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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

#281

Post by kanwisher »

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?

oh there have been quite a few but they have all been scams

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

#282

Post by valuepack »

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.

Well in this case USD might be the best metric, as Filecoin isn't traded like a typical token on the ethereum blockchain like past ICOs. This ICO was done on Coinlist [1]. Filecoin tokens don't even exist yet and won't even be on the ethereum blockchain. You're purchasing tokens in advance that will be given to you in the genesis block on Filecoin's platform whenever it launches.

I would be curious to see the ratios of the currencies involved in their funding. I.e how much raised was in raw USD vs ETH vs Bitcoin. Maybe most was in fact ETH? I have no idea, I haven't seen those numbers listed anywhere.

[1]. https://coinlist.co/static/media/How-to-Invest.0a9f70b4.pdf

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

#283

Post by prepend »

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…

Since the content is encrypted, how would you blacklist any content? The nodes don't know what kind of material they are hosting.

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

#284

Post by wmf »

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/

AFAIK the uploader has to pay in this type of system; it's basically just S3 but cheaper and "decentralized". You can upload pirated content to a public S3 bucket if you want and I don't think AWS really cares because they're getting paid and they are covered by the DMCA safe harbor.

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

#285

Post by wmf »

beaconstudios wrote: post #80
onli wrote: post #60

Earlier quoted context omitted.

That's a bit convoluted, but it isn't so bad, is it? Lots of unused storage, bitcoin showed you can use cryptocurrency to create a network of capabilities (there: hashing stuff, here: of storage), additional uses are possible when getting the mechanism right.

I don't see how a new blockchain is necessary in order to utilise unused storage space. Protocols like this work just fine without them, especially if having a centralised orchestrator (filecoin themselves) isn't an issue. Which in this case, I can't see why it would be.

Centralized orchestration of storage = maybe you can raise $10M.

Decentralized blockchain orchestration of storage = you can raise $200M... in the first hour.

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

#286

Post by matthewbauer »

Karunamon wrote: post #267
beaconstudios wrote: post #182

Earlier quoted context omitted.

my question isn't whether utilising under-used hard drives is valuable - it's why on earth blockchains are necessary. You could provide all this functionality with client software connecting to a company's orchestration service. It doesn't add any value.

The lack of "a company" (read: censorship, speech codes, political influence, etc) can be considered to be a value. Decentralization is a Good Thing.

Decentralization is good when it solves actual problems. I think the problem most people here have with FileCoin is that it's a little bit too much like "Bitcoin but with file storage instead of CPU cycles" without really explaining what the problem is. Who is willing to pay for decentralized storage? Besides criminals and enthusiasts, I can't find a good use case.

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

#287

Post by Animats »

dahdum wrote: post #278
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…

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.

The question is how much of that volume is the same money going back and forth. Taking sizable amounts of money out of the system is different. See 2010 flash crash".[1] There may be less real liquidity than transaction volume indicates.

[1] https://en.wikipedia.org/wiki/2010_Flash_Crash

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

#288

Post by wmf »

problems wrote: post #161
wscott wrote: post #32

I decided not to invest after reading this: https://medium.com/token-economy/the-analysis-filecoin-doesn...

It still amazes me that people buy what everyone on Bitcoin Forums would have called a "premined shitcoin" just a few years ago...

Bitcoin maximalists may accidentally be right occasionally, but I wouldn't take advice from them.

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

#289

Post by siong1987 »

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.

This isn't correct, you can actually fund the Filecoin ICO with cash(USD), BTC, and also ETH[1] as long as you are an accredited investor.

1. https://coinlist.co/static/media/How-to-Invest.0a9f70b4.pdf

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

#290

Post by matthewbauer »

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.

I don't think that's true in this case. EUR/USD is a floating exchange rate.
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