Hacker News Reader

Citation for your claim? The story I've read is that the IOTA Foundation will hold your funds so you can reclaim them.

The system is clearly not decentralized, if one organization can hold your funds for "misbehavior".

The idea that they'd let you reclaim your funds is also ridiculous. Your private key was compromised, they have no way to identify you.

This is radically inaccurate. If you send from an address, trash that address and never use it again. You can receive to an address as many times as you want but once you send from it you gotta move to a new address. The desktop wallet does this automatically so no need to worry about doing it yourself.

"All tokens which will ever exist were created on day one and pre-distributed to people who signed onto the project very early." It sounds to me like they are pretty up front about their intention to take all of your money. That is how they started. Same for Bitcoin, only Bitcoin hides it behind a schedule of mining fees so it is more Ponzi scheme while this is more television priest.