Their Filecoin Token Sale Economics says that 10% of all tokens is allocated to investors. Not sure how much they sold, but even if it's almost all out, does it make it a $1.8bn capitalisation?
Filecoin Suspends ICO After Raising $186M in One Hour
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Re: Filecoin Suspends ICO After Raising $186M in One Hour
#32I decided not to invest after reading this:
https://medium.com/token-economy/the-analysis-filecoin-doesn...
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#33I don't get it. Competing with Amazon S3 seems like a very unpromising business idea, blockchain or not.
There is indeed only a single legitimate use-case: Censorship resilient storage. For everything else the available Cloud storage options are cheaper, faster, easier and more reliable.
Would you accept filecoin to use your resources to host children pornography? I also think you will receive a visit from the police if you do that.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#34Earlier quoted context omitted.
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.
The whole thing reminds me of one Arthur C. Clarke short story, probably from the 1950s, where a group of Tibetan monks has purchased a computer to generate "all the one billion possible names of God". Before the computer, the monks had been doing the work by hand for centuries.
An American computer engineer is sent to install the machine. He chuckles at the monks' superstition: they claim that generating the billion gibberish strings is a task from God and the fundamental purpose of the universe.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#35After glancing over the whitepaper, I get the motivation, but I just don't see how this scheme is viable, financially.
Participants with little storage to give, have little to earn, but must remain connected to the network. Why bother with that?
Participants with large amounts (petabytes) of storage to give are competing with Amazon S3, Google Cloud Storage, etc. At this scale, it's hard to imagine competing financially with these and other giants. (Furthermore, if you have petabytes of storage idling around, you might have a business problem anyway.)
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#36What is the difference compared to storj?
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#37[deleted]
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#38Earlier quoted context omitted.
> in this case, developers. 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.
At the same time though, 3 of the 5 largest companies in the US have CEOs with a background in software development/computer science. 5 years ago, 0 of 10 did. There's definitely a trend toward developers having more power.
That trend started further back than the last couple of years, as billg can confirm.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#39I don't understand why they would do the coin offering now. The network is inoperable and won't be for quite a while. The main advantage to me seems to be a more of a community-driven storage approach. S3 is really cheap and really reliable and really old. A distributed file store would be cool, but as a community/free network like P2P. The $200M seems really high for a community project.
They do the offering now because they have a bit of a name and the world is currently filled with suckers who think that getting in on an ICO is a worthwhile speculation. The greater fool theory at work.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#40Earlier quoted context omitted.
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.
Filecoin at least isn't based in competition who can do "useless" computation the fastest, but computation only happens to verify data is actually being stored by those claiming they do so.