Cryptocurrency | Opinions on Siacoin

What is Sia?

Sia splits apart, encrypts, and distributes your files across a decentralized network. Since you hold the keys, you own your data. No outside company can access or control your files, unlike traditional cloud storage providers. Sia stores tiny pieces of your files on dozens of nodes across the globe. This eliminates any single point of failure and ensures highest possible uptime, on par with other cloud storage providers. (Reddit)

I purchased my first Siacoin right around the time I got into cryptocurrency and have buying it all the way down. The reason I am writing this post is to see what you guys think and to get your opinion on this decentralized storage idea.

At first glance, this seems to be a brilliant idea, combating the massive server farms of Amazon and Google, but the more I read up on it, the less confident I become in the technology. Especially with ethereum’s inventor, Vitalik Buterin commenting in a recent TechCrunch interview about how he believes decentralized processing is the future, not necessarily storage.

A quick glance at the 1-day charts on Bittrex will not garner any additional confidence either. We have seen a steady decline in the coin's value over time. I have been buying the major dips to lower my average holding rate, but I'm sure all of the holders would like to see at least some form of a bull-run.

Based on their roadmap, it still seems like Sia is in its infancy and has many milestones on the road ahead, which is why I will continue to hold and have faith in the developers. I would like to hear all of your opinions (if you hold, if you've given up, or if your just getting in). Hopefully we can start a conversation around this tech.

Thanks for reading my post!

Cheers,
Bradford Tennyson

Follow me @bradfordtennyson! Thank you so much for your support!

Dont lisent to Vitalik Buterin,dont lisent to anybody, everybody has their own interest. Nobody can predict the future, not even for crypto. I am holding my Sia coins. I will give it 6 months.it has no reason to go down in value....no reason

Very true, many people talk, but none can predict what will happen. Can I ask you why you give it a 6 month deadline though?

when bitcoin came it was worth just cents...and look at it now. ethereum,dash,all of them

True, but those are platforms...while Sia has a specific purpose. I'm with you though, fingers crossed...

well you see...sia coin has been on the market for some time but not many people have heard about it and now suddenly more people talks about it and understand the potential of the coin. when big companies find out that they can store valuable information on the blockchain and there is no chance to hack it they will start to use it. I mean even governments can store secret info in Sia. Me and you can store some data in Sia. when you buy a coin, no matter which, you have to give it minimum 6 months...and then you can see where its going.

Interesting stance. I also think that there is great potential use for this tech, I just hope we find some way of increasing the upload/download speeds of the data.

Hi, Storj looks more proffesional to me then Sia, but still Storj has higher price.

I've looked into Storj and know it as a viable competitor. As of right now, Sia still has dominance on the total Market Cap (it looks like Storj has actually been steadily declining), but that could all change with a news release. Do you currently own Storj?

I think Siacoin needs to improve soon or it will continue to dwindle. It should make Steve Jobs smile in terms of usability. As long as that does not come on the radar as a real prospect, I ain't touching it.

I agree completely, but not sure what you mean about Steve Jobs...could you explain?

Rigorous vetting of a wannabe product.

I would say this same principle applies to most coins on the market right now. The value of these a held up by mere speculation of the idea. As it stands right now Sia has a working product, but it needs to be heavily revamped towards usability.