggot. GUI Wallet loaded in two minutes, Binance transfer took 10 minutes, I buy dips daily. Stop downloading HD Vids from Blacked.com you huge faggot.

by your logic Kärnten is fucking Slovenian
>being this fucking retarded

The transfers have been 2 hour min for me for a week now. Used to be around 20 min when I got in at 1$.

Also did you read any of the other points at all?

de.wikipedia.org/wiki/Volksabstimmung_1920_in_Kärnten

KYS

Lol what partnerships

>Südtirol muss wieder an unser Vaterland angeschlossen werden,

YOU'RE A FUCKING WHITE MALE ALL YOUR ARGUMENTS ARE INVALID

Jesus christ, this is not an argument about that. Fuck off. You faggots add no value to this board

>literally idiots from /pol/ repeating wrong info they read on Veeky Forums all day instead of trading
what's new?

IOTA is built on the assumption that computation costs in the future will be much lower in cost and power requirements than they are today.

Based on that assumption, you should not point to current problems the coordinator has and say IOTA will have problems scaling. Read the white paper and use your imagination. There will be devices everywhere constantly performing zero value transactions to communicate with each other.

IOTA is the ultimate buy and hold coin.

twitter.com/jratcliff/status/939578638432985088
>Early adopter on IOTA wants to sell some of his investment and complains that he outright can't because the supposedly next-generation network is broken
>Creator instead of saying they're working on it and will fix it just gets angry and insults the guy

Wew

Im a big shot tech genius and i can prdict IOTA will fail big time to deliver and eventually vanish. There‘s so many problems technically and THAN as an addition to that thr whole surrounding sucks hard as well. Not buying this stuff

>offers to buy his coins if he's that spooked
>refuses to sell because muh gains
>insult
ok

He offered 10% over his buy-in at 21 fucking cents, exceedingly well below actual current market value. That's just cuntish

Yeah just cash in on the dumb money and then abandon it ASAP once people figure IOTA is a non-working scam that will never deliver

sure, but is it an insult? no

I was serious and not joking

They haven't moved squat since 2 years ago. Not a thing has changed.

What partnerships? Iota foundation is "internet if things alliance" where they research internet of things data flow. Iota crypto project is one of the members

>inb4 working on the same project doesn't make you partners

I've used it a bunch without any issues. What is wrong with it?

My question exactly. People like that aren't credible and all-too-often tend to be fraudulent/hypocritical virtue signalers. OP did well in pointing out the problems with the network which would make an investment unlikely for me, but the attitude of the devs just kills off any interest completely.

...

It doesn't in the way people shilling it imply

lol microsoft had to remove their stated participation in a meetup because IOTA keeps saying they are partners them. There is no partnership. Some low level guy in microsoft went "oh that might be cool. maybe it isnt completely worthless" and agreed to maybe take a look once in a while.

ever heard of the Enterpeise Ethereum Alliance? Makes your gay little partnerships look like a daycare for autistic children. Litterally EVERYONE has a "partnership" with Microsoft.

microsoft is a cryptoslut everyone knows this

Microsoft couldn't care less about iota. The companies literally just shares research on out. Has absolutely 0 with usage if iota or partnership

People like that think it's "sassy" to act like a fucking cunts.

Nice just bought 100k

You seem like you know what you're talking about and DYOR. Do you know of any safe(ish) coins, for short-mid term hodl?

Thanks. It's a tough market right now, there don't seem to be many safe gainers. Stellar is my main holding right now - Satoshipay release on Tuesday (they use Stellar, could go big), and really solid tech.

Why would person who hates technology and cryptos like IOTA would literally spend weeks on image boards trying to push holders to sell
>gee I wonder why OP was a huge Pic related today

The point is he can’t sell because the network doesn’t work. Why would he sell that far under market price? Founderfag sounds like a fucking cunt.

Yeah I guess you can't really say anything is "safe" in crypto. Also, have you by any chance heard of Wanchain (WAN)? I think it was mentioned here on Veeky Forums a couple of times, but I'm surprised it's not being shilled here and apparently it might be huge in 2018. Any opinions on that?

No I haven't but thanks for the tip. I'm currently trying to look into these lesser-known alts as well. Vechain is supposedly promising another promising one. But I'm not big into investing the stuff I don't strongly believe in myself, even if a coin might have moon potential, I'll have to convince myself first. Otherwise it could go either way, so I take the safer road.

I'll take a look at wanchain, though!

And you probably are heavily invested in IOTA and hate seeing anything negative about it because it hurts your gains

This.
Same goes for eth devs by the way.

thats why people are buying raiblocks. ez

Why do you think it has reason to go any higher than it's ATH? There is a flood of dissappointing news coming out, and the whole pump was founded on the partnerships being real. I think it's going to tank pretty hard.

>gee I wonder why OP was a huge Pic related today

A male model?

>Smart money
I'm thinking XRB until EOY, since it has soem hype right now, then GBYTE until the air drop. Wby?

How heavy are those bags

Yes i asked a "uncomfortable' question a few days ago and was downvoted to hell. The idiots on their sub have religious admiration for the devs...not saying iota is garbage but theres a lot of dumb money in it for now....im avoid grazie It for now but keeping and eye on it...