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  • theogott

648 Beiträge seit 14.08.2001

ID-IOTA = SCAM?

IOTA hat noch mehr technische Probleme ... und daher kann man nur raten: Finger weg.

http://codesuppository.blogspot.de/2017/12/iota-tangled-mess.html
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To help explain why I am having problems with IOTA, and I kid you not, this is the link* (Link ganz unten) that was forwarded to me. Here is a link to the article explaining how to use IOTA.

This is one of the craziest things I have ever seen in cryptocurrency. The absurdity of this is mindboggling and truly represents the sheer denial that IOTA supporters are in if they think, in any way, this is acceptable.

It states:

RULE 1: NEVER re-use an address. NEVER. NO exceptions.
RULE 2: ALWAYS attach a new receive address to the Tangle.
RULE 3: ALWAYS wait for a transaction to be confirmed before sending anything else.

So, rule #1 is an admission that the network is fundamentally broken. A cryptocurrency that doesn't let you send funds to the same public key more than once, because a hacker could derive your private key, is just about the single most insane thing I have ever heard.

And, of course, there is nothing to prevent an end user from doing this by accident. In fact, one of the popular exchanges says that if you accidentally send funds to the same deposit address twice you will *lose your money*. I kid you not. This is real.

So, rule #2. Get this, says that before you can send money, you must first generate an empty receive address. Why? Who the fuck knows. This is just more insanity.

Rule #3 is just another admission of a broken network. Really not much else to say.

During conversations online, not only was I accused of engaging in an organized and orchestrated propaganda campaign I was also victim blamed. I'm the one who lost tens of thousands of dollars because the network is in a broken state but, clearly that is all my fault because, oh, I don't know, because I didn't hit the send button correctly? Or find a functioning node to attach to? Or because I didn't generate a receive address before I tried to send to a new address and, dear lord, don't ever, ever, ever, send funds to the same public key.

I cannot believe I even have to explain how completely and utterly insane this is.

However, it gets worse. The other narrative online from IOTA supporters, people who can see no wrong with any of these issues; those who believe all fault lies with the people trying to use the network rather than those who created it, is as follows.

The supporters will constantly make statements like 'IOTA is in alpha', 'you should expect bugs'. As if this was a JavaScript some 12 year old was writing for his homebrew website.

Look, let's be very clear. IOTA is a live cryptocurrency with a market cap in the billions of dollars. Real people have large amounts of value tied up on that network. It is hosted on several exchanges.

You do not release financial software to the general public in such a buggy state. You do not blame the victims for your software failing to function.

*https://forum.helloiota.com/1973/Best-practices-for-using-the-IOTA-wallets-safely

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