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Filecoin Suspends ICO After Raising $186M in One Hour

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

#271

Post by dahdum »

101km wrote: post #265
dahdum wrote: post #258

Earlier quoted context omitted.

"as there is no liquidity for the volume of ETH raised" Volume is over $80 million in the ETH-USD pair over the past 24 hours, on just two exchanges (Coinbase/GDAX, Bitfinex). Add in CNY, KRW, EUR and the true liquidity is much higher than that. Edit: https://coinmarketcap.com/currencies/ethereum/#USD

There are no exchanges that will let you withdraw $xx million a day in fiat. They'll need to spread the ETH to basically all the big exchanges, with multiple bank accounts attached, and liquidate large sums everyday for months and hope none of the accounts get frozen. Still quite the windfall even if realistically just a fraction of the sums being thrown around.

GDAX & Gemini will definitely let you withdrawal millions per day, you just need to be verified and clear from AML/KYC standpoint.

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

#272

Post by okabat »

stale2002 wrote: post #257
api wrote: post #185

Earlier quoted context omitted.

There's a bunch of projects trying to solve the distributed mass storage problem. I am not convinced this problem exists. (1) Hard drives are dirt f'ing cheap. Buying more than one and putting them at different locations (home and office etc.) is not hard. Storage is still experiencing a Moore's Law type geometric increase in density so this is going to get easier not harder in the future. (2) Cloud storage is cheap…

Think about all the extra space on all the harddrives in the world that isn't being used. For example, when you buy a new computer, with a 500 GB drive, 400GB of it isn't going to be used for a while. Hard drives may be cheap, s3 may be cheap, but that extra 400 GB of hard disk space? That space is literally FREE. Hard disk space is weird, because there is so much completely unused space out there, that would be lite…

You pay the operational burden of keeping your computer networked 24/7, and likely receive cents in exchange.

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

#274

Post by patothon »

Animats wrote: post #263
dpiers wrote: post #252

Can we stop describing ICO raises in USD? They raised ethereum tokens (ETH). The value of those tokens is specious, as there is no liquidity for the volume of ETH raised. Based on current ETH/USD rates, the USD figure given translates to ~614K ETH. The value of 614K ETH has ranged from 92MM USD to 240MM USD in the last two months, and has been as low as 4.3MM USD since the beginning of the year.

I really want to hear the story when someone dumps $100M worth of Etherium. Or Bitcoin. I wonder what would happen if you went to an Bitcoin exchange and said "I want to sell $100M worth of Bitcoins over the next 30 days. I'll pay your usual fees. After each day's sales, you wire transfer the proceeds to my bank within one business day, and you agree to a sizable penalty if you're late. Any validation of identity you…

well if you find people buying these coins, what's the problem? That's the concept of an exchange.

It'll definitely drive the price down ,so that would be a weird thing to do anyway, except if you _want to_ drive the price down.

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

#275

Post by opportune »

scottLobster wrote: post #264
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?

For now, but this sounds like a problem machine learning was built to solve. Youtube has issues because with the sheer volume of video they don't have the silicon to transcode/examine every frame, but on a more limited network with less traffic such analysis might be doable. The more "variations" people introduce in response, the larger the training set for the algorithm.

Yes, this is an adversarial machine learning problem. I highly doubt those kind of measures would be implemented by file coin though, considering the cost of scanning files for such at scale. I'm sure, at least in the short term, it will likely be some time of hash or edit distance measure (or an equally naive and easy to fool approach).

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

#276

Post by SomeStupidPoint »

Animats wrote: post #263
dpiers wrote: post #252

Can we stop describing ICO raises in USD? They raised ethereum tokens (ETH). The value of those tokens is specious, as there is no liquidity for the volume of ETH raised. Based on current ETH/USD rates, the USD figure given translates to ~614K ETH. The value of 614K ETH has ranged from 92MM USD to 240MM USD in the last two months, and has been as low as 4.3MM USD since the beginning of the year.

I really want to hear the story when someone dumps $100M worth of Etherium. Or Bitcoin. I wonder what would happen if you went to an Bitcoin exchange and said "I want to sell $100M worth of Bitcoins over the next 30 days. I'll pay your usual fees. After each day's sales, you wire transfer the proceeds to my bank within one business day, and you agree to a sizable penalty if you're late. Any validation of identity you…

$100M in BTC is... ~29,000BTC. Let's call it 30,000BTC.

GDAX seems to handle 5k-10kBTC on a normal day. So liquidating in a month would be 10-20% of the trading volume on GDAX, every day for a month. Even pushing it out to 3 months liquidating, it would be a sizable portion of the sales. (This would be 0.250BTC/min for 90 days.)

I, too, would like to see what happened if someone liquidated a position that quickly.

(Of course, if you had $100M in BTC, you'd probably want to liquidate over the course of a year -- where you'd still be sizable traffic, but perhaps not completely crash the price. This would be 0.06BTC/min for a year.)

Edit:

Looking closer, GDAX seems to have a volume of about 6BTC/min. So the volume estimates for clearing 30kBTC in X days:

     30 days - 11.5%
     90 days -  3.8%
    365 days -  0.95%
GDAX is about 10% of the BTC volume globally, so you're talking 0.1%-1.2% of BTC volume being that clearing, for between a month and a year.

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

#277

Post by hosh »

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/

We're building the basic building blocks of autonomous software. If Ethereum is universal compute, Filecoin will provide the storage backing for it.

The beneficiary will be AIs, not humans.

Right now, we're just now thinking of clouds, containers, and "serverless" (functions-as-a-service). If we take those ideas and iterate them forward, we converge closer to a real "serverless" paradigm -- what Ethereum already provides today in principle, if not at scale. This will require storage that can keep up with it, and that is where FileCoin comes in. While human consumers may benefit from this, it enables autonomous software that can live on its own and manage its own matabolism (resources accounted for through the blockchain). What those autonomous software will do? I don't really know.

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

#278

Post by dahdum »

Animats wrote: post #263
dpiers wrote: post #252

Can we stop describing ICO raises in USD? They raised ethereum tokens (ETH). The value of those tokens is specious, as there is no liquidity for the volume of ETH raised. Based on current ETH/USD rates, the USD figure given translates to ~614K ETH. The value of 614K ETH has ranged from 92MM USD to 240MM USD in the last two months, and has been as low as 4.3MM USD since the beginning of the year.

I really want to hear the story when someone dumps $100M worth of Etherium. Or Bitcoin. I wonder what would happen if you went to an Bitcoin exchange and said "I want to sell $100M worth of Bitcoins over the next 30 days. I'll pay your usual fees. After each day's sales, you wire transfer the proceeds to my bank within one business day, and you agree to a sizable penalty if you're late. Any validation of identity you…

Coinbase/GDAX will do exactly this, and your ~$3m of trade volume per day will be There are a ton of complaints about Coinbase support, but they cater to the largest clients like every other financial company.

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

#279

Post by api »

cableshaft wrote: post #227
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 fundin…

I tried Sia and it worked. I was able to use it. The tech seems solid and the plan seems straightforward and logical. If there is a good niche for decentralized storage then it already exists and they have it.

No wonder nobody has heard of them. /cynicism

Edit: Cynicism is not wholly unjustified. A while back I was taking to a big marketing guy about how marketing teams in big companies often get less excited about products once they hit prototype. Something that doesn't exist is just so much more exciting than something that does. Real things have caveats, limitations, and costs.

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

#280

Post by dahdum »

SomeStupidPoint wrote: post #276
Animats wrote: post #263

Earlier quoted context omitted.

I really want to hear the story when someone dumps $100M worth of Etherium. Or Bitcoin. I wonder what would happen if you went to an Bitcoin exchange and said "I want to sell $100M worth of Bitcoins over the next 30 days. I'll pay your usual fees. After each day's sales, you wire transfer the proceeds to my bank within one business day, and you agree to a sizable penalty if you're late. Any validation of identity you…

$100M in BTC is... ~29,000BTC. Let's call it 30,000BTC. GDAX seems to handle 5k-10kBTC on a normal day. So liquidating in a month would be 10-20% of the trading volume on GDAX, every day for a month. Even pushing it out to 3 months liquidating, it would be a sizable portion of the sales. (This would be 0.250BTC/min for 90 days.) I, too, would like to see what happened if someone liquidated a position that quickly. (O…

You'd also want to look for an OTC buyer at those levels. Gemini will facilitate those transactions and I think a couple others too. I don't have much experience in that area though.
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