Re: DECENTRALIZED crypto currency (including Bitcoin) is a delusion (any solutions?)
I skipped deep understanding of it and just noted it was for defeating lie-in-wait attack chains
Let me furnish you with a deep understanding of this monte carlo sampling technique; for the uninitiated, monte carlo sampling is a technique which takes a very complex data set, and samples it at random locations in order to build a probabilistic model for the truth of the underlying system, which may itself be intractable to process directly.
An example, here is a monte carlo rendering of a scene at an increasing number of samples:
The idea being that this sampling process is orders of magnitude faster than processing the full data set (in this image, it would be fully raytracing the entire scene, with multiple light bounces / radiosity etc).
In Iota, this technique is simply used to find the tips with the most cumulative weight (as I have been saying all along) but without having to process the entire set of transactions all the way back to genesis from every tip, which would be too slow. This is their game theoretically optimal choice as participants who want timely confirmation of their transactions.
TLDR; Iota uses monte carlo sampling to find the tips with the most cumulative weight in order to decide where to extend the DAG.
That is wonderful technology. And I am sure it made you guys feel proud (which probably blinded you to the higher level generalized flaw).
But often in life, higher level semantics roost.
In this case, we can't prove that all actors in the system are going to be incentivized to follow any specific selection algorithm for choosing which transactions to reference in their new transactions. The game theories are unfathomable. Again if you can show a comprehensive math of all the game theories as Satoshi has done, then you will be on par with the trust in Satoshi's design. Until then, you've got some fancy math without a fundamentally sound home.
Iota can I am sure get many n00bs to think you have something valuable. Perhaps that is why you don't like when I call a n00b a n00b. I will not be be actively trying to spread any information about Iota. I am interested in the technical understanding for my own work.
Corporations and serious users will be concerned with the fundamental soundness of the security.