Topic: IOTA - page 243. (Read 1473233 times)

The M in "MIOTA" stands for Mega. Rerun your calculation.
Great post by the way.

 
Circulating Supply
2,779,530,283 MIOTA,   that is nearly 3 BILLION Tokens!! 

stop it guys this is ridiculous !!

^
Bummer.

IOTA: know what a tangle means
Before putting a new cryptocurrency on our SuiQiu cryptocurrency exchange, it is our duty to understand what's really going on and where risks lie at its fundamental level. IOTA draws even more interest since an innovative concept - DAG (Directed acyclic graph) is implemented in its backbone, the tangle. Unfortunately, while investigating IOTA, we are convinced that this implementation is immature. The tangle and therefore IOTA have too much risk.

IOTA: know what a tangle means

As stated in IOTA's white paper, the tangle is the technology used as a backbone of IOTA. Like other tangles, this technology qualify as a messy mass of things. It is therefore inherently difficult to make sense out of it. Such efforts are admirable. Everyone should take a look at their white paper. On the other hand, pointing out some concerns and flaws are relatively easy. In this article, we shall see the tangle lacks incentive, privacy and security. We hope people will have a better idea what a tangle means by then as well as how to fix the tangle in the future.

Incentive

No transaction fee is the charm of IOTA. But, Who do NOT need to pay? Lazy nodes benefit actually. Who do not really verify another transaction, who just vote for transactions seems to be verified, who leaves the number of tips grow unlimitedly do NOT need to pay.

On the opposite, a good node will need to verify two transactions. Sounds like not a big deal? Think twice. Transactions are related to each other. For example, if we try to determine whether a transaction is conflicting we should check all the other transactions to see whether there is a transaction conflicting with this one. According to the white paper, a good node should use a MCMC (Markov Chain Monte Carlo) algorithm to select the two tips to verify to prevent a parasite chain attack; And runs the tip selection algorithm many times, for example 100 runs. That's just a start. We can tell tip selection algorithms will keep evolving and complicating things to prevent other attacks, if not failed to. After knowing what you are paying (make sure you do) let's say you still want to be a good node, just like miners verify other people's transactions in Bitcoin. But wait another second, do you still recall that IOTA do NOT reward you anything and other people do NOT pay you transaction fees?

As stated in the white paper, they do not impose any rule for choosing the transactions to approve. Hence, lazy nodes survive. Nevertheless, a network full of lazy nodes means unlimited forks, no efficiency, vulnerable to all kinds of attack. So, the last resort the white paper turns to is a reputation system, namely, ' If one particular node is "too lazy", it will be dropped by its neighbors.' This leads to the second topic.

Privacy

So, one should build up a good reputation by letting people know all the good transactions and verifications one made. Once you decide to use a new node for some privacy, the reputation gone. Then again, lazy nodes benefit.

Security

Let's start with an attack scenario to double spend target transaction T with T'.

1.T has been broadcasted.

2.A lot of micro-payments are broadcasted as a distraction from T.

3.Attackers vote for T' to out weight T.

Usually, attackers need 51% of network power to out race target T in a blockchain. However here, computing power are extremely distracted in the tangle. People just don't have to verify T. They can get caught by micro-payments which IOTA is proud of (without even try to draw a line between micro-payments and spamming). Or, they can be lazy. Then, when T' and T are getting close, good nodes will not approve both T' and T directly or indirectly since their reputation and their chance to get approved is on the stake. So, stay out of the dispute watching T' out weight T clearly, and then, approve T'.

Moreover, since IOTA has an asynchronous network, attackers can pre-prepare their PoW (Proof of Work). For example, they can solve the cryptographic puzzle as PoW in advance and wait for the "right time" to broadcast their transactions.

One cannot point out all the concerns in the tangle. But we shall at least ask : When can I confirm that I get the money? In Bitcoin, it is about 6 blocks after your transaction is included into a block, which means approximately 60 minutes. Not bad. Now, in the tangle, how long should I wait?

Well, this is a crucial question to our exchange. We cannot tell our clients that we have no idea when you can safely trade your IOTA; Plus the unsolved privacy issue; Plus the concerns that IOTA will be paralyzed by innocent lazy nodes. In conclusion, IOTA will not be traded on our SuiQiu cryptocurrency exchange.

Blockchain Researcher Yushi

[email protected]

8/10/2017

I logged into my wallet today and my balance is at 0??? I had 136 or 146 or more IOTA how do I get my IOTA back???

Edit: Nevermind I fixed it I just downloaded the new wallet 2.4 and transitioned my coins over to there phewww... had me nervous for a sec haha.

I think it is more a recognition of iota's development progress in both tech side and business side. -  https://forum.iota.org/t/publicly-announced-iota-real-world-projects-tracker/1820. It takes time for the news to propagate.

the recent pump of iota, was the reason for the pump the rumors of new exchanges or was it just usa peopole buying iota before getting shown the door soon? or was it both? rumors and americans buying?

Everything transferred ok.  The 4th or 5th server finally worked for me in getting confirmation.  Thanks!

New exchange coming

Because Iota went up so much? Any news?

Or the price of 0.18/0.28 was too good?

Moderation is used to keep trolls away. You confuse decentralization with anarchy, it seems.

exactly, at the moment Iota is dramatically superficial and not user friendly; their support is a ghost, they never reply
I can not recover my Iota balance because they decided to "improve" security..so improved that at this moment I have lost all haha

Regarding 1. just wait a minute,


You can say so, blonde. Since life is Okay at the Sverige Kingdom. But how about U.S. Citizens? They are bummed.
Maybe it's doable by trading on a middleman. Not exactly Satoshi Nakamoto's original vision, but SEC regulations and stuff approaching.

We europeans should establish some IOTA sale on this forum when things get worse, and worser. Over-The-Counter Market.

for lot of people IOTA just existed since its on coinmarketcap, ands thats for about 1 month or so, so its pretty shocking see it on a airport banner the logo, iotas has not have such high Repercussion as bitcoin all over the world,

Cyprus?

What is the deeper meaning of that?

Anyhow nice to see IOTA going to $1. A dream for many is indeed now becoming reality.

GMK Hi,
A simple interface is drastically needed if iota is to scale to millions of people without losing their iota's. maybe a few thousand might get the wallet thing but try millions. How many millions will have the time to sort out software issues.
Take this scenario: If some people go on holiday or get ill or are too busy involved in some other life matters and come back too late only to find that they have lost their iota balance then how many millions of users are we going to have using iota.

Iota will only build a bad reputation.
i think this early stage is where we dont want lots of people losing money.

omg, major adds on on Cyprus Larnaca Airport! (by Manuel W.)
just saw it at @tangleblog

Hi paul, what i am trying to say is that there is no tranasction pending because the iotas are still sitting in the old seed.When i login to the old seed and do a balance check again it shows the original balance again, which means it never has transitioned to the new seed. As i said when i click transition it says transitioning but then after a a few minutes the wallet window goes black as if it has did the transition but never did. When i look at the explorer on iotabalance.com it shows my old seed still has the iota balance. is there anything blocking the transitioning.
i am using the lite client so i cant see any options to reattach or resend. Thanks for your help, if you can give further input, much appreciated.

You didn't follow the instruction well. You don't need to manually generate any addresses for this upgrade. If you have complete the transition to your new seed, you should see a transaction in the History section of your wallet when logging in with your new seed. It may be confirmed or it may be still pending. If it is till pending, you need to click show bundle and click reattach. Your transaction will get confirmed eventually after you do the reattach. Do the reattach every 30 minutes till it gets confirmed.

too easy..they only know difficult things as tangle or building new versions to improve security
allowing simple users with a old seed to recover their previous balance looks too easy for these genius