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Filecoin Suspends ICO After Raising $186M in One Hour

financemagnates.com

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

#211

Post by shykes »

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,…

Maybe I'm the exception, but I invested in filecoin because I'm excited about IPFS and believe coin-incentivized storage would be a very powerful feature and something I would love to spend my week-ends hacking on. I'm also an early investor in the company behind IPFS for the same reason.

I haven't invested in any other crypto-currencies, and don't have any plans to do so.

Just one datapoint.

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

#212

Post by tome »

icebraining wrote: post #100
krrrh wrote: post #79

Earlier quoted context omitted.

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.

Are you sure? The quickest sources I could find claim it's the other way by a significant margin.

> There was approximately $1.56 trillion in circulation as of July 12, 2017, of which $1.52 trillion was in Federal Reserve notes.

https://www.federalreserve.gov/faqs/currency_12773.htm

> In FY 2017, total US government revenue, federal, state, and local, is “guesstimated” to be $6.56 trillion

http://www.usgovernmentrevenue.com/total

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

#213

Post by fpgaminer »

$186M ... that's crazy.

And here I've been sitting wondering if anyone would bother investing in my idea for a Bitcoin mining co-op. I want to create a U.S. based mining farm that allows anyone to buy-in and have access to a portion of the hashrate. The idea being that, today, the average Bitcoin user has no way to reasonably voice their opinion through the hashrate because they can't compete with the efficiency of the big miners. We fix that by being a big miner; build our own ASIC, hardware, everything, and sell that back to average users at market rate. Level the playing field.

But the level of investment needed is in the tens of millions (custom ASIC, custom hardware, custom datacenters, etc). It's not an incredible amount, and I'm not worried about the technicals (I previously co-founded a company making FPGA miners and my previous company was a hardware startup), but it's enough to give me pause and sit on the idea for now. But if Filecoin got $186M through an ICO ...

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

#214

Post by pfarrell »

mbesto wrote: post #205
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…

> It's a solution in search of a problem, like so much good, early technology. Care to elaborate and share examples of other "good, earl technology"? Typically when I hear "solution in search of a problem", I start thinking "this is going nowhere".

Google Wave comes to mind. Great tech, but marketed to the wrong group (developers) and didn't solve any problems I had at the time.

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

#215

Post by aw3c2 »

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/

The https://lbry.io/faq/what-is-lbry is just as empty buzzword bingo as the Filecoin docs.

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

#216

Post by loceng »

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…

There's so much unused storage because it's so cheap and people have the money to buy it and not use it. If you add another profit layer of people looking to make money, that simply increases costs.

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

#217

Post by eutropia »

elmar wrote: post #168
simias wrote: post #122

Earlier quoted context omitted.

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.

Or the spectacular (billions and billions) amount of real world objects and services traded for those dollars and euros at the margin, every single day, continually acting as feedback for their value.

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

#219

Post by ojr »

loceng wrote: post #207
igorgue wrote: post #178

Earlier quoted context omitted.

You get liquidity the next day instead of in 5 or 10 than with regular startups, I don't see a problem with that, investors are here to make money right? Is not like it doesn't happen with the regular VC cash money right? E.g. Color? Or with regular stock market. e.g. Enron. Clueless investors are always gonna be there.

How can you make the claim that that $186M is liquid? Last time someone dumped a large amount - $1-2M worth of Etheruem's Ether? - it tanked.

it was a flash crash as in it ended in a flash/quickly and the price rebounded, central banks becoming insolvent and not being liquid and needing bailouts are the reason there is high speculation in crypto tokens in the first place, the trust is shifted from the bankers to the developers

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

#220

Post by gritzko »

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…

Well, at least a storage-backed crypto currency can offer some intrinsic value. That's much less stupid than burning electricity purposelessly.

On the technical side, I find it doable. Unless they actually try to implement it "on the blockchain". Given blockchain transaction rates, by the time you'll download your porn, you will not need it anymore.

Of course we can ask, how big is the market for cold storage? On the other hand, how big is the market for gold?

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