My co-founder decided he’d give you a thorough response, which I think you’re not even deserving of after your misrepresentation of facts, but here we go:
Your Medium profile says “Research Engineer in the cryptocurrency domain. I will give you the facts.” I claim that it should sound “Research Engineer in the cryptocurrency domain. I will give you the facts distorted by lies.” I’m going to prove that, just keep reading.
Your first claim was
A) Transactions in IOTA cannot be confirmed unless they are extended by the Coordinator. Thus, IOTA is not censorship-resistant, nor is it decentralized.
Let’s imagine that you issue a transaction and the Coordinator wants to censor it. There are also Alice, Bob and Charlie in the network. If they reference your transaction and the Coordinator confirms their transactions then your transaction will inevitably be confirmed too. If Coordinator stops confirming other’s transactions then everything will stop working and the concept of censorship couldn’t be longer applied. So we see that others can protect you against the hypothetical censorship. The part “nor is it decentralized” is addressed below.
B) If the Coordinator private key is leaked, anyone could spam the network with milestones and make the network unusable. You would have to get everyone to install new binaries. Thus, the usability of the network relies on a single point not being compromised. Systems that rely entirely on a single point to function are by definition not decentralized.
First of all I’d like to point to that big “If”. If Bitcoin miners stop including transactions into blocks (there are reasons to do that, just look at https://blockchain.info/block-height/471239) then Bitcoin network will become unusable. If Trump loses nuclear attack launch keys then all networks will become unusable. Should I continue my examples of very improbable events? I believe you’ve got the idea.
Regarding “You would have to get everyone to install new binaries”, what if IOTA core team released a version which doesn’t require to install new binaries (plenty of solutions for that, it could just use Bitcoin core wallet approach with secret key used to sign service messages propagating through the network), would this invalidate your argument?
Now let’s pay attention to your “Systems that rely entirely on a single point to function are by definition not decentralized”. Let’s check https://en.wikipedia.org/wiki/Decentralised_system:
The very first picture (https://en.wikipedia.org/wiki/File:Decentralization_diagram.svg) with B showing a decentralized system resembles current IOTA design with the Coordinator in the center. As it was shown above the Coordinator can’t censor your transaction if the others help you to avoid the censorship. Can you stop IOTA network by destroying the Coordinator? No. As I told you it’s backed by other nodes running in lockstep which will pick the role of Coordinator if the current one “dies”. No idea why you used “single point” if you had already known it was a lie.
C) If IOTA was already 100% decentralized, why would the Coordinator be a temporary solution?
I can’t get the logic behind this question. It looks like you wanted to write something else, but then changed few words without re-reading the whole phrase. The role of the Coordinator was explained in https://blog.iota.org/the-transparency-compendium-26aa5bb8e260 in ELI5 manner, you should expand your third claim for it to make sense.
There is also the risk of the Coordinator double-spending through a partitioning attack by issuing different milestones to different users. As the risk stands, no IOTA transaction can currently be assumed safe until a longer time has passed (~20 minutes). Currently, transactions show up as confirmed in full nodes after a matter of seconds when they are in fact not safe at all.
If you have started lying then I think I can post our private conversation without asking your permission:
Eric Wall [3:30 PM]
Between full nodes it says confirmed after 2 secs, but you’re saying the confirmations aren’t reliable until 20 mins?
Come-from-Beyond [3:30 PM]
I don’t say that
Let’s try again
I have no idea why you have dug such deep pit for your reputation, it only makes sense if it’s not you in that photo and it’s not your real name next to it and all your blog posts are just a part of FUD campaign against IOTA. At this point we are stopping and I’ll be waiting for you to prove your identity before continuing…