Is siacoin a good crypto or is it going nowhere?
By - matteocrayo
It's better than filecoin
They have a great product and Skynet is pretty awesome tech. I believe in what they’re building.
Although they could have chosen somthing other than Skynet!
I am tempted to ask questions like this but I know people are just going to respond with DYOR
Yeah i mean, research on its use and fundamentals says to me that it would be a great investment. But the fact that no one knows or talks about it tells me the opposite.
Sadly, it's an arbitrary answer.
I mined a bunch of sia years back. It seems to be struggling. I’m holding on to my sia, but I bought and run a STORJ node. The software is much better :-/
It is a bad crypto going somewhere - to the land of storage chip shortages
80% or more of the coins out there won't exist in a few years, good luck to all of us!
Yeah, just like the bull and bear runs, coins will come and go.
I read the white paper and was impressed with the project. And being ranked within the top 100 coins ain’t bad. I threw a few dollars at it. I’m holding just in case it goes somewhere in the future.
What’s its use case?
Basically decentralized cloud storage running on blockchain
Why would I want that?
You would want to distribute your backups and have redundancy not be an issue. All the data is encrypted, the data itself isn’t on the blockchain but the record keeping is.
Why would I increase my points of failure and not have someone backing a service level agreement?
You don’t seem to understand distributed storage.
But yeah I wouldn’t say to use it as your ONLY backup. STORJ has an S3-like interface to it.
if you're looking for S3-like interface definitely give filebase a shot, you can use sia/skynet as the storage provider too
This goes for all of the decentralized storage tokens. Who is actually paying to store data with these services? All of the ones that I’ve seen have little to no data stored on their networks. If no one is paying to store files then what is the long term outlook for the storage network and the associated coin?
check out [siastats.info](https://siastats.info) over the last 90 days storage has doubled on sia
Maybe eventually if that's how cloud storage works in the future for a reason we're not aware of...but short of that, this seems useless.
I’d like to think that there’s a future for these networks, the services make logical sense to me, but eventually they have to be supported by their own revenue.
It's early. Most of these decentralized ideas are trying to follow the goal of crypto, which is basically cutting out the middlemen who screw over everybody. If privacy and security are going to become more valuable in the future, then services like these will only get bigger.
Haven’t heard of it
I love these coins and their use case. But something I always worry about with that are when people store illegal files on the network. Wouldn't this attract some harsh regulations if it becomes big enough? What about people running nodes and having this data stored on their machine (even if encrypted)?
Possibly. But how could you prove it or enforce it? Files are broken up, encrypted, and distributed over thousands of computers. It would be like banning the internet because some asshole had childporn on a server.
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I believe in the project... I bought some few years ago... I think the decentralised storage concept is very interesting