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If it makes you feel any better, I suspect that a lot of these schemes are going to make a lot of rich people that bit less rich...
And a few rich people a bit more rich. All depends which side of the coin you're on (pun intended).
[1] - https://blog.ycombinator.com/ipfs-coinlist-and-the-filecoin-...
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And how many computing cycles and kWH are wasted on cryptocoins
To be honest, this is my reason for not jumping mindlessly on the cryptocurrency bandwagon: it's wasting so much resources and power, especially when you take a look at videos of mining farms.
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To be honest, this is my reason for not jumping mindlessly on the cryptocurrency bandwagon: it's wasting so much resources and power, especially when you take a look at videos of mining farms.
I'm not really in this world, but you'd save more power by recycling aluminium cans (%5+ of US power consumption) than by killing off cryptocurrency mining.
On the other side the crypto mining is not only the power consumption: it's all the hardware and it's production as well. The ASIC antminers can't be used for anything else, hard to recycle as well and they constantly need to get bigger and faster. For Ethereum, people are buying shitloads of high end GPUs.
I also don't like the idea of storing insane amount of data, hoping to find correlations to make more money, but this is also nothing I can do anything about.
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And making the rich richer. No way to invest unless you have money or you are in the inner circle. Code has also not been released. So much for open source.
Yep, only accredited investors could buy Filecoin at the ICO. The rest of us can still buy Siacoin which is similar. I don't think these VC-backed cryptocurrencies will win in the long term. It's the same principle as with stocks, cryptocurrencies are going to work in favour those who understand them the most; in this case, developers. The mission of cryptocurrencies is to take control away from finance people. Hobby…
i dont think developers are the ones who will profit - after all, developers are the ones who wrote the code for a lot of financial institutions, and none of them gain much more than just a salary.
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And a few rich people a bit more rich. All depends which side of the coin you're on (pun intended).
Well I propose "RobinHoodCoin" with an innovative "proof of no stake" approach!
I don't believe these "big name Silicon Valley investors" just flush such amounts of money down a toilet without a hidden agenda.
I don't get it. Competing with Amazon S3 seems like a very unpromising business idea, blockchain or not.
Long rant: https://davidgerard.co.uk/blockchain/icos-magic-beans-and-bu...