Filecoin Suspends ICO After Raising $186M in One Hour

Post by rmorey » Fri, Aug 11, 2017, 2:53 PM UTC

kbody wrote: post #111

gtrubetskoy wrote: post #87

Earlier quoted context omitted.

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…

Filecoin is a completely different beast than IPFS. Based on the Filecoin whitepaper, it requires the creation of 2 new proof mechanisms "Proof-of-Replication" and "Proof-of-Spacetime" which are not well-defined at all on the whitepaper. It's like saying you achieved Byzantine fault tolerance but not say how, which is a big deal. That's one of the core challenges. It seems to me that their team has underestimated tho…

Post by dpark » Fri, Aug 11, 2017, 2:54 PM UTC

HashThis wrote: post #142

This is pointing out something profound. Investing is powerful when you can have liquidity right away. AN ASIDE: The valuation in the ICOs too high. But the following profound point still holds true... Imaging if an angel investor can invest in a company early, like Dropbox. Then when it grows some, he could sell 10% of his shares on a highly public and liquid market (like Ethereum coin exchange). He then invests tha…

Post by sharemywin » Fri, Aug 11, 2017, 2:57 PM UTC

onli wrote: post #108

sharemywin wrote: post #99

Earlier quoted context omitted.

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.

Post by Taek » Fri, Aug 11, 2017, 3:00 PM UTC

saimiam wrote: post #187

Taek wrote: post #171

Earlier quoted context omitted.

In 2001 if you said that the Internet was going to be worth $1 trillion dollars, you were correct. But 99% of investments on internet companies in 2001 were bad investments. That's where we are today with ICOs. Cryptocurrency is going to be absolutely massive, and it has some very intelligent people doing amazing things. But the vast majority of ICOs are going to flop. Look at the rankings in 2013: http://web.archive…

If this is true, then VCs spreading their money across any and every ICO makes strategic business sense and should be applauded instead of being pilloried for being scam artists trying to fleece regular folks into buying coins.

Post by saimiam » Fri, Aug 11, 2017, 3:05 PM UTC

api wrote: post #196

saimiam wrote: post #155

Earlier quoted context omitted.

I know very little about ICOs other than what I have read on HN and HN comments so take what I'm saying with a pinch of salt. My understanding is that an ICO is like an IPO minus a century+ of regulation and oversight by the authorities and instead of a share of future earnings, you get a share of a closed economy. The oversight and rules governing stock offerings is fantastic no doubt but when you describe a Coin as…

> you get a share of a closed economy. Who wants that? There are use cases where this is needed/desirable, but for the most part this is a bug and not a feature. I don't want to convert my general purpose currency into SomethingCoin to purchase Something. I want to purchase Something with general purpose currency.