I decided not to invest after reading this: https://medium.com/token-economy/the-analysis-filecoin-doesn...
It still amazes me that people buy what everyone on Bitcoin Forums would have called a "premined shitcoin" just a few years ago...
Filecoin Suspends ICO After Raising $186M in One Hour
161–170 of 382 posts
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#162Earlier 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 feel like it is a lot less like Tulip mania and a lot more like the dotcom boom/crash. I say that in the sense that there is significant utility in some cryptocurrency concepts, but not all of them...however there is widespread overheating due to speculation. That is also to imply that some may emerge after a crash in the same way that Amazon, Google, eBay/Paypal, etc., emerged and thrived after the crash.
I do not deny the utility of crypocurrencies there will be winners out of this. But current breed of investors will trigger another bout of golbal meltdown.
Even Amazon lost its value during the crash so chances are that most investors sold out everything in panic. Only those who had nerves of iron actually came out alive.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#163I have a (not very well supported) prediction that Filecoin will be the first ICO company to incur the wrath of the Securities and Exchange Commission. Last month the SEC released a report [0] that said in many cases these ICO tokens can be classified as securities, and therefor going forward, could be subject to all the same laws and regulations. These are not laws you want to be breaking. This Filecoin ICO has been…
They've done their best to abide by SEC guidelines here - they've only sold to accredited investors by US standards and placed a lot of KYC/AML restrictions on it.
Now, I'm not sure if that'll be enough or if they'll be held responsible for the secondary markets which will surely pop up once it's released.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#164I 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…
I like what Juan had to say, it's good stuff and IPFS has the potential of being very disruptive. With Filecoin I think what happened in that conversation was that to Juan it wasn't a big deal, it's just one of the things possible in the IPFS paradigm. But since crypto currency is all the rage these days, and this being YC, he was being lead to talk about the money side of it, but I don't think he really gave it much…
I liked most of the podcast except for this specific part, I did think the interviewer had a point, he was asking if there's any exciting consumer use case.
I think as the inventor of IPFS he would have thought a lot about these things so he should at least have a few interesting consumer use case but he gave 0. I'm guessing because it's all illegal ideas. Instead he said it's more about B2b (or something like that) and about people making money from sharing their drive.
Just to be clear I still think IPFS is awesome. Just like how i think BitTorrent is awesome. They will have the same problem if the leader doesn't have a clear picture of how it can be used. Most successful platforms started out NOT as a platform but as a single application and then expanded. He's obviously not trying to build an application but an equivalent of the Internet itself, but then we have the problem of how are you going to make money and how are you going to get consumers excited? And this is something they do need to have an answer to.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#165Is this a joke? Regardless whether the concept has any merit, at this stage of idea/startup we would normally be talking about seed level funding round so small sums of money to get a small team and build a product.
Almost 200 million is obscene as a seed funding. If this isn't the proof this is tullip mania then I don't know what is.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#166Earlier quoted context omitted.
exactly my point. Market dynamics existed long before blockchains.
But maybe we both miss a thing here. Maybe this is less about file storage and market place, but more about having an alternative way to mine cryptocurrency, which has its own value as long as speculation is ongoing. Well, maybe that's a bit obvious given the hype around the IPO. That would mean filecoin is less about the use of decentral file storage, but more about giving people a different way to create something…
so it's yet another way for people to play pretend-stock-market but using a different model of wasting computational resources? That's about what I expect from cryptocoins at this point.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#167So if I am personally bearish on the entire "alt-money" movement, how do I turn this into a potential profitable bet? Any tips on where I go to "short" coins?
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#168Earlier quoted context omitted.
Holding $,€,£ etc. is gambling even if you don't realize it.
That's a rather ridiculous reductio ad absurdum. The euro/USD exchange rate has varied between roughly 1 and 1.6 over the past 10 years. That's including the 2008 crisis. Meanwhile over the last year alone the BTC/USD exchange rate varied between about 500 to 3400. My 10 euro bill is extremely unlikely to suddenly massively increase or lose in value. That's the difference.
> The euro/USD exchange rate has varied between roughly 1 and 1.6 over the past 10 years.
This low range variation is only possible because of government monetary intervention that doesn't exist on CryptoCurrency.
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#169I have a (not very well supported) prediction that Filecoin will be the first ICO company to incur the wrath of the Securities and Exchange Commission. Last month the SEC released a report [0] that said in many cases these ICO tokens can be classified as securities, and therefor going forward, could be subject to all the same laws and regulations. These are not laws you want to be breaking. This Filecoin ICO has been…
scrutiny surely, but since they only accepted accredited investors, and likely under 100 of those, probably would not run afoul of regulations. though as someone in the DC cognoscneti told me once, any Fed prosecutor can make a career by going after a high profile target - win, lose or draw
Re: Filecoin Suspends ICO After Raising $186M in One Hour
#170I have a (not very well supported) prediction that Filecoin will be the first ICO company to incur the wrath of the Securities and Exchange Commission. Last month the SEC released a report [0] that said in many cases these ICO tokens can be classified as securities, and therefor going forward, could be subject to all the same laws and regulations. These are not laws you want to be breaking. This Filecoin ICO has been…
Filecoin seems at the top end of the scale when it comes to following these regulations (from my laymans perspective), e.g. only selling to accredited investors. I guess attacking them would make it even clearer that all ICOs are a potential target, but there are going to be a lot of targets in clearer violation of the rules.