tag:blogger.com,1999:blog-4503292949532760618.post5461913466611209951..comments2024-03-28T13:39:27.601-07:00Comments on DSHR's Blog: Internet Archive StorageDavid.http://www.blogger.com/profile/14498131502038331594noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4503292949532760618.post-44393677119814786632021-04-09T12:22:17.537-07:002021-04-09T12:22:17.537-07:00Wendy Hanamura posted Filecoin Foundation Grants 5...Wendy Hanamura posted <a href="https://blog.archive.org/2021/04/01/filecoin-foundation-grants-50000-fil-to-the-internet-archive/" rel="nofollow"><i>Filecoin Foundation Grants 50,000 FIL to the Internet Archive</i></a> to the Internet Archive's blog:<br /><br />"Today, the Filecoin Foundation announced a 50,000 FIL grant to the Internet Archive – the largest single donation in the digital library’s 25-year history."<br /><br />As I write 50,000 FIL has a notional value of $8,509,500, representing about 0.08% of the circulating supply. This great news, but note <a href="https://www.ft.com/content/af686b47-dbb8-426c-b530-27898891bd16" rel="nofollow">this example</a>:<br /><br />"The excellent crypto critic Trolly McTrollface (not his real name, if you’re curious) <a href="https://twitter.com/Tr0llyTr0llFace/status/1345643458632052738" rel="nofollow">pointed out</a> on Twitter that on Saturday a sale of just 150 bitcoin resulted in a 10 per cent drop in the price."<br /><br />Thus a sale of 0.0008% (2 orders of magnitude less) of the circulating supply of Bitcoin crashed the price 10%, so the idea that 50K FIL could actually be turned into $8.5M any time soon is an illusion. Even if headlines like Mike Masnick's <a href="https://www.techdirt.com/articles/20210404/18351646551/filecoin-foundation-donates-10-million-worth-filecoin-to-internet-archive.shtml" rel="nofollow"><i>Filecoin Foundation Donates $10 Million Worth Of Filecoin To Internet Archive</i></a> were not arithmetically incorrect, they would be seriously misleading.David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.com