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The interesting unasked question here is why he seems to like FileCoin (the reference to decentralised storage markets) - what does he think that FileCoin gets

The interesting unasked question here is why he seems to like FileCoin (the reference to decentralised storage markets) - what does he think that FileCoin gets right that others are getting wrong?

JumpCrisscross 9y ago
> what does he think that FileCoin gets right that others are getting wrong? FileCoin retained a reputable law firm [1], restricted their applicable marketing to accredited investors [2] and used a template agreement designed by lawyers to comply with the law [3]. [1] https://www.nytimes.com/2017/08/07/business/dealbook/initial-coin-offerings-sec-virtual-currency.html?_r=0 https://www.nytimes.com/2017/08/07/business/dealbook/initial... [2] https://techcrunch.com/2017/08/10/filecoins-ico-opens-today-for-accredited-investors-after-raising-52m-from-advisers/ https://techcrunch.com/2017/08/10/filecoins-ico-opens-today-... [3] https://saftproject.com https://saftproject.com Disclaimer: I am not a lawyer. This is not legal nor securities advice.
stale2002 9y ago
File coin requires you to be an accredited investor. Grandmas and Joe smoes are not being scammed. You can only lose money from file coin if you are in the top 1% already, and therefore probably don't need the government to protect you.
- rjknight 9y ago
  If only accredited investors can buy FileCoin then only accredited investors can access the storage market. This does not seem feasible! And, indeed, it isn’t. FileCoin has only done a pre-sale so far, selling securities (SAFTs) to accredited investors. They haven’t explained (afaik) how the tokens will be issued and make their way into the hands of the public. That’s why I was curious to see Grundfest citing them.
  - empath75 9y ago
    Once there is an active storage market, it’s no longer a security, you’re paying for a service.
  - stale2002 9y ago
    The different between an ICO and a regular old "creating a new alt coin" is that the Altcoin already exists, here and now. And ICO does not exist yet. It is a promise that you will recieve something in the future, but that you can't get now. Once file coin actually exists, in the here and now, and works, THEN it is totally OK for regular people to buy and sell it.

The interesting unasked question here is why he seems to like FileCoin (the reference to decentralised storage markets) - what does he think that FileCoin gets right that others are getting wrong?

JumpCrisscross 9y ago

> what does he think that FileCoin gets right that others are getting wrong? FileCoin retained a reputable law firm [1], restricted their applicable marketing to accredited investors [2] and used a template agreement designed by lawyers to comply with the law [3]. [1] https://www.nytimes.com/2017/08/07/business/dealbook/initial-coin-offerings-sec-virtual-currency.html?_r=0 https://www.nytimes.com/2017/08/07/business/dealbook/initial... [2] https://techcrunch.com/2017/08/10/filecoins-ico-opens-today-for-accredited-investors-after-raising-52m-from-advisers/ https://techcrunch.com/2017/08/10/filecoins-ico-opens-today-... [3] https://saftproject.com https://saftproject.com Disclaimer: I am not a lawyer. This is not legal nor securities advice.

stale2002 9y ago

File coin requires you to be an accredited investor. Grandmas and Joe smoes are not being scammed. You can only lose money from file coin if you are in the top 1% already, and therefore probably don't need the government to protect you.

rjknight 9y ago
If only accredited investors can buy FileCoin then only accredited investors can access the storage market. This does not seem feasible! And, indeed, it isn’t. FileCoin has only done a pre-sale so far, selling securities (SAFTs) to accredited investors. They haven’t explained (afaik) how the tokens will be issued and make their way into the hands of the public. That’s why I was curious to see Grundfest citing them.
- empath75 9y ago
  Once there is an active storage market, it’s no longer a security, you’re paying for a service.
- stale2002 9y ago
  The different between an ICO and a regular old "creating a new alt coin" is that the Altcoin already exists, here and now. And ICO does not exist yet. It is a promise that you will recieve something in the future, but that you can't get now. Once file coin actually exists, in the here and now, and works, THEN it is totally OK for regular people to buy and sell it.