Sia has now reached over 120 sat

Emberburn
Emberburn

Sia has now reached over 120 sat. Will it go higher?
I told you to buy some when it was at 60-70 sat and it doubled. 1.0 is coming out in 10 days and will moon forever.
There is still time to buy and hold for ten years and get endlessly rich.

All urls found in this thread:
https://www.youtube.com/watch?v=ZfFz79E_7nw
TalkBomber
TalkBomber

Will it dip soon?

eGremlin
eGremlin

@TalkBomber
It's possible, the buy orders are somewhat weak after DAO crashed and the market hasn't stabilized yet. But it's very unlikely to dump.

eGremlin
eGremlin

@Emberburn
by 1.0 you mean the version with better, user friendly, UI?
I managed to almost set up a host, but gave up when siac.exe said I needed coins. At that moment I realized I really didn't know what I was doing. I didn't know what prices to put, since you only know prices if you compare one thing to another. How can I know the value of download/upload bandwidth and the value of one TB?

Anyway, I bought a couple thousand of SC just to see what happens when this 1.0 version gets launched.

SomethingNew
SomethingNew

@eGremlin
by 1.0 you mean the version with better, user friendly, UI?
Yes. 1.0 was supposed to be released on June 7th but was going to be cmd use only. The team decided to delay so that it can release with a user friendly UI.

but gave up when siac.exe said I needed coins.
You need to add coins to your wallet to be a host.

How can I know the value of download/upload bandwidth and the value of one TB?
It'll probably be decided by the market, and will likely be below 100 sia. I'm not entirely sure what will be the value of one TB but it will likely have to be much lower than what Dropbox offers to be competitive. For comparison, Dropbox offers 12$/TB for a year.

Spazyfool
Spazyfool

@SomethingNew
Also, do we really need to type that huge password with dozens of words every time we want to unlock a wallet?

Need_TLC
Need_TLC

@Spazyfool
Yes. At least for now. The password is created for you and you don't have the possibility to change it, at least at the current time. You just have to save your password somewhere like a txt file and copy it whenever you want to open it. This is done so people don't forget their password.
I agree it's annoying but sia places itself on security so if you lose the password, it's on your fault.

Harmless_Venom
Harmless_Venom

@SomethingNew
Actually it is 9$ a month

Also, what does it mean "price" of the bandwidth? If I say the price of upload is 20, download is 10 and 25 per TB, then the user will pay 55$ per month?

Soft_member
Soft_member

so how high can this go? a penny? a dollar? a few dollars?

happy_sad
happy_sad

@Soft_member
Devs are expecting within the next ten years for it to go 1 sia = 1$ but that's the ultimate high where sia is mainstream and does everything, which is unlikely to happen.
However, it has strong possibility of getting over ~ 100 million market cap within two years or so.

@Harmless_Venom
Also, what does it mean "price" of the bandwidth?
I don't think it has anything to do with the bandwidth?

askme
askme

@happy_sad
Look: The host will use a difference price for uploading and downloading. It should note that the words 'upload' and 'download' refer to the renter's perspective, meaning that 'upload bandwidth' is referring to the renter uploading, meaning the host is downloading. 'download bandwidth' similarly refers to the renter downloading, meaning the host is uploading. If you are on a home connection, you likely have a lot more downstream than upstream, and furthermore renters are much more likely to use your upstream than your downstream. Therefore the upstream price should probably be set higher. You can set the prices using siac host config minimumstorageprice [price], siac host config minimumdownloadbandwidthprice [price], siac host config minimumuploadbandwidthprice [price]. The host may increase prices temporarily if there is more demand than the host is able to service."

That is what I'm talking about

Bidwell
Bidwell

wont the price dip when 1.0 releases? sell the news and all that?

Methshot
Methshot

@askme
I honestly don't understand. I guess we'll have to wait once 1.0 comes out. I haven't checked the cmd to see how it works. I've only hosted when it was at 0.5

@Bidwell
It depends whether or not the product lives up to the hype. But like all sell the news, it dips and goes back up if the news is good.

Sharpcharm
Sharpcharm

@Methshot
So, let me see if I get the concept:

Multiple computers around the world will serve as cloud for other multiple cloud renters. Price of cloud service will depend on quantity/price of hosts vs. quantity of renters and the price they are willing to pay. It will be secure because files will be divided into encrypted parts and it will not depend on a major quantity of hosts to be online because the files will be quite redundant.

What about the coin itself? Why does the host have to have coins if he is offering a service? Shouldn't he just receive coins?

Are the files distributed in a blockchain manner? Or is it just the coin?

TurtleCat
TurtleCat

@Sharpcharm
The coin is placed on hold on both ends so they payment is received and the contract is made. To make sure the end of the deal is done on both ends, or else you lose money.

Though I might be explaining the concept incorrectly.

VisualMaster
VisualMaster

@Methshot
Ok, let me see if I get the whole concept.

Sia is meant to be a descentralized could service, where multiple users are hosts and other multiple users are renters. The price will be set according to what the hosts want to receive vs. what the renters are willing to pay, and the relation between the quantity of hosts vs. renters. It will be secure because files are divided into multiple encrypted parts and it won't depend on a great number of hosts to be online because the file system will be quite redundant.

But why does the host need to have coins to begin hosting? Isn't he offering a service?

Are the files distributed between the hosts in a blockchain manner? Or just the coin itself behaves that way?

BinaryMan
BinaryMan

@Sharpcharm
@TurtleCat
@VisualMaster
I thought the message didn't go sent so I wrote everything again -.-

Spazyfool
Spazyfool

@VisualMaster
Sia is meant to be a descentralized could service, where multiple users are hosts and other multiple users are renters. The price will be set according to what the hosts want to receive vs. what the renters are willing to pay, and the relation between the quantity of hosts vs. renters. It will be secure because files are divided into multiple encrypted parts and it won't depend on a great number of hosts to be online because the file system will be quite redundant.
Basically, yeah. the redundancy will decrease over time once sia has been able to prove itself. It'll probably start at 6x redundancy and lower to below 2 over time.

I'm not sure if the files are distributed on the blockchain. I think it's reduced to only a exchange of coin to act as payment. This is to prevent the blockchain to be attacked or exploited, as there is nothing there to even attack. It's reduced to its most base components. According to the lead dev, it's even simpler than bitcoin.

Stark_Naked
Stark_Naked

@TurtleCat
Thanks, I understood the "coin on hold" concept. So the host needs to have an amount of coins equal to the value he is willing to offer, correct (if he messes up, he will end up paying the renter)?

About the files, even if someone rents from one user, his files will be divided into many pieces in other hosts' computers, right?

Sir_Gallonhead
Sir_Gallonhead

@Stark_Naked
So the host needs to have an amount of coins equal to the value he is willing to offer, correct (if he messes up, he will end up paying the renter)?
I'm not entirely sure if it's a certain percentage or the exact amount. It's probably the former. This is done so that you can't do a sybil attack since you would be throwing a lot of coin for nothing.

About the files, even if someone rents from one user, his files will be divided into many pieces in other hosts' computers, right?
Yes. Sia works on a 7 out of 21 system. Basically your file is sent to about 21 host. And if at least 7 host keep your file out of those 21, then you'll recover your file. This ensures that if 10 out of the 21 go down, for some reason, your files will still be secure.

happy_sad
happy_sad

chose to go into sys instead of sc months ago

jdimsa

Dreamworx
Dreamworx

https://www.youtube.com/watch?v=ZfFz79E_7nw

Nude_Bikergirl
Nude_Bikergirl

The concept sounds stupid. I remember there used be an MLM ponzi scheme where you could rent out your hard drive for big companies. So many people fell for it who had no idea about it. Btw i am an engineer for a cloud service provider. We provide DBAAS.

Lunatick
Lunatick

@Nude_Bikergirl
decentralized storage is a stupid sounding concept
The Devs don't hold any currency and all of it is minable. They have no possibility of scamming or shutting Sia down.

Lunatick
Lunatick

triple kek, i bought before it was ever on poloniex from miners on forums. keep making me rich you fucking bastards

ps the project is actually legit and is going to disrupt data storage

farquit
farquit

Quick reminder to never listen to lying, manipulating shills.

King_Martha
King_Martha

Posts shitty video and they cant even afford a voice over actor.

All i needed to know, thx f,ams

Ill just stick with trumpcoin, at least you know what you are getting - no bs tech MLM

happy_sad
happy_sad

@King_Martha
at least you know what you are getting

You sure are right about that.

Emberburn
Emberburn

@Nude_Bikergirl
Btw i am an engineer for a cloud service provider
So you are Sia's competition, huh.

Poker_Star
Poker_Star

Also, just like some currencies were associated with gold, Sia will be associated to virtual space (megabytes, terabytes). Suppose the Sia value drops to zero, then in theory you would have infinite cloud storage. So its value, differently from most of cryptocurrencies, is associated to a "real" thing (storage). Hence, since cloud storage has value, siacoin will also have value.

TreeEater
TreeEater

hold for 10 years
L o l

Sia is literally a shitcoin

StrangeWizard
StrangeWizard

@King_Martha
yeah the video sucks but to be fair it's a fan made video on a fan made channel, i've been trying to shut it down but the devs are being goody two shoes polite faggots for some reason

Garbage Can Lid
Garbage Can Lid

@StrangeWizard
Why would they want to shut it down?

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