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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

#361

Post by runeks »

fpgaminer wrote: post #242
runeks wrote: post #236

Earlier quoted context omitted.

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…

The inherent challenge, as I see it, is that if you manage to produce e.g. an electric car that’s not quite as good as a Tesla, you still have a car that can transport people from A to B. And if you have trouble selling your cars, you just lower the price until all your cars are sold.

With mining chips, if you have a chip that’s just half as efficient as the best one, your customers have zero incentive to buy your product, as efficiency is all that matters. An inferior car can still transport people, even though it’s not the best car, but a mining chip whose electricity cost is $5,000 to mine a Bitcoin that costs $3,500 is worse than useless (you might as well throw it out).

That’s quite a difference.

I’m not saying this makes your venture impossible, just that it’s an important aspect to consider.

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

#362

Post by tome »

icebraining wrote: post #247
tome wrote: post #212

Earlier quoted context omitted.

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.

The reserve requirements on balances on more than $115.1 million are 10%. That means with $1.56 trillion outstanding you're looking at a ballpark amount outstanding of $15 trillion in bank deposits. That's still not "much greater" than the $6 trillion annual tax revenue.

https://www.federalreserve.gov/monetarypolicy/reservereq.htm

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

#363

Post by tome »

pessimizer wrote: post #328
tome wrote: post #203

Earlier quoted context omitted.

Money doesn't "move into these currencies". Someone has USD, someone has BTC. They swap. That's it.

You're not saying anything that couldn't be said about houses in the US Midwest.

> You're not saying anything that couldn't be said about houses in the US Midwest.

So?

The reason it was problematic for people to pour money into housing was that loans (often loans of around 100%) were secured on these assets. No one is currently securing loans on Bitcoin holdings. If they start to, that will be a problem, but I don't see banks ever securing loans on something so volatile.

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

#364

Post by [deleted] »

tome wrote: post #362
icebraining wrote: post #247

Earlier quoted context omitted.

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

The reserve requirements on balances on more than $115.1 million are 10%. That means with $1.56 trillion outstanding you're looking at a ballpark amount outstanding of $15 trillion in bank deposits. That's still not "much greater" than the $6 trillion annual tax revenue. https://www.federalreserve.gov/monetarypolicy/reservereq.htm

[deleted]

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

#365

Post by icebraining »

tome wrote: post #362
icebraining wrote: post #247

Earlier quoted context omitted.

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

The reserve requirements on balances on more than $115.1 million are 10%. That means with $1.56 trillion outstanding you're looking at a ballpark amount outstanding of $15 trillion in bank deposits. That's still not "much greater" than the $6 trillion annual tax revenue. https://www.federalreserve.gov/monetarypolicy/reservereq.htm

From your link: "Depository institutions must hold reserves in the form of vault cash or deposits with Federal Reserve Banks."

Current balance of federal bank deposits is ~$2.3T:

https://www.federalreserve.gov/releases/h41/current/

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

#366

Post by kofejnik »

hobofan wrote: post #343
smokeyj wrote: post #336

Earlier quoted context omitted.

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 f…

you mean, illegal in Russia? Or Uganda?

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

#367

Post by hobofan »

kofejnik wrote: post #366
hobofan wrote: post #343

Earlier quoted context omitted.

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 f…

you mean, illegal in Russia? Or Uganda?

Depends on which risks/rewards you want to take on, just like today. If you live in China, you might want to adhere to the Chinese blacklist, but outside of it, you probably don't care, since the Chinese government also doesn't seem to care _that_ much.

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

#368

Post by tome »

icebraining wrote: post #365
tome wrote: post #362

Earlier quoted context omitted.

The reserve requirements on balances on more than $115.1 million are 10%. That means with $1.56 trillion outstanding you're looking at a ballpark amount outstanding of $15 trillion in bank deposits. That's still not "much greater" than the $6 trillion annual tax revenue. https://www.federalreserve.gov/monetarypolicy/reservereq.htm

From your link: "Depository institutions must hold reserves in the form of vault cash or deposits with Federal Reserve Banks. " Current balance of federal bank deposits is ~$2.3T: https://www.federalreserve.gov/releases/h41/current/

Interesting. I'm not sure how to read that balance sheet. For the sake of argument let's say that there's $2.3T is federal bank deposits and $1.5T cash in circulation. If it's all used as reserve balances then that's a total of $38T in bank deposits outstanding. $6T taxing power a year is still not small compared to this!

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

#369

Post by smokeyj »

hobofan wrote: post #367
kofejnik wrote: post #366

Earlier quoted context omitted.

you mean, illegal in Russia? Or Uganda?

Depends on which risks/rewards you want to take on, just like today. If you live in China, you might want to adhere to the Chinese blacklist, but outside of it, you probably don't care, since the Chinese government also doesn't seem to care _that_ much.

> since the Chinese government also doesn't seem to care _that_ much

Sounds like the opposite of something most would consider "important".

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

#370

Post by mpfundstein »

sharemywin wrote: post #195
onli wrote: post #108

Earlier quoted context omitted.

dao=data access object? You can't implement indexing and search over end to end encrypted data file chunks. You would have to work with the hash of complete files and a localizer, and you want that in the initial design.

Distributed org creates account rents massive file store builds index and use contracts to enforce rental fees.

Thats auper nice
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