Experimenting with IOTA. A couple things I noticed that are weird:
1) You have to create your own seed manually, no tool include. Why?
2) The attach to tangle to create a receive address has been spinning for 1hr. It still hasn't completed. Is the network completely broken?
3) The developers have been working on this for a year but the network can't scale to take on a few couple 1k users??
In short - I really question if this technology actually works. If someone can prove me wrong I'm all ears.
Please also note if you use the same address twice to received funds, hackers can exploit the tangle and redirect your money into their wallet of choice. Also, yes the wallet allows you to use the same address as many times as you like, to make it more fun, now and then they do this thing called a snapshot, which resets your addresses back to No.1 so users not in the "know" are at extreme risk of losing their funds.
Please always read their instructions and keep in the loop of updates with this initiative.
I love the concept of iota, however until these issues are resolved I feel your money and investment is at high risk either from hackers or the sudden sell off once investors realise the tangle may never work. Although I hope it will succeed.
Oh wow... this is crazy. So I have no funds yet but was thinking to use a mining faucet to play with it. Are you saying if the faucet sends funds to me more than once then hackers can redirect money from my wallet? is this the full wallet or just the transactions after the first one?