Today I wanted to share why I decided my first trade to go to Sia. Note that anything written in here is personal opinion and speculation. You should not follow any trades/investments blindly and be aware of the risks, after all this whole platform is an experiment very much like this Crypto Portfolio Project.
With that being said, I wanted to share a few factors which made me want to invest in Sia. To be honest the biggest indicator was its low price at the moment of scouting for new trades, and knowing some of its history and development I couldn't help but take the chance to buy in at 28 satoshis of a bitcoin per Sia coin.
In my latest post you can see when I made the trade and I wanted to discuss the Proof of Holding part a little bit more, since its a sensitive matter considering the anonymity of trades and other so called "groups" that are out there luring people into following their trades to later dump on the same people for profits to the "signal-givers". I wanted to make sure that the community can trust me that there will be no such activity from this project and thus Proof of Holding, either through a screenshot or screen-recording will be provided on trades and investments.
A short description of Sia
(taken from their bitcointalk announcement thread. ( Click here if you want to read more.))
Sia is an actively developed decentralized storage platform. Users all over the world contribute disk storage from their
computers to form a decentralized network. Anybody with siacoins can rent storage from this network, and hosts are
paid for their contributions. A combination of smart contracts, erasure coding, and encryption ensure secure, private,
and reliable decentralized storage.
That combined with their latest announcement:
This part especially:
v1.1.0 wallet upgrades, including instant wallet unlock, slated for mid-December 2016
The date being soon I expected a price rise of new investors buying in or back into Sia from BTC and its current rise. Like with most altcoins though it can all become quickly very volatile depending on Bitcoin's price movement.
With that being said, today looked like a good day for Sia, it received some volume and price starting seeing a healthy upward trend in the last couple of days. Note: I am far from an expert trader, nor do I trade often but with the project there may be some "scattered trades" combined with scattered profit intakes from early investments. With that I mean that I will be selling in percentages trades that have already returned a profit, but little at a time to minimize risk of it going higher and rather be patient with trades than be left behind.
All trades will be announced here and keep you guys updated on how they are doing and if and when profits are traded back from one crypto to another.
This is the Poloniex chart of Sia today in the last 10 hours, screenshot taken as of writing this post.
Proof of Holding - Screenshot
Already at around 20$ profit in 2 days from that trade if I were to sell now, but as I've said before I will mostly focus on early investments or holding trades for the long haul to minimize the risk of daytrade-losses and frustration that occur when you trade with emotions. :P
Hope you enjoyed the read and liked the progress of this content so far. Stay tuned for more trades and investments in future posts!