An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
FIL$ – Filecoin
When we wrote about the main net launch of FIL$ there was this odd price difference in the futures. Also, some people mentioned that the fully diluted market capitalisation was way too high (roughly $230 billion).
Nevermind, I thought, let’s give this project the benefit of the doubt, and so I waited a few days to see how things would evolve. As it turns out, there seems to be bigger issues with this project, which triggered a real shit show. This Twitter thread summarises the situation very well.
I see the use case for this project. Especially with governments also pushing into the digital space (e.g. CBDC) it makes sense that there is a possibility to file/store certain data in a decentralised way. Combining business (big data centre) and retail (your own home device) adds to the “decentralised marketing slogan”.
Like in almost every launch (main net or just a new token) the decentralised factor is almost non-existent. It needs time until a token and its ecosystem is truly decentralised. I think this is one of the points the Filecoin team has not fully thought through. When I read the Twitter thread above, it looks like you need to be a well funded IT-hardware professional to be able to participate as a file/storage provider. Plus, the current tokenomics will screw you as a “miner”.
As I said, I like the concept and since we are in an open source world I will look out for forks that tackle some of the issues Filecoin is experiencing.