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?
You've misunderstood read here:
https://www.reddit.com/r/Iota/comments/7h90h1/how_to_create_permanent_receive_address/I'll heighlight a good response:
[]SleepingFox88redditor for < 1 month 8 points 8 hours ago
An address can receive IOTA forever, however when you send IOTA from an address, you give out part of that addresses private key, making it cryptographically insecure. Hackers already run programs, scanning the tangle for compromised addresses that still have value in them. If they find one it doesn't take long to figure out what the private key (only used for that address, not your seed.) Is and they may steal your money stored in that address.
Because of this it is simply best practice to generate a new address every time you want to receive funds, so as to leave out the worry that you ever sent money from that address before.
Also the problem with this is if you just posted a donation address everywhere, as soon as you decided to send those funds anywhere, the donation address would be compromised, and people donating to you wouldn't have a way to know if the address they were donating to was conpromised or not. Thus my reccomendation is to use the method I stated above.
Also with UCL wallet around the corner, the above mentioned will be automated in the background.
https://medium.com/iota-ucl/iota-wallet-refresh-onboarding-2f5ccd5e467abtw iota has a stack exchange which is now in beta, have a look here you'll get a lot of your answers:
Iota.stackexchange.comThanks that helps alot. I successfully generated a receive address now and I'm trying to see if the faucet will accept it. The faucet keeps saying that the address is not attached and confirmed by tangle. Guess it takes a while to get confirmed