Topic: [ANN] Sia - Decentralized Storage - page 489. (Read 1382189 times)

Very good idea, but I'm not sure devs will want a billion public keys in the genesis block.

No one has commented on what a siafund is really worth in terms of hour/daily/monthly return from collected fees.  People over on the NXT AE are trading them for thousands, but really, what's it worth?  What's the projected ROI?  What's the point?

I remain, as of yet, unconvinced, though I do see some potential (mega.co.nz style).

Maybe it is not a bad idea to split one Siafund to 100,000 Siafunds to make the total of Siafunds become 1 billions instead of 10,000. This will make the future trading of Siafund easier.

Marketing hype aside, Storj looks pretty lame compared with Sia.

Discovered Sia on Reddit, downloaded the wallet, mined for a few days and played with it. So far I really like it.

I've been waiting for Storj, but that'll still take some time; so it's great to see another project already publicly available.

Btw hi everybody ;)

all good taek ...

will the miner be a two fold one? ... nvidia and amd - that we can compile ourselves?

we have a great deal of storage for a server and rebuilding one with 3 time the amount again ...

can these be used for the network also? or is the storage of data done in a different way? ...

we are miners first and foremost - so mining is what we do best ... hence the original takeover of granitecoin by me a while back ...

unfortunately for - im no developer or marketer - so the progress for grn has been a long slow one ...

sia is especially interesting - and would like to participate in more ways than 'just' investing in it ...

#crysx

Will siafunds be individually divisible?

No, we're keeping it at 3.9%.

As for mining, we'll be releasing a gpu miner with a GUI soon.


Sia needs a way to save files, I don't think that's possible if you're launching it from a rar archive. Maybe we can have an installer or something though.


When we sold them, we sold ~1250 for an average of what was worth ~$96usd each. Their price catapulted to somewhere around $300 each I believe, and later went as low as $11 each. Certainly a high volatility asset.


I wanted to keep things concise. Going forward, we will be primarily venture funded.


heh sorry about that. Sianotes and Siafunds are essentially the same thing. Sianotes are on the nxt AE, and siafunds are on the Sia blockchain. 1 Sianote doesn't do anything, it's just a promise that you can convert it to a siafund. 1 siafund gets you some siacoin income every time that a file contract terminates (successfully or unsuccessfully). Siafunds are only good for providing income, and are an investment asset.

Siacoins are the primary currency. All storage contracts are in siacoins, and most people will be holding onto siacoins and not siafunds. You mine siacoins the same way you mine bitcoins.


blake and blake2b require different mining software. We'll be releasing a gpu on June 7th when we launch everything else.

i am completely confused with all this transfers of one to another situation ... nxt - sianotes - siafunds ... too complicated for my little head to comprehend ...

so ill do what we do best - mine ...

today is the last day for this anyway - which means we have run out of time to absorb this properly ...

so when the full and complete details of the mining is posted - will get that sorted ...

we just need to know whether blake and blake2b can be mined the same way ... or does it require a specialized miner? ... or ...

#crysx

Also this https://nxtforum.org/alternate-cryptocurrencies/sia-official-nxt-thread/msg61331/#msg61331 about seed funding announcement to the parent company.
It seems like Taek has removed the announcement. So my question to Taek is why the deletion?

If it was true that 7.5% of the parents company was sold for $375,000, then Nebulous was valued at $5,000,000 at the time for the company equity  of 8780 siafund(sianotes) at ~$250 each (valued at $2,195,000) + goodwill (consisting of 2 talented devs + plans for other projects by Nebulous).

Therefore $250 per siafund appears to be the fair value, and it is still too cheap given the potential of this project.

In fact, Siafund is of different nature compared to storj coins. siacoin is the equivalent of storj coins. So even though your calculations are correct, the comparison is largely irrelevant. 10,000 siafunds are entitled to receive 3.9% of all host incomes.

However I want to point out that when Siafunds (formerly sianotes) were first offered, it was around 250usd each because Nxt price was much higher by that time. I found this in the Nxt forum https://nxtforum.org/alternate-cryptocurrencies/sia-official-nxt-thread/msg61639/#msg61639

Quote from Taek: (awhile ago when it was at $250 per siafund(sianote))

So I think the current valuation of 18,000Nxt per sianote is a fair one in fiat term.

so if i understood this correctly ... you executed the app FROM the archive itself? ...

if so - this will not run as it does in normal operation ... no package 'normally' runs through the archive itself unless designed to ...

it is needed that the archive is extracted to a directory - and run from the directory for any files to be updated - as most apps ( sia included ) will not recompress and rearchive the changed files to the .rar archive ...

if you the wallet.dat file that you used when transferring the other coins ( which will have all your original settings and address in it ) then you can get your coins back ...

at least thats the theory ... but it MUST be the original wallet.dat file that you used ( which 'should' still be in the roaming directory under windows ) ...

#crysx

Hello Taek! I and my friend found interesting bug 

I download wallet version 0.3.0 from internet and launch file  sia.exe without extract arhive.
After this procedure my friend send me 3000 sia coins and after network found new block, i can see this coin in my balans.
But i close program and launch sia.exe after 6 hours- i see that my coins we be lost. I think- process SIA.exe can*t write information about new adress in file wallet.dat, if I launch sia.exe from rar arhive.

Need blocked  opportunity to launch sia.exe without  extract rar arhive

The price is still cheap even though two Sianotes were sold at 18000 NXT/sianote today at the highest price ever. But even at the 18000 NXT price it is still a very low price comparing the other similar projects like Storj and maidsafe.

For instance, right now, the Storj's price is about $0.0188/coin and Storj has 500,000,000 coins in total supply, which will bring Storj's overall cap to about $9.4 millions. If you use the Sianote's highest price 18000 NXT (which is about $216) to calculate its cap, Sianote's cap will be $216x10000=$2.16 millions. It still much lower than Storj's overall cap.

On siacoin.com it mentions a 3.9% fee, is that still in debate or are you definitely creating more sianotes and increasing it to 10%? Also, I noticed on the asset exchange that there is a buy order for 20 sianotes at 2,000NXT each by the asset issuer.  Is nebulous trying to buy back sianotes or is that just to set a price floor?

Also, I only really know how to mine scrypt or sha on a mac.  Could you point me to something I can download that would let me CPU or GPU mine sia on my mac?  Preferably with a GUI?

Hosts will have the ability to set a price on downloads. Bandwidth tends to be more expensive than storage. On Amazon, downloading 1TB is the same price as storing it for 3 months. Hosts are free to set whatever cost for bandwidth they like, but setting a high price will cut into profits. Because you are storing on 200 hosts, and you only need to talk to some of them, you can prioritize the hosts that have lower bandwidth costs. Anybody will ransom-prices can be ignored. Holding data ransom is bad for profitability, because nobody will ever use you.

The higher your redundancy, the greater your ability/flexibility to prioritize hosts with fast, low cost downloads. Furthermore, when uploading in the first place you are able to choose a set of hosts that you are comfortable with and know generally have best prices. So out of the best hosts, you still only need a fraction to not try to extort you in order for extortion by the rest to be completely harmless.

This makes attempted extortion harmful to the extorter. If they have bandwidth that's not in use, instead of making a little bit of money from helping you with your download, they are making no money at all because you are using someone else instead.

Ultimately, I think bandwidth on Sia will be much cheaper than on any traditional service. There will be lots of ways to apply price pressure to hosts, compared to traditional services where there is a monopoly on your data and ransom-prices must be paid.


There's a block estimator, that's going to have to be good enough for the next few weeks. We're busy writing as many tests as possible before launch. Hopefully by July we can have a miner that's a lot nicer. (GPU miner should be ready by June 7th, but I'm not sure how nice it's going to be).


For the first few weeks at least you'll have to do everything OTC. #siatalk on freenode is an appropriate place for this, we can also create a channel for it on the slack. Hopefully we can get on a traditional exchange (both siacoins and siafunds), and hopefully we can also set up trustless btc<->siacoin exchanges using hub+spoke micropayments (we'd run the first hub, but open source it so anyone could run a hub). The timeline for this is hopefully within 1-2 months of launch.

Thanks for the explanation.  One thing I'd like to know is how would I buy Sia coins after launch?  Will there be an official exchange?

Thanks for the tips. Yes, found NXT wallet 2.2.0 installer, did a clean install back to NXT NRS version 1.4.8, waiting for the blockchain to download. Looking forward to Sia launch. I think it's a sleeper with a lot of potential as well.

I think need add a cureit mining difficulty in wallet.

So I was planning to rent a couple of rigs for the launch however when looking for the algo that was going to be used I read this in the op "Sia's hashing algorithm is blake2b".
I have never mined another algo then scrypt and sha-256 and can not find any rigs for rent can someone point me somewhere where I could learn how to mine that algo so I can atleast mine some coins upon launch even if I will not be able to rent rigs?

Also : wil there be any way to buy sianotes after june 1 , I would love to just buy 2-3 of those instead of a bunch of coins and the huge inflation that comes with it but I just recently found out about sia and I will get my payment on june 1 which of course is after the deadline.