Topic: [ANN] Sia - Decentralized Storage - page 37. (Read 1382246 times)

Lmao, that's exactly what I was thinking bro.  It' going to be interesting to watch as things unfold.  Perhaps they'll rethink the algorithm switch and not hurt so many miners that invented their money just to mine Sia Coin and now are left with nothing.  Or perhaps someone can create a worthwhile new Cryptocurrency on Blake2b algorithm, and then miners can switch to this new coin.

mimagneto

Devs can not provide an answer concerning the continuation of mining on the legacy chain ... Simply put, a chain lives as long as there are people mining (on) it. A chain lives means that there is a coin. So, either the non-obelsik miners stop mining and then the legacy chain will die, or they continue mining and it will live. Obelisk miners will mine on the hard forked chain (the new main chain). Given the fact that I don't think non-obelsik miners will be willing to throw away their equipment, it's highly probable they will continue mining on the legacy chain.

will be great if one of the devs will answer here to clear this question marks....

In theory, the old Sia Coin chain with it's algorithm Blake2b, and many, many ASIC miners will be left with nothing to mine.  So in theory, instead of heading to the garbage dump, miners will decide to continue to keep the blockchain alive.  Hence the "old" SiaCoin on the old algorithm will remain alive.  The "new" Sia Coin will now be a completely different blockchain on a different algorithm, so hence we now have two Sia Coins.  This is all theory, and based on perception as stated previously.  We have yet so see what actually develops.  Or am I understanding incorrectly?



mimagneto

If I understand correctly,
there will be no new coin creation, there will be the same SC with another algo, right?
So why are You writing about the "old"Sia and "new"Sia coin?

Wow, this is a very interesting predicament.  It's going to be interesting to follow and see what comes of it.  It seems that if there will still be two different chains, but only one product (the new Sia Coin that is created), how will the previous chain hold value?  I understand that traders will want to continue to trade it, but how would investors view it?  I think that then the original chain coin would need to proceed with its own abilities, technologies, project, etc. for it to survive as the market cap and value will then be moved to the new Sia Coin chain.  Thus destroying the value of the original Sia Coin chain.  Interesting, indeed.

mimagneto

My understanding is that the sia client version 1.3.5 will support the legacy chain, and that legacy chain users are always welcome as long as they hold siafunds. Regardless, mining a coin that no one needs wouldn't be a first, and there will always be people/bots ready to trade it as long as it's on an exchange ...

Keep in mind that, unlike , for example, Bitcoin Cash, Sia coin has very special purpose, and for
that purpose team that would make new coin would also have to build software for storage network, too

Otherwise they'd mine coin that noone actually needs

There could be a new coin if a part of the community continues mining on the legacy (before the fork) chain. The fork is going to invalidate blocks mined by equipment that is currently holding ~45% of the hashrate, I don't see this mining equipment just going to trash and miners using it just accepting to throw away their now main-chain-useless miners, so in my opinion, there is a very high chance the legacy chain will be maintained hence giving birth to a new coin.

there will be no new coin, but a modified algorithm may attract investors
and i think i need to wait for the best days for all cryptocurrency.

right
there will be no new coin, they are modifying the blake2b algorithm
SC will not split the chain

You got it all wrong...fork not necessarily means new coin...and in this case, if there will be new coin at all, it won't
be given by SIA...but lets not tell everyone, maybe its better they stay uninformed and keep pumping price 

Most of the coins that will have a fork brings more demand and its starting to cause panic buying.

Only two things, SIA will be pumped and the fork coin will be sold after claiming. All money that came from the fork will be moved to SIA or any valuable coin.

this fork news is helping Sia raise prices/value
what will be after the fork? I hope that will ATH again 

centralized TOKEN / STORAGE as of the fork !

completely centralized now IMO ?


NAMASTE

That is actually a quite interesting analysis. Mining echosystems are getting more and more complex and it is a big challenge to discover the industry's best practice. The alternative in some cases could be to see the whole project fail, so I think such an analysis is welcome.

so you are saying that price of siacoin does not matter the amount of coin ..thru difficulty..that happens to exist at any point in time

the non siacoin miners 4/5's ran difficulty up (i'm assuming) more so than if only 1/5th was how siatech

envisioned such when they made the units and thought they were gonna be the only game in town in 2018.

So, how is price determined? Is it all speculation and thus the amount of coin in existence does not matter?

We are just farther along in the difficulty curve?

Also, why the big push by obelisk for ASIC's is it only the supposed 'secure network' they wanted for their

cloud storage vision as they say?

So If I'm following this correctly at this point in time 4/5's of all coin in exitence is 'owned' or mined

by say 4/5's of non obelisk equipment (gpu's/purchace of such/non siatech obelisks)

so .the ONLY angle that an obelisk sc-1 has 'with the fork' is that it can continue to mine and get siacoin

as the 'supposed' only miner on the hash network ...ASIC wise with the fork?

Assuming, I'm following the above (big assumption) than how does their cloud storage vision

come into this whole thing asic's vs price etc?

again, maybe it is all moot ..and the value of siacoin will tank to dust...if their cloud storage

vision does not come to pass (the reason for siacoin supposedly)

On a side note on asic's I'm guessing we will have an annoucement soon (if not already) of a siacoin

classic coin (for the NON-forked asic units in the world) ...wait for it..just saying...no idea what it means

but I myself would bet on it

thanks for the clarification..let me know what you think about the above...just trying to flesh this all out

in some manner.

brad

p.s. as to the free decred miner I'm getting (at least I used the 5 1/2 coupons for something) that is

looking pretty dire...but at least I swap'd the coupons for better 'wall art'

4-5k obelisks will generate exactly the same amount of coins as million of innosilicon asics would.

Difference is, your Obelisk would get 1sc per month in that scenario, this way your obelisk
will get 1000 per day (totally made this number, but if you want, I can calculate excat profit for exact
number of obelisks because amount of sia coins per day is a constant number


Difficulty is magic wand here, the more ASICs(hashpower if you like) the bigger the difficulty...it auto-adjusts
to make number of coins per day constant

Pretty good explanation can be found here (and in better English, as its my 4th language, lol):

https://siasetup.info/learn/mining_and_forks

well there is a hell of a lot more difficulty out there than there was....

thus there has to be more coins out their than they planned IF they were the only asic's in town

as they planned to be at this point in time in 2018.

difficulty goes up ..you run thru the coins faster and put them into the world? right?

still confused...clarify....if coin price determined by how many exist vs equip costs of the network etc?

not trying to slam here...but all them 4/5's of NON obeblisk blake2b miners got some kinda benifit from

all this.....so i'm confused if what you say is true...why the fork? It should make no difference in price

etc from what you say....4-5k of obelisks after the fork are not gonna generate enough to effect any

of this...thus why fork? where is the profit in doing so? why bother?

again, not a slam...use small words...

brad

Theres NO 10-15 TIMES MORE COINS NOW THAN THEY PLANNED. You can repeat it 1000 times, it won't become truth.
Actually 2 years ago you could calculate exactly how many coins would be circulating now,  with 2-3% accuracy.