DAG is not a piece of shit. It’s a data structure used in genealogy/family trees. Software tools we use to write software uses DAGs – useful. However…as a blockchain alternative from my What is Crypto? Where to start? mind map post
It is the only cryptocurrency without a wallet…and you can double spend…
I know nothing about IOTA’s Tangle, which is a DAG – directed acyclic graph. It is part of a few newer cryptocurrencies. I know less about these technologies or data structures and have less opinions about them than PoS (proof of stake) consensus.
But I was lucky enough to be listening to this youtube video of Doug Polk (a famous poker player and less famous youtuber) have a chat to Richard Heart (who I previously thought was a bit of knob, but this interview he is less knobby) whilst at the same time having some interesting debates about time wasting activities like poker playing and computer games.
Timestamped at the IOTA rant,
Mr Heart goes into why IOTA sounds like a scam. Here it is in point form:
- Wallets store private keys, which access public keys to access funds on a blockchain. IOTA does not have a w-a-l-l-e-t. There is no wallet.
- You have to generate your own wallet seed. YOU have to generate it. It has to have a 9 in it and only capital letters.
- You then enter it (in plain text) into their node software
- …and your software isn’t compromised or hasn’t got a bug…
- You then have to attach it to a node…manually….and hope it attaches.
- And not all the nodes agree how many funds each “fake wallet” is supposed to have
- Then you have the pleasure to send your money to an exchange
- But the exchange wallet is down
- But when it’s up, you hope the transaction goes through and is confirmed
- And doesn’t switch from confirmed to unconfirmed
I will put it on the read later list from this interview with references of academics and cryptographers that have publicly put it down.
Any bitcoin fork is more reliable, it is forked from software proven to work.
There are other unethical and questionable things said about IOTA devs. So it sounds like IOTA is a major flaw – for the moment according to Mr Heart.