Another great case in point
The consensus of state of ledger does not have to be aligned with consensus of its native currency's price, one can be completely broken while the other is intact
The consensus of price, state and rules is NOT a trinity
RT @La__Cuen: The meta-question the industry is asking itself is whether IOTA can successfully keep their partnerships & convert themselves into a success by replacing the tech pieces as they go, w/out having had any viable plan whatsoever when they began. - @ercwl (applies to most tokens) https://t.co/fvPY7Th423
RT @udiWertheimer: Counter-take: crypto markets are rational. Shitcoin shills who think “technology” has anything to do with anything here are the ones who are irrational, and well on their way to getting wiped out https://t.co/Ig1hMhyNHh
The meta-question the industry is asking itself is whether IOTA can successfully keep their partnerships & convert themselves into a success by replacing the tech pieces as they go, w/out having had any viable plan whatsoever when they began. - @ercwl (applies to most tokens) https://t.co/fvPY7Th423
>Among technologists, the IOTA Foundation became known for scandalous emails in 2018 between IOTA Foundation co-founder David Sonstebo and Neha Narula of MIT's Digital Currency Initiative. He accused the researcher of helping CoinDesk prematurely publish vulnerabilities in the IOTA software and violating professional disclosure norms. (She denied both.)
Looks like CoinDesk has a personal grudge against IOTA. Even they have standards, it seems...
>By 2019, members of the IOTA community earned a reputation for routinely harassing women security experts, like Open Privacy founder Sarah Jamie Lewis, who found flaws in IOTA research.
Butters mistreating women? Say it ain't so!
>>By 2019, members of the IOTA community earned a reputation for routinely harassing women security experts, like Open Privacy founder Sarah Jamie Lewis, who found flaws in IOTA research.
> Butters mistreating women? Say it ain't so!
Thanks for jogging my memory. I've been wondering where I remember this brand of cultists from.
Lest we forget, [this](http://np.reddit.com/r/Buttcoin/comments/cpz99j/security_researcher_sarah_jamie_lewis_examines/) entire [shit-show](https://np.reddit.com/r/Buttcoin/comments/cqanl0/tangleblog_posts_a_followup_on_yesterdays/) was only 6 months ago.
”I was a green crypto reporter approached by the press team for former beauty queen and reality TV contestant Jessica VerSteeg, who wanted to open a cannabis business in California. [...] VerSteeg wanted to use the IOTA protocol, named for its proposed functionality with internet-of-things (IoT) devices, in a coworking space for cannabis startups.”
This project is peak 2017 bullshit. I can imagine the pitch deck: “It’s WeWork but for cannabis startups using IoT on the blockchain promoted by a reality TV star!”
This project is the gift that keeps on giving when it comes to hilarity and schadenfreude. Custom hash function? Bizarre obsession with trinary? Complete centralization in a space where decentralization is the point? Constant big announcements with no substance?
I love watching these guys and their supporters. It's like watching an internet cult in real time.
> First their custom-made hash-function was broken and you could forge transactions. Now they had to shut down their network because their wallet was hacked. This is insane because you should not be able to shut down a decentralized network.
Good riddance, I remember during the bull run my friend was talking about Iota. I was into mining at the time and looked up how to mine it. Read about the project and knew it was scam then, not sure how it survived until now.
Looking forward to the day where the shitcoins die off and there's only a handful of cryptos on exchanges/people talk about.
Crytpocurrencies are not valued on its software (even though paradoxically, what makes it different from other currencies is that it's only software). Otherwise the best software would have the highest market cap, which obviously isn't the case. This is true to such an extreme degree that it doesn't even matter if the cryptocurrency is used, works, or even have a single working implementation. Seriously, there are top >100M market cap coins that have never shipped a working binary.
The larger issue here is that the wallet was built in a very similar way to many crypto wallets. They sort of sell the fact that private keys are not stored in a central DB as a silver bullet for decentralization. But since the private keys are copied into memory, and the software is automatically updated, the location of the key storage becomes irrelevant.
The only real way to keep your keys safe is in a hardware based solution that has been audited by multiple parties. Our credit cards have that level of security, crypto wallets need at least that much.
The thing about IOTA is that it's just a reflection of the entire economy which is founded on coercion, manipulation and deception; our economy has transcended reality and reason; particularly the tech sector.
There is nothing behind it but the lie is so strong and there are so many people peddling it that the market starts to believe its own lie.
It's funny how quickly some capitalists will discard cryptocurrencies as worthless junk while simultaneously preaching the doctrine of "efficient markets" and not realizing the simple fact that "real markets" and "cryptocurrency markets" both exist in the same universe and are acted upon by the same market forces.