Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Filecoin Suspends ICO After Raising $186M in One Hour

financemagnates.com

Post reply on HN
Print view View original

221–230 of 382 posts

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

#221

Post by fragsworth »

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…

One advantage I see is that you can automate/script/code the whole process, from top to bottom, including the means of payment, without needing individuals to sign up with credit cards or bank accounts, and without needing to trust third parties.

If costs and functionality are equivalent to our current solutions (like S3), then the cryptocurrency ecosystem is certainly better, but how much better is it? That is arguable and I would expect the developers to be inflating its value quite a bit.

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

#222

Post by tome »

tome wrote: post #203
drieddust wrote: post #149

Earlier quoted context omitted.

>An extremely small fraction of the inflated value of these coins is actually part of - interacting with - the global economy. Most of it is not and will never be liquid. I am not sure how you arrived at this conclusion? As more money will move into these currencies, won't it create an impact when eventual crash arrives. > The dotcom bubble implosion wiped out trillions in moderately liquid value (the US stock market…

Money doesn't "move into these currencies". Someone has USD, someone has BTC. They swap. That's it.

Or maybe you mean that too much productive capital is being wasted mining these coins? If so, maybe you're right. I'm not sure that has much to do with a crash that would affect the global economy though.

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

#223

Post by [deleted] »

rmorey wrote: post #191
kbody wrote: post #111

Earlier quoted context omitted.

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…

Here's a more in-depth look at Proof of Replication: https://filecoin.io/proof-of-replication.pdf

[deleted]

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

#224

Post by kenning »

fpgaminer wrote: post #213

$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 t…

Yeah but your idea is not a get rich quick, pump and dump scheme.

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

#225

Post by AndrewKemendo »

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".

Pretty much any technology you use now was a solution in need of a problem. PDAs and Touchscreen tablets are the most fitting examples.

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

#226

Post by dajohnson89 »

fpgaminer wrote: post #213

$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 t…

Isn't it already possible to own shares of a mining pool?

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

#227

Post by cableshaft »

memossy wrote: post #159

A lot of money for what's basically Pied Piper without middle-out. Seriously though these coins won't be worth much given a competitor could either a) dominate mining or b) fork it.

Yeah, these guys don't even have a cool name like EndFrame.

I'm actually more confident in Sia than Filecoin, despite them flying much more under the radar. Sia devs are more transparent (you can reach the lead dev here or on reddit pretty easily), have software that's in early stages but works, they've been regularly putting out new releases with new features, bug fixes, and polish.

But Filecoin does have the funding, so they might be able to sweep the rug out from under Sia just by paying serious money to close the gap. I'm hoping Sia ends up the dominant player, though.

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

#228

Post by opportune »

rmorey wrote: post #183
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!).

Filecoin is being built on top of IPFS (ipfs.io) which, in principle, could be used as a really robust network for sharing pirated content. However, the IPFS team is aware of this problem, and is building in measures to allow nodes to opt out of storing globally available blacklists of known bad objects (i.e. pirated content or illegal content) In practice, this is definitely a really hard problem to solve, and very…

If you're hosting something such as a movie, and it's blacklisted, couldn't you just add a small amount of noise to the video file to make it unblacklistable?

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

#229

Post by kenning »

prepend wrote: post #27

I don't understand why they would do the coin offering now. The network is inoperable and won't be for quite a while. The main advantage to me seems to be a more of a community-driven storage approach. S3 is really cheap and really reliable and really old. A distributed file store would be cool, but as a community/free network like P2P. The $200M seems really high for a community project.

> I don't understand why they would do the coin offering now. The network is inoperable and won't be for quite a while.

This is quite cynical of me, but the first thing that comes to mind is that they could be scared that theres a general CC bubble going on right now and they want to be sure to get some money before it pops. Look at bitcoin prices right now: https://coinmarketcap.com/currencies/bitcoin/

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

#230

Post by fpgaminer »

dajohnson89 wrote: post #226
fpgaminer wrote: post #213

$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 t…

Isn't it already possible to own shares of a mining pool?

I'm not aware of any such thing.
Post reply on HN