I recently wrote about a handful of decentralized cloud storage projects in Blockchain Cloud Storage: Filecoin (FIL), Storj (STORJ), Burst (BURST)... oh yeah, & SiaCoin (SC). I referenced this same Coin Bureau video about Filecoin in that blog post, but I wanted to highlight it again here, so it's embedded down below as well. I've added FIL to my dollar cost averaging buy strategy going forward. Even though I bought a few FIL at $20 and sold at $50, I still see the value in Filecoin (FIL) at $200. When I sold at $50, I didn't understand the things in this video. For example, I didn't know anything about IPFS, the HTTP of the decentralized internet:
When I sold FIL at $50 (presently $200) I also didn't understand that Filecoin is intertwined with IPFS and partnered in building a decentralized internet. I have been interested in this sector for a long time. I have researched MaidSafe and I heard that Brave & BAT were working on some sort of decentralized internet protocol or something, but that may have just been a rumor or me misunderstanding something. Bit I've had my eye on distributed web projects for a while now. So now that I've taken a closer look at Filecoin, I really want to buy and hold because this project is building things that I want to use. I see value in free speech platforms which are truly censorship resistant. IPFS and Filecoin are building a distributed internet that could be one massive free speech platform. But I'm not sure that's how things are going to unfold. It looks like the infamous Chinese Communist Party may be taking an interest in leveraging distributed data for its unprecedented Orwellian surveillance grid and social credit system. So we'll have to keep our eyes on the China's influence on the FIL market going forward. There's a reason why FIL is catching the attention of institutional the Proof-of-Replication I wasn't aware of the relationship between IPFS and Filecoin. It appears that Filecoin may have a key role in building the decentralized internet.
I'm pretty bullish on FIL guys. But it has just reached a new support level so I'm not really excited about buying a lot of FIL immediately. I want to DCA in while I wait for larger market indicators. I'll likely use Coinbase to make my FIL buys. But I can also get FIL on Kucoin, Bittrex, or Binance. I'm hoping the market retreats for a while soon. I want some more sales on my favorite projects. I need a solid bear market that I can actually make use of this time. I'm realizing just how much opportunity there was to buy during the bear market from the middle of 2018 to early 2020. There are too many great projects that have already gained so much value. It's a difficult time to make big moves because I feel like Bitcoin has a 50% chance of going up or down in the short term, so I'm not eager to make big buys. This is when Dollar Cost Averaging really makes a lot of sense to me. So I'll be trying to scoop up a little FIL every month until I've reached my goal.
But I can't overlook the risk of making a big lump sum FIL buy right now. According to Daniel Roberts of Decrypt, the recent FIL price breakout appears to have been largely caused by the FIL mining surge in China. I have a friend who loaded up on FIL right after we were talking and I was expressing my excitement about IPFS and FIL. I didn't mean for him to go out and buy a ton all at once. I'm not doing that myself. I'm just slowly building a position, because I expect some serious price fluctuation and I want to average my buy price so I don't have to lose sleep over it.
Having jumped to the 11th place ranking on CoinGecko, with a market cap well over $12 Billion, there's only so much higher that the price of FIL can go at this moment. I'm a believer in the project, so I will not sell. I'm waiting for a dip to increase my position with a lump-sum buy and I will continue to DCA. I'm doing the same thing with Tron (TRX) (you can read about it here).
Alright, here's the video from Coin Bureau. Please leave a positive comment for Guy and give him a thumbs up! He's making great content. Make sure to read about some of the random airdrops that actually paid off, and the latest one I've joined.
You can buy FIL on the following exchanges:
Centralized Services (Block To The Future Referral Links)
Coinbase (necessary evil for buying crypto with USD)
Kucoin (best of the centralized exchanges, also has USD buy option)
Bittrex (meh, okay... also has USD buy option)
Binance (used to love it, now, not so much)
BlockFi (so far so good, decent interest rates, not really an exchange though)
Robinhood (get the free stock for signing up and dump Robinhood when we have a good synthetics market on the blockchain)
Coinseed (awesome way to buy crypto with your debit card transaction round-ups)