valuepack

It was a hack, clear as day. I really don't like this mindset of "code is law" that has arisen by calling the code being executed on the blockchain "contracts". I think people sometimes forget that these "smart contracts" are just code, no different than the code running HN or any other web app. This is a hack in the same sense that dumping a database from web app vulnerable to SQL injection would be considered a hack. Even though the code allowed it, it clearly isn't intended behavior.

It just seems so silly -- no system is perfectly secure; any developer can attest to this. There is always going to be a way skirt around the smart contract owner's intent, especially as the apps being run on the blockchain grow in complexity. To not blatantly call this malicious activity just doesn't sit well with me.

Well in this case USD might be the best metric, as Filecoin isn't traded like a typical token on the ethereum blockchain like past ICOs. This ICO was done on Coinlist [1]. Filecoin tokens don't even exist yet and won't even be on the ethereum blockchain. You're purchasing tokens in advance that will be given to you in the genesis block on Filecoin's platform whenever it launches.

I would be curious to see the ratios of the currencies involved in their funding. I.e how much raised was in raw USD vs ETH vs Bitcoin. Maybe most was in fact ETH? I have no idea, I haven't seen those numbers listed anywhere.

[1]. https://coinlist.co/static/media/How-to-Invest.0a9f70b4.pdf