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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

#101

Post by soneca »

kdelok wrote: post #51
drieddust wrote: post #22

Earlier quoted context omitted.

Crypto currency are the new tulip bulbs[1]. Only some are going to make money. Current buyers are relying on greater fools to take these off their hands. A crash is eminent so hold tight and wait for it. You will have plenty of opportunity. History will repeat itself as new fools arrive on the scene[2]. [1] https://en.wikipedia.org/wiki/Tulip_mania [2] https://en.wikipedia.org/wiki/List_of_stock_market_crashes_a...

I'm actually worried that one of the main things in favour of cryptocurrencies is that they can act as an effective currency for illegal activities, i.e. they'll stay profitable for as long as regulations struggle to keep up with them.

I believe that cryptocurrencies only reached a critical mass to be relevant att all because of the value it delivers to criminals.

All that is ever discussed about cryptocurrencies at HN is marginal in comparison.

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

#102

Post by koolba »

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.

One distinction is that legalized gambling is highly regulated. ICOs, not so much.

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

#103

Post by KillerWhale »

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.

Holding $,€,£ etc. is gambling even if you don't realize it.

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

#104

Post by jtmarmon »

beaconstudios wrote: post #80
onli wrote: post #60

Earlier quoted context omitted.

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.

I think the idea is the blockchain part allows people to be compensated at a price determined by the market for opening up their storage

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

#105

Post by tankenmate »

tankenmate wrote: post #91
dplgk wrote: post #82

Earlier quoted context omitted.

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

For those who abhor levity and reading between the lines the lesson is this;

Risk is a spectrum; p < 1 is gambling for small n. So where does sure thing become risky become gambling become plain stupid? And one thing society as a whole will agree on is that p = 1 is not morally wrong. Therefore, "Gambling is not a sin / Provided that you always win" is true regardless of your sense of humour. The grey areas are less well defined, just like people's sense of humour.

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

#106

Post by bko »

koolba wrote: post #102
dplgk wrote: post #82

Earlier quoted context omitted.

ICOs are a new breed of gambling.

One distinction is that legalized gambling is highly regulated. ICOs, not so much.

Are the gambling regulations actually there to protect consumers? The largest form of gambling in the us is probably lottery, which is exclusively controlled by state and local governments. The regulations don't prevent extremely poor odds (much worse than private gambling) and marketing targeted to low income Americans. At least ICOs require some sophistication

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

#108

Post by onli »

sharemywin wrote: post #99
onli wrote: post #78

Earlier quoted context omitted.

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.

dao=data access object?

You can't implement indexing and search over end to end encrypted data file chunks. You would have to work with the hash of complete files and a localizer, and you want that in the initial design.

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

#109

Post by onli »

jtmarmon wrote: post #104
beaconstudios wrote: post #80

Earlier quoted context omitted.

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.

I think the idea is the blockchain part allows people to be compensated at a price determined by the market for opening up their storage

Only that you do not need a blockchain for that. All you need is a market place, and that works perfectly fine without a blockchain. It's a needless complication imho.

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

#110

Post by beaconstudios »

onli wrote: post #109
jtmarmon wrote: post #104

Earlier quoted context omitted.

I think the idea is the blockchain part allows people to be compensated at a price determined by the market for opening up their storage

Only that you do not need a blockchain for that. All you need is a market place, and that works perfectly fine without a blockchain. It's a needless complication imho.

exactly my point. Market dynamics existed long before blockchains.
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