All cryptocurrencies have hit a bit of a rough patch recently, and have taken a bit of a beating this year alone. Richard Heart has focused his annoyance at IOTA though in a recent podcast, warning potential investors of the problems that surround it.
He begins with the fundamentals of how cryptocurrencies are actually stored. You use virtual wallets to store your private key, which will give you access to the public keys that have the money. However, he has issues surrounding IOTA, as it has no wallet that stores the public keys, and you have to make your own private keys. You do this by generating your own twenty-seven-digit character seed. He puts it very frankly, by saying;
“…So if you have a wallet that doesn’t store any keys, it’s not a f*****g wallet, it’s just a node software.”
Once you have generated your own private key, it is then a bit difficult to try and view your balance, and Heart reports that many people are having to keep adding items in order to view their balance. Heart believes that having to manually input their security private key, it can lead to theft and fraudulent activity surrounding the money, which he obviously makes IOTA out to be a much more volatile cryptocurrency.
Heart highlights the fundamental problems that surround IOTA, from accessing your money, to moving it around to other accounts. Even completing transactions prove to be problematic and described the virtual currency as;
“A piece of s***.”
So, what do you think of the virtual currency? Does heart make it out to be too risky for you to even consider investing in, or will you be investing your money despite this? Only time will tell what will happen to this cryptocurrency.
As you can see from the YouTube comments on the podcast, Richard Heart seems to be a popular guy...
*Crypto Daily are writing about Mr.Heart’s Opinions, in no way shape of form are we agreeing with his statement. We invite constructive feedback on why he is wrong and would like to know if you agree. We also invite IOTA to bring counter argument if they are able to comment.Source: https://www.youtube.com/watch?v=lPbh2ltm1wI&feature=youtu.be&t=11m23s