A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin | Hacker News Reader

A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin

technologyreview.com

39 pointsromanvegas8 comments

Considering that the proprietary and centralized component of IOTA is the reason that it doesn't need a blockchain... well, I'll just say avoid it.

Not to mention the cryptographic vulnerabilities and how the dev team responded to them... IOTA is just a shitshow of proportions that could only be accomplished in the current crypto currency market.

What is centralized about it? They only have a central coordinator for keeping things deterministic until a distributed version is release, which is soon.

The vulnerabilities have been dealt with imho, but there will also be more (like with everything).

I was excited about iota when I first heard about it, but now there's just too many red flags around this project.

https://news.ycombinator.com/item?id=15193798

https://news.ycombinator.com/item?id=15859946

Reading through some of the comments on those two threads you've linked, it sounds as if there are a lot of people that have invested in specific cryptocurrencies that are trying to convince people that it is THE ONE.

The bubble is now big enough that it's impossible to trust any articles or commentary on the validity of one against any others. Even the commentary of HN - which is normally a cut above - because HN commenters are more likely than the average person on the street to have dabbled in cryptocurrency early and may now have triple digits at stake.

In regards to IOTA, the fact that it has some well known backers only serves to blow more air into the bubble when it's an admittedly beta product.

And not enough people saying their position before commenting (i.e: "THIS IS AMAZING TECH BUY IT!"), and on that note Disclosure: I own a large position in IOTA (it's 89% of my crypto portfolio). and yet I still really want the technology to succeed, there's a few problems such as

A) the founders act very childish and lash out at any criticism, while at the same time in audio interviews saying "criticism is good these things need to be discussed at length" but if you put it in text they'll basically troll you.

B) they hype up their own technology too much "THIS IS GOING TO CHANGE EVERYTHING", "JUST WAIT UNTIL THIS PART IS DONE".

they need to hire a PR team that will professionally handle releases of information in a non-hyperbolic way and the founders need to keep their mouths shut in public when representing their technology because running around acting cocky and trolling people does not help your cause it actually causes people to want to flee as fast as they can because it makes it seem like you have no clue what you're doing. in a nutshell this is beginning to feel a lot like dogecoin. kids hyping kids, spamming people, and acting foolish as can be.

Rolling their own crypto should be a huge red flag by itself. Watching others defend that decision screams vested interest to me.

I have heard big things about IOTA, from 2 of the least technical people I know. They both work in marketing. (nothing against marketing)

If you're interested in cryptocurrencies that use DAG like Iota, also check out Raiblocks. Raiblocks.net

Full Disclosure: I own some Raiblocks.

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