Sia coin is a new form of cloud storage using blockchain encryption to cut costs, and increase security. The price has recently exploded from less than a cent to more than 10 cents, but is there more in the tank?
My current hesistation:
I am not buying at this price range, despite being bullish on this tech long term. Yes Sia storage is 10 times cheaper than traditional cloud storage, and safer due to encryption. But I have never personally stored anything on the platform and from what I have read the load times are cumbersome. For these reasons I am hesistant to add to my current Sia position at this price point. But yet because of the 10x savings and increased security I remain confident, that in the long run, this project will see dramatically increased adoption from people and companies.
A functional use case is worth more than future potential:
This project is great because they have a use case and a functional system today, you can store your data on my computer and pay me a minor fee today. That's pretty cool. Why would we pay Google or Dropbox, when we could have greater security via decentralized encryption for much less money. People will use this system.
My Plan:
If Sia trades sideways around its current price point for a bit, I would begin to trust the support and slowly dollar cost average my way into a stronger position.
I recently downloaded the wallet and plan to rent out my extra hard drive space. Once I have done so I will update with a future post.
If you want more information on Sia check out the video link below.
Peer-to-Peer decentralized encrypted clouded storage
I am confident this project has value, and I love the tokens that have a use case now, not some far off promise of interesting development someday. Sia is a platform that is ready to work today, you can store data on it now, you can rent out your hard drive for Sia coin payments today. This thing is legit, its not perfect but it is finally getting some love and growth after months of being overlooked.
I think this coin would be a great long term investment, but I wouldn't recommend anyone buy a coin after a recent surge like Sia has experienced.
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I hold Siacoin therefore take my confidence in the project with a grain of salt. Do not invest any more than you can afford to lose, and always be sure to do your own homework.
