I agree with you mate but I hate trading siacoin. I bought it a bit down or cheaper during my day trading in three weeks ago. Unfortunately siacoin has not come back to 0.00000309BTC; at the price I bought it. Very sad and disturbing. Can anyone kindly advise please. I think siacoin manipulates the market. Why technical analysis does not help? Analysis indicated the it was going up after it came down. It suddenly went down as soon as I bought it.
thanks for the video! For me there are still some problems:
1. wat happens if the host of my data loses his laptop or stops beeing part of the network while still having my files.
2. What do you think will happen if the price of the coin goes for example up to 2$. The service would be much more expensive for users, right?
As I see the project right now, the idea has great potential, but there are some major questions unanswered.
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Dubirka the files are replicated on 3 other people's hard drives for redundancy. So unless all three people go offline at the same time then you won't lose you files.
Hosters have to put their own coins up as collateral, basically they stake their coins, and if they have less than 95% uptime they will lose some of their coins. So it's in their interest to not go offline.
Also if one of the hosts goes down for a long time then the files are redistributed back upto 3 people.
I think there is talk of increasing the file spreading to even more hosts for even more redundancy. I've heard numbers like 30 hosts. So you would have to have all 30 hosts go down at the same time to lose the files.
The downside of Sia is that high-storage HDDs are developed as we speak.
Having 1TB is nice now... very soon it will be like having a small memory stick.
I like Sia, but I don't think it's going places as Cloud Storage will be soon a thing of the past.
hello, you videos are very useful. thanks for creating these videos..
Also, could you please talk about how Siacoin is doing now, is it being adopted and how it can be stored? thanks again for creating great content.
having an awful hard and long time tried to synchronize SIA wallet. that puts me of off investing in SIA. I mean if they can't even make their wallet user friendly... but for those who speculates, buy and hold SIA on the exchange.. not sure.
do you understand that all of these technologies are under development and don't have the backing of companies that are currently worth billions of dollars? That's why it's speculation and you stand to gain if the project succeeds.
Most are theories or projects that can and will definitely work but the 'work' needs to be put in by expert developers. A lot of these developers are currently employed by aforementioned billion dollar companies that are paying them hundreds of thousands of dollars per year to keep developing.
'Sia' (and other blockchain-based projects) is being worked on by individuals who are also speculating by devoting their time to an unproven project. The risk is high but the reward is also high not only for businesses and individuals who stand to gain by using the service but the developers and speculators/investors that are building it.
Do the files have to be stored redundant on many many computers? I mean the redundance can never be enough in such a decentralized ecosystem to privide safety from fileloss. Furthermore it would be again a huge energywaste...
I would say it depends on the current hardware that you have. If you have a GTX 1070 or similar, already, you can make about $150 a month running 24/7. Of course, after power cost, you will probably only make $120. It really depends on if you want to make the investment. There's kind of a big debate over storage costs right now, so I would wait to get into that if you are interested, until the market smooths out a bit. However, hosting 5 TB of storage 24/7 will be much cheaper electricity wise than mining.
I see. Thanks much. Since one's computer need be connected at least 95% of the time in order to participate, there would be an energy cost to the user. Would one combined Siacoin mining with renting out storage per smart contract? Or might one be profitable as just a storage host?
One thing he didn't mention was when you host storage, you buy into a contract (have to put up collateral in the form of siacoins) for "x" number of weeks, and promise 95% uptime. If you don't maintain your obligation, you lose your collateral, but if you fulfill you are rewarded with the price of the contract. Also, there is 4x redundancy, so any file you save to the network will be encrypted and stored in 4 locations; therefore, if a host doesn't fulfill his contract, he is penalized, but your files are still stored in 3 other locations.
what about the fact that is possible to store encrypted files on any of the actual cloud storage platforms such as google drive, dropbox, etc.?
I mean, any person can encrypt files before uploading and in this case what is the risk of anyone from those platforms accessing the encrypted contents?
And what happens if computers (miners) where files are stored in Sia system are off or for some reason or the stored files (or nodes) are deleted?
If these same files are distributed in several computers with copies, doesn't it creates a problem as the amount of files stored increase?
(sorry if my knowledge is reduced regarding blockchain technology and these questions may sound stupid).
taking into consideration this what makes Sia system better than the actual ones?
There are a few fundamental ideas that sia is trying to achieve. First, is that it makes it easier for the user to not have to worry about encrypting and decrypting when saving and accessing data on the network (user-friendly). Second, as hosts compete for storage contracts, the price of storage stays low, thereby encouraging users to navigate to sia, as opposed to other platfroms like dropbox, etc. Finally, there is redundancy in encrypting and storing data on multiple host locations, and each host is contracted for 95% uptime (else they are penalized by their collateral in the form of siacoins being taken), so the likelihood of not being able to access your files is minimal, and if for some reason you can't, you won't have to wait long to access them. The concern about redundancy as you mentioned, will be that storage requirements over the network will have to be higher, and that will increase the price for the customer. How much is yet to be determined, but my guess is that sia storage will always be cheaper than google drive, dropbox, etc.
We were discussing with my programming team at work. Because Wannacrypt only delete the originals, it might be possible to use a file recovery program and recover the deleted files. so you don't unlock your ransom files, but you undelete your originals. We havn't tested because none of us got infected.
Billy Luna-Riley I think it's brilliant however why would I bother doing this if I can buy a 3 terabite external hard drive for 100$ and be done with it. I'm not sure I will invest . Think I will pass . The fact that it is decentralized and therefore much cheaper then the others ....it could work but an unlimited supply of coins ect ect means small roi
I might be stupid, but what if hackers want to put viruses on computers using siacoin. and so they buy storage and their virus files end up on my computer that then open up and do damage on my PC. Am I missing something?
Hey. Great video. I would like for you to do a video on benefits of purchasing a full bitcoin node. I don't understand why anyone would buy one? Does the owner get any benefit from running one? Thanks man.
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