Filecoin (FIL) Decentralized Storage: Risks and Investment Analysis

[00:00:00]filecoin so um filecoin is a very very interesting project you know this is a decentralized storage uh Network effectively um but file coins had some very odd things happen over its time live in the market so we've got to actually take a look at its history as well um I do think this is one that can have a run but I want to present a of caution about this as well um before I get into any of it though guys if you're new uh to the channel these are the first 26 coins that I did videos about on the channel in the and in the videos I showed myself buying these coins I expected them to do make me some very very good profits um and you can see what the prices of all these coins were when I recorded my videos as well as the highs that these coins hit less than a year and a half on and what the profit would have been if you had just thrown in $100 into each one when I released the videos um and if you had done that 100 into every single one sat on them for 16 17 months and then sold them your profit would have been over 123 Grand which is not bad now I sold all of these since the market crash I've been buying up new coins these are coins that I think can do you know 40x 50x 100x gains and I share them on my website which is copy my crypto.com so anytime I find a Coin that I think can do a run like I said with Phantom you know bear in mind no one was talking about Phantom in 2020 I did a whole course about why it would 100x some people on that took that course putting thousands of dollars into Phantom became millionaires in under a year and a half when I find a Coin like that I jump onto my site I tell my members what the coin is what profits I think it can have what percentage of my money I'm putting in they can copy along exactly they'll make the exact same profits as me Beauty as well they don't have to do any work don't have to research they don't have to dive into markets they don't have to learn about new tech or charts they can just copy along and if that sounds good to you just pause this vid head over to copy my crypto.com now there's a link in the description on the site you'll see everything I've said in the past and what happened you'll see what the members have earned it's all public record so you can verify on this Channel's history and if you like what you see guys just join me there and uh take the work out your crypto investment right filecoin so look filecoin there's a lot of weird stuff that's happened fcoin because you got to remember right did a ridiculous pump in the um in the 2021 bull cycle um and yeah there was just there was some weird stuff with filecoin so um it's decentralized storage system it aims to store Humanity's most important information the project raised $25 million in its Ico in 2017 and initially planned a launch date for Mid 2019 however the launch date for the file coin main net was pushed back until uh mid October of 2020 the project was first described back in 2014 as an incentive layer for the interplanetary file system which is a peer-to-peer storage Network where users pay for data storage and distribution services um filecoin is an open protocol and it's backed by a blockchain that records commitments made by the Network's participants using uh the filecoin coin which is you the ticker is Phil uh now the blockchain's uh Native currency uh is Phil obviously uh is based on both proof of replication and proof of SpaceTime so it's a very different uh consensus mechanism from those that we've seen in the past now it is decentralized which means all governance is in the hands of the community the filecoin platform uh on the file coin platform develop velers have the opportunity to create F uh Cloud file storage services like Dropbox or iCloud so anyone can join filecoin and start storing the data or earn money by providing space for someone else's funds uh the creators of filecoin opted for their blockchain Tech to run the network and they're token with their own consensus um so clients pay for transactions in file coin tokens miners place a file as collateral guaranteeing their services so there's been some weird stuff happened and it's worth noting the Ico is currently under a lot of scrutiny um so an nonchain investigator knows boring sleuth has cast outs on the blockchain um and its Ico in a comprehensive report boring s deals into file CL wallets and funding transactions raing questions about potential Shady associations with entities like the ethereum foundation one Wan Jang promethium and others so the investigation began by checking the wallets they noticed unusual patterns like wallets sending ethereum with long decimal numbers this might have made it look like uh many people were investing in filecoin even if it was just a small group um so he boring sluth believes that by digging deeper they can discover who owns the wallets uh unfortunately for them for every brilliant mind with little ethics that exists in the world there are several others who also have Brilliant Minds but also ethics and use it towards good not fraud uh red flags being uh was filecoin a fraud orchestrated by the ethereum foundation Wang Jang and promethium and other CCP entities uh when you sleth you uh need to remain open to all possibilities within a transaction data uh and it's worth actually diving into this a little bit because you do need to understand uh the potential for this um so one alarming thing that began uh to stick out to me was the number of wallets that would end send eth with a very very long decimal number as a real example in this exact case there were a total of 1255 inbound transactions 296 of the 1255 had sent had eth sent in quantities that ended in uh 937 which is odd like that's really bloody odd um and you can see below in the graph a breakdown of how each number was allocated it clearly shows an attempt to do just as I describe above um yeah you see when you want to make it look like a bunch of VC are going to dump on the plebs you have to use some sort of code that helps groups together helps group together who sent what unfortunately for them I did want to share what your friends at wanang vitalic uh ethereum Cumberland says promethium had been oped um there is of course much more to this story wow he went through into the rabbit hole in a half didn't he fair play okay yeah that's a lot of transactions there a lot of transactions 296 of them from from Wang Jang 228 from CCP group 73 from Cumberland uh yeah that's a lot and that's a concern right because you got to remember filecoin as well when we actually look at how fast this dropped because it really rocketed up like filecoin what did it hit 237 bucks it and it did it in such a goddamn short space of time um we actually need to zoom in on this because here's the thing as well like so around this point so 23 so on April 1st it hit 237 bucks right so this peak that saying at $12 that was $237 and then within what 3 weeks it was half that I mean to be fair that does coincide with the market crash but it could have been that they dumped it could have been that they dumped there's a lot of like weirdness here now it is worth noting look filecoin have got a truly decentralized storage Network they have got users um and this is a place where you can earn by just literally providing some hard drive space uh it's a nice way to earn this is a very intriguing one and assuming that there the what um truth labs and um I think was boring sleuth right uh reported is false which you can't assume it's false but let's work on an assumption for a second it's false if it is then this is going to do very well if that turns out to be true there should be some serious concerns it's also worth noting there's an SEC um SEC have claimed that this is a security as well this is heavily backed by big VC the SEC are against this um there's certainly questions about potential fraud here um this is fascinating this is a real fascinating one because this can do one or two things this could run up like wild again or this could die a death could die a death now I don't think it's getting anywhere close to that alltime high I don't think this network is reflective of something that is worth that much um I think it can probably run back up to 100 bucks maybe even 120 but I don't think it can do much more than that because I don't think there's enough usage here uh if we actually check through uh data as well let's have a little look see see how many holders we've got obviously there is an element of some of that's going to be if the uh if the sleuth is right but as of right now I see it's always clever you know when you launch a new project don't have any information about holders cuz that won okay all right so 95,000 holders on BSC it's got a pegged version storage power Trend I mean it's showing some usage this like isn't it's not exactly bad is it I mean it's showing usage like it's definitely showing usage we can't knock that um yeah this is yeah this this can go one or two ways this is a really tricky like and it's one that people should be very very careful about uh this because this could either do very well and run up to 120 bucks 100 bucks maybe 120 bucks or all this stuff that boring sluth has found out is absolutely true and they are thieves and this is going to die cuz if boring sluth found that you better believe the SEC are going to be paying attention to that if the SEC use any of that in core um and that's proved to be accurate filecoin are going to lose any court case and it could be very very problematic for them so this is a very interesting one in terms of wallets as well you know there's a few here big old big old Holdings because there's only like 400 plus million tokens as well right 479 million tokens as of right now you know there are there are I mean some of these are multi some of these are accounts but some of these are big old Holdings man big old Holdings and they've had them yeah since the since the beginning so oh no it's 24 hours let's have a look at year yeah so they've been they've been knocking around for a while so yeah some of these are big boys as well like there is a real risk of dumpage here if this pumps I this is one person personally I'd stay away from I think there is a chance that this still runs up like I said 120 bucks but you've still got 1 a half billion coins to come out you've still got huge holders that could literally dump on the market hard you've got the potential that there's been fraud in the Ico all of these things there's potential that the secc beat it and get and can establish that it's a security all of these things are high risk all of these variables are so out of your control um it's one I'd stay away from personally I do think there's got a shot of 120 bucks because there is usage historically this is look it did very well in the last bull cycle I don't think it can touch 240 bucks again because I don't think it's anywhere close to that level of usage but it could run up about half that way which is roughly 120 bucks that's about the highest I think it goes but this could be if you're if you have big Holdings in this i' just be aware of all the risks you know be aware of the SEC risk be aware of the potential fraud risk be aware of the huge holders as well that can dump on the market you know if you start getting very profitable on this cash that as quick as possible uh because I think you're running a big risk of sitting on it too long uh let me know what you guys think about filecoin and you know if you knew any of that and guys if you just want to make the exact same profits as me in the next Bull cycle head over to copy my crypto.com that is where I share the coins that I'm in I'm not in file coin um and I share every coin that I'm in anytime I find a Coin that can 40x 50x 100x I buy it and I'll tell the members what the coin is what profits it can have and what percentage of my money I'm putting in if you want to see what I've said in the past go to copy my crypto.com watch all the videos whether it's about me trying to encourage people to get out of a D5 Pro that died and lost half a billion dollars whether it was just why Phantom with 100x when no one was talking about it in 2020 whether you just want to see what the members have earned everything on there is public record so you can verify it all uh you can watch the old videos on this channel and you can confirm everything that you read see and watch and if you like what you see guys join me there make the same money I do in the next bu cycle and that's it for me take care byebye