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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

#241

Post by mbesto »

AndrewKemendo wrote: post #225
mbesto wrote: post #205

Earlier quoted context omitted.

> 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.

Sorry, maybe I didn't get your original point - I thought you were insinuating that ICO was a technology in search a problem and that all super successful (i.e. good) technologies starts this way (which I would disagree).

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

#242

Post by fpgaminer »

runeks wrote: post #236
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…

It’s worth noting that, if you enter this space, you’ll be competing with existing miners, some of which are quite large. Some have over 10% network hashrate, which means they’re earning 12.5BTC×$3500/BTC=$43,750 every two hours . That’s half a million dollars per day, or $15m per month, and I assume most of it is being channeled back into optimizing their already fairly optimized ASIC chips. And you’ll be starting f…

Yes, that's the point. To compete against them directly. Get enough funding to override their advantage.

> And you’ll be starting from scratch.

I haven't built a mining ASIC (yet), but I built the first open source code for mining FPGAs. I wouldn't be starting from scratch. It'll take a little bit of re-architecture to update that code to multi-core designs (the FPGAs were single core, fully unrolled loops), but that's relatively easy. The more aggressive optimization will be around power consumption, which I plan to hand off to the engineers working with the target fab's libraries doing the HDL->layout conversion.

This isn't rocket surgery. Mining ASICs are perhaps the easiest ASICs to build. It's even feasible to do manual layout, since the design is so repetitive. Just need to hand layout one round of SHA-256 which amounts to only a couple adds and mix of binary ops. Done.

> That’s half a million dollars per day, or $15m per month

Minus NRE, manufacturing costs, on-going maintenance, on-going electrical costs, and all the money they wasted mining BCH and playing other games.

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

#244

Post by AndrewKemendo »

mbesto wrote: post #241
AndrewKemendo wrote: post #225

Earlier quoted context omitted.

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

Sorry, maybe I didn't get your original point - I thought you were insinuating that ICO was a technology in search a problem and that all super successful (i.e. good) technologies starts this way (which I would disagree).

I thought you were insinuating that ICO was a technology in search a problem and that all super successful technologies starts this way.

Not insinuating, that's my claim - nearly every big technology was too early (eg. a solution looking for a problem - whether in form or scale) before it blew up years or decades later. I don't think that's controversial. It's also true that a lot of trash that never makes it are also solutions in search of problems.

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

#247

Post by icebraining »

tome wrote: post #212
icebraining wrote: post #100

Earlier quoted context omitted.

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.usgovernmentreve…

The total USD value is much larger than bank notes. Money in bank accounts and equivalent services is in this context indistinguishable from notes.

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

#248

Post by nerfhammer »

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,…

> If our future economies will be driven by these tokens,

It won't. This is zero sum gambling, not investment. Economic growth does not come from this.

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

#249

Post by uncoder0 »

runeks wrote: post #232
DanBlake wrote: post #128

Earlier quoted context omitted.

They literally sold 186m worth. As in, Filecoin literally has 186 million in the bank. Its insanity

Wow... I just had to get it confirmed, and I still can’t believe it. Did they raise this without giving up any equity?

Yes

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

#250

Post by azinman2 »

knicholes wrote: post #238
opportune wrote: post #228

Earlier quoted context omitted.

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?

I guess that depends on how things are being blacklisted.

Exactly. YouTube has the same problem and does all kinds of things to detect this. They have the benefit of already having the media on all their own storage which they can run a map-reduce on, however.
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