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Filecoin Suspends ICO After Raising $186M in One Hour

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

#71

Post by saiya-jin »

wyldfire wrote: post #55
raverbashing wrote: post #4

Earlier quoted context omitted.

And how many computing cycles and kWH are wasted on cryptocoins

I'll never understand why this keeps coming up. Energy consumption is not a waste if it has utility, and the bitcoin network has utility. I suppose you could make this argument for some worthless altcoins, but the difficulty for those is low enough that the amount of energy consumed is negligible.

you're funny. what special magical noble utility is there? payments for illegal weapons (used for... murders) and drugs? avoiding taxes and hence breaking a law?

maybe it was a noble idea in the beginning, but current cryptocurrency dump is beyond pathetic and all I see are $$ signs in the eyes of involved...

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

#72

Post by bhouston »

For most storage, one needs it to be local to compute or easy to put behind a CDN - e.i. in a datacenter or on a very fast network that is connected to the datacenters.

If not, you are cut out from the main commercial storage market.

What is left is:

- People who want to store stuff that is can not be legally stored on existing networks, such as illegal drug or porn stuff.

- People who need secure stuff stored in a distributed fashion.

- People who want to have a way of backing up their PC? But will this be faster and cheaper than using Backblaze-like solutions that buy storage in bulk and optimize for costs?

Is there enough redundancy to ensure that no data is ever lost?

Could someone actually attack the network to cause data loss?

What are the costs? - Inbound, new storage per GB. - Outbound, access per GB. - Deleting storage. - Static storage on a per GB/hour.

What is the performance of this?

Can Backblaze make more money being a provider to Filcoin or should Backblaze use Filecoin for it storage? Just like Bitcoin mining Filecoin should, if successful, be dominanted by people like Backblaze.

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

#73

Post by [deleted] »

pavlov wrote: post #34
pmlnr wrote: post #8

Earlier quoted context omitted.

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…

[deleted]

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

#74

Post by tehlike »

wslh wrote: post #33
moe wrote: post #21

Earlier quoted context omitted.

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.

if it's encrypted, i don't think anyone can prove it's porn, which probably makes you immune

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

#75

Post by jbob2000 »

moe wrote: post #19

This is probably a money laundry/tax evasion operation. I don't believe these "big name Silicon Valley investors" just flush such amounts of money down a toilet without a hidden agenda.

After watching Ozark, I'm actually convinced that software is amazing for money laundering, it's stupid easy to generate huge amounts of fake data.

"Look, our food delivery app delivered 10,000,000 meals and everyone paid by cash!"

"Wow, we rented 10,000 homes through our short term rental app this month and everyone paid by cash!"

"Hey, we have an ATM that lets you convert money into NameCoin, sooo many people are using it, look at all this cash!"

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

#76

Post by sharemywin »

AndrewKemendo wrote: post #58
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…

Based on your post I went and looked up that question/answer portion, and I think the back and forth is illuminating in it's lack of either communication or actual capability: TL;DR: It's a solution in search of a problem, like so much good, early technology. Dalton Caldwell [31:07] – What is the burning, and it’s okay if it’s not consumers, but what is the thing that, with Filecoin, that is gonna make, whether it’s…

Is it me or is the elephant in the room like "get paid to put pirated movies, games, music, software on the network"

Obviously, no one is going to admit it because then your network is tainted but every file sharing outfit ultimately ends up do pirated.

I've been mining lbry and it seems lot more ahead of these others. https://lbry.io/

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

#77

Post by sktrdie »

What's important to note about ICOs is not necessarily whether the idea is actually practical and that it will work.

What matters right now is whether the idea can stir our intellect and get the crowds excited.

This is because behind the idea there's a new token which value is completely driven by the excitement of the crowds (it's pure speculation).

If I invest N amount of money in a token which gets people excited, I will surely get back N + .

So it's sort of like a snake that bites its own tail, and we see these crazy prices specifically for this reason. People are not investing hoping for the project to be developed - they're investing because they know others will as well, which will drive the prices up.

ICOs are a new breed in economy where people can speculate, anonymously, using tokens that are distributed to the crowds in various ways (PoW, initial distribution, etc.). What does this mean for our future economy? I'm not sure, but it surely looks exciting (even though most projects behind ICOs are complete crap).

If our future economies will be driven by these tokens, we might think back at this period of time, looking at perhaps the people who will be the %1 of the future.

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

#78

Post by onli »

sharemywin wrote: post #76
AndrewKemendo wrote: post #58

Earlier quoted context omitted.

Based on your post I went and looked up that question/answer portion, and I think the back and forth is illuminating in it's lack of either communication or actual capability: TL;DR: It's a solution in search of a problem, like so much good, early technology. Dalton Caldwell [31:07] – What is the burning, and it’s okay if it’s not consumers, but what is the thing that, with Filecoin, that is gonna make, whether it’s…

Is it me or is the elephant in the room like "get paid to put pirated movies, games, music, software on the network" Obviously, no one is going to admit it because then your network is tainted but every file sharing outfit ultimately ends up do pirated. I've been mining lbry and it seems lot more ahead of these others. https://lbry.io/

You can't create a business out of pirated content (anymore). You can maybe create such a network, but not gain money or stay out of prison.

Filecoin to my knowledge has or will have no capabilities of sharing files. It's dumb end-to-end encrypted decentral storage (which is a good thing!).

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

#79

Post by krrrh »

raverbashing wrote: post #62
wyldfire wrote: post #55

Earlier quoted context omitted.

I'll never understand why this keeps coming up. Energy consumption is not a waste if it has utility, and the bitcoin network has utility. I suppose you could make this argument for some worthless altcoins, but the difficulty for those is low enough that the amount of energy consumed is negligible.

Bitcoin is as worthy as tulips, in terms of intrinsic value. (Of course the worth of paper currency is the same, still, the backing is stronger) What will happen when bitcoins are worth less than the cost to mine them is anyone's guess

Paper currency is backed by the presumed continued existence and effective taxing and police power of the issuing state. It might seem theoretical, but if you benefit from the existence of the state, generate value, and don't pay your share to the state in the currency that they demand it in, then your punishment is anything but.

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

#80

Post by beaconstudios »

onli wrote: post #60
AndrewKemendo wrote: post #58

Earlier quoted context omitted.

Based on your post I went and looked up that question/answer portion, and I think the back and forth is illuminating in it's lack of either communication or actual capability: TL;DR: It's a solution in search of a problem, like so much good, early technology. Dalton Caldwell [31:07] – What is the burning, and it’s okay if it’s not consumers, but what is the thing that, with Filecoin, that is gonna make, whether it’s…

That's a bit convoluted, but it isn't so bad, is it? Lots of unused storage, bitcoin showed you can use cryptocurrency to create a network of capabilities (there: hashing stuff, here: of storage), additional uses are possible when getting the mechanism right.

I don't see how a new blockchain is necessary in order to utilise unused storage space. Protocols like this work just fine without them, especially if having a centralised orchestrator (filecoin themselves) isn't an issue. Which in this case, I can't see why it would be.
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