What Do You Guys Think Of Siacoin (SC)?
This extract is taken from my own article in my own blog.
Siacoin is currently ranked in the Top 40 of all coins based on the market cap of slightly above $200 million dollars.
There are about 28 billion Siacoins in circulation and it will hit the cap of over 40 billion soon enough.
So why does it have value?
Sia is one of the few coins in the market that has a product. It provides a decentralized storage space, that should be quite safe from hackers, compared to mainstream cloud services. It will probably compete with cloud storages offered by Amazon, Microsoft and Google, and at a cheaper price. The price will be determined by market forces (you and me).
In other words, it will give Google Drive, Dropbox and Amazon S3 a run for its money.
How it works
Basically, you need to have at least 2,000 Siacoins to use the service and you can also rent out storage space to others for a fee. Since the storage and the amount of coins in the market is limited, I predict that the value should go up further.
Another thing one should look at before investing in a coin is to see who’s behind it. It’s actually one of the more important things. Anyone can create a coin these days and they will remain as shitcoins if there’s no one credible behind it.
Siacoin was founded by Nebulous Inc, a startup in Boston and it looks legit so far. They’ve focused more on their product rather than marketing them, which shows there’s room to grow if someone does the marketing for them. It’s great to see the founders working hard on the project, rather than just marketing a shitcoin.
Currently, Sia is in competition with two other coins, i.e. MaidSafe and Storj. It will be interesting to see which coin prevails.
Do you guys invest in Siacoin?
I wish that you did not need so much to get in there and start offering storage. Maybe the reward should be higher the more sia you own but a lower entry point would be nice. I thought it was 50K sia when I looked into it. 2K is more reasonable.
I've had some bad luck with Sia. I bought, it dropped, I bought more lower, it dropped again. Now I'm holding. Luckily, I'm diversified, so it's one of the only alts I'm down on.
Ah i see. I bought not long ago when it was down. See what happens next.
Siacoin got huge attention and seems to be a fan favorite for many.. Yet the past month or so it has only been going down.. I bought some at 350 sats, so I am down quite a bit on it. Still holding, because I do believe they will be worth more one day.
Personally I would put at most 5% in this crypto. It's nice to have on the side but don't put your main funds in it unless you're really convinced it is a winner.
I hope it does increase in the long-term. What do you mainly invest in?
I'm about 40-50% NEO, 20% OMG, 20% Stratis and the rest in an assortment of others.. IOTA, EOS, STEEM, Golem, LBRY, Siacoin and probably something else but it's small amounts so I kind of forget ;) (just checked, it was Basic Attention Token that was missing)
If you want, you can follow me. I write mostly about crypto and produce honest content. I'll follow you back!
Wow so you must have made a lot from NEO then. I've followed you for more crypto recommendations :)
That's why it's 40-50% :)
I originally invested almost equal parts in Antshares/NEO and Stratis. Slightly more in NEO because I always suspected it would go first. I am still expecting NEO to double which is why I haven't sold and diversified yet.
I am also expecting Stratis to go within the next few months. I just bought some more Stratis a few days ago.
Thanks for the follow!
Thanks for this piece of infomation
im thinking to buy sia because traffic of their site is increasing every month, so more and more people interested in them and they are super cheap now, i will invest not much but maybe i will put my 6 vps into mining some sia coins:)
Haha see how it goes.
are you investing yourself into siacoins?
I bought some maybe a week or 2 weeks ago.
That service is the noblest which is rendered for its own sake.
- Mahatma Gandhi
their are so many scammers out there in the crypto market these days...
Would like to read some reviews before investing this ....
anyways nice post...
upvoted and followed....!!!
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