Filecoin bears in Chinese: Jiang Zhuoer, Yang Haipo, and Sun Yuchen

IPFS/Filecoin has never lacked opponents, although the opposition seems a little small under the current enthusiasm. The general doubts are about the availability and economy of the so-called distributed storage of IPFS and Filecoin. For example, Jiang Zhuoer recently said that he would try to store small movies, and if not, just ignore it.

Jiang Zhuoer, the founder of Litecoin Mining Pool and the first popular science writer in the Chinese cryptocurrency circle, has always been bearish on Filecoin.

On May 27, Jiang Zhuoer said:

"Many people have asked about Filecoin, let me tell you about it. According to our evaluation, Filecoin's performance is very poor at present, not enough to store small movies, and the economic model is wrong (miners rely on some GPU computing, not storage to get rewards), so we have no plans to participate in Filecoin mining. Currently, Filecoin mining machines are basically leeks, so everyone should participate with caution. If you want to mine, just build your own machine."

(In fact, due to Filecoin’s requirements for stability and machine performance, it is difficult for retail investors to assemble their own machines)

However, in May 2019, Jiang Zhuoer said in an interview with IPFS Xingjian.com, "If Filecoin goes online, I will participate in mining." If the content of this interview is true, it seems that Jiang Zhuoer's attitude is also constantly changing.

But in general, Jiang Zhuoer has always been a staunch IPFS bear:

“I don’t care about any specific products like IPFS. Decentralized storage is too complicated. Bitcoin only involves storing one piece of data in n copies, while decentralized storage involves storing m pieces of data in n copies. We also need to consider the balance of interests of users and miners and anti-cheating in the case of decentralization. Therefore, it is normal that projects like IPFS are difficult to give birth to or even fail in the end.”

Another new and well-known bear is Yang Haipo, the founder of ViaBTC.

Yang Haipo said:

“I am not particularly optimistic about the development of IPFS or storage-related blockchain projects, because decentralized storage is a false demand. Decentralized storage requires more copies, which will inevitably greatly increase costs and reduce efficiency, and storage is extremely sensitive to cost and efficiency. Blockchain is essentially a database system with low capacity and efficiency and high cost. It is only suitable for storing some ledger data, not for putting everything on the chain. EOS is a failed case. It tried to build an enterprise-level public chain, but it was filled with junk data. Fewer and fewer people can run its nodes, and fewer and fewer services provide EOS data and wallets, and it will eventually be crushed. Blockchain is more suitable for proving the existence of files. For example, when signing a contract, storing the signed file hash on the chain can well prove that the contract really exists. This does not require a dedicated storage public chain, and any public chain can do it.”

Another well-known opponent is Tron founder Justin Sun.

Unlike Jiang Zhuoer and Yang Haipo’s technical discussions, Sun Yuchen’s discussion was more about competitive factors, because he also created a storage coin BTFS. Previously, Sun Yuchen and the founder of Filecoin had a quarrel on Twitter over plagiarism.

Later, Justin Sun attacked IPFS again: The biggest difference between TRON and IPFS is that IPFS has been bragging from beginning to end without any implementation, just bragging, this problem must be discovered. The Filecoin mainnet is not online, and it is not available for purchase now. Filecoin is a virtual currency.

(Soft article released by Justin Sun)

It is necessary to listen to both sides and rationally evaluate the development of IPFS, especially in the current fanatical atmosphere.