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Filecoin Suspends ICO After Raising $186M in One Hour

financemagnates.com

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

#51

Post by kdelok »

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 actually worried that one of the main things in favour of cryptocurrencies is that they can act as an effective currency for illegal activities, i.e. they'll stay profitable for as long as regulations struggle to keep up with them.

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

#52

Post by jonmaim »

stephengillie wrote: post #48
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.

> A distributed file store would be cool, but as a community/free network like P2P. Something like IPFS? https://ipfs.io

filecoin is made by the creators of ipfs.

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

#53

Post by davrosthedalek »

tyingq wrote: post #49

Not completely thought out, but I believe parasitic storage might be a better approach to scaling out a censorship resistant distributed object store. Some kind of cryptocurrency could help fuel it as well. A parasitic storage approach would leverage existing "free" tiers of services like google drive, onedrive, dropbox, yandex.disk, etc. One of the hard parts of scaling that would be creating the fake accounts to ho…

This is why we can't have nice things. If you misuse the free tiers in this way, they will go away.

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

#54

Post by empath75 »

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

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

#55

Post by wyldfire »

raverbashing wrote: post #4
Torai wrote: post #2

So much people with much money trying to find new ways to make money out of money. That says much about the current state of the economy.

And how many computing cycles and kWH are wasted on cryptocoins

I'll never understand why this keeps coming up. Energy consumption is not a waste if it has utility, and the bitcoin network has utility. I suppose you could make this argument for some worthless altcoins, but the difficulty for those is low enough that the amount of energy consumed is negligible.

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

#56

Post by chii »

jmknoll wrote: post #23
chii wrote: post #17

Earlier quoted context omitted.

> in this case, developers. i dont think developers are the ones who will profit - after all, developers are the ones who wrote the code for a lot of financial institutions, and none of them gain much more than just a salary.

At the same time though, 3 of the 5 largest companies in the US have CEOs with a background in software development/computer science. 5 years ago, 0 of 10 did. There's definitely a trend toward developers having more power.

and yet, are those CEO's doing dev when they are being paid their large sums of money? They may have learnt something as a developer, but _doing_ development isn't their major money making activity.

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

#57

Post by anc84 »

jonmaim wrote: post #52
stephengillie wrote: post #48

Earlier quoted context omitted.

> A distributed file store would be cool, but as a community/free network like P2P. Something like IPFS? https://ipfs.io

filecoin is made by the creators of ipfs.

And it sheds a really bad light upon it for me. I like the idea of IPFS but cannot stand all this coin snake oil.

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

#58

Post by AndrewKemendo »

joeblau wrote: post #12

I listened to this YC podcast[1] twice with Juan Benet. Listening to Juan talk about a lot of historical information and the correlations he drew was fascinating. When he tried to explain the need for Filecoin to Dalton, I just didn't hear it. Dalton kept asking him over and over what the point was and he kept giving non-answers (at least in my opinion which doesn't mean much to be honest). I understand the goal of t…

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 business or consumers, people get really excited about using it?

Juan Benet [31:19] – Filecoin is not representative of the entire industry. Filecoin is one example. With Filecoin, the point is being able to, this is a whole different argument that I think makes sense with or without a peer-to-peer winter or summer. The thoughts around Filecoin are about thinking about the massive latent storage that’s out there and putting it to good use. There’s exabytes of storage that are not in use right now, and that if you were to add them to the market, you would drive the price down significantly......That’s, I think, fundamentally different about this type of thing than normal consumer products. They solve a lotta problems for a lotta people.

Dalton Caldwell [33:41] – You said financial, though. Again, they’re doing it for financial reasons. Again, what I’m looking for is what is the incentive for someone to get involved, whether it’s a business or a consumer, the reason you would put a miner on the network?

Juan Benet [33:53] – For Filecoin specifically, the reason why somebody would add storage to the network, the primary motivator will be money....

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

#59

Post by pmlnr »

wscott wrote: post #29
pmlnr wrote: post #8

Earlier quoted context omitted.

To be honest, this is my reason for not jumping mindlessly on the cryptocurrency bandwagon: it's wasting so much resources and power, especially when you take a look at videos of mining farms.

You understand that this article is about a cryptocurrency that uses a service (long term file storage and access) and the proof of work function instead of pointless computation.

Yes, I do, and this sounds like a good idea - emphasis on the sounds, because it's not new, see primecoin.

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

#60

Post by onli »

AndrewKemendo wrote: post #58
joeblau wrote: post #12

I listened to this YC podcast[1] twice with Juan Benet. Listening to Juan talk about a lot of historical information and the correlations he drew was fascinating. When he tried to explain the need for Filecoin to Dalton, I just didn't hear it. Dalton kept asking him over and over what the point was and he kept giving non-answers (at least in my opinion which doesn't mean much to be honest). I understand the goal of t…

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…

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.
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