Why Siacoin price going slowly to the "worthless value" point?
Siacoin was grown from 9 million to about 422 million and slowly went down to current 178 million dollars in value.
Why? Why "Dropbox and Google Drive killer" keep losing interest of people?
This is great idea, great potential. To store your files without size limit and without any chance that goverment or the system will use your files, or delete them without any explanation and permissions to do.
What seems to be a problem?
Non friendly system!!!
Even a kid can register and use Dropbox or Google Drive. But to use SIA cloud - you must be geek with IQ over 9000!
Let's simulate the behaivor of average user, who heard about Siacoin decentralized private cloud, and want to try it. Because he have yearly payment to Dropbox of 300$, and he don't like it.
"I downloaded SIA UI. It's a desktop app. Wallet, hosting storage, backup your files - all in one. Sounds awesome!
Opened SIA UI.
Need to sync? Okay.
Need to make wallet? Okay.
Password seed is: 28 words! It's super security. But to enter it - you must wright it down at some easy to access notepad on desktop in order to copy past!e every time. You must do super unsecured thing to use super secure password.
Okay, changed password to my OWN SUPER SECURE! 12345678ABC! YAY!
Host your hard drive to SIA system and get Siacoins for that. Sound awesome.
Ah? You need 2000 Siacoins in wallet just to unlock that option!
How do get Siacoins? Let's google...
Okay!
Two options:
- I can mine it with my videocard! It will take me 3 months to run 24/7 my PC and mine 2000 siacoins!
- Register in exchange website I never heard about. Deposit dollars there. I don't have credit card. They don't accept Paypal. What to do?
Anyhow, I got 2000 Siacoins, thanks to my geek friend.
Activated the option of Hosting. Yay!
Setup 1TB of reserved space for it.
Set price for TB per month? Whatt? What the average? Where can I see statistics online about prices? NO ONE KNOW, NO ONE CARE.
Okay, hell with it. Didn't change the price (100, 50). Clicked "save" button.
Now what?!
As a GEEK with experience, entered to Sisco Router I have. UPNP and NAT are working correctly. They see SIA-UI and gave it what he want.
Jeez. Never mind. I will not use HOST for now.
Let's backup instead some important documents. You know, this is the main feature, that want to kill Dropbox, no?
Drag the TXT file to the "files" in SIA-UI...
What contracts? WTF? Where I can buy them?
Okay. I see the "Create Allowance" button.
CLICK!
Okay, it seems, that I can BUY with Siacoins space for usage. Seems legit and logically correct.
Wait, what?
113% fees?
I don't get it. Okay, CLICK.
Okay, probably I must give allowance higher, than fees.
Okay, passed.
Let's save the CV file for my next job!
Okay, I need to make 19 more allowances of 200 SC?!
FUUUUUUU!!!
DELETE SIA-UI. NEVER COME BACK TO IT!
Now you got it? That the reason of price dropping.
Sia UI is not user friendly.
Main disadvantages:
*you need every time enter password.
*every time to wait for sync
*host option may not work
*to complicated way to start backup
*no access from browser, mobile phone, other PC
*no manual how to use
*no support, no help
*you need to get siacoins to host or to backup, buy no simple explanation where to find them
*only geeks with a lot of free time can use it
If SIA developers will not make a BIG change in SIA UI in order to be more accessible to simple people - Siacoin will be dead by 2018. All "bug holders" at exchange websites waiting to get rid of Siacoins now. No potential. No bright future.
What do you think?
Thank you for this post. Now I don't have to bother with buying Siacoin or not anymore :-)
When I was running a Sia node pre-release it wasnt supposed to be for your average user, its a platform aimed at business users. Perhaps that message has got lost.
The one issue all these types of P2P systems have for businesses of course is anonymous users and the problems that causes due to legal obligations businesses have for KYC/AML.
So while I think your technical observations are maybe not so serious, there are non-technical, compliance issues that will need to be overcome.
Interesting blog. Thanks for bringing this to my attention. The blockchain is here to stay. No matter what any crypto will do in the upcoming years. I think that's a conclusion we can make by now. Does anyone know about: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check for example: https://www.coincheckup.com/coins/Siacoin#analysis To check Siacoin Detailed report.
I have noticed that when it looks bad, just stepping away for a minute makes all the difference in the world.
Unfortunately, this kinda thing all too common in cryptospace.
Wallets are mostly too buggy, too difficult and error prone for non-techies to use.
Hiding behind the "beta software" shield. Before we can go mainstream, UX and reliability needs a serious kick up the backside.
nice post, hopefully they make a userfriendly ui. i have some sia coins for my own
Siacoin and other crypto tech is very new. You have to wait for development to take place. 5 years ago getting Bitcoin was the same level of hassle. Now it is so easy. Just be patient. But if you can't wait then just forget about Siacoin for a while and come back in a few years.
Thanks for the post! I invested in Siacoin early and couldn't understand why it didn't take off! It seemed like such a great idea. I tried to sign up for the service myself - got confused and quit. It's good to know that others have had the same problem.
inflation due to asic mining. sia gonna be the next dodge coin
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