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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

#331

Post by loceng »

nicpottier wrote: post #251
loceng wrote: post #207

Earlier quoted context omitted.

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.

1) The $186M raised was a mix of Ethereum, Bitcoin and cash. We don't really know how much was of each. 2) They really don't need to sell all at once and who knows, may even have engineers willing to be paid in cryptocurrencies.

Filecoin already has investment from USV, they have their runway using real money to pull anyone looking for a paying job into the mix, and could give them crypto-assets to incentivize their loyalty.

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

#332

Post by tylersmith »

sharemywin wrote: post #99
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!).

so you have file storage and a currency. you need a dao to manage the index/search.

For OpenBazaar, built on IPFS, we've gone the route of federated search with an open API. A DAO could be interesting but a lot more work for little gain.

Eventually I'd like to open source code that lets any user create their own index/search server and potentially charge for usage if they want.

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

#333

Post by tylersmith »

wcummings wrote: post #85
sharemywin wrote: post #76

Earlier quoted context omitted.

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/

It's not, the real business model here probably looks a lot like rapidshare.

It's more about enabling applications with decentralized data storage than it is a new type of object storage.

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

#334

Post by 1024core »

hobofan wrote: post #300
prepend wrote: post #283

Earlier quoted context omitted.

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

You don't blacklist based on content, but on the hashes of the content, which the nodes have to know. At one point or another, the decryption key has to be shared for the encrypted content to be usable for anyone, and if the copyright holders get a hold of that key, they can prove a violation and blacklist the hash of the content.

You do realize though that changing just 1 bit can change the entire hash? What's to prevent people from appending a random bit or two, and getting an entirely new, unblocked, hash?

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

#335

Post by Trundle »

matthewbauer wrote: post #286
Karunamon wrote: post #267

Earlier quoted context omitted.

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.

Why besides?

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

#336

Post by smokeyj »

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…

Your plan is to create a centralized list of things "good and moral people" should avoid, that only good and moral people will opt-into? That's a funny strategy for several reasons.. First - do you really want "bad guys" to have a list of all the content they shouldn't have? Might as well call it do-not-read.txt. Secondly, if the system is opt-in for "good and moral people", will that really do anything to stop the distribution of content on do-not-read.txt among "bad and immoral" group?

I'm personally glad that the fathers of the internet had better things to do than moralizing legality.

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

#337

Post by tylersmith »

durgiston wrote: post #146
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.

There's 168 million reasons to do the coin offering now. If someone was begging you to take that kind of money for a half-baked side project, would you say no? (to be fair, this is quite a bit further along than half-baked, but still)

I agree with your main point, and know you added a small disclaimer, but this team is the most put together team I've ever met. Every time I've been with them they've been hard at work making things happen. Any time our team needs something from them we get it.

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

#338

Post by tylersmith »

QML wrote: post #269
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

Is that 186 million in ETH or fiat?

A combination of Bitcoin, Ether, and fiat. But they could easily liquidate tokens or buy more to change their holdings structure.

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

#339

Post by tylersmith »

zero_one_one wrote: post #204
yclopediaen wrote: post #50

Earlier quoted context omitted.

I actually think we'll see our first billion dollar ICO here soon.

I don't doubt you, and I think that's an incredible shame to everything computing has enabled humanity to achieve.

I don't think it's a shame personally. Cryptocurrencies and especially ICOs have enabled economic Darwinism at a scale rarely before seen.

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

#340

Post by billylindeman »

onli wrote: post #109
jtmarmon wrote: post #104

Earlier quoted context omitted.

I think the idea is the blockchain part allows people to be compensated at a price determined by the market for opening up their storage

Only that you do not need a blockchain for that. All you need is a market place, and that works perfectly fine without a blockchain. It's a needless complication imho.

Is bitcoin a needless complication of cash?
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