Blue Star Capital Share Discussion Threads

[radison56] 17/10/2017 17:37

are you here to save us 3rd eye? from this dispicable business?

[3rd eye] 17/10/2017 17:36

Its fallen back today I notice anyway.

[hootza616] 17/10/2017 15:18

Are you reading the same thing as me?
The risk is that someone manages to take control of one third of the total network, in order to manipulate the ledger, or shut it down, etc.
This compares to Bitcoin Blockchain where someone would need to take over 51% to manipulate the ledger.
A higher risk on papaer I grant you but do you seriously think this is a real problem, or do you only watch James Bond and Mission Impossible movies?

[doodlebug4] 17/10/2017 15:16

Flittz‏ @Flittz_Informed 47m47 minutes ago

Micropayments & data gathered from #micropayments may just be what your news publication needs to stay profitable:


Now more than ever you need to integrate a fast, secure and convenient payment method that reduces the hassle and friction thus far associated with processing payments for content. By publishers implementing mobile micropayment functionality to their content offerings means that consumers have the ability to pay for content literally in the palm of their hands. It also means that they can make frictionless payments using the source of funds that they already have with their mobile services provider. There’s no need to enter cumbersome credit card details or billing addresses, and no redirections away from your website or app.

[tilly99] 17/10/2017 14:35

I'm not as bearish as you 3rd eye As out mkt cap is smallHowever you have called this spot onDoodle and SR who ramped this from 50 should be ashamed of themselves Ramping PI in at those levels is just madness

[3rd eye] 17/10/2017 14:15

Ohh indeed indeed and what about this issue with IOTA....issue involving loss of a third of the total network.!!!!!!!!!! gob smacked.

Big sell , just gone through.

[tilly99] 17/10/2017 13:35

I'm not taking down But what a dog!These should be trading at 40: (

[doodlebug4] 17/10/2017 11:15

Sthaler is also confident that Fingopay’s stance on security can reassure operators, as Binns added: “Security and employee safety is something all companies take seriously. As cybersecurity threats increase, businesses are looking for ways to further reinforce their premises and company security. Finger-vein technology offers the ability to do just that. The veins in our fingers are unique to us, are virtually impossible to replicate, and need a flow of blood to be read.”

“As the user’s information is encrypted and stored in the Cloud, this data remains secure, and gives the company confidence that they are only provided access, either to physical places or digital files, to people completely authorised to do so,” he added.

[hootza616] 17/10/2017 10:59

Really? Mind blowing?
A few minor problems that can be ironed out during development.
Ask yourself how Bitcoin will ever manage more than 2 transactions a second with the current blockchain?
Amazon processes over 300 transactions per second, so what exactly will Bitcoin ever be used for without a scaleable model like IOTA.

[patientcapital] 17/10/2017 09:13

I like the fact that the author of the Forbes piece stated that he plans to buy IOTA. Very positive despite a few early stage issues to be ironed out.

[doodlebug4] 17/10/2017 09:06

Conclusion

All in all this is a very slick implementation of a paywall and shows how seamless a paywall can feel when implemented using cutting edge technology. The partnership with IOTA is a clear winning move as the IOTA platform promises to enable a completely scalable payment processing backend which costs both the user and SatoshiPay nothing to use. A 10% flat fee on transactions was previously SatoshiPay’s method of generating profit and it remains to be seen whether this is an acceptable level and method or whether different methods will prevail. For now SatoshiPay is marking itself as a clear contender for the online micropayments market – an area we have written about before.

Ukcryptocurrency.com

[3rd eye] 17/10/2017 07:59

Tilly your thoughts on these negative findings on IOTA..........mind blowing imo.

[blingshimmy] 17/10/2017 00:02

Im fairly desperate to buy 40 million shares, can anyone help? The only condition is that they can’t be from a de-ramper ...

[tilly99] 16/10/2017 23:11

Simple If your so bullish buy 40m off me at 33Oh dear you're not THaT bullish mate

[3rd eye] 16/10/2017 22:55

FORBES News Article points out Potential PROBLEMS with IOTA

are there any flaws? When I asked Sønstebø directly, he indicated the main thing that still troubles him is the fact that the timestamps used are not as accurate as those in a blockchain. This is due to the fact that multiple nodes can simultaneously add content to the DAG and there isn't a strict ordering of transactions by time. Overall this is seen as a worthwhile tradeoff for the additional transaction volume.

three other issues.

First, there are no smart contracts.

Per Sønstebø as long as you can leverage the Tangle for micropayments and ensuring data integrity, the “smart contracts” can be made in a centralized environment. In fact, I agree with this approach. The main reason for a smart contract on a blockchain is so that the contract can be seen transparently by all the market participants and trusted because it is immutable. If the immutability is not required, say for an in-house application, then it would make sense to have the smart contracts function in a centralized system. It's also possible to envision a bridge between IOTA for IoT devices and one of the blockchains that provides both a cryptocurrency and smart contract functions.

Second, creating a new cryptographic function can be a big warning sign.

IOTA felt the need to create a new hash which they have named Curl. The motivation for doing this was the desire to use a quantum cryptanalysis resistant function, which is not a current standard. However, best practices suggests that no live applications handling important data should be relying on newly created cryptographic functions. Proper vetting typically takes years. Then an MIT study that described a possible weakness for the hash itself was published, which led to the IOTA team replacing most of the Curl function with an older, well tested hash.

LAST BUT NOT LEAST

And finally, the third issue involves loss of a third of the total network.

If 33% of the computers in IOTA fail the system becomes unusable. An adversary could join the network with a mass of systems and suddenly pull them once they comprised enough of the network. Bitcoin is subject to something similar in that a bad actor taking over 51% of all nodes can cause a work stoppage. The IOTA solution to this is the Coordinator.
Seeking to understand the Coordinator concept a bit better, I spoke with one of its most vocal critics, Eric Wall, Blockchain & Cryptocurrency expert at Cinnober Financial Technology.


In contrast to Bitcoin, IOTA does not have miners constantly securing the network. Instead, they rely on tiny mining efforts (Proof-of-Work) to be done on every transaction submitted by the users. The idea is that when the network gets sufficiently large, these transactions will generate enough work to secure the network. Until then the network is secured by The Coordinator, which is a central point of failure. If it is corrupted, the whole network can fail. I have described a double spend attack on it via IOTA's GitHub software repository.

IOTA relies on the notion that tiny IoT devices and their often sporadic transactions will be numerous to withstand a focused attacker. In our conversation, Wall discusses how this is an unrealistic premise, at least at the start, hence the need for The Coordinator. IoT devices have CPUs similar to turn of the century laptops and often run on battery which they want to last as long as possible. They are optimized specifically for their sensor roles, not participating in a distributed computing cloud.

BUT THERES MORE

Wall's prognosis is not positive in the long term either.

Withstanding an attacker with specialized hardware attacking the network at a constant speed is wishful thinking. In June, I made the prediction that IOTA will fail to disable the Coordinator in 2018. I am not convinced the Coordinator can ever be safely disabled, which means that IOTA may potentially stay centralized indefinitely.

As Wall describes, there are some significant issues that IOTA has yet to overcome, but there is flexibility, room for growth, and they certainly exhibited agility in their quick removal of the Curl function, once the hazards were understood. Will my company, Bitwage be leaving Bitcoin anytime soon? Probably not, but I installed the wallet Sønstebø recommended, plan to buy a bit of IOTA when the price of Bitcoin stops skyrocketing, and will be keeping a close eye on this system.


3rd eye16 Oct '17 - 21:27 - 3613 of 3615 0 2 Edit
WELL WELL.........Im totally shocked. Im so shocked I can hardly post.

Preposterous totally preposterous.

One wonders if those buyers today, if they were aware of these issues if they would have actually gone ahead and actually concluded the buy transaction.

And isnt this strange.......... the finder of the article on the pro board......

doodlebug416 Oct '17 - 17:04 - 1675 of 1684 0 0
I can only read the first two pages of this Forbes article - will try it on another browser.

===================================================================================

And the bad news the issues just happen to be on the last 2 pages of the 4 page article.!!!!!!!!!!!!

Of course it could just be a coincidence.

[simpletonremover] 16/10/2017 22:19

Intelligent synopsis, Hootza.

Don't expect a reasoned response though from the multi alias 3rd eye / Tilly99.

He lacks the cranial capacity and holds dearly to his historical grudge against Doodlebug, hence his vitriolic stalking attacks and his propensity for being parsimonious with the truth.

[doodlebug4] 16/10/2017 22:07

meinhard Retweeted
Forbes‏Verified account @Forbes 8h

What If You Could Have Bitcoin Without The Problems Of A Blockchain? IOTA May Be The Solution.

IOTA Retweeted
Forbes‏Verified account @Forbes 8h8 hours ago

What If You Could Have Bitcoin Without The Problems Of A Blockchain? IOTA May Be The Solution.

Tangleblog.com Retweeted
Oliver Bussmann‏ @obussmann 3h3 hours ago

'We are about to see massive disruptions': IMF chief on digital currency future

[hootza616] 16/10/2017 22:03

All well and good but do you think people would be paying $5000 for a Bitcoin if they knew it could only manage a couple of transactions per second?
What good is that for any real world application?
Will Amazon ever accept Bitcoin? At an average of 300+ Amazon transactions per second Bitcoin will never be considered useful here or in any retail commercial marketplace. So what exactly is Bitcoin for, other than a creation of assumed wealth which can be there one day and gone the next?
The thing about IOTA is that its a solution created to fix a well understood problem - transacting billions of small value items accross the web in real time, allowing the future IOT (everything you will use all day, everyday in future) to be commercialised accross the globe.
Bitcoin is a solution waiting for a problem, which it will be too slow and costly to solve when it finally finds it, if it ever does! (large scale money laundering and drug dealing aside of course!)

[3rd eye] 16/10/2017 21:27

WELL WELL.........Im totally shocked. Im so shocked I can hardly post.

Preposterous totally preposterous.

One wonders if those buyers today, if they were aware of these issues if they would have actually gone ahead and actually concluded the buy transaction.

And isnt this strange.......... the finder of the article on the pro board......

doodlebug416 Oct '17 - 17:04 - 1675 of 1684 0 0
I can only read the first two pages of this Forbes article - will try it on another browser.

===================================================================================

And the bad news the issues just happen to be on the last 2 pages of the 4 page article.!!!!!!!!!!!!

Of course it could just be a coincidence.

[3rd eye] 16/10/2017 21:13

FORBES News Article points out Potential PROBLEMS with IOTA

are there any flaws? When I asked Sønstebø directly, he indicated the main thing that still troubles him is the fact that the timestamps used are not as accurate as those in a blockchain. This is due to the fact that multiple nodes can simultaneously add content to the DAG and there isn't a strict ordering of transactions by time. Overall this is seen as a worthwhile tradeoff for the additional transaction volume.

three other issues.

First, there are no smart contracts.

Per Sønstebø as long as you can leverage the Tangle for micropayments and ensuring data integrity, the “smart contracts” can be made in a centralized environment. In fact, I agree with this approach. The main reason for a smart contract on a blockchain is so that the contract can be seen transparently by all the market participants and trusted because it is immutable. If the immutability is not required, say for an in-house application, then it would make sense to have the smart contracts function in a centralized system. It's also possible to envision a bridge between IOTA for IoT devices and one of the blockchains that provides both a cryptocurrency and smart contract functions.

Second, creating a new cryptographic function can be a big warning sign.

IOTA felt the need to create a new hash which they have named Curl. The motivation for doing this was the desire to use a quantum cryptanalysis resistant function, which is not a current standard. However, best practices suggests that no live applications handling important data should be relying on newly created cryptographic functions. Proper vetting typically takes years. Then an MIT study that described a possible weakness for the hash itself was published, which led to the IOTA team replacing most of the Curl function with an older, well tested hash.

LAST BUT NOT LEAST

And finally, the third issue involves loss of a third of the total network.

If 33% of the computers in IOTA fail the system becomes unusable. An adversary could join the network with a mass of systems and suddenly pull them once they comprised enough of the network. Bitcoin is subject to something similar in that a bad actor taking over 51% of all nodes can cause a work stoppage. The IOTA solution to this is the Coordinator.
Seeking to understand the Coordinator concept a bit better, I spoke with one of its most vocal critics, Eric Wall, Blockchain & Cryptocurrency expert at Cinnober Financial Technology.


In contrast to Bitcoin, IOTA does not have miners constantly securing the network. Instead, they rely on tiny mining efforts (Proof-of-Work) to be done on every transaction submitted by the users. The idea is that when the network gets sufficiently large, these transactions will generate enough work to secure the network. Until then the network is secured by The Coordinator, which is a central point of failure. If it is corrupted, the whole network can fail. I have described a double spend attack on it via IOTA's GitHub software repository.

IOTA relies on the notion that tiny IoT devices and their often sporadic transactions will be numerous to withstand a focused attacker. In our conversation, Wall discusses how this is an unrealistic premise, at least at the start, hence the need for The Coordinator. IoT devices have CPUs similar to turn of the century laptops and often run on battery which they want to last as long as possible. They are optimized specifically for their sensor roles, not participating in a distributed computing cloud.

BUT THERES MORE

Wall's prognosis is not positive in the long term either.

Withstanding an attacker with specialized hardware attacking the network at a constant speed is wishful thinking. In June, I made the prediction that IOTA will fail to disable the Coordinator in 2018. I am not convinced the Coordinator can ever be safely disabled, which means that IOTA may potentially stay centralized indefinitely.

As Wall describes, there are some significant issues that IOTA has yet to overcome, but there is flexibility, room for growth, and they certainly exhibited agility in their quick removal of the Curl function, once the hazards were understood. Will my company, Bitwage be leaving Bitcoin anytime soon? Probably not, but I installed the wallet Sønstebø recommended, plan to buy a bit of IOTA when the price of Bitcoin stops skyrocketing, and will be keeping a close eye on this system.

[hootza616] 16/10/2017 21:04

Would be nice to know how Bitcoin plan to get around the slow transaction rate and high cost. Currently it would not be able to sustain any realistic commercial application. This is a much bigger problem than those listed for IOTA in the article.
My view is that Bitcoin is a solution waiting for a problem to solve, any of which may turn out to be well outside it's ground breaking but now limited capabilities.
IOTA looks like a solution in development to solve a well defined real life problem, which is exactly the right way to develop techy things.
Begs the question I am being asked regularly.. "what is Bitcoin actually for".
The standard answer is a store of wealth, but I can say that about my Tesco Clubcard, and at least I can buy useful stuff I want with that!
What is IOTA actually for? For securely manageing the billions of tiny internet transactions that will be the commercial core of just about everything we use in future.
Now theres an answer!

[stoxx67] 16/10/2017 19:59

cyberbub

suppose there are concerns about Bitcoin too, but doesn't seem to have done them any harm.

i dont often go anywhere near penny shares... but could not resist a punt on this.