Lets talk about Sia's Obelisk

[mktorn]

Okay, now I see some sort of strong support around 0.013$, I have bought again now with 0.0148$, needed confirmation of strong buyers, that's why I didn't buy at 0.013$, the same amount I sold earlier, 25% cheaper.

I was right, yay!
Now lets hope Sia is really great as I believe it is.

You did a good sell /buy back trading. Congratulations.But crypto world is complex, maybe they just want to sell ASICs for money.

Thank's.
Of course they sell them for money, I would be suspicious if they wouldn't calculate at least some profit on ASICs. I also understand why ASICs are necessary for a cloud project, if in a regular currency in case of a 51% attack people lose "only" their coins, with SIA a 51% attack could lead to the destruction of SIA's cloud storage infrastructure and the loss of all data.

That will be catastrophic for SIA, such an attack could destroy SIA completely.

I found good support at $0.010, bought +20% of my total SIA holdings.

Can you expand more on how the infrastructure and data would get affected by a 51% attack? I thought it would just be like others where the attacker could prevent transactions or double spend so I am interested in learning more about what you mean

[1714671695]

1714671695

[1714671695]

1714671695

[1714671695]

1714671695

[Vivisector999]

Unlike most other coins, Sia is built around having a Cloud Storage backbone running off it's Blockchain.  You can "rent" out your HDD space for a contracted amount of time, in which you would receive encrypted files that could only be accessed by its owner, or those the owner shares it with via the Blockchain.  They are trying to compete with One Drive, Google Drive, iCloud ect. 

They need to have a lot of trust built up to have people entrust their files to be stored on their "cloud", and by creating ASIC's for their coin, they are taking a step towards trying to build up that trust.  At the expense of ticking off some GPU miners. 

Having a 51% attack and a double spend is bad enough for a coins future.  If they lost access to peoples files, or worse, made their files available to others, it would destroy any hope they would have of coming back from that.

[HardFireMiner]

@mktorn, @Vivisector999 has explained it, I can't elaborate more, don't want to say something without being 100% sure, it's technical & Hi-Tech we are talking about here and I don't have enough knowledge here.

Sia's price is $0.006506, I had a feeling that I am buying too early, with all this obelisk news and not selling enough. Now only 1240 has been sold, people obviously expected more from obelisk, faster deliver of hardware or/and more reasonable price, even if it had less hash power proportionally. I would have bought one ASIC for 650$ maximum, even if it had x5 less hashrate than the actual one, just to support SIA's infrastructure, to contribute to the decentralization. I have some hundreds of hashing power now, I can afford 2500$, just not for this product - 1 year in crypto is a lot, with the money for one ASIC, I can buy 5x 1070, mine for a year, sell them and buy an ASIC if somebody will sell it, if no, oh well, another "risk" I am willing to take.

Locking $2500 for an ASIC after a year? A horrible investment, $2500 are $2500.

Anyhow, I am optimistic, I really see the people looking at the obelisk page and getting disappointed every day, those are the weak people, I believe SIA's team have some ongoing deals with some big money, partners and they will sell those ASIC's very soon, check twice a week the obelisk page, if some chunks of 100+ will be sold daily, the deals are on and it's time to buy.

0.0065$ is a good enough time for me to buy a bit more - another 5% of my total SIA's.

[xbiv2]

It scam, ordinary ASIC for BITCOIN, but with software for scam mining pool. This minig pool will take to youself BITCOIN from cooperative mining.

[HardFireMiner]

It scam, ordinary ASIC for BITCOIN, but with software for scam mining pool. This minig pool will take to youself BITCOIN from cooperative mining.

Man, I usually agree with your posts so can you please elaborate on the scam thing and why do you believe this?

[Vivisector999]

Yeah that doesn't even make sense.  I'm sure everyone would notice right away if the hashrate of the Sia network didn't jump massively when they go online.