A Quote by Juan Benet
Filecoin is a token with fundamental value. Filecoin is like Bitcoin, but miners amass hard drives instead of hashing computers.
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The purpose of the Filecoin currency is to create a fungible token that can be spent to hire the miner network to store files. The first and foremost use of the currency is precisely this: locking it up as a reward to miners who successfully store data on the network.
Filecoin is a decentralized storage market - think of it like Airbnb for cloud storage - where anybody with extra hard drive space can sell it on the network.
In the future, I expect to see bitcoin mining in places where electricity is free or cheap. You could put solar array in the Arizona desert attached to bitcoin miners, and instead of trying to ship that electricity all over world, you could ship Bitcoin all over the world.
It's completely reasonable, even if some Bitcoin currency purists wouldn't like it, to have credit and debit card payments denominated in Bitcoin rather than dollars, and net settled on Bitcoin instead of on Fedwire.
Blockchain assets derive value from their usefulness. Bitcoin has value because people value the payment network. BTC is required to use the network, so people demand it. If Bitcoin continues to be useful, it will continue to have value.
Some bitcoin users see the hard fork as in some ways violating their most fundamental values. I personally think these fundamental values, pushed to such extremes, are silly.
Gold actually has properties - you can use gold for all sorts of things. People value gold for the metal. Nobody values bitcoin for the bitcoin; they value it because they believe that they can exchange it for something else.
We really think of Bitcoin as a global, interoperable payment network instead of a store of value.
Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can't separate these things. A consensus network that bases its value on the currency does not work without the currency.
Some miners would have 20 pints after a hard day in the mine. Now that we sit behind computers all day, this is down to 18 or 19 pints.
A token like ethereum has gone up 10 times faster than bitcoin, and it's fueling an ICO bubble no different then the dot-com IPOs of the late '90s.
I favor pocket-sized hard drives that travel between home and office, syncing with computers on both ends.
What are we going to do as automation increases, as computers get more sophisticated? One thing that people say is we'll retrain people, right? We'll take coal miners and turn them into data miners. Of course, we do need to retrain people technically. We need to increase technical literacy, but that's not going to work for everybody.
Conceptually, we believe that embedded mining will ultimately establish bitcoin as a fundamental system resource on par with CPU, bandwidth, hard drive space, and RAM.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
The exciting thing about the current emergence of bitcoin 2.0 applications is that you don't have to know anything about bitcoin or how the blockchain works to get a lot of utility and value out of the technology.
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