In an article released this week, a major bug was disclosed on the IOTA protocol. These individuals contacted the IOTA development team first, to give them a chance to patch the bug before releasing this article describing the bug. In this article, they share other flaws in the IOTA design.
Source: https://medium.com/@neha/cryptographic-vulnerabilities-in-iota-9a6a9ddc4367
I was negative on IOTA when it was 40 cents in June 2017. After it pulled back, I secretly became more positive on it. It is just a fact that if something declines a great deal but we are in a bull market, there is no reason not to see it go higher. IOTA went higher, but it is something I have not covered in large part. I prefer other systems.
In my original video on IOTA, I was concerned about security issues with the protocol. This was not anything remarkable on my part, just normal inductive reasoning. We have a completely new method and code base for organizing a protocol, meaning that this could create whole new realms of security breaches never before dealt with. While it is true that IOTA had been live for almost a year, IOTA never before had any serious economic value assigned to it. In June, when economic value began being attributed to IOTA, it created a clear risk because hackers might get interested when before they would not have been.
It turns out the white hats got there first and this bug was patched. However, this article shares other concerns with the code base that are still in effect. One such concern is that the code was not written in binary which is an interesting decision. I would consider this to be that the IOTA team is playing loosey-goosey with their protocol.
Yet the fault here is not with the IOTA team, but rather with investors who bid up a flawed code base into 2 billion market cap within a short period of time. More market value was assigned to the project than perhaps the IOTA team was able to deal with or deserve considering the code they had released.
I am of the viewpoint that IOTA may still go higher along with the rest of cryptocurrency. We have to consider, though, that there might still be a latent bug that could bring down their network since their technology is so new relative to Bitcoin which has been gone through extensively.