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I own some amount of Siacoin, but what I don't fully understand is how the value of Sia is supposed to work with the platform itself. As the value of the curre

I own some amount of Siacoin, but what I don't fully understand is how the value of Sia is supposed to work with the platform itself. As the value of the currency increases, doesn't that make actually using the service prohibitively expensive? Also, the Sia wallet has been completely inoperable for about a week, which is what has caused its latest price inflation. It went from .02 to .10 so I figured I'd get rid of it, but I can not send it from my personal Sia wallet to an exchange.

wmf 9y ago
As the value of the currency increases, doesn't that make actually using the service prohibitively expensive? AFAIK this is an unsolved problem for all "app coins"/"utility tokens"/"fat protocols". The service could be dynamically repriced when the value of the currency changes, but that requires oracles and many cryptocurrency idealists are reluctant to admit that things should be priced in a stable currency.
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- hndamien 9y ago
  Sia has cluster management software to let the hoster dynamically set prices with respect to the exchange rate.
zherbert 9y ago
Hosts actually set their own prices, so as Siacoin increases, the price for storing data (denominated in Siacoin) decreases. Hosts compete with one another, so prices are driven down to their absolute lowest. The recent issues have been on exchange wallets, which should be fixed very shortly on Bittrex and Shapeshift, as announced recently on Reddit and Twitter.
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beedrillzzzzz 9y ago
Hosts already set prices, in addition I have seen the Sia community occasionally discuss adding some further pricing tools on the reddit, see what features are being added on the roadmap: https://trello.com/b/Io1dDyuI/sia-public-roadmap https://trello.com/b/Io1dDyuI/sia-public-roadmap I personally have not had issues moving siacoins, but a few exchanges have been slow to patch issues on their end in the last month: https://www.reddit.com/r/siacoin/comments/7pc5rv/brief_official_update_on_sia_exchanges/ https://www.reddit.com/r/siacoin/comments/7pc5rv/brief_offic...
Geee 9y ago
Prices aren't fixed and prices will be adjusted accordingly, so the absolute token value doesn't matter at all. Every host decides the price individually. The buying power of tokens is relative to the total supply of storage. If you hold X% of the tokens, you can buy Y% of the storage supply. This is true now and in the future, which is the mechanism for the increasing value of the Siacoin tokens, because the total network get more valuable as it grows.

wmf 9y ago

As the value of the currency increases, doesn't that make actually using the service prohibitively expensive? AFAIK this is an unsolved problem for all "app coins"/"utility tokens"/"fat protocols". The service could be dynamically repriced when the value of the currency changes, but that requires oracles and many cryptocurrency idealists are reluctant to admit that things should be priced in a stable currency.

deleted 9y ago
[deleted]
hndamien 9y ago
Sia has cluster management software to let the hoster dynamically set prices with respect to the exchange rate.

zherbert 9y ago

Hosts actually set their own prices, so as Siacoin increases, the price for storing data (denominated in Siacoin) decreases. Hosts compete with one another, so prices are driven down to their absolute lowest. The recent issues have been on exchange wallets, which should be fixed very shortly on Bittrex and Shapeshift, as announced recently on Reddit and Twitter.

deleted 9y ago
[deleted]

beedrillzzzzz 9y ago

Hosts already set prices, in addition I have seen the Sia community occasionally discuss adding some further pricing tools on the reddit, see what features are being added on the roadmap: https://trello.com/b/Io1dDyuI/sia-public-roadmap https://trello.com/b/Io1dDyuI/sia-public-roadmap I personally have not had issues moving siacoins, but a few exchanges have been slow to patch issues on their end in the last month: https://www.reddit.com/r/siacoin/comments/7pc5rv/brief_official_update_on_sia_exchanges/ https://www.reddit.com/r/siacoin/comments/7pc5rv/brief_offic...

Geee 9y ago

Prices aren't fixed and prices will be adjusted accordingly, so the absolute token value doesn't matter at all. Every host decides the price individually. The buying power of tokens is relative to the total supply of storage. If you hold X% of the tokens, you can buy Y% of the storage supply. This is true now and in the future, which is the mechanism for the increasing value of the Siacoin tokens, because the total network get more valuable as it grows.