TechFlow news — On the morning of October 23 at 10:40 AM Beijing time, in the Filecoin Chinese Slack group, a miner named "xpshu" listed seven major criticisms against Filecoin:
1. Filecoin is extremely centralized. With only over 500 active miners, the top miners get all the rewards while those behind starve. This model will inevitably lead to a continuous decline in the number of miners, with all coin allocation power concentrated in the hands of large miners.
2. The mining collateral mechanism is widely criticized. The economic model is immature, and the mechanism setting zero FIL collateral after 2.5 EB lacks experimental data support.
3. Transitioning directly from testnet to mainnet, converting test tokens into mainnet tokens, amounts to an unprofessional, non-reset beta testing process.
4. Self-verified storage of junk data causes serious waste of social resources, contradicting the whitepaper. Overall, Filecoin-stored data falls into only two categories: cold data and junk data.
5. Before the testnet launch, the official team sold pre-verified data disks. These yielded ten times the returns of ordinary self-sealed junk data. Additionally, the team operated European nodes running opaque verification bots to validate junk data.
6. Prior to mainnet launch, the GitHub account faucet allowed unlimited token withdrawals—1 FIL per registered GitHub account older than seven days—while the team actively distributed coins to large miners.
7. While other ICO miners were waiting out their 180-day vesting periods, the team used 1.5 million coins for market-making, causing many investors who bought at $50 to dump at $200.
