Blockchain thought leader Richard Heart sat with Swedish You Tuber, Ivan Liljeqvist to discuss about IOTA. Heart came crashing down on the open-source distributed ledger, stating that IOTA is “nothing”. It is only a “testnet” that “should be burned to the ground”.

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Why is Richard Heart so upset about IOTA?

The reason behind Heart being so deeply upset can be linked to his upsetting experience with IOTA, where he has lost his money. “I have literally seen my money appear and disappear with my own eyes.” A mere “testnet” as he calls it, Heart is of the opinion that it makes people lose millions of their dollars, which they never get back.

Why is it risky to invest in IOTA?

Heart is of the belief that this ledger that is aimed to power the Machine Economy through fee-less micro-transactions and data integrity, is poorly designed “to a degree that it is almost impossible to understand”. One’s wallet is the individual’s collection of his or her private keys to access funds. “Your wallet is your private key. So, does IOTA has a wallet? NO,” he stressed.

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“It is not a wallet. It does not store anything. It is a piece of node software,” the crypto investor said.

Insecure number generator will make individuals lose all the money if they invest in the same. It has a node interface, “where you somehow magically generate your own key. So, you generate your own key with your extremely weird perimeter that doesn’t make any sense and then that’s now not only the seed that generates your future private keys in public key pairs but also, it is how you enter your public key wallet,” the serial entrepreneur added.

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