4,241 votesTheo Gottwald commented
aber FInger weg von IOTA, das ist scientific humbug. Siehe Artikel unten.Theo Gottwald commented
It turns out that even though IOTA is a live cryptocurrency network with a market cap in the billions of dollars, it doesn't even function as a true peer-to-peer network.
Rather than having thousands and thousands of decentralized nodes worldwide forming a peer-to-peer network, nodes which are discoverable using a dynamic routing system, instead IOTA has a tiny number of hard-coded dedicated nodes that people connect to. Most of these nodes don't work, or are supposedly, allegedly, 'overwhelmed with traffic'.
Instead of an IOTA transaction being confirmed in a matter of minutes, users were unable to get transactions to confirm for days, sometimes weeks at a time.
I did start changing which nodes I connected to. I did keep 're-attaching' my transaction, over, and over again. Some users reported doing this process literally hundreds of times for weeks on end with no success.
Eventually, through this process, I managed to get most of my IOTA to an exchange over a week and sell them. I was never able to sell them anywhere near the price of $5 when I originally sent them but, frankly, at this point I was glad I was able to get any of my money back at all.
Meanwhile, if you went into reddit or twitter the supporters of IOTA were behaving like members of a brainwashed religious cult. Even though the Slack channel was filled with users having the same experience I was having, the IOTA supporters were 'blaming the victim'.
It was all our fault because, apparently I guess, we were not hitting the 'send transaction' button correctly.
Remember, the IOTA wallet is incredibly dumb and simplistic. It has a 'send' and a 'receive' button on the menu. One would expect, and I know this is crazy talk, that hitting 'send' would send money and hitting 'receive' would receive money. Apparently, and I apologize for being so dumb, this doesn't actually work.
After successfully managing to dump most of my IOTA, even though I lost many, many, thousands of dollars because I had to sell at a much lower price than I wanted to, I finally reached an impasse with my remaining 5,600mi.
I posted on Twitter a statement of fact, that the IOTA network was not functioning for most users. I might as well have stuck my hand in a hornets nest.
Rather than a guy trying to use a cryptocurrency network and finding that it simply does not work, an army of IOTA cult followers began to attack me. To such an extent, and I kid you not, that one guy actually wrote an article for PyschologyToday about how 'organized FUD' manipulates markets.
The irony that a guy who has been brainwashed to believe the IOTA network actually functions as advertised would attack people simply stating facts was just too much.
Rather than a guy who invested in the technology and found that it is not, at this time, in a functioning state, instead I was running an organized psychological operations campaign against the holy IOTA network.
So, that's where we are today. I still maybe, or maybe not, I really don't know, own 5,600mi. I can't sell them because the network will no longer process my transactions. I'm just going to hold onto them until some point in the future when, maybe, they reorganize their database again, maybe they fix their software and maybe I can sell them.
On the one hand, I'm happy I got my original investment back out. On the other hand, at the $5 price I wanted to sell at, 5,600 MI is $28,000USD and, last I checked, that's still a lot of money to a lot of people, including myself.
I do want to close with this. Some people on reddit and Twitter, rather than attacking me or my motives, actually tried to help. And they were sincere, and I really do appreciate it.
However, I must leave you with this.
To help explain why I am having problems with IOTA, and I kid you not, this is the link that was forwarded to me. Here is a link to the article explaining how to use IOTA.
This is one of the craziest things I have ever seen in cryptocurrency. The absurdity of this is mindboggling and truly represents the sheer denial that IOTA supporters are in if they think, in any way, this is acceptable.
RULE 1: NEVER re-use an address. NEVER. NO exceptions.
RULE 2: ALWAYS attach a new receive address to the Tangle.
RULE 3: ALWAYS wait for a transaction to be confirmed before sending anything else.
So, rule #1 is an admission that the network is fundamentally broken. A cryptocurrency that doesn't let you send funds to the same public key more than once, because a hacker could derive your private key, is just about the single most insane thing I have ever heard.
And, of course, there is nothing to prevent an end user from doing this by accident. In fact, one of the popular exchanges says that if you accidentally send funds to the same deposit address twice you will *lose your money*. I kid you not. This is real.