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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

#91

Post by tankenmate »

dplgk wrote: post #82
sktrdie wrote: post #77

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,…

ICOs are a new breed of gambling.

I'll probably get down voted for this but nonetheless it needs to be said, partly tongue in cheek; ha ha, only serious.

Gambling is not a sin /

Provided that you always win.

-- Roald Dahl

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

#92

Post by sktrdie »

dplgk wrote: post #82
sktrdie wrote: post #77

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,…

ICOs are a new breed of gambling.

I'd argue that most of our current economy is gambling (stock markets).

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

#93

Post by icebraining »

chii wrote: post #56
jmknoll wrote: post #23

Earlier quoted context omitted.

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.

and yet, are those CEO's doing dev when they are being paid their large sums of money? They may have learnt something as a developer, but _doing_ development isn't their major money making activity.

jondubois said understand, not do.

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

#95

Post by notheguyouthink »

davrosthedalek wrote: post #53
tyingq wrote: post #49

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 ho…

This is why we can't have nice things. If you misuse the free tiers in this way, they will go away.

> This is why we can't have nice things. If you misuse the free tiers in this way, they will go away

Imo, we shouldn't have free tiers.

It's like "unlimited" internet. I don't want things to be non-sustainable, it's a myth. Give me scalable solutions. How about instead of free tiers, very cheap tiers with very limited resources to try the product out? etc etc.

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

#96

Post by bhouston »

tehlike wrote: post #74
wslh wrote: post #33

Earlier quoted context omitted.

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

Unless that is the primary reason to use Filecoin. You can not prove it is porn, but if Filecoin's primary use case is child porn, then if you have Filecoin, you are likely storing someone's child porn, and you are likely running Filecoin to access your own child porn that is stored on someone else's computer.

Remember that just running a Tor node makes the authorities suspicious about that person. There are few non-suspicious reasons for running Tor unfortunately from a government's perspective, you are either an activist fleeing some government censorship (sometimes, but I think that is rare) or doing something semi-illegal (much more often.)

There is a big risk that is where this is heading.

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

#97

Post by decentralised »

dplgk wrote: post #82
sktrdie wrote: post #77

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,…

ICOs are a new breed of gambling.

Throwing money at a business proposition is neither new nor gambling.

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

#98

Post by raverbashing »

jbob2000 wrote: post #75
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 u…

From a bit of inside info from the aggregator side (think app - but let's keep it generic), there are some fraudulent activity in the 'seller' side and the aggregators pay a lot of attention to it.

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

#99

Post by sharemywin »

onli wrote: post #78
sharemywin wrote: post #76

Earlier quoted context omitted.

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!).

so you have file storage and a currency. you need a dao to manage the index/search.

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

#100

Post by icebraining »

krrrh wrote: post #79
raverbashing wrote: post #62

Earlier quoted context omitted.

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.

Right, but the total USD value is much greater than the tax obligations of its citizens.
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