Hello Steemers!
Today I want highlight what happened with Siacoin yesterday.
Yesterday I thought that Siacoin was going to explode in value following news of a dedicated mining unit being released specifically for it. Now I knew going into my recommendation that it was a pretty safe bet because Siacoin is an undervalued coin and very cheap. Siacoin basically acts as a decentralized cloud server that can compete with large companies at a cheaper opportunity cost, meaning that it has the potential to one day go up against larger companies and actually win, which would greatly increase its price. In a sense its a sleeping coin that is waiting for some sort of good news to up the value. Its super important to remember that News whether positive or negative can have a tremendous impact on the value of a coin. So keep your eyes open for any positive news.
What actually happened yesterday was that the company Obelisk (more information ...https://www.reddit.com/r/siacoin/comments/6j1gyg/obelisks_sia_asics_full_details/) that is going to manufacture dedicated mining machines... dropped the ball... the PR campaign was seriously bad asking customers to only pay in bitcoin instead of fiat cash and that get this if the price fluctuated before they cashed the bitcoin they would keep the higher profits, yet if it went down they would charge you again. Worse the technology wont even be ready for another year but they want their money sooner. Now something interesting happened after this failed announcement... while some people sold off their Siacoin the coin itself tended to hold its value... even right now it is down but not by much. So what does that mean? Well it appears that this negative news didn't really damage the price, meaning that there are a lot of people who are holding this coin for the long term myself included.
So what should you do? Well taking into account everything I still recommend holding Siacoin for a long term play and if you can buy some more as they are currently about 2cents each, almost the same price they were yesterday.
