Re: IOTA - the scam is being pumped hard now don't fall for the trap
As per the "whitepaper" which you supposedly read:
"When a new transaction arrives, it must approve two previous transactions" (yea that sentence makes no sense, the author of the whitepaper means that to issue a transaction a node first has to approve two other transactions of the "tangle")
and
So you say there are no transaction fees in IOTA, but to issue a transaction a node has to pick two other transactions to approve according to some algorithm, has to check if the two transactions are not conflicting according to another algorithm, if they are conflicting the node has to run an algorithm to decide which transaction to approve (this algorithm may take a lot of time to finish), and then the node has to solve a cryptographic puzzle (potentially computationally demanding again) to validate each transaction.
So great you don't have to send tokens to the network to issue a transaction but you have to do all that shit, how wouldn't you call that "fees"? It takes computing power, it takes time, it takes energy, those are fees which you have to pay for.
muh "no fees" muh "no blockchain" muh iota the savior of all humanity and beyond
"When a new transaction arrives, it must approve two previous transactions" (yea that sentence makes no sense, the author of the whitepaper means that to issue a transaction a node first has to approve two other transactions of the "tangle")
and
Quote
More speci fically, to issue a transaction, a node does the following:
First, it chooses two other transactions to approve (in general, these two transactions may coincide), according to some algorithm.
It checks if the two transactions are not conflicting and do not approve conflicting transactions.
For the transaction to be valid, the node must solve a cryptographic puzzle (which may be computationally demanding) similar to those in the Bitcoin mining (e.g., it needs to find a nonce such that the hash of that nonce together with some data from the approved transactions has a particular form, for instance, has at least some fixed number of zeros in front).
First, it chooses two other transactions to approve (in general, these two transactions may coincide), according to some algorithm.
It checks if the two transactions are not conflicting and do not approve conflicting transactions.
For the transaction to be valid, the node must solve a cryptographic puzzle (which may be computationally demanding) similar to those in the Bitcoin mining (e.g., it needs to find a nonce such that the hash of that nonce together with some data from the approved transactions has a particular form, for instance, has at least some fixed number of zeros in front).
So you say there are no transaction fees in IOTA, but to issue a transaction a node has to pick two other transactions to approve according to some algorithm, has to check if the two transactions are not conflicting according to another algorithm, if they are conflicting the node has to run an algorithm to decide which transaction to approve (this algorithm may take a lot of time to finish), and then the node has to solve a cryptographic puzzle (potentially computationally demanding again) to validate each transaction.
So great you don't have to send tokens to the network to issue a transaction but you have to do all that shit, how wouldn't you call that "fees"? It takes computing power, it takes time, it takes energy, those are fees which you have to pay for.
muh "no fees" muh "no blockchain" muh iota the savior of all humanity and beyond
OMG this is so funny... Please keep on talking. Show the world your brilliant ignorance.
Do you even know the difference between an IOTA Light Node and Full Node? Please do learn and then come back. Otherwise you just look ridiculous.
You do realize "all that shit" that needs to be done is a very very small amount compared to what needs to be done in blockchain based currencies, and yet blockchains STILL require fees? Not only that, but most of the processing that is done by blockchain miners doesn't even get rewarded, they call those orphan blocks. Do you know what orphan blocks are? They are a fucking disgrace to humanity and engineers around the world. They are a waste of time, money, resources, and provide nothing but heat and pollution to the world. Yeah, it also means blockchains are not scalable, and they are unsustainable. https://motherboard.vice.com/en_us/article/ae3p7e/bitcoin-is-unsustainable
The PoW on IOTA is trivial compared to the insanity that needs to be done by blockchain miners, and again you STILL have to pay extra fees with blockchains. Good one!
lol why so angry?
Where are light nodes and full nodes mentioned in the iota whitepaper? If you have other technical documentation about iota give it to me by all means
When you issue a transaction on a blockchain you don't have to spend nearly as much computing resources / energy as when you issue a transaction on iota, what you spend is a fee destined to those who spend those computing resources for you
As to the "triviality" of the "PoW" on iota, let's see it work in practice, cause what I've seen in the whitepaper makes me think this isn't going to be as trivial as you guys think it is