Sia; What in the HELL is Up!?
Siacoin is undoubtedly one of my favorite cryptocurrencies. The concept behind Siacoin involves providing large amounts of cloud space at a fraction of the cost that you will pay for major players such as Google and Microsoft. You can access 5 TB's and up of space for cheap!
My friends and I call Sia 'Constellation Space"...it's so much bigger than a cloud when you consider the ability to store ALL of your photos and documents in the cloud safely on the blockchain. I have invested deep into Sia. I believe in it's potential to revolutionize and transform the cloud space sector. All that it takes is for cooperations and school systems to catch wind of Sia and it's game over. Sia is going to provide serious storage space to the world.
With all of the great things of Sia, I am confused as to why Sia is dropping off the cliff, hanging on at about 86 Satoshis as of today. I still think that Sia is a great buy and I am considering adding more coin into my Sia Bag but I wonder why the bleedout? A lot of the Alt Coins are taking a beating as we speak but Sia has been bleeding out for a minute.
What gives?
I share your concerns! I only hold a small amount of SC, but I bought in at about 300 satoshi's thinking that was about the bottom!
It's so low now that I am not even bothering with selling, so long hodl and pray for the best.
Exactly @pandorasbox. I'm HODL and I'm hoping that a major play in the future will send SC to the moon and the HODL will pay great dividends.
Maybe because:
I'm not too up to the minute on these issues. I hold some SIA because I think their play is to go for the enterprise level backup - but that's high risk and very long term since those markets are super cautious.
@eturnerx I love the enterprise-level play. I believe that once these big companies realize how much storage space they will get with SIA that the decision will make sense to switch over to Siatech.
Enterprise is very conservative - especially when it comes to storage and data security. There are even laws in some countries that restrict certain data being saved to cloud storage due to national security and privacy concerns. Even though, in theory, SIA is secure because of sharding and encryption that might not be enough to convince a judge.
When I was talking to an enterprise guy who's setting up a cloud locally, he was super cautious about trusting even technology like CEPH. They're cautious for very good reasons.
So this is a very long-term play. Meanwhile going after home backup and SMBs might be a better near term play. I see SIA has some work in that area too. We'll see.
I have been wondering the same thing myself. You have to remind yourself that markets are wild rides and you have to take a longer timescale view of things. Best to leave your investment there and forget about it for some time, check on it only on occasion.
I agree @alfrrdonch. Im HODL.
All I know is I'll be hodling my sia until it rebounds! The blood bath could be due to FOMO on bitcoin, as well as people wanting to get their free Bitcoin Gold. Although, I have read that Bitcoin Gold is looking more and more like a scam alt coin.
I have heard similar things about BTC gold. One thing for sure is that btc gold=free money. Maybe flip quickly. Im hodl on SC as well.