Someone tried to shill me IOTA, can I get a TLDR? I'd really like to counter but I don't know shit about it.

@duckartes TL;DR it was created by serial scammers (see Jinn coin's fake profit-sharing agreement), it uses a hash function that was found to not be collision resistant, it uses a centralized coordinator to maintain consensus (their consensus mechanism doesn't actually work), they lied about a partnership with Microsoft (their "partnership" was just them running some software on Azure)

@duckartes I think I would just laugh at his face and tell him to go fuck himself if he insists

@duckartes iota is the. Worst scam in crypto. The team is totally incompetent.

@duckartes it is a DAG that solves the double-spend problem by introducing a centralized coordinator, basically a network admin that reigns supreme.

There are plenty of other objectionable points, but that alone kinda seals the deal: if you institute an admin to settle double-spends, you've already lost most of the important attributes that make a cryptocurrency interesting in the first place.

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