Can IOTA be Hacked? 😲😲😲
IOTA, the very first distributed ledger protocol that may well surpass Blockchain through its core invention "Tangle", may just fall short of a secure network. This is due to the unstable equilibrium of the system which can leave it open for attack by selfish non-malicious actors.😕
##How to hack IOTA?🤓🤓🤓🤓
I'd create some 100s of slack accounts and spend my day in the in my neighbor's channel connecting with anyone who will approve. This will allow for the building of a huge network of peers all of whom will confide "trust" in me. In addition; I would create a website that people can go to to peer with me and also share it in the channel. Furthermore; the use of SEO would make it possible for people googling for neighbors to easily find me. With IOTA's current system it is not too difficult for me to become largely connected which will allow me to invalidate the global mesh network .😲
Their current solution of finding peers using the slack channel is just a terrible UX for peer discovery and does not imply any trust.😞
As of now, it is unclear 🤔 whether they have found a way to solve this web trust problem. I'm sure they are working on it though. ☺
IOTA can however prove to be a powerful technology for long-term hold if they deliver on their promises.
Lets see them solve that web trust issue! 😝😜
Anything can be hacked...
Until they have solved this problem, IOTA is no better than ethereum.
cryptonfused in terms of value ethereum as a currency worth nothing.
They are no stock limit like IOTA or Bitcoin
Every day there are more on the market witch make it a bubble, soon will be more ether than sand in the see.
Ether is a bubble crypto.
There is enough that one can find in way of huge problems with Ethereum, it's fundamental program, which I've seen many highly technical people say that it will never be fixed i.e. it's a mess from the get go to its very core. With billions already had, the ball is running and nobody seemingly wants to hear or know about this. You can go to the ethereum forum and also find a whole page of various attacks on ethereum, all the while as the internet and crypto community seemingly brushes this problem under the carpet for the sake of mega dollars. With IOTA's tangle I've also seen a very good youtube video on this with an explanation that because there are no miners involved, the way it operates, you can hack the back of the tangle chain and create a fake parallel line and fool those that come after into thinking all is okay. By the time this is detected, the hacker is long gone. As most crypto veterans know, there's a lot of BS, fake, copied, pie in the sky, crypto's out there. There are some really great crypto's also, sadly there are some really great coins that get pushed to the side, when they shouldn't be and other coins get notoriety for the wrong reasons and agendas. In a perfect world, I'd want to get the block chain people together and really work this out i.e. UBIQ, Ethereum, Block etc. I'd also want answers from IOTA regarding this backdoor hack exploit, of which you'd never hear about from most sources. It will take years before a lot of the scams are detected, well after humongous amounts of money have changed hands. PS Thumbs up for Steem.
DAGs have issues of their own.