What is Siacoin?
I was just trying to see if there was a tag for siacoin so I could see what the steemit community had to say about it, but I came to find that its not even a set tag! And my advanced search only returned back low steem posts and was very buried. Siacoin is rapidly moving up the coinmarketcap list and is sitting at about rank 16. With a market cap of $423,044,903 I personally find it borderline insane; being that it offers a service (cloud storage) for pennies on the dollar of current market prices and has very few actual competitors. You can mine siacoin and at the current network hashrate you will be earning hundreds of siacoin a day. At the current valuation of about $0.015 each and about $16 per 1,000 the odds of this becoming a profitable use of your mining rig is high in my opinion. I am currently dual mining ethereum and siacoin on my mining rig.
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Thanks for this. I have considered investing in Sia, the only reason I haven't is because there's already a crazy amount of tokens produced and it seems to be mined at an incredibly fast rate. This means it'll be difficult for it to gain value with such a flood of new coins. As for competitors, Storj is a very similar project but it doesn't allow for mining of its token so Sia may have the advantage there.
I feel like siacoin will be bigger than storj simply because they allow for mining. At the moment I would think storj is paying for processing power from somewhere to power their application, siacoin allowing for mining will then be able to out compete them on prices when the mining community grows for siacoin, their model all around is more appealing to me, and thats why I am taking the time to mine at least a small pile of siacoin. Once I have a few tens of thousands of siacoin laying around I will likely dual mine a pile of the next most promising altcoins, but the difficulty of mining sia is so low I can mine hundreds a day and even though they are only worth 1.5 cents at the moment someday they could hit $0.50 and at that point you could be looking at a sizeable pile of cash.
I like the fact that this coin is tied to a business solution. It could be very much underrated indeed. But what I do not understand is how the price of storage is calculated.
Browsing through the wiki does not clarify things at all and the blog leads to more concerns than answers:
Again, love the idea but I can imagine what Steve Job's answer would be....
I would think that the delays at the moment are caused by a weak network harshrate but as the network grows I would think that those times will go down; and as they get support and funding they will likely improve further. I will look into that though I did not notice that before.