Read on Twitter
$200M ICO Filecoin launch failed terribly, a big ponzi or very bad design
Three things come to mind:
1. trust derived from staking may not work
2. full trustless design may not be the right angle
3. governance is key
To understand, let& #39;s back up what happened with Filecoin. 1/ https://twitter.com/NicoDeva_/status/1317689811046522880">https://twitter.com/NicoDeva_...
Three things come to mind:
1. trust derived from staking may not work
2. full trustless design may not be the right angle
3. governance is key
To understand, let& #39;s back up what happened with Filecoin. 1/ https://twitter.com/NicoDeva_/status/1317689811046522880">https://twitter.com/NicoDeva_...
Filecoin requires stake to acquire trust. Sum of stake to utilize equipment at full capacity was unknown. Miners now run at fraction of capacity, causing a fraction of projected revenue to cover investment. Miners now have to buy more stake at stupid prices. 2/
Filecoin either miscalculated economics, or exploited investor trust, which is funny because requiring stake was designed so Filecoin would be trustlesss. It wasn& #39;t.
This means governance and transparency on economics failed as well. 3/ https://twitter.com/Rewkang/status/1317801385648214016?s=20">https://twitter.com/Rewkang/s...
This means governance and transparency on economics failed as well. 3/ https://twitter.com/Rewkang/status/1317801385648214016?s=20">https://twitter.com/Rewkang/s...
Filecoin essentially made a wrong assumption:
"Trustless high performance computing is possible"
For now it seems impossible and frankly they required investors to trust them and, clearly, they couldn& #39;t. 4/ https://twitter.com/chrisamccoy/status/1318024473862311936?s=20">https://twitter.com/chrisamcc...
"Trustless high performance computing is possible"
For now it seems impossible and frankly they required investors to trust them and, clearly, they couldn& #39;t. 4/ https://twitter.com/chrisamccoy/status/1318024473862311936?s=20">https://twitter.com/chrisamcc...
They want peers to acquire trust through a stake, penalizing them when not deploying enough collateral, forcing to either run at a giant loss or buy more stake.
It will result in an instant death spiral if forks (primitive governance) don& #39;t fix it. 5/ https://twitter.com/chrisamccoy/status/1317889379931574274?s=20">https://twitter.com/chrisamcc...
It will result in an instant death spiral if forks (primitive governance) don& #39;t fix it. 5/ https://twitter.com/chrisamccoy/status/1317889379931574274?s=20">https://twitter.com/chrisamcc...
It& #39;s scary how this was not tested on their testnet.
Security, storage and computation should have seperate economic systems and incentives.
It& #39;s why I like STORE ( @store_labs) and if any of this interests you, you should read their research. 6/ https://research.storelabs.org/a-separation-of-powers-in-storecoin-decentralized-governance-of-checks-and-balances">https://research.storelabs.org/a-separat...
Security, storage and computation should have seperate economic systems and incentives.
It& #39;s why I like STORE ( @store_labs) and if any of this interests you, you should read their research. 6/ https://research.storelabs.org/a-separation-of-powers-in-storecoin-decentralized-governance-of-checks-and-balances">https://research.storelabs.org/a-separat...
