IOTA - page 2. | Bitcointalksearch.org

generalizethis

legendary

Activity: 1750

Merit: 1036

Facts are more efficient than fud

Quote from: MadMac on January 25, 2018, 06:49:36 AM

Obviously you have no clue of what you're talking about.

But let me explain it, a seed in your comparison would be your rental contract, or your house document (authentication), Your monthly rental or purchase price would be your accounting. And authorization would be the key to your house.

The latter IOTA forgot to implement.

Clear now?

Anyone implicity trusting a unknown site to create a random seed is trusting the access to their funds to a stranger--either change the key (random char) or don't bother.

My analogy is apt as the seed is what you need to get in the house/safe--a piece of paper won't give you this acces or prevent a theft from someone with a key.

Again, where did the devs promise more than a bare bones wallet? Nice you have ignored this detail. Dom said he didn't want the Foundation building wallets--that includes idiot-proofing them.

You did a stupid thing, own it.

MadMac

full member

Activity: 756

Merit: 103

It is good that this discussion stays on top here, still many people did not know that they have been robbed. And looking at the constant flow of new theft reports at

https://forum.helloiota.com/9284/RE-Call-to-action-lets-catch-the-thief

it appears this is still going on at large scale.

bhoybitcoin

full member

Activity: 336

Merit: 100

“Join The Blockchain Revolution In Logistics”

Quote from: poGium on January 25, 2018, 06:33:24 AM

Quote from: MadMac on January 25, 2018, 06:04:27 AM

Can only share this so people realize how dangerous this investment is. So far I know that police in 2 states in Germany (Hessen and Berlin) are investigating the heist.

Investments are usually always risky. So that's not because of IOTA. That you lost your coins is mainly up to you because you have entrusted your private seed to a third party. Maybe you should stop blaming others and see that you have made mistakes.

Yes that's true. Possible mistakes are there so you can re-study the actions that you made. Don't blame others because sometimes it is the traders who made mistakes.

MadMac

full member

Activity: 756

Merit: 103

Obviously you have no clue of what you're talking about.

But let me explain it, a seed in your comparison would be your rental contract, or your house document (authentication), Your monthly rental or purchase price would be your accounting. And authorization would be the key to your house.

The latter IOTA forgot to implement.

Clear now?

generalizethis

legendary

Activity: 1750

Merit: 1036

Facts are more efficient than fud

Quote from: MadMac on January 25, 2018, 06:04:27 AM

Quote from: poGium on January 25, 2018, 05:40:13 AM

I have just looked at your thread. I am sorry that your coins have been stolen, but to me it looks like you've used a service without any thought, which is obviously dangerous to the security of your wallets.

Yes, exactly, it is not only "my thread". Many people got funds stolen and it is not only 4mUS$ as reported in some news, more likely in the 3 digits numbers. Theft is still reported every day here and most people probably did not even realize this yet.

https://forum.helloiota.com/9284/Call-to-action-lets-catch-the-thief

Can only share this so people realize how dangerous this investment is. So far I know that police in 2 states in Germany (Hessen and Berlin) are investigating the heist.

If you go to a random guy on the street to make your house key or give you a safe code, you need your head examined--learn how seeds work or don't "Be your own bank."

Seriously, this is beyond stupid.

poGium

jr. member

Activity: 56

Merit: 13

Quote from: MadMac on January 25, 2018, 06:04:27 AM

Can only share this so people realize how dangerous this investment is. So far I know that police in 2 states in Germany (Hessen and Berlin) are investigating the heist.

Investments are usually always risky. So that's not because of IOTA. That you lost your coins is mainly up to you because you have entrusted your private seed to a third party. Maybe you should stop blaming others and see that you have made mistakes.

MadMac

full member

Activity: 756

Merit: 103

Quote from: poGium on January 25, 2018, 05:40:13 AM

I have just looked at your thread. I am sorry that your coins have been stolen, but to me it looks like you've used a service without any thought, which is obviously dangerous to the security of your wallets.

Yes, exactly, it is not only "my thread". Many people got funds stolen and it is not only 4mUS$ as reported in some news, more likely in the 3 digits numbers. Theft is still reported every day here and most people probably did not even realize this yet.

https://forum.helloiota.com/9284/Call-to-action-lets-catch-the-thief

Can only share this so people realize how dangerous this investment is. So far I know that police in 2 states in Germany (Hessen and Berlin) are investigating the heist.

Tenten92

newbie

Activity: 113

Merit: 0

I do not think it's worth the investment. find out at it

poGium

jr. member

Activity: 56

Merit: 13

Quote from: MadMac on January 25, 2018, 02:59:45 AM

This coin has major design flaws, like using a private key to login without any protection, the problems with hashing, and many people got robbed already and will get robbed in the future.

I have just looked at your thread. I am sorry that your coins have been stolen, but to me it looks like you've used a service without any thought, which is obviously dangerous to the security of your wallets. Why do you entrust the creation of your seeds to a third party? Either you have not been in the "crypto world" for so long and therefore you do not know so well and did not know how important the seed is or are you
fundamentally irresponsible. No one who has experience in crypto would entrust the creation of the seeds to a third party! And no, I'm not an IOTA fanboy and I do not own any IOTA.

Quote from: generalizethis on January 25, 2018, 05:21:46 AM

It's annoying how many people who invested in IOTA without acknowledging that its goal was M2M and are now crying foul that there isn't an idiot-proof P2P wallet.

That's how I see it too! Thank you!

generalizethis

legendary

Activity: 1750

Merit: 1036

Facts are more efficient than fud

Quote from: MadMac on January 25, 2018, 05:07:12 AM

Spreading FUD, huh? You can read more about the recent theft here, and this happened before.

https://forum.helloiota.com/9284/Call-to-action-lets-catch-the-thief

It remains a major design flaw to use a private key, which they call seed, to log into ones wallet. No authorization at all implemented.

Show me where the Devs promised more than a barebones wallet?

It's annoying how many people who invested in IOTA without acknowledging that its goal was M2M and are now crying foul that there isn't an idiot-proof P2P wallet.

Wait for Trinity, learn how seeds work or leave it on an exchange.

MadMac

full member

Activity: 756

Merit: 103

Spreading FUD, huh? You can read more about the recent theft here, and this happened before.

https://forum.helloiota.com/9284/Call-to-action-lets-catch-the-thief

It remains a major design flaw to use a private key, which they call seed, to log into ones wallet. No authorization at all implemented.

ThatsABity

member

Activity: 116

Merit: 36

Quote from: deviltasha on January 25, 2018, 04:10:32 AM

Quote from: giogio0504 on January 25, 2018, 02:56:37 AM

I do not like this coin, it has nothing that convinces me that i can benefit from it. At first sight the idea was not good, but now i am little bit disappointed about it.

Absolutely, I was also attracted at the beginning, but now it looks that it will not have success.

Why do you think this, because you read a few FUD-posts? I can't understand people do not research a platform but just believe some random people on the internet spreading false information.

ThatsABity

member

Activity: 116

Merit: 36

Quote from: MadMac on January 25, 2018, 02:59:45 AM

Please see the other discussions.

This coin has major design flaws, like using a private key to login without any protection, the problems with hashing, and many people got robbed already and will get robbed in the future.

Further more the development team tries to sit such issues out and does not take any action to solve or mitigate them.

German police in Hessen and Berlin is now investigating them.

My god... this is absolute nonsense. The people being hacked used scammy online seed generators, which is of course pretty dumb. Please realize the product is still in beta, and these user-friendliness issues will all be resolved once the new wallet is out in a few weeks. The trinity wallet. Police investigating? Source? You can't blame others for being careless, lol!

Problems with hashing has been discussed hundred times. And have already been answered by IOTA in their blog: https://blog.iota.org/.

All I want to say: DYOR people. IOTA is ready to take their deserved position in top 3 coming months. Backed by Bosch, and now also Volkswagen. These huge companies are not going to back IOTA if they don't see the huge potential.

EDIT: i recommend to read the following articles for better understanding:
https://medium.com/@iotasuppoter/iota-why-the-fud-makes-sense-82a2f1dc38d5
https://blog.goodaudience.com/why-keeping-your-iota-makes-sense-75e8a74cf2ee
https://blog.iota.org/2017-in-review-2018-in-preview-704177484ef0

Be smart, don't spread FUD, but investigate and think about what the platform you're investing in has more to offer than IOTA.

deviltasha

jr. member

Activity: 308

Merit: 2

Quote from: giogio0504 on January 25, 2018, 02:56:37 AM

I do not like this coin, it has nothing that convinces me that i can benefit from it. At first sight the idea was not good, but now i am little bit disappointed about it.

Absolutely, I was also attracted at the beginning, but now it looks that it will not have success.

Alex_nutis

member

Activity: 140

Merit: 11

Thank you for +Merit

Back in 2012, people could not imagine crypto-currencies, which perform the functions of a blockchain, but do not have it. And now this technology already exists. Those who do not believe in it, I recommend reading the work of Sergei Popov, describing the technology of Tangle, based on the DAG, which he wrote in 2016.

MadMac

full member

Activity: 756

Merit: 103

Please see the other discussions.

This coin has major design flaws, like using a private key to login without any protection, the problems with hashing, and many people got robbed already and will get robbed in the future.

Further more the development team tries to sit such issues out and does not take any action to solve or mitigate them.

Last but not least they spread fake news, like a cooperation with Microsoft, which was just a bubble to promote the coin.

German police in Hessen and Berlin is now investigating them.

giogio0504

jr. member

Activity: 322

Merit: 3

I do not like this coin, it has nothing that convinces me that i can benefit from it. At first sight the idea was not good, but now i am little bit disappointed about it.

AmericanBit

sr. member

Activity: 630

Merit: 250

IOTA is not too bad, it has not bad concept, I think it will get more stable, along with price stabilization on the crypto market, and then it will grow up. Cannot predic percentage of growth, but i am hopeful about this coin.

codeash

newbie

Activity: 65

Merit: 0

I have heard mixed views from people on IOTA. Some say this is future while some say to stay away from this. But I don't like much risky investments so I am not going to invest in IOTA.

kipozer

member

Activity: 490

Merit: 11

As for the IOTA project, I've heard a lot of bad things, but I do not think that's true, because I had to read about the project, the very idea of the project is very remarkable, maybe even better than bitcoin at some points, because network congestion is simple It is impossible, of course, if it carries out many transactions

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