Follow @nxtchg

Author Topic: CfB's new coin - IOTA  (Read 2825 times)

gs02xzz

  • Jr. Minion
  • **
  • Posts: 82
  • Respect: +5
    • View Profile
CfB's new coin - IOTA
« on: October 21, 2015, 09:03:11 pm »
0
How do you think CfB's new coin IOTA? - https://bitcointalk.org/index.php?topic=1216479.0

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: CfB's new coin - IOTA
« Reply #1 on: October 21, 2015, 09:33:03 pm »
0
That's not nice of him to claim credit for an idea, which is already well known.

I also sincerely hope that he genuinely gone mad with his Jinn and now Iota, and isn't simply trying to scam people for money...

There are insane promises again, same as in Jinn, with very little technical info. The whitepaper is mostly gibberish, it only looks "scientific" in form, not substance.

As with other papers on DAG-based cryptos, it doesn't answer any meaningful questions, instead the author is focusing on some sort of abstract metric, and then doing some calculations in the forest of formulas to create as much smoke and mirrors as possible. Argh...

I wouldn't touch anything CfB does with a ten foot pole.
Tentacle Overlord, The Deranged Genius of The Abyss

gs02xzz

  • Jr. Minion
  • **
  • Posts: 82
  • Respect: +5
    • View Profile
Re: CfB's new coin - IOTA
« Reply #2 on: October 21, 2015, 10:07:47 pm »
0
Sorry I created this topic on the wrong board. Can you move it to Everying Else board?

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: CfB's new coin - IOTA
« Reply #3 on: October 21, 2015, 10:10:51 pm »
0
No, this is the right place.

Everything related to coin technology should be posted here.
Tentacle Overlord, The Deranged Genius of The Abyss

gs02xzz

  • Jr. Minion
  • **
  • Posts: 82
  • Respect: +5
    • View Profile
Re: CfB's new coin - IOTA
« Reply #4 on: October 22, 2015, 03:02:25 am »
0
Actually it seems it was mthcl's idea and he wrote the white paper - http://188.138.57.93/tangle.pdf

The original discussing on nxtforum - https://nxtforum.org/proof-of-stake-algorithm/dag-a-generalized-blockchain/

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: CfB's new coin - IOTA
« Reply #5 on: October 22, 2015, 10:20:22 am »
0
Tentacle Overlord, The Deranged Genius of The Abyss

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: CfB's new coin - IOTA
« Reply #6 on: July 07, 2017, 01:36:44 pm »
0
Looks like I'm not the only one concerned and other people start to wake up too:

Quote
Lastly, the premise of IOTA relies on the notion that the hashpower of the IoT devices’ sporadic transactions in the network will become sufficient to withstand a focused attacker. This is an unrealistic premise. IoT devices have CPUs in the lower range of 100s of MHz and often run on battery which they want to last as long as possible. There are also no incentives for IoT devices to minimize J/GHs cost (mining efficiency) since they are not in the market for a block reward. Withstanding an attacker with specialized hardware attacking the network at a constant speed is wishful thinking.

https://medium.com/@ercwl/hello-david-b77bbc62c457
https://medium.com/@ercwl/iota-is-centralized-6289246e7b4d

You cannot fool all the people all the time :)
Tentacle Overlord, The Deranged Genius of The Abyss

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Tentacle Overlord, The Deranged Genius of The Abyss

kLee

  • Minion
  • *
  • Posts: 8
  • Respect: 0
    • View Profile
Re: CfB's new coin - IOTA
« Reply #8 on: September 10, 2017, 06:25:21 am »
0
Clown from Beyond and his punk bitch David

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Tentacle Overlord, The Deranged Genius of The Abyss