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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

#341

Post by slededit »

1024core wrote: post #334
hobofan wrote: post #300

Earlier quoted context omitted.

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?

Responding to specific take down requests is enough to activate the safe harbor provisions in the DMCA. Legally they don't have to do anything else.

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

#342

Post by hobofan »

1024core wrote: post #334
hobofan wrote: post #300

Earlier quoted context omitted.

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?

I was just explaining the general concept. I don't claim to have in depth knowledge on the subject.

I think blocking a hash can already be a victory, since it basically makes all the metadata that was associated with the hash useless and forces reseeding under a new hash and publicizing that hash. As long as you make it inconvenient enough, very few people will bother, which is the best the copyright holders can hope for.

Reseeding might be pretty easy though in IPFS since there is a block layer below the object layer, and I guess you can't really block block-hashes.

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

#343

Post by hobofan »

smokeyj wrote: post #336
rmorey wrote: post #183

Earlier quoted context omitted.

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 d…

Its not about "good and moral" vs "bad and immoral", but "legal" vs "illegal". Blacklists are not currently implemented in IPFS but one imagined a solution, where people opt-in to their e.g. state-supplied blacklist to prevent run-ins with the government, which could say "if you aid criminals by providing them with illegal content, we will hold you accountable for it". In the end, it is probably nothing more than a facade to appease governments that in the end will come up with something similar ineffective.

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

#344

Post by loceng »

drieddust wrote: post #22
sschueller wrote: post #3

Earlier quoted context omitted.

And making the rich richer. No way to invest unless you have money or you are in the inner circle. Code has also not been released. So much for open source.

Crypto currency are the new tulip bulbs[1]. Only some are going to make money. Current buyers are relying on greater fools to take these off their hands. A crash is eminent so hold tight and wait for it. You will have plenty of opportunity. History will repeat itself as new fools arrive on the scene[2]. [1] https://en.wikipedia.org/wiki/Tulip_mania [2] https://en.wikipedia.org/wiki/List_of_stock_market_crashes_a...

I'm not sure a crash will look as expected. People currently holding the crypto-assets aren't in any rush to liquidate to pennies on the dollars they spent, and there can and has been a long delay before the rallying drums get new money and excitement pumped into it to make the "$100" cost something someone is willing to pay. They buy, the value goes up some, perhaps they sell some to realize they can make a return - it wets their appetite, and they pump more money into it - whether $1000 or $100mm. It's very dangerous for society because it could actually work

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

#345

Post by decentralised »

Cthulhu_ wrote: post #139
decentralised wrote: post #97

Earlier quoted context omitted.

Throwing money at a business proposition is neither new nor gambling.

It is when the investors throw money at it in the hope they'll get a return on investment. You don't need $250 million to build a distributed Dropbox clone.

How is that different from any other investment?

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

#346

Post by decentralised »

matthewbauer wrote: post #292
decentralised wrote: post #97

Earlier quoted context omitted.

Throwing money at a business proposition is neither new nor gambling.

But is this really an investment in a company? It looks like they're just buying tokens in the hope that when people start using FileCoin there will be more demand for it.

It works as an investment precisely because the tokens will be tradable, and with use and demand they should increase in value significantly.

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

#347

Post by Animats »

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.

There are no exchanges that will let you withdraw $xx million a day in fiat.

That's why your lawyers and their lawyers have to negotiate this up front and have a deal with penalties signed before any transactions take place. If you're dealing with amounts that big, you do that.

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

#348

Post by duckingtest »

hendzen wrote: post #68
empath75 wrote: post #54

Earlier quoted context omitted.

I am starting to worry that this bubble is going to grow until it threatens the world economy.

See this prescient article, written in 2013: http://blog.gardeviance.org/2013/11/a-spoiler-for-future-bit...

POW can't work at these scales. At $250k/btc mining would burn something close to the equivalent of New Zealand's GDP. As this would be purely electrical energy, energy use alone would be equivalent to that of Spain or similarly sized country.

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

#349

Post by acjohnson55 »

onli wrote: post #78
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/

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 basically, Pied Piper plus a coin?

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

#350

Post by Keeeeeeeks »

1024core wrote: post #334
hobofan wrote: post #300

Earlier quoted context omitted.

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?

Great point; this happens a lot with YouTube videos, and would definitely get worse with other sorts of media
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