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IOTA is a scam. singapore
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Author Topic: IOTA is a scam.  (Read 8131 times)

printshop

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IOTA is a scam.
« on: March 29, 2016, 12:53:36 am »

IOTA is a scam.

You know it's a scam because it breaks the fundamental principle of NXT in a way that requires trust (for absolutely no reason) -- it offers you a way to invest in it via "gateways".

It's friggen NXT. Launch an asset.

Stay away from this kind of crap.

You can tell it's a scam just reading the post subject lines in the assets forum thats how hot this shit is.

lovely89

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Re: IOTA is a scam.
« Reply #1 on: March 29, 2016, 04:21:09 am »

It uses a Tangle. :)
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blackyblack1

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Re: IOTA is a scam.
« Reply #2 on: March 29, 2016, 05:41:59 am »

I am a BBIOTA asset issuer. IOTA did no allow me to create a gateway asset. I just did it on my own and on my reputation on this forum.
Care to explain how gateway assets make IOTA coin a scam?
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Peter2516

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Re: IOTA is a scam.
« Reply #3 on: March 29, 2016, 05:58:34 am »

Printshop, you shouldn't post when you're drunk  ;D
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Seccour

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Re: IOTA is a scam.
« Reply #4 on: March 29, 2016, 06:29:55 am »

IOTA is a scam.

You know it's a scam because it breaks the fundamental principle of NXT in a way that requires trust (for absolutely no reason) -- it offers you a way to invest in it via "gateways".

It's friggen NXT. Launch an asset.

Stay away from this kind of crap.

You can tell it's a scam just reading the post subject lines in the assets forum thats how hot this shit is.

IOTA isn't related to NXT or the AE.

The IOTA assets on the AE are just asset created by IOTA Holder that want to sell their IOTA before the launch.

So please stop spreading shit.
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farl4bit

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Re: IOTA is a scam.
« Reply #5 on: March 29, 2016, 08:11:15 am »

I don't agree IOTA is a scam.
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devlux

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Re: IOTA is a scam.
« Reply #6 on: April 09, 2016, 08:47:27 am »

IOTA looks strange, not sure if they are a scam or not.  If they are it's probably an unintentional one.  I think they are sincere, but reading the whitepaper I think there is at a minimum a language barrier, or they are a bit confused on some of the tech they are proposing.

Let me restate that...
Either they are confused, or I am confused, or both.
Some of the white paper just doesn't make a lot of sense.

Definitely nothing to do with NXT though.

Tangle is a directed acyclical graph.  I don't see this scaling without double spends.  They address it with some vague hand waving that is either poorly worded or using a dialect I'm not capable of understanding.  However the blockchain is what it is in order to prevent double spending.  This is like having a small forest of merkle chains.  And from the looks of it, each node has it's own view of the chain.

Also despite their claims of quantum resistance, it's not as far as I can tell actually quantum resistant.  If it is then they need to do a much better job of explaining how.

All in all it's marketed well and seems like they believe in it.  Seems like a lot of others believe in it.
Every currency is a confidence game even the US Dollar.  More people with confidence in it the stronger it will get, that's perhaps it's strongest feature.
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yassin54

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Re: IOTA is a scam.
« Reply #7 on: April 09, 2016, 08:54:04 am »

hi @devlux :)

if you have any question, there are Chat IOTA here http://chat.iotatoken.com/  :)
all dev are here and you can test IOTA ;)
all suggestion are welcome!!  8) :-*

Hachoir

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Re: IOTA is a scam.
« Reply #8 on: April 09, 2016, 09:26:40 am »

IOTA looks strange, not sure if they are a scam or not.  If they are it's probably an unintentional one.  I think they are sincere, but reading the whitepaper I think there is at a minimum a language barrier, or they are a bit confused on some of the tech they are proposing.

Let me restate that...
Either they are confused, or I am confused, or both.
Some of the white paper just doesn't make a lot of sense.

Definitely nothing to do with NXT though.

Tangle is a directed acyclical graph.  I don't see this scaling without double spends.  They address it with some vague hand waving that is either poorly worded or using a dialect I'm not capable of understanding.  However the blockchain is what it is in order to prevent double spending.  This is like having a small forest of merkle chains.  And from the looks of it, each node has it's own view of the chain.

Also despite their claims of quantum resistance, it's not as far as I can tell actually quantum resistant.  If it is then they need to do a much better job of explaining how.

All in all it's marketed well and seems like they believe in it.  Seems like a lot of others believe in it.
Every currency is a confidence game even the US Dollar.  More people with confidence in it the stronger it will get, that's perhaps it's strongest feature.
Nonsense. Confidence is not a feature at all and has nothing to do with it being a scam or not
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Seccour

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Re: IOTA is a scam.
« Reply #9 on: April 09, 2016, 11:41:15 am »

Either they are confused, or I am confused, or both.

You are :)
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devlux

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Re: IOTA is a scam.
« Reply #10 on: April 09, 2016, 03:08:45 pm »

Either they are confused, or I am confused, or both.

You are :)

I don't doubt it at all.  The whitepaper seemed to me to gloss important things like quantum resistance, specifically how they hope to achieve it, while spending a lot of time explaining DAGs which are very well known and understood.  Hell even Facebook understands them...
https://www.facebook.com/pages/Contributions-to-the-theory-of-causal-directed-acyclic-graphs/508653935846327

The part where they do talk about quantum resistance, goes on about it like they're talking about mining not forgery.  They also don't explain the algorithms chosen, the reasons for the choices or what the recommended initialization vectors are.

Still don't think it's a scam, but they need to redo the whitepaper for it to be credible in my eyes.
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chanc3r

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Re: IOTA is a scam.
« Reply #11 on: April 10, 2016, 08:58:12 pm »

A Number of coins have enabled pre-launch trading/investment using NXT AE assets which are redeemed for the Crypto after it is launched, in the cases I have in mind the AE asset was done by the creator of the platform not a 3rd party.

Two examples that come to mind are SIA and NEM(XEM) I invested a little in both and those were successful.

Even in these cases you have to trust that the creator of the platform is genuine in their attempt to create something of value.

In this case you have two trusts... blackyblack (to honour the proxy asset) and the IOTA creators..

This initiative by blackyblack does not make IOTA a scam (I have not invested at all - no reason other than timing)
This initiative does not mean blackyblack is trying to scam you (I have no business dealings with him)

Do your due diligence on both before investing..

The place to do due diligence on IOTA is not nxtforum but the IOTA forums as suggested.
The place to do due diligence on blacky - will i leave that up to you and him,
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Mr.PortMan

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Re: IOTA is a scam.
« Reply #12 on: July 16, 2016, 07:39:10 am »

The probability of deception on Nxt AE is very high.

For example asset CIOTA - https://nxtforum.org/asset-exchange-general/ciota-iota-11-backed-asset. Asset issuer @bitme didn't appear at a forum already rather long time. At the same time he left last messages that carries out CIOTA exchange for IOTA - https://nxtforum.org/asset-exchange-general/ciota-iota-11-backed-asset/msg221212/#msg221212.

What do i think about it? This person @bitme can be potential scamer. Despite long date of registration at a BTT forum and here people have decided to become scamers for replenishment of pockets at expense of other people. IOTA of many people has made and still will make scamers, with total loss of reputation honest and decent to which trust. Thus date of registration at a forum means nothing. At any moment of people there can be scamer and escape with money of other people.

I consider that if this person of asset issuer CIOTA @bitme within 7 days doesn't appear at a forum and won't begin procedure of exchange IOTA, then given asset CIOTA was scam and it will undermine in future relation both to Nxt AE and to IOTA. The deceived people will always remember scam CIOTA and this person @bitme.
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rubenbc

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Re: IOTA is a scam.
« Reply #13 on: July 16, 2016, 01:44:45 pm »

I don't think that bitme is a scam...

Enviado desde mi Redmi Note 3 mediante Tapatalk

chilo

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Re: IOTA is a scam.
« Reply #14 on: January 10, 2018, 10:48:04 am »

not a scam and nor are the asset issuers
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