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Weighing up IOTA

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    #62
    Lex Luthor
    Registered Users Posts: 11,220 ✭✭✭✭Lex Luthor


    IOTA hacked


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    #63
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    Lex Luthor wrote: »
    IOTA hacked

    IOTA hasn't been hacked but there has been an attack on the Trinity Wallet via a third party integration.


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    #64
    maninasia
    Registered Users Posts: 4,616 ✭✭✭maninasia


    If it's the wallet hacked then it's not a problem with IOTA.


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    #65
    stockshares
    Registered Users Posts: 2,757 ✭✭✭stockshares


    I had thought IOTA was one of the more reliable coins due to its partnerships with the likes of Jaguar etc but not any more.

    https://www.coindesk.com/iota-being-shut-off-is-the-
    latest-chapter-in-an-absurdist-history?amp=1&__twitter_impression=true


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    #66
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    stockshares wrote: »
    I had thought IOTA was one of the the more reliable coins due to its partnerships with the likes of Jaguar etc but not any more.

    https://www.coindesk.com/iota-being-shut-off-is-the-
    latest-chapter-in-an-absurdist-history?amp=1&__twitter_impression=true

    We're a long way off a 'reliable' classification for a whole host of projects. That's exactly the point. The speculation surrounds whether they can make it through to full on use case and broader adoption.

    As regards her article, there's plenty wrong with it:

    - her criticism (and that pasted all over crypto-twitter over the past couple of weeks) is this disgust at the halting of value transactions on a network that should be decentralised.
    The fact is that the project runs right now with the Coordinator - as a centralised network - with a 'coordicide' project ongoing to bring about decentralisation. There's no mystique here - that's all been known for a long time.
    Given that this was its status, they did the right thing in stopping value transactions on the network. Ethereum was supposed to be decentralised when the MakerDao hack happened (implicating $150 million).

    - She then goes on about historic stuff surrounding MIT and Microsoft. There are contested versions to both. It remains to be seen what the deal was but Sonstebo was getting involved in publicly combating criticisms back then. It seems that the IF have learned from that as it no longer happens and communication is much better.
    There are valid partnerships/collaborations in play with the likes of Bosch, Fujitsu, VW, Jaguar-LandRover, Dell, the Linux Foundation and many others despite her protests about what the IF may or may not have claimed about a potential collaboration with Microsoft way back then.


    - There has been an issue with one of the founders - and he now finds himself outside the project. That this manifested itself publicly on a couple of occasions is unprofessional. However, lets not suggest that there isn't politics in every organisation. We didnt end up with BTC and BCH, ETH and ETC, etc. because everyone got along swimmingly. Hard to judge from this distance but from what I can work out, Ivancheglo has been holding the project back. With him gone, things should run more smoothly.

    The bottom line is that all of these projects have had the same issues. It's unreasonable to single out IOTA on that basis. IOTA has not been hacked - a wallet developed by the IF has. It seems that their diligence in terms of security review is questionable and they should be rightly criticised for that. However, a series of crypto wallets have been hacked in the past. $49 million worth of Eth stolen from the hacked Upbit wallet in November, around the same time, VeChain's buyback wallet was hacked. There are many other instances.

    The IF have made mistakes - of that there's no doubt - but it's in line with every single crypto project there is. Bitcoin had a 6 year head start and it too has had security vulnerabilities in the past (even if the network itself has never been taken down).

    The recent hack has been bad for IOTA - their security audit regimen should be far more robust. It's disappointing. That said, this is being bigged up beyond what it should be. It's still all to play for. Those partnerships are real - albeit that those corporations are not going to use IOTA in a fully fledged product until it is fully functional. That's what we're all waiting for.


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    #67
    aido79
    Moderators, Regional Abroad Moderators Posts: 5,374 Mod ✭✭✭✭aido79


    Does anyone have an opinion on whether IOTA is a good investment? I've been following it for the last couple of years and really believe in its potential. Now that the price is low I am considering buying a reasonably large quantity of it. I see it as very much a longterm investment as the technology is obviously not quite there yet for it to be useful as a coin.


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    #68
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    aido79 wrote: »
    Does anyone have an opinion on whether IOTA is a good investment? I've been following it for the last couple of years and really believe in its potential. Now that the price is low I am considering buying a reasonably large quantity of it. I see it as very much a longterm investment as the technology is obviously not quite there yet for it to be useful as a coin.

    I think they have to get coordicide (true decentralisation) over the line. That's a prerequisite. Without that, nothing else matters. That's got a timeline of Q1, 2021. That's quite a distance away. In which case, it could make more sense to sit on the sidelines for 2020 - or most of it.

    If they can achieve that then it changes everything. As then you have a decentralised network with no transaction fees. It would also demonstrate an ability to get stuff done. There's no doubt that there have been mistakes in terms of how the project has been managed.


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    #69
    aido79
    Moderators, Regional Abroad Moderators Posts: 5,374 Mod ✭✭✭✭aido79


    makeorbrake wrote: »
    I think they have to get coordicide (true decentralisation) over the line. That's a prerequisite. Without that, nothing else matters. That's got a timeline of Q1, 2021. That's quite a distance away. In which case, it could make more sense to sit on the sidelines for 2020 - or most of it.

    If they can achieve that then it changes everything. As then you have a decentralised network with no transaction fees. It would also demonstrate an ability to get stuff done. There's no doubt that there have been mistakes in terms of how the project has been managed.

    I would imagine that getting the cooricide sorted would drive the price up. It's most likely what will make or break iota I reckon. It's probably best to wait until then as you say as I don't see much movement on price for the rest of this year at least.
    I have a small investment in iota at the minute so I'll continue to watch it and see how it goes for now and maybe look at other coins.


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    #70
    the butcher
    Registered Users Posts: 591 ✭✭✭the butcher


    A lot has changed since 3 years ago. And for the better I think. There are major updates coming to IOTA this year. First one being Chrysalis for end of Q1 which makes IOTA production ready -> https://blog.iota.org/iota-chrysalis-a-new-dawn/

    And for me personally the more interesting, the coordicide update coming end of Q4 this year (I reckon maybe Q1 2022) to make it fully decentralised. They've removed 2 top foundation members who have either stalled the project (and brought it down dead ends) or dampened the projects professionalism so that has been a major relief going forward. They have rejigged some of more messier aspects of IOTA in the past 2 years. I've held my IOTA position since the start and last year bought back in after the changes they were announcing and the roadmap they put in place. I got back in at 14 cent and 25 cent, bringing my overall BEP to 50 cent. It's been flying high recently, hitting a euro there today.

    Anyone else been following IOTA on and off the past while? Apparently they have more to announce - we shall see. Hopeful they can still pull it off and eagerly awaiting these 2 updates. The machine economy/internet of things is around the corner and I'm prepared to hold/wait.


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    #71
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    the butcher wrote: »
    Anyone else been following IOTA on and off the past while? Apparently they have more to announce - we shall see. Hopeful they can still pull it off and eagerly awaiting these 2 updates. The machine economy/internet of things is around the corner and I'm prepared to hold/wait.
    I'm still very much in on IOTA albeit that it certainly has taken some unwanted twists and turns! Whilst it's nice to see the price lift, I think its healthier to ignore it - it's just a rising tide. They need to stick to the roadmap and hit those metrics. If they can do that, then there's every chance for it.

    I think that within crypto, the project has been tarnished somewhat by mistakes made in the focus and management of its development. I don't mind that at all so long as the project is back on track. Couldn't care less about short term popularity (or lack thereof) so long as they achieve Chrysalis and coordicide. There's still a body of work in that. I don't think the project can afford any more mistakes as other projects are also developing all the while - so time is more precious than ever.

    I could get out today with a very healthy profit but I'm going to persevere with it. It's by no means a done deal but if it makes it, the upside is huge.


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    #72
    jester77
    Registered Users Posts: 11,262 ✭✭✭✭jester77


    The price is going nuts, just sold all mine, will buy back in when it adjusts


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    #73
    the butcher
    Registered Users Posts: 591 ✭✭✭the butcher


    jester77 wrote: »
    The price is going nuts, just sold all mine, will buy back in when it adjusts

    Could be forever waiting for that adjustment :eek:


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    #74
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    the butcher wrote: »
    Could be forever waiting for that adjustment :eek:

    There was a fair bit of adjustment today alright. :pac:


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    #75
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    It's just moving up in price along with everything else. I wonder if folks will cotton on to it becoming production ready on the 28th though? That should be interesting.


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