Post
Topic
Board Announcements (Altcoins)
Re: IOTA
by
revelacaogr
on 02/12/2017, 11:16:23 UTC
This post needs more attention and is a reason IOTA could be a ticking time bomb
by Metasophocles

/u/guselbindel lost $30k because he reused an address, but his post is being downvoted, so it can't see the light of day:
https://www.reddit.com/r/CryptoCurrency/comments/7gwl38/hello_guys_i_have_lost_30k_in_iota_and_i_would/
One of the responses:
You (accidentially) reused that XTU-address. Between the sending of the 39GI to Bitfinex and the receiving of the 23 GI from Bitfinex, there have been two snapshots. When entering your seed after that snapshots again, your balance showed zero, as it was supposed to. All history, addresses and transactions have been deleted. You then generated an address to receive the 23GI from Bitfinex. But this address was already generated (and used !) for the 39GI months ago. You shouldn't use an address for receiving, if you already sent from it.
Reusing receiving addresses is pretty standard in the rest of cryptocurrency, if doing so can cause you to lose your IOTA, the official wallet shouldn't allow it
People wondered why the mods tried auto-warnings for IOTA posts, but when posts like this are buried there is a clear brigading/manipulation problem. I'm not saying don't buy IOTA as a hedge against blockchain investments, but be careful with your funds and know there are serious issues with the tech right now.
Edit: note that top voted comment suggests this isn't an issue at all LOL, nice job IOTA community.

https://www.reddit.com/r/CryptoCurrency/comments/7gxdx8/this_post_needs_more_attention_and_is_a_reason/