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Tone Vays versus IOTA
Tone Vays versus IOTA
Blockchain

Tone Vays versus IOTA

By Marco Cavicchioli - 14 Feb 2020

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The famous crypto influencer Tone Vays today literally mocked IOTA by accusing them of not being decentralized. 

It all started from an IOTA tweet, in which they warn they are collaborating with law enforcement and computer security experts to investigate an attack that involved theft of funds, and from Vays’ meeting with Jimmy Song during which they talked about decentralization accusing Ethereum of being a centralized database. 

Sharing IOTA’s tweet Tone Vays writes

On the Bitcoin Brief this morning,

@jimmysong & I talked about two centralized databases: @blockstack & #Ethereum.

In case you thought we were joking, below is an example of things that can’t happen in a decentralized protocol“. 

Therefore, the accusation that Vays makes against IOTA is that it is not a decentralized distributed registry, so that it is possible that a hacker attacks it and steals funds. 

The famous trader and analyst, in fact, points out that this kind of attacks cannot be executed on truly decentralized blockchain like Bitcoin’s, obviously infuriating both IOTA and Ethereum supporters. 

In particular, with regard to the attack suffered by IOTA, the official communiqué states that it would have been the theft of 10 seeds of the Trinity wallet, so much so that it is explicitly requested to keep this new wallet closed, and not to use it until further notice. 

The causes of the problem or the breach that allowed the hackers to take possession of the seeds have not yet been clarified, but the main suspect for now would seem to be an exploit of an outdated version of Trinity.

In yesterday’s Bitcoin Brief, Vays and Song talked about how a centralized system has less security than a decentralized one, citing also Tron and NEO, in addition to Ethereum. 

Specifically, citing some projects born with an ICO, they argue that the creators can change the rules at any time, for example by creating new tokens or unlocking those already issued. 

In this video they never mentioned IOTA, so Vays has taken the opportunity offered by the tweet in which the attack was announced to reiterate the concept expressed just before, that Bitcoin is a decentralized register, while many others would not be. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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