Topic: Does anyone truly understand IOTA? - page 2. (Read 6654 times)

Considered raspberry pi to be an IoT device.

IOTA (IOT) is a brand new and micro-transaction optimized Internet-of-Things (IoT). Unlike the heavy and heavy Blockchain of Bitcoin or similar platforms, IOTA is designed for other uses.

Didnt consider the value of those iotas to be worth the time to sockpuppet.

Another lie, you could just register a sockpuppet.

Thanks for the profits. Hint: I could not sell the iotas earlier/last year because I was banned form your slack where yassin was.

made my day.

Bold claims, dude, post some math if you want to make your claims look credible.

In my opinion people will never use this system because it is way to abstract and nobody understands it

No maths required.

Bold claims, dude, post some math if you want to make your claims look credible.

*) Network hashrate is the overall power of the network - in bitcoin, this is the computing power needed to generate a block.
*) Bitcoin employs a mining reward which creates a competition between miners to produce a block and claim their reward for doing so. Slower miners lose out to faster miners, but they still participate in the competition to produce a block because they stand a chance of winning occasionally.
*) This mining subsidy provides a positive incentive to miners to play by the rules, and encourages them not try to double spending, because they might as well claim the mining reward instead of trying to double spend which is often much more difficult than producing a single block.
*) The mining subsidy also encourages all miners to participate in the mining process, which gives an overall metric for total network hashing power, which you can then use to give an estimate of when it is safe to accept a transaction of a given size, as confirmed, because (on average), the block reward is equal to the electricity cost of mining that block. That means that when your transaction has been buried under enough blocks that the mining subsidy equals the transactions size, it is more or less safe to accept that transaction as confirmed.

Now, imagine the situation with no mining reward.

*) Instead of participating in a competition to win the block reward, miners have no positive incentive to participate anymore. They now are left with the negative incentive to try and double spend.
*) Since these miners are not contributing their hashing power to the network anymore, the overall hashrate of the network in unmeasurable, since these miners are quite likely to leave their ASICs in sleep mode until they want to double spend
*) With the network hash rate unmeasurable, there is no way to put an estimate on when it is safe to accept a transaction as confirmed.

When there is no way to estimate when it is safe to accept a transaction as confirmed, that currency is now useless because any transaction can potentially be reversed.

Cheers, Paul.

Iota cannot work as designed.

Without miners there is no possible, trustless convergence - it will live forever with coordinators and be as centralised as visa, with none of the benefits.

No, CfB lost many bets with me, never payed up. I pointed out a flaw in his Curl function in February, that was laughed at, and they required I de-anon myself if to be taken seriously for a measly $10k usd reward, not even worth my time. Its in the "IOTA Unmoderated" thread.

Yes, I chuckled when another researcher also discovered flaws in Curl, and iota had to "network upgrade" to sha3. 

So you were holding iotas for 9 months and still trash talking about IOTA. You should check your balls, if they are not of steel then check your head.  

so, did you get paid for these flaws you found ? haven't had time to read through all iota threads.

cheers

Read my criticism of iota on this forum.

Read my criticism of iota on this forum.

I believe IOTA will go to the moon, look at the concept they describe, I am still studying and investigating about IOTA, but I started to like this. It looks like it will have a bright future prospect.