SIA COIN, Bad Contracts + High Fees = Major Renter Losses
This is my post to Sia regarding questionable transactions taking place in renter wallets. This has been mentioned to Sia many times and rather than troubleshoot there has been no reply.
To the powers that be at Sia:
I am mentioning this issue because there are some in the community that are coming into the slack #help , #farming in panic as to why they are having large amounts of their SC withdrawn from their wallet after bought/ paid for contracts and having uploaded data to the network.
I have personally spoken to 2 different renters and they have both wanted to know why they had excessively high withdrawals over 10,000 SC at 1 time. Both were renters. The issue after looking at their renter contracts (from the UI) shows very high upload and download fees from some hosts. What is noticed is there are hosts in the network that have a modest contract fee
After a renter sets their allowance- the Sia system automatically creates contracts without the renters knowledge as to what they are buying (price wise). They cannot view the contract price, upload price, or download price before buying. This can be a major problem because there are hosts that are charging 500,000SC for download fees and 100,000 SC upload fees. Without a renter knowing this they may buy these host contracts without knowing and then upload data at 500SC per 1 GB. This is going on currently and has taken many coins from unsuspecting renters who are asking why they are losing massive coins for storing data. After research- this is why.
Renters that buy these insane contracts are hand tied because they cannot upload data without loosing massive amount of coins- so they are in a tough position to either upload and lose a lot of coins or never use the contracts and get nothing in return after the purchase. This is a major problem for the Sia Network and would like it reviewed. I have examples of renter contracts files to display and share as well. The individuals on this can also speak to the issue. When this has been brought up some people seek to ridicule and call names vs actually looking into this problem- so this is why I am posting here.
I like SIA I have quite bit in ownership, but I cannot hold if the contract issues continue like this as I do not want to give my coins away on bad contracts. If a host has bad uptime the collateral is given back, but I I have never heard that renters get upload fees back as a result of a host being down. If this is incorrect please clarify. If so, where is this outlined with better clarity?
Also, I would like to know what Sia will be doing in the immediate future to provide more control to the renter on what contracts they are buying- and the transparency of the pricing of these contracts BEFORE they are bought.
@Taek
Link to the Sia Forum on this topic
http://forum.sia.tech/topic/1418/bad-contracts-high-fees-major-renter-losses