Filecoin Update: Will FIL 10X?! Complete Review!
Published: 2024-03-07
Status:
Available
|
Analyzed
Published: 2024-03-07
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Filecoin and other related cryptocurrencies are expected to see actual adoption driven by infrastructure needs like decentralized data storage and computation.
"eventually it will turn to actual adoption and that means all the cryptos in these narratives are eventually going to require infrastructure specifically decentralized data storage and computation"
Pending
Filecoin is positioned as the leading cryptocurrency in the decentralized data storage and computation niche, with significant potential.
"filecoin is the leader in this Niche by a wide margin and that's why today we're going to explain what filecoin is bring you up to speed on the Project's most important updates and tell you just how much potential its Phil coin could have"
Pending
The Chinese government's crackdown on altcoins and trading activities in September 2021 likely suppressed Filecoin's price.
"this seems to have suppressed Phil's price"
Pending
The Filecoin Virtual Machine (FVM) launched in March 2023.
"the fvm launched on filecoin in March 2023 coincidentally the same month when meta dropped its nfts in February 2022"
Pending
Protocol Labs significantly reduced its workforce in February 2023 due to a challenging economic downturn.
"protocol Labs announced that it had cut more than a fifth of its Workforce citing the quote extremely challenging economic downturn caused by high inflation and high interest rates"
Pending
The SEC's decision to specifically target Filecoin as an unregistered security, even in broader lawsuits against exchanges, suggests a focused effort.
"the SEC had gone out of its way to single out filecoin this was surprising because the SEC again stated that Phil was an unregistered Security in its lawsuits against coinbase and binance one month later"
Pending
The SEC's active targeting of Filecoin is speculated to be due to its US-based entities and substantial fundraising, making it an easier target.
"this suggests that the SEC has been actively targeting filecoin for whatever reason our best guess is that it has to do with the fact that file coin's primary entities are based in the United States and filecoin itself raised big bucks"
Pending
The partnership between Filecoin and Consensus indicates potential for increased Filecoin integrations within the Ethereum ecosystem.
"this partnership foreshadows more filecoin Integrations in ethereum's ecosystem"
Pending
Future airdrops for Filecoin holders and lenders are anticipated as part of its development milestones.
"one himself admitted that each of these Milestones will require its own crypto project and even suggested that there will be airdrops to fill holders and lenders in the future"
Pending
Filecoin needs to scale to handle trillions of transactions per second to accommodate its growth.
"he reckons filecoin will need to scale to trillions of transactions per second for this"
Pending
Filecoin's competitors have found success by focusing on specific niches, while Filecoin's ambitious goal of storing all the world's data may be unrealistic.
"the advantage that file coins competitors seem to have is that they decided to focus their efforts and even their architectures on addressing a specific Niche by contrast filecoin seems dead set on wanting to store all of the world's data"
Pending
Filecoin faces a dual challenge with adoption: a lack of organic growth and current inability to scale for exponential growth.
"this ties into filecoin Second Challenge and that's adoption now this challenge is a double-edge sword on one Edge filecoin doesn't have very much organic adoption which is bad for its growth on the other Edge it seems that filecoin can't currently scale enough to support exponential growth"
Pending
The complex process of storing data on Filecoin is identified as a major obstacle to its adoption.
"the number of steps involved with storing data on filecoin could very well be the biggest hurdle to its adoption"
Pending
Filecoin's precarious regulatory position in the US may be driving Protocol Labs's decision to spin out other projects as a protective measure against potential crackdowns.
"filecoin seems to be on thin nice in the United States and given this apparent fact it's quite possible that protocol labs's efforts to spin out its other projects have less to do with decentralization and more to do with trying to protect its other creations in the event of a Crackdown"
Pending
Despite its challenges, Filecoin (FIL) has the potential to perform well in the current bull market if it can capitalize on emerging narratives.
"even with the challenges filecoin faces Phil could still perform well during this bull market Market if it manages to benefit from other narratives"
Pending
Filecoin appears poorly positioned for a potential 'blowoff top' phase of the crypto bull market, suggesting it might not have enough time to adapt.
"for the time being though it seems that filecoin is poorly positioned for this possibility if the blowoff top phase of the crypto bull market is in fact beginning as many believe then filecoin may not have time to adjust"
Pending
Meta's previous testing of NFTs on the Flow blockchain, though dropped, could be revived during a bull market.
"this is more significant than you think because meta announced in 2022 that it would be testing its nfts on Flow although this initiative was dropped last March it could be brought back during the bull market"
Pending
Juan predicted that the current crypto bear market could be longer than previous ones.
"Juan made the chilling prediction that this crypto be Market could be longer than the others"
Pending
The Durin app for IPFS will function as a development sandbox for mobile applications.
"ipfs also noted that the app would serve as a Sandbox for developers building mobile apps with ipfs"
Pending
IPFS and Libp2p are spinning out from Protocol Labs to become independent nonprofit organizations.
"ipfs and another project they'd create ated called lib P2P would be spinning out from the company in plain English they'd be launching their own nonprofit organizations and would no longer be directly under the control of protocol Labs"
Pending
The spin-off of IPFS from Protocol Labs suggests a potential airdrop for IPFS users.
"gives the impression that an ipfs airdrop of some kind is in the works"
Pending
Filecoin is predicted to see actual adoption beyond hype, requiring decentralized data storage and computation infrastructure, with Filecoin positioned as the leader in this niche.
"eventually it will turn to actual adoption and that means all the cryptos in these narratives are eventually going to require infrastructure specifically decentralized data storage and computation filecoin is the leader in this Niche by a wide margin"
Pending
Despite steady supply growth suppressing Filecoin's price, the demand side is showing signs of improvement.
"this strong strong strong and steady supply growth has played a role in suppressing Phil's price but it appears that the demand side of the equation is starting to improve"
Pending
Meta's NFT initiative on Flow, though dropped, could be revived during a bull market.
"meta announced in 2022 that it would be testing its nfts on Flow although this initiative was dropped last March it could be brought back during the bull market"
Pending
Juan, the founder, predicted the current crypto bear market could be longer than previous ones.
"protocol Labs announced that it had cut more than a fifth of its Workforce citing the quote extremely challenging economic downturn caused by high inflation and high interest rates at the time Juan made the chilling prediction that this crypto be Market could be longer than the others"
Pending
The launch of Durian, an IPFS-compatible mobile app, is a significant milestone for extending IPFS functionality to mobile devices.
"then in May 2023 ipfs announced the launch of durine a mobile app that's compatible with its decentralized storage Network this was a big milestone as until that point it was hard to extend ipfs functionality to mobile devices"
Pending
The SEC's active targeting of Filecoin, labeling it an unregistered security in multiple instances, suggests a deliberate focus on the project.
"the SEC had gone out of its way to single out filecoin this was surprising because the SEC again stated that Phil was an unregistered Security in its lawsuits against coinbase and binance one month later what this suggests is that the SEC has been actively targeting filecoin for whatever reason"
Pending
IPFS and libP2P spinning out into their own non-profit organizations indicates significant growth and a move away from direct control by Protocol Labs.
"then in November 2023 protocol Labs announced that ipfs and another project they'd create ated called lib P2P would be spinning out from the company in plain English they'd be launching their own nonprofit organizations and would be no longer be directly under the control of protocol Labs underscoring their growth"
Pending
Glyph, a liquid leasing protocol on Filecoin, raised $4.5 million to expand its services, indicating growth in Filecoin lending.
"then just last month glyph a so-called liquid leasing protocol on filecoin raised $4.5 million from crypto VCS to expand its offerings this is the Phil lending that I was referring to earlier"
Pending
Filecoin's price has been trading sideways since the previous spring, with only brief rallies.
"Phil has essentially been trading sideways since last spring though it has experienced a few short-lived rallies along the way"
Pending
Filecoin's supply has increased tenfold since March 2021, leading to an estimated $5 billion in sell pressure over the last three years.
"historical data from coin market cap suggests that Phil's supply has increased by almost 10x since March 2021 to be exact Phil's supply has increased from around 60 million to over 500 million for a grand total of around 460 million assuming an average price of $10 per fill during that period which is conservative this works out to nearly $5 billion of cell pressure over the last 3 years"
Pending
Only 8% of Filecoin's storage capacity is currently rented out, with approximately 1.9 exabytes of data stored out of a potential 25 exabytes.
"only around 8% of filecoin storage capacity is being rented out to be ex in fact filecoin is currently storing around 1.9 xbes of data compared to its capacity of almost 25 xtes"
Pending
Filecoin has insufficient demand; even storing all crypto data wouldn't max out its capacity, prompting efforts to expand demand into non-crypto sectors, exemplified by the Lockheed Martin partnership.
"he said that if all the data in crypto was stored on filecoin it wouldn't use up its capacity this is why filecoin has been trying to increase its scope of Demand by wandering out into the non- crypto world with stuff like that locked Martin partnership"
Pending
The Glyph protocol has attracted nearly $300 million in Filecoin within a year, creating significant buying pressure from users seeking yield and airdrop points.
"the glyph protocol has amassed almost $300 million of fill in less than a year you could say that this translates to up to $300 million of buying pressure for fill from those who are looking to earn a yield and also accumulate the points for the airdrop glyph is reportedly planning"
Pending
Filecoin is unlikely to achieve more than a 10x price increase before the peak of the crypto bull market.
"it's hard to see how Phil could pull more than a 10x between now and the crypto bull market top"
Pending
Juan suggested that future airdrops for Filecoin holders and lenders are a possibility, with each milestone potentially requiring its own crypto project.
"one himself admitted that each of these Milestones will require its own crypto project and even suggested that there will be airdrops to fill holders and lenders in the future this was back in April 2022"
Pending
Filecoin needs to scale to trillions of transactions per second to handle future growth.
"he reckons filecoin will need to scale to trillions of transactions per second for this"
Pending
Filecoin's ambitious goal of storing all the world's data is considered unrealistic and unattainable.
"by contrast filecoin seems dead set on wanting to store all of the world's data and that's arguably an unrealistic and unattainable goal to have"
Pending
Filecoin's removal from the Web3 Index by its partner, Livepeer, suggests a lack of substantial fee generation.
"there doesn't seem to be any other likely explanation because filecoin is partnered with live Pier the video encoding crypto project that created the web 3 index they wouldn't remove filecoin without good reason"
Pending
The cumbersome process of storing data on Filecoin, compared to competitors like Arweave, is a major obstacle to its adoption.
"by contrast competitors like arweave allow for one click or even drag and drop storage and as a fun fact the number of potential users you lose for an online service increases EXP exponentially with each click they must take the number of steps involved with storing data on filecoin could very well be the biggest hurdle to its adoption"
Pending
Filecoin's precarious regulatory position in the US suggests that Protocol Labs's spin-off efforts may be a strategy to shield its other projects from potential crackdowns.
"filecoin seems to be on thin nice in the United States and given this apparent fact it's quite possible that protocol labs's efforts to spin out its other projects have less to do with decentralization and more to do with trying to protect its other creations in the event of a Crackdown"
Pending
Despite challenges, Filecoin has the potential to perform well in the current bull market by leveraging other narratives.
"even with the challenges filecoin faces Phil could still perform well during this bull market Market if it manages to benefit from other narratives"
Pending
If the crypto bull market's blow-off top is imminent, Filecoin may lack the time to adapt to the market's rapid shift.
"if the blowoff top phase of the crypto bull market is in fact beginning as many believe then filecoin may not have time to adjust"
Pending