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Filecoin Suspends ICO After Raising $186M in One Hour

financemagnates.com

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Re: Filecoin Suspends ICO After Raising $186M in One Hour

#41

Post by fccc »

joeblau wrote: post #12

I listened to this YC podcast[1] twice with Juan Benet. Listening to Juan talk about a lot of historical information and the correlations he drew was fascinating. When he tried to explain the need for Filecoin to Dalton, I just didn't hear it. Dalton kept asking him over and over what the point was and he kept giving non-answers (at least in my opinion which doesn't mean much to be honest). I understand the goal of t…

> When he tried to explain the need for Filecoin to Dalton, I just didn't hear it. Dalton kept asking him over and over what the point was and he kept giving non-answers

His favorite response was "...and a whole bunch of other things".

On a more serious note, it's very early days for the filecoin and related group of projects that they intend to fund, so the answer to Dalton's question is : "we don't have the answers yet. There are a whole bunch of theoretical use cases and the most promising seems to be decentralized storage. The reason we are raising money through this ICO is simple : people are ready to invest dumb money and we are more than happy to take it. We have legitimacy because we are backed by the most well known VCs who are eager to 10X their money within 3 years and we have a whole bunch of protocol design/specs."

It's kind of self fulfilling : promise a grand vision, take hundreds of millions and hopefully deliver any working product sometime in the future.

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#42

Post by rcarrigan87 »

prepend wrote: post #27

I 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.

Timing. Do it before the bad PR and bubble talk leave no more "greater fools" and makes it harder to pull off an ICO.

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#43

Post by sametmax »

prepend wrote: post #27

I 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.

To make money, even if it doesn't work.

And to drive attention.

And to engage people in a way they will have to defend their investment later.

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#45

Post by FozzworthSE »

Half the money these ICOs are raising is going to end up being paid to the SEC in fines. Maybe not Filecoin because they have at least made an attempt to pretend to comply with the rules - although Christ knows what will happen when Filecoins start trading on exchanges! But there are a LOT of companies out there who are going to be totally screwed.

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#46

Post by teekert »

chii wrote: post #17
jondubois wrote: post #10

Earlier quoted context omitted.

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…

> 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.

Well you'd be a fool not to do or negotiate some mining upfront.

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#47

Post by teekert »

pmlnr wrote: post #18
arethuza wrote: post #11

Earlier quoted context omitted.

Well I propose "RobinHoodCoin" with an innovative "proof of no stake" approach!

"RobinHoodCoin" - whatever is mined will get evenly distributed, incl. genesis.

RobinHoodCoin will constantly leak money form large to small wallets

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#48

Post by stephengillie »

prepend wrote: post #27

I 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.

> A distributed file store would be cool, but as a community/free network like P2P.

Something like IPFS? https://ipfs.io

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#49

Post by tyingq »

Not completely thought out, but I believe parasitic storage might be a better approach to scaling out a censorship resistant distributed object store. Some kind of cryptocurrency could help fuel it as well.

A parasitic storage approach would leverage existing "free" tiers of services like google drive, onedrive, dropbox, yandex.disk, etc. One of the hard parts of scaling that would be creating the fake accounts to hold the data, so a cryptocurrency+contract could fuel the reward needed for people to create these by hand. You use the reward to buy storage space, so there's some incentive for the people creating them.

I'm less clear on how you would combat the various providers finding the fake accounts and deleting them along with the data. Would clearly need duplicate storage of objects to work around that, and some central reference table to map keys to the various copies, and provide the high level "api" for creating buckets, etc.

Re: Filecoin Suspends ICO After Raising $186M in One Hour

#50

Post by yclopediaen »

gaetanrickter wrote: post #44

These could go big too... "3 ICOs Set To Out-Perform Long Term Benchmarks In The Cryptocurrency Markets" https://medium.com/@alexanderwestin/3-icos-set-to-out-perfor...

I actually think we'll see our first billion dollar ICO here soon.
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