As Sia has seen breakout success lately, people have begun to find out that buying Siafund (The coin that will provide holders with 3.9% of all Siacoin transactions in perpetuity) is the best way of investing in Sia. The problem? Siafund is incredibly rare and extremely valuable. There are only 10,000 Siafund in existence, 8850 of which are owned by the parent Sia company and thus will not be sold. This means that buyers of Siafund will have to convince the holders of the remaining 1150 Siafund to part with their shares.
If you want to use an exchange to buy Siafund, you would have to use Bitsquare. I would advise against this, as the spreads are enormous and the volume is minimal.
I will now describe how to buy Siafund using the most common method: the Sia Slack channel.
1.) Create a Sia wallet
- Go to the Sia website and download the appropriate wallet
- Launch the wallet, and let it sync. This can take a while if you are using an HDD rather than a solid state drive.
- Your wallet does not need to be fully synced to receive siafund, so you can continue with the remaining steps.
- Siacoin and Siafund operate on the same blockchain. The explorer is here
- Note that Siacoin and Siafund addresses are shared, when you buy a Siafund just send it to one of your Sia addresses from the wallet.
2.) Join the Sia Slack Channel
- Click this link
- Enter in your e-mail address, and press "Get my invite". This will send a confirmation email to the address you inputted.
- Log in to your email, find the confirmation email, and press "Join now". This will bring you to an account creation screen
3.) Find someone willing to trade
- Join the "siafunds" channel on the Sia slack
- Read the past messages, there will usually be people offering sell prices and others offering buy prices.
- Private message those that have posted indicating a willingness to sell.
- Reach an agreement on price
4.) Trade using escrow
- All Siafund trades are done using escrow.
- The most used Siafund escrow agent is "chanc3r". Find him in the slack channel. Other agents may be used if you and the seller agree
- Once you, the seller, and the escrow agent agree on the terms, send your bitcoin to the escrow agent.
- The seller will send his Siafund to you
- The escrow agent will release your bitcoin to the seller
If you follow through and buy an SF, you will hold one of only 1150 free trading Siafund shares in existence.