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Should we be concerned about filecoin?

post #1 of 4
Thread Starter 
Here's their official website:
https://filecoin.io/

We've all seen how Ethereum has left the GPU market in shambles, and is creeping into the PSU market as well. Now we're getting filecoin... Basically it's a system that takes unused storage space on servers and computers and uses them as a storage network. If you "mine" filecoin,you can trade it for bitcoin, eth, etc... Building a PC is already rough do to eth mining, and SSD and flash storage in general is already going up in price. I can't imagine this making SSD pricing even worse, and the potential price hike on standard HDD's. I'm already worried about the current state of PC building, so this could just be me being paranoid, but I feel like this is something worth looking into. I'm glad I already have all of my storage needs...
     
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post #2 of 4
You shouldn't be worried. Miners who want to get involved in Filecoin will focus on external hard drives. They are cheap storage, have standalone power, and aren't limited by the number of SATA ports or drive cages a computer has available. Burstcoin is another crypto that relies on storage mining and this is exactly what happened.
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post #3 of 4
SSDs won't be affected by this.

HDDs will most likely be ( depends on how profitable it will be )
post #4 of 4
"...Basically it's a system that takes unused storage space on servers and computers and uses them as a storage network..."
This is new to me, can somebody give me a word picture of how this done? By who? Thanks! IO'd like to learn more about this.
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