Sia

Literally a shitcoin. Wait for round 2 of crypto storage. Storj and sia are laughable.

This. But I do think it has a couple good pumps left that could be easy money.

But IOC's document storage looks like it'll turn out bretty gud.
For media storage, anything IPFS based will probably dominate.

just sold all my ark and bought 20k sia

Dumbass. Don't throw away your lambos like that.

Ded coin

I read all the money gained in Sia goes to insiders who hold some "SiaFund" token. Is that true?

yeah, we'll see whos the dumbass in 3 months

Wish I sold yesterday when it was slightly positive

seconding this, can someone give me a quick rundown of these SiaFunds

Don't tell me what to do

Lemme explain 1 sec.

Only buy if you're willing to get a shitton
Otherwise it's not worth your time

I bought at 1.3 cents. I'm sure it'll hit 2 cents again at some point.

Does it work? I took DNT gains and left when I tried their apps.

"while it's low"

>you mean the last 2 months? EYYYY

Ok, siabro here, and I've noticed yesterday some idiot spreading false information of siafunds. Saying this.

>Fun fact SIA developers dont really care about the price of the coin, so kinda SOL there. Oh another fun fact you know all the juicy revenue that comes from generating contracts on the network, well that goes to Siafunds not Siacoin. And siafunds is strictly controlled by a tight majority of early backers. So have fun there , i just liquidated 1/3 of my SC position for some OMG. It may be at a loss now, but stale money might as well be dead money. And Siacoin be stale as hell. I may not be a whale and not a whole lot of cash. But dayum if i am tight bunghole as hell for switching at loss to another coin.

Anyways, the truth regarding siafunds is that act as a secondary token in junxiton with the sia network. Around 3.9% of fees collected whenever contracts are made are separately divided into ~ 10k (can't remember the exact number) of siafunds. This amount is not in fiat, but in siacoins. The way you buy storage is to form a contract with a host, put up some collateral and freeze your payment for a month or whatever more you wish to use the storage. And the payment is done with siacoin to make sure there isn't any possible failure, as credit card or fiat cannot be trusted. Siacoins serve as their own method to keep the network decentralized without having to rely on an outside hand.

As such, the way the devs make their money is for the network to be used, for contracts to be formed and gain some fees (3.9 of the total network) paid into siacoin. There is no 'money gained in sia'. The higher the value of the coin increase through usage, the more the devs gain money.

Say for example sia becomes worth 1 billion yet the network does not become used, the devs do not make any money. The siafunds serve as a long long term hold in which you would get a steady supply of siacoins rather than holding to a fixed amount. 1/2

2/2

When sia started, it had a fixed amount of siafunds and sold these to finance themselves (only ~ 1.9 million) This is not insiders making money, as the siadevs still own 90% of the siafunds. It's simply the manner in which the sia devs cannot pack up and leave. It incentives them to become the facebook of storage or go broke.

Take for example storj that still own 90% of the coin. Or filecoin which raised 250 million to big investors yet the devs premined the coin and own over 50% of the coin.

Sia purposefully does not have anything premined and lets the free market dictate the value of the coin. Some idiots were bitching that the devs do not care about the coin, or that they should do whatever to pump it. That is outside the hands of the devs because they purposefully wanted to make the system decentralized by not having any influence on the network. Siafunds is the manner by which they can gain some money through fees if all the storage in the world goes on the sia network and everything is decentralized.

I hope that answered worries people had.
>lol siafunds just take all the money!
Seriously guys, don't be this gullible.

That's what I thought. But Siacoin did word it in a way that would scare a normie.

But that's why you do your homework when you invest in anything.

Also, for example, sia is worth several millions, yet the devs have said that they have not made more than 100k$ from siafunds.

The fact that the devs purposefully tied their hands behind their back creates assurance that they will not just sell all their premined coins like storj or filecoin can do.

Filecoin is now controlled by big investors with the devs owning 50%
Storj is premined and 90% controlled by the devs
No one is sia owns more than 3% of the coin and the devs are not making money a lot of money from their network and have incentive to conquer the world or go broke.

Not really
>it's basically limited stocks of the sia network that lets use gain 3.9% of fees
But spreading false information scares people more when trolling becomes your only information on the topic.

>170
>low
maybe try under 100 before you use that word

Sorry I should have clarified. Siatech tweeted one day they stating they were for focused on the biz and not the coin.

So many people took that the wrong way and started spewing the BS as you mentioned in your previous post

Don't forget point of their business. To able to sell somebody stoage space for a 1 year, they need stable coin. Nobody will subscribe for 1 year without knowing, if Sia will be 100$ or 1000$ next month.

Plus they will be releasing 85% more coins in next 5 years.

I'm in heavily on Siacoin. But the FUD is just awful.

sia user why did you decide to go all on on this coin exactly? So you've researched it and personally believe that its a sure deal for the future but why all the way in? Wouldn't trading a portion of your wealth & profiting off of the gains not be a better strategy? What is your mindset here

so is this worth buying? like wtf is going on.

Well, they aren't really focused on the coin because there's nothing they can do. They were replying to the whole
>why aren't you guys creating bullshit news releases to pump the coin
stupidity after sia went down.

That's up to the free market to decide.
The devs are just working on making a good network until it conquers the world, and the value will go up accordingly. The main sia dev even complained that the most vocal are those seeking the price to just pump just because over those interested in the technology.

lol no.
Total amount of siacoins will be ~40 billion within 5-6 years iirc. It's less than the inflation bitcoin had when it started.

Sia will never be 100$ due to the large amount of supply. Over time, when the network matures, the coin will become more stable. No one is expecting the coin to be stable because the network is not optimal and is not mainstream yet.

>be me circa late march
>find youtube video of powerpoint presentation of the main dev talking about sia
>'huh that's cool'
>place life's saving into this 1 million $ valued coin

Coingeko had it at a 67% Developer Activity which was much higher than mostly anything out at the time. It was undervalued and after talking to the main sia dev, I was sure that sia would become big in the future. I still hold.

I just followed these two quotes

>“Keep all your eggs in one basket, but watch that basket closely.”
>Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.”

The funny part is that before investing in sia, I went all in with XEM when it was worth 5 million back in February. Had ~ 15 million XEM >_>
But meh. I still think sia will be worth more in the future. Unlike most coins trying to dethrone the king bitcoin, sia is trying to be its own thing and will succeed.

Good luck :)

watch the interview with the dudes then sell your coins like i did, was able to make 200$~