What do you think about filecoin? - page 2.

Abiky

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Quote from: _act_ on December 09, 2022, 08:20:18 AM

I want to know your opinion about filecoin, this coin was created in 2017 if I guess right, it got to $238 in 2021 which was the ATH. As of today, the price is back to $4.5. That was a huge price drop, but I like the saying that a drop in price of a coin is an opportunity to buy, this is true for bitcoin because bitcoin will attain ATH, but not all altcoins were about to attain ATH. With what I am seeing about filecoin, I am thinking it can get to that price again which would be a huge opportunity, but I do not know much about the coin. Anyone that knows more about this coin can post here to let me know if the coin is worth going for or not. Thanks in advance.

Filecoin is just another cryptocurrency whose purpose is to safeguard a person's important files into the decentralized cloud. It's as similar as both Storj and Sia. Whenever Filecoin is a good or bad long-term investment, that's up to you to decide. Considering that Filecoin is an old project (5 years since its inception) that made it this far, I think it will last for generations. Many are saying decentralized cloud storage is the future, so maybe there's a chance Filecoin will get all of the attention it deserves someday? As long as you don't put all of your life savings into this cryptocurrency, there should be nothing to worry about. Just my thoughts Grin

_act_

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Thank you all for your opinion. From what you have all posted on this thread, DCA on filecoin during this bear market would be good and profitable in the future. I am expecting this coin to be one of the coins that would achieve 10x times of its price today by 2024 or 2025.

Quote from: sheenshane on December 12, 2022, 06:25:56 PM

I think this is worth a long-term investment and if you feel that, it's time to fill your bag while the price is very cheap.
It's sometimes good to do some research before putting your investment into a project but if you don't want to do this, go for the safest investment which is Bitcoin, there's no need to dig research because it's proven and tested.

Going for bitcoin is very important, but if 70% of investment is in bitcoin already, it is not bad to use the remaining percent for altcoin investment. I just know that some altcoins are not worth going for, I have seen some with the little bull run recently, they are still sinking in price and value.

sheenshane

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Ain't know much about this coin but AFAIK, this is a decentralized project, a decentralized file storage and sharing network which has a real utility that could be potentially used in the future. As you can see, most crypto users now are trying to avoid centralized services that are related to crypto, it could be a decentralized sharing platform like this will boom next year and might be worth investing a little that you can afford.

I think this is worth a long-term investment and if you feel that, it's time to fill your bag while the price is very cheap.
It's sometimes good to do some research before putting your investment into a project but if you don't want to do this, go for the safest investment which is Bitcoin, there's no need to dig research because it's proven and tested.

dothebeats

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What does it offer that other coins fail to give? How is it unique in any way while still offering a useful utility to people? Where does its value lie? Is it another one of those coins that perform better just because bitcoin, its direct counterpart, performs well? There are a lot of things to consider when trying to find a piece of gem in the cryptocurrency pile of junk. You have to think of a lot of things if you really want to get the most out of your investment. Not everything that once rose to the top has actual value within them.

poodle63

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Over rated coin. The price was going so high caused by it was getting pumped. There are some competitives for file coin but i don't even think to buy this coin even though the price has been dropping so hard cuased by it has not maximum supply. The total supply in the market keeps increasing over time.

You buy this and you may potentially lose your money for long term. It was even adding more 3 millions coins to the total supply recently. You shall think again to buy the coin with unlimited supply like that.

romero121

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Quote from: Xal0lex on December 12, 2022, 04:47:40 PM

Filecoin has made all rich those who once invested in it on coinlist, it is one of the gems of 2021. The project does not look dead, even though it lost most of its value, but it still has an impressive capitalization and is now worth even below the price of ico. It's a good option to buy if you want to make 5-10x on this coin. Of course, this is not investment advice, DYOR. I bought some Filecoin, hopefully in a few years the price will be trading at $50-100 again.

Filecoin is much into discussion for the core purpose over which the project is being developed. It gained good number of investors and the people who were able to invest during its ICO got to be lucky. There is continued fluctuation, but it is considered as one of the strong project that could bring long term profit.

For now it is time to invest considering its ath. However it is quite hard to experience the previous ATH reached by filecoin. As suggested the investment will surely bring more than 5X return when the market turns bullish.

Xal0lex

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Filecoin has made all rich those who once invested in it on coinlist, it is one of the gems of 2021. The project does not look dead, even though it lost most of its value, but it still has an impressive capitalization and is now worth even below the price of ico. It's a good option to buy if you want to make 5-10x on this coin. Of course, this is not investment advice, DYOR. I bought some Filecoin, hopefully in a few years the price will be trading at $50-100 again.

Blawpaw

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Filecoin is one of the best cryptoprojects out there. It is a crypto solution that allows for decentralized cooperative storage systems to work as well as it also provides a decentralized payment network. The idea of decentralized storage is something that is pretty much related to the initial Satosi's view for a decentralized world.

I believe that it is an amazing project that will bring a lot profit to many people.

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Quote from: _act_ on December 09, 2022, 08:20:18 AM

I want to know your opinion about filecoin, this coin was created in 2017 if I guess right, it got to $238 in 2021 which was the ATH. As of today, the price is back to $4.5. That was a huge price drop, but I like the saying that a drop in price of a coin is an opportunity to buy, this is true for bitcoin because bitcoin will attain ATH, but not all altcoins were about to attain ATH. With what I am seeing about filecoin, I am thinking it can get to that price again which would be a huge opportunity, but I do not know much about the coin. Anyone that knows more about this coin can post here to let me know if the coin is worth going for or not. Thanks in advance.

Who wouldn't remember Filecoin, specially for those who have been in the market around that time?

It was really huge, lot of hype around this project and if I'm not mistaken, it was the first of it's kind so obviously very big. However, I forget how it went down, perhaps investors just grew tired of it or just shift around with other similar projects.

So personally, not a financial advise here, but the hype on Filecoin is gone and I don't see investors suddenly going back as like it was 2017 all over again, just saying.

Perhaps you can check their github: https://github.com/filecoin-project

uneng

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Quote from: hugeblack on December 10, 2022, 09:39:45 AM

Quote from: uneng on December 10, 2022, 08:01:49 AM

It didn't inspire investors purchasing the idea of decentralized virtual storage. Probably people feel confortable with the traditional means of storing file that they saw no reason to adopt a new cryptocurrency for that. And it's understandable because there are many ways to store files online or offline in relatively safe ways.

I think NFT has succeeded in stealing the spotlight from all the advantages that cryptocurrencies can offer, and the advantage of centralized storage has not gained importance because cloud storage and other current methods work very efficiently and without problems, at least for the time being.

No one knows what will happen in the future, but I agree with you that it is a negative sign.

Yes, moreover there is still the "cold storage" alternative for those afraid of storing their files in cloud storage through the use of pen drives. Although they are obsolet, there is still people using them to protect more private and exclusive files, fearing they can be leaked if stored online. A desktop or laptop without internet access are also alternatives.

hugeblack

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Quote from: uneng on December 10, 2022, 08:01:49 AM

It didn't inspire investors purchasing the idea of decentralized virtual storage. Probably people feel confortable with the traditional means of storing file that they saw no reason to adopt a new cryptocurrency for that. And it's understandable because there are many ways to store files online or offline in relatively safe ways.

I think NFT has succeeded in stealing the spotlight from all the advantages that cryptocurrencies can offer, and the advantage of centralized storage has not gained importance because cloud storage and other current methods work very efficiently and without problems, at least for the time being.

No one knows what will happen in the future, but I agree with you that it is a negative sign.

uneng

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For a currency which has already hit 238$ to hit 4,50$ is a very bad sign, despite being in a bearish market. For me it's a clear indicative filecoin's proposal has failed. It didn't inspire investors purchasing the idea of decentralized virtual storage. Probably people feel confortable with the traditional means of storing file that they saw no reason to adopt a new cryptocurrency for that. And it's understandable because there are many ways to store files online or offline in relatively safe ways.

hugeblack

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As I said earlier, most of the alternative currencies fail to reach their previous highs, so do not try to build a future strategy based on these assumptions related to previous prices.

Filecoin project was promising in the past, but the market requirements are changing now, and therefore it may not succeed in reaching those heights, just as what the market wants in the year 2024 is different from the current need.

The best advice now is to invest only 10% of the money allocated to digital currencies in altcoins and focus on Bitcoin.

MAAManda

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Quote from: _act_ on December 09, 2022, 08:20:18 AM

Anyone that knows more about this coin can post here to let me know if the coin is worth going for or not. Thanks in advance.

Because Filecoin is linked to a decentralized storage system, we know that Web 3.0 is currently having its own hype, right now we are only seeing very low prices for Filecoin (this is also in line with the bearish market), I personally has several pockets of Filecoin in preparation for the next Bull Market.

Quote from: ryzaadit on December 09, 2022, 08:32:01 AM

-snip-

Don't be too rude, mate. There's nothing wrong with him asking here, because that's what this forum was created for, if we have questions or discussions related to the crypto space, LOL.

Quote from: alexandr1115 on December 09, 2022, 03:58:38 PM

I don't know much about this coin, but I read a little and realized that this is a payment system? But I was wondering how much this payment system is used at all?? In general, projects with payment systems are considered very successful, it seems to me! Since the cryptocurrency itself has a close connection with payment systems!

No mate, Filecoin does not have a close relationship with the payment system, it is more towards a storage system called IPFS (Interplanetary File System)

GreatArkansas

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Quote from: alexandr1115 on December 09, 2022, 03:58:38 PM

I don't know much about this coin, but I read a little and realized that this is a payment system? But I was wondering how much this payment system is used at all?? In general, projects with payment systems are considered very successful, it seems to me! Since the cryptocurrency itself has a close connection with payment systems!

Filecoin is a decentralized storage network and it's not built to be used as a payment method.

This altcoin already lost its value by around -98% (most altcoins do). I'm not a hater of this project but there are a lot of better ones to invest in instead of file coin.
If you can see it here: https://coinmarketcap.com/view/storage/
Filecoin is the top 1 in the storage category, which is got the highest market cap. This is the list that may help you if you are into decentralized storage projects.

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Quote from: crzy on December 09, 2022, 04:47:37 PM

Never heard this coin before but I’m curious why they reached that peak and then suddenly hits the bottom that much, it looks like the hype is over and this will be a real value of that project. The next thing you can do before you buy is to know their future plans and their development right now, if you can still see a good volume and a real progress for this site then you can buy some but if you think they are already stagnant, better to avoid and just look for other option.

Because almost every altcoin does that? And compared to other altcoins it's stayed quite high in the marketcap. So i don't see it failing. However i see Storj as a decent competition on fundamental level. Not because it's better because it's not, but because it's more newb friendly decentralized storage system then filecoin.

crzy

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Never heard this coin before but I’m curious why they reached that peak and then suddenly hits the bottom that much, it looks like the hype is over and this will be a real value of that project. The next thing you can do before you buy is to know their future plans and their development right now, if you can still see a good volume and a real progress for this site then you can buy some but if you think they are already stagnant, better to avoid and just look for other option.

alexandr1115

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I don't know much about this coin, but I read a little and realized that this is a payment system? But I was wondering how much this payment system is used at all?? In general, projects with payment systems are considered very successful, it seems to me! Since the cryptocurrency itself has a close connection with payment systems!

hopenotlate

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Here is, in my opinions a well written article, explaining in details what filecoin performs and what problems it aims to solve : data storage, censorship, store and distribution of "humanity most valuable informations" ( as they claim).

"In essence, Filecoin’s IPFS system uses a peer-to-peer network to separate data from existing corporate control and possible censorship."

source : https://dailycoin.com/filecoin/

Jackl87

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Quote from: _act_ on December 09, 2022, 08:20:18 AM

I want to know your opinion about filecoin, this coin was created in 2017 if I guess right, it got to $238 in 2021 which was the ATH. As of today, the price is back to $4.5. That was a huge price drop, but I like the saying that a drop in price of a coin is an opportunity to buy, this is true for bitcoin because bitcoin will attain ATH, but not all altcoins were about to attain ATH. With what I am seeing about filecoin, I am thinking it can get to that price again which would be a huge opportunity, but I do not know much about the coin. Anyone that knows more about this coin can post here to let me know if the coin is worth going for or not. Thanks in advance.

As far as i know the filecoin ICO broke all records back in 2017 because they have managed to collect 257 Million $ there. I think back then the price per token was 5$, so at the moment even the people that have participated in the ICO are in the loss zone. Of course when we enter a bull market then Filecoin will also start to rise again, but i am not sure if it will ever hit it's ATH again. First of all there are still millions and millions of tokens owned by investors of the ICO which means as soon as Filecoin will rise again and cross the 5$ mark they are in the profit zone again and they will slowly but surely begin to sell off.

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