Invest in Siacoin or not?
Hi Steemians!
Let me know what You think about my next possible investment in the crypto space.
I am thinking of adding Siacoin to my crypto portfolio. I have read quite a lot about it, and I find the idea behind the project very intriguing.
Sia is providing a decentralized storage space, and mainstream cloud services will only grow bigger and bigger the coming years. As of today cloud services
are offered by the likes of Dropbox, Google, Microsoft and Amazon, but these centralized services are not safe from hackers, database breaches or personal data misuse.
With Sia it will be, since files uploaded are both encrypted and will be broken up into many pieces and then spread across multiple hosts. This layer of security
will ensure safe storage from hackers and data loss. In addition the cost of Sia cloud service will be cheaper than Google, Microsoft etc.
Furthermore anyone that participates in the Sia project can rent out their extra storage space to others via smart contracts. Even though Sia will be in competition
with other project as for example Maidsafe and Storj, I think Sia will have a bright future.
As of today Sia has a market cap of 112 Million USD and holds a price of 0,003720 USD. A future price of 0,50 USD would be fantastic,
but not sure whether that price target is realistic or not.
Anyway, I love projects with actual usefulness in the real world, and I truly believe Sia is one of those projects.
Any thoughts?
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Thank you @gaman
My humble opinion....Long term investment and a gamble. I wouldn't do it. Sold all mine at a loss. Price is at zero and satoshi 0.00000066. Don't let the euphoria of the project get to you. Grid coin is another which I still have and am wondering about; however, it's still more promising than SIA at this point.
Thank you for your humble opinion . I apriciate it🙏🏼 I’ve decided to wait for investments in new coins this month. My knowledge in grid coin is small but I will definitely consider it @linkboltus
I bought SIA again. Believe it's doing better than 4 months back. Just a heads up.
This project looked good to me about 3 months ago for the same reasons that you've mentioned. I'm down about 2/3 on this coin. I stopped putting money into it when I read that the project does not consider the coin as an investment but more so a token to be used on their network. The project wants to keep the price low as well.
Currently there are 30 Billion coins in circulation which is a lot. My notes from a few months ago had them at 29 Billion. Either my notes are wrong or the project has added more. On CryptoCompare there is no maximum amount given for the coin.
For now, I am holding onto these coins for in hopes I can get my money back.
Personally I like the project but I have my reservations on the coin as an investment.
JMHO.
I hope this helps you in your decision process.
Some other low cost coins with good potential are XLM and ADA. XLM had good news with IBM last week. I'm waiting for it to go down to 2 cent range before buying. ADA may have some good tech coming out. I did purchase some ADA today. Both have a lot of coins in circulation though.
Additional Info:
https://steemit.com/cryptocurrency/@blueblarflubar/if-you-want-to-invest-in-sia-buy-siafund-not-siacoin
Good Luck in your choice!
Thank you for a comprehensive answer 🙏🏼 I will reconsider / research more before I decide whether it should be the coin or another coin that should be my next purchase.
I will check out and follow ADA as you mentioned .
You are very welcome. I hope I didn't come across negative. I was concerned with my answer that was based on my recollection of discoveries a few months ago so I did some refresher research. Be sure to to check out the link I added to my reply post. Another Steemer did some research months ago on the Siacoin and Siafund relationship. Very eye opening. The no maximum makes sense now.
Yes, please research and review the info in the link to come to your own conclusion.
Good Luck!
Please don’t. I'm very happy to share your experiences and thoughts about Siacoin. I need different angles and because I'm new to this, I'm just grateful for your advices 🙏🏼
I will definitely check the link later .👍
It is quite difficult today to get the things right with all the new coins. But this project caught my attention as well. Not only the low price at the moment. It is this usefulness that you have mentioned and future outlook.
I agree @johano Wich cryptos have you invested in?
sure you can
Have you invest in Siacoin @cryptonia
yes, I have 3k siacoins for long term
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