Filecoin ICO Pauses at $4.68 | Hacked: Hacking Finance
Hacked: Hacking Finance

ICO

Filecoin ICO Pauses at $4.68

Posted on .

Filecoin ICO Pauses at $4.68

Introduction

This article was posted on Saturday, 12:36, UTC.

It appears that Filecoin did significantly well after the launch this week. They appear to have paused their ICO to catch up. Their page on CoinList says they have raised $187 million, but they themselves on Twitter claim the figure is around $225 million. This makes the current minimum price per token somewhere around $5, although again, on CoinList, there is a definite figure given: $4.68.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Now Protocol Labs has raised a significant sum of cash, and all of this adds up to a much more valuable mining network and product at the outset. None of it necessarily has to effect the cost of the services being offered, since the tokens are divisible themselves. Part of the reason the cost of the tokens is being driven up is that pre-sale buyers (who participated in the “Advisor Sale”) were given a price of 75 cents per token. Their vesting schedule is twice as long as others, however.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

This massive pile of cash could be only the beginning for Protocol Labs as regards Filecoin, since they did not limit the amount of fiat capital they could raise, only the amount of tokens they will in turn issue. The classic contest between the technician and the speculator emerges and the viability of the product becomes increasingly less important.

In any case, Twitter had some questions.

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

“Fairness”

So, currently Filecoin/Protocol Labs are taking some heat for raising so much money. People are curious as to whether they actually need more money than they can properly calculate as it comes in the door. Yet, if the sale were to close at a fiat cap, then people would charge that the unusual requirements (as ICOs go) of becoming “accredited” in order to invest made it what amounts to a closed sale in the first place. Therefore, Protocol Labs sort of has no choice but to keep the sale open for the duration and issue coins as it has already planned to do.

Cloud Storage Wars and Waves

Chart from Thursday afternoon courtesy of Coinmarketcap.com

 

Investors were given the opportunity to sign up for a platform which then will allow them to request approval to make an investment into Filecoin, a Storj rival from Protocol Labs. If we’re looking for an explanation as to the 24 hour doubling of Storj, we need look no further. People who haven’t got time for all that decided to bet on Storj instead. On the other side of it, Siacoin, a slightly different approach to decentralized cloud storage, dropped a couple points overnight.

Filecoin may have some technical bells and whistles that Storj does not currently offer, but ultimately there is good reason to be suspicious of Filecoin as a decentralized or community project in the first. The demands for “accredited” investors and the like make it ripe for a quick sale to a larger outfit – perhaps a long-term play by Protocol Labs to give themselves even more runway to pursue their larger goal of a fully decentralized Internet. So while the research and development that go into Filecoin will long term be incredibly important, people are sharding all day on Storj at present. The thing works, there’s a low barrier to investment and participation.

Thus, price rise.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

P. H. Madore

P. H. Madore

http://phm.link

P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and is currently nearing the completion of a cryptocurrency exchange in concert with the firm he primarily works for, Vermont Secure Computing Consultancy.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
Any category is going to have its “me too” products,…