Siacoin... their game plan seems scary

[photonfanatic]

I'm asking this because I'm looking for a CHEAP (like not even worth a whole penny) cryptocurrency to invest in, for a long term buy and hold strategy. Something I can buy $100 of, and then hold it for a few years. So Siacoin caught my eye because its inside of the top 30.

But I'm not sure I agree with their whole idea. Storing your data, on someone else's hard drive. That whole thing just seems like a bad idea imho. Big companies like google check the health of their drives, and replace them at certain intervals. With siacoin, you may very well end up storing your precious data on a hard drive from 2002. Not to mention, hax. What is the likelihood of someone who is offering storage, being able to get into that data and just have them a good look around? Most people I know don't want some random person just going through all their data.

So what are your thoughts on siacoin's long term viability? Of course with crypto's, one never knows. Could be siacoin hits $0.10 next week. But we have to do our due diligence and learn what we can. So would YOU ever use such a service? Would you be cool with having a buttload of your data stored on some random guy's hard drive? All I have is a lot of cellphone pics, and some family photos. But even still, what if the guy's girlfriend goes psycho and tosses the PC out of the 4rth floor window. While the team may be good, I'm just not sure if the idea itself has much merit.

[pumpmydump]

Wouldn't that data be encrypted? And wouldn't it be stored redundantly?

I don't know the answers I haven't looked much into Sia but I would hope so! (for them and their investors)

By the way cheap is relative, don't look at the price of a coin but look at the market capitalization. A very cheap coin with a huge market cap has less potential to grow than an expensive coin with low market cap (all other things being the same)

[xbiv2]

OverPump-ed Peeny Coin

https://explore.sia.tech/
Total File Contract Size    169 TB
https://coinmarketcap.com/currencies/siacoin/
Market Cap: $379,033,045
169 HARD DISKS COST $379,033,045
1,933,842$ EACH

[logicbomb666]

Wouldn't that data be encrypted? And wouldn't it be stored redundantly?

Yes and Yes.  

All data is encrypted without any way around it. The host cannot get into the files and see what they are.  Redundancy is also a mandatory, once you upload data its stored 30 times over to ensure your files aren't lost.


https://forum.sia.tech/topic/108/how-sia-works


EDIT:

With that being said, I still wouldn't use SIA for storage just yet.  There are a lot of things missing from a user perspective and even after these things are added, SIA's real vision is not for regular users like us.  They want 3rd parties to use SIA's API and handle all the customers for them.

[Ahead]

As far as I know, the data are stored encrypted, into multiple peers (20 or more) in chuncks.
So hacking one node will get you useless encrypted data.

[FluffyWallaby]

You seem badly informed, I would recommend to checkout the Sia website or /r/siacoin.

In short:
Data is split and stored on 30 (soon 50) different hosts and is of course encrypted, so no one without your private key can access your data. (they would have to hack your private key, which is atm pretty much impossible).

As it is now, you need only 10 of your 30 hosts to restore your data - so even if up to 20 hosts get their pc thrown out of the window, your data is safe and will be added to 20 new hosts as soon as the network marks these 5 old hosts as inactive.

Additionally these hosts have to play a sum of Siacoins when setting up their hosting space and will lose this investment if they can't provide a 90% uptime of the storage.

I think Sia roadmap is insane(ly good). They have a real product to disrupt the market.

[nappoleon]

just waiting here for middle-out compression to be implemented 

[photonfanatic]

It appears that I was indeed poorly informed. Thanks guys, you've been a real help. It does seem like it will indeed be at least a year before Siacoin actually begins to climb. Looks like a great idea that is currently very inexpensive and has a good ways to go. Just what I was looking for..

Now, are there any disparagers? Looks like we've heard the good, now how about the bad. Is there another, much more relevant coin that is already doing this? Or perhaps an ICO or some other up and comer, that is set to do a better job than Siacoin?

[Chicago]

Hello,

    There are other projects focused on decentralized data storage within a blockchain.
    Have a look at Datacoin which features a 128KiB transnational binary data field and has been around since 2013.

    There are already innovative applications built on top of it and you can currently mine DTC with CPU.
    Save your $100 and CPU mine Datacoin for a few months with one of your spare computers.

Best Regards,
-Chicago

[Antikais]

did you realy search sia ? if you did , you wouldnt ask this questions. and probably your next question is what if someone upload illegal content to host ?...


data is encrypted. so noone can open your data unless your password. and they are making contracts with host. you need to have more than %95 uptime to became a host. and they are uploading your files to different hosts.so if one of your hosts die , still you can reach your data.

amazon and google whenever they want , they can open your file. i'm not saying that they are opening your data. but if they want they can open your data.

[ticterine]

What if you're being served chunks of your data from 20 nodes, and one node goes down. Would there be any interruption accessing your data? Would a backup immediately be notified and serve your data? Traditional data hosting companies don't distribute a chunk of data (i.e. a file) across a network, and I think would prefer to store it contiguously on one disk because that is faster, more reliable and easier to manage.

Sia seems like a novel idea, but I just feel like a distributed network of basically anyone who signs up makes managing it much more difficult.

[Chicago]

Traditional data hosting companies don't distribute a chunk of data (i.e. a file) across a network...

Hi ticterine,

    "Chunks" of data are precisely how data is stored on the industry standard RAID.  Each disk contributes a few blocks and the chunk/stripe is then pushed through the storage layer back to the application.
    Throughput would go to zero if everything needed to come from just one disk or in the case of the network, just one node.

Best Regards,
-Chicago

[europesss]

Wouldn't that data be encrypted? And wouldn't it be stored redundantly?

I don't know the answers I haven't looked much into Sia but I would hope so! (for them and their investors)

By the way cheap is relative, don't look at the price of a coin but look at the market capitalization. A very cheap coin with a huge market cap has less potential to grow than an expensive coin with low market cap (all other things being the same)

Wouldn't that data be encrypted? And wouldn't it be stored redundantly?

The key is they don't have enough disks to store so much data.

[alex.iv]

Invested $500 on them and the price is ridiculously low and honestly I don't see it getting back on top anytime soon.

[costina]

Haha, SC is one of MLM project and at now, the price falldown by whale and people buy at @50 sat take profit. I guess the price will continue falldown to @1xx sat

[henkcryptotank]

My motto for SIA: cry now, buy later!

Greets Hank

[Mikaelxiong]

It sounds like a decent idea.  I don't know much about it.  I wouldn't look at the short term because of this mass selloff.  Maybe when there's hype and people are pumping and dumping. 

[photonfanatic]

Yeah i just bought sia yesterday when it was down something like 20%. I've decided that's the only time I'm ever going to buy, is when there are big corrections like that. Gotta get it for a good price.