IOTA - Software Bug Found
In an article released this week, a major bug was disclosed on the IOTA protocol. These individuals contacted the IOTA development team first, to give them a chance to patch the bug before releasing this article describing the bug. In this article, they share other flaws in the IOTA design.
Source: https://medium.com/@neha/cryptographic-vulnerabilities-in-iota-9a6a9ddc4367
I was negative on IOTA when it was 40 cents in June 2017. After it pulled back, I secretly became more positive on it. It is just a fact that if something declines a great deal but we are in a bull market, there is no reason not to see it go higher. IOTA went higher, but it is something I have not covered in large part. I prefer other systems.
In my original video on IOTA, I was concerned about security issues with the protocol. This was not anything remarkable on my part, just normal inductive reasoning. We have a completely new method and code base for organizing a protocol, meaning that this could create whole new realms of security breaches never before dealt with. While it is true that IOTA had been live for almost a year, IOTA never before had any serious economic value assigned to it. In June, when economic value began being attributed to IOTA, it created a clear risk because hackers might get interested when before they would not have been.
It turns out the white hats got there first and this bug was patched. However, this article shares other concerns with the code base that are still in effect. One such concern is that the code was not written in binary which is an interesting decision. I would consider this to be that the IOTA team is playing loosey-goosey with their protocol.
Yet the fault here is not with the IOTA team, but rather with investors who bid up a flawed code base into 2 billion market cap within a short period of time. More market value was assigned to the project than perhaps the IOTA team was able to deal with or deserve considering the code they had released.
I am of the viewpoint that IOTA may still go higher along with the rest of cryptocurrency. We have to consider, though, that there might still be a latent bug that could bring down their network since their technology is so new relative to Bitcoin which has been gone through extensively.
Crazy investments and decitions...that's why research is so important...Iot in general still needs sone years to be widely implemented and Iota had rhat crazy investment that put them in the top 7 right after they came out. Businesses need to mature in a real and contrasted way ....at the end of the day this is good , is reality adjusting things
Hi man nice article like always, keep up the good work
You have some great crypto insights and thanks so much for sharing them with us on Steem.
But...
Have you read the whitepaper these MIT techs released? Have you read the official responses from the IOTA team?
Their 'exploit' requires a user to download their compromised wallet software. If you're downloading random wallet software off the internet, some cryptographic hijinks it can then get away with are the last of your worries. It could just steal your private seed and take all your money.
Their 'exploit' is nothing of the sort. If you use official IOTA code on the tangle, before or after mid August, your assets are 100% cryptographically safe.
I don't know about the idea that this was simply a self-serving hit-piece by advisors to ZCash and the Paragon Foundation (IOITA competitors), but the authors did not disclose these vested interests and by MIT's own policy should have.
I don't have any vested interest beyond owning about 0.03BTC of IOTA and believing that their 0 transaction fee tangle is going to be the awesome future.
I think that this article and its endless, lazy reproduction without actually interogating the facts is just the same as the market explosion every time China release some news; really bad for our community and our ability to sell cryptocurrencies to the masses. We can do better than this.
https://satoshiwatch.com/coins/iota/in-depth/cryptographic-vulnerabilities-in-iota-a-biased-hit-piece/
https://medium.com/@mistywind/iota-cofounder-sergey-ivancheglo-aka-come-from-beyonds-responses-to-the-ongoing-fud-about-so-ea3afd51a79b
Currently down -53% from all time high the 17th of August https://steemit.com/blockchain/@josepimpo/iota-usdmiota-down-53-93-from-all-time-high-marketcap-usd3-05-billion
Its a great pleasure reading your post.Its full of information I am looking for and I love to post a comment that "The content of your post is awesome" Great work.
The word has not only to spread,!!
Great share about the IOTA bug.
is iota good now for investment purpose ?
I prefer other stuff. With IOTA, it has a higher chance of a catastrophic bug and just failing one day and being no more. This risk is less with other projects. If it does not fail, I expect to see it go higher, but I expect everything to go higher. I think other projects will go much higher relative to IOTA.