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Why Investors Should Pay Attention to Siacoin (SC)

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Siacoin (SC) began development in 2013 as part of the earliest generation of blockchain projects which sought to create more than just a transactional currency.

Under the guidance of computer science undergraduates David Vorick and Luke Champine, Siacoin aimed to provide a decentralized file storage network; hosted on the blockchain and paid for using SC coin.

Following some aggressive funding for Vorick and Champine’s Nebulous Labs Inc, the team went to work and reappeared in 2015 bearing the first beta-version of Siacoin.

Now, five years on from the project’s conception, Siacoin file storage costs the equivalent of $0.73 per TB per month, compared to the average market fee of $10 demanded by the likes of Dropbox, OneDrive and Box.

However, it hasn’t been plain sailing for the decentralized cloud storage service, as the Sia community was recently rocked by a year-long saga which split the community in two – the tremors of which continue to be felt to this day.

How Siacoin Works

Siacoin’s storage system is operated by a series of smart contracts, encryption and reputation systems – all of which combine to create a trustless, decentralized storage marketplace.

Storage hosts are constantly vetted by the network to make sure they still hold the encrypted files they pledged to store, and that their service remains online. Those who fail who too many checks lose their staked coins and are booted from the network.

This kind of autonomous control can also be found in Siacoin’s pricing mechanism, which constantly checks the network for the lowest compatible fee set by independent storage hosts, and prioritizes the cheapest first.

Obelisk Mining Rig Saga

Siacoin is one of the few blockchains to reject Bitmain’s ASIC miners outright in favour of its own dedicated Obelisk miner. The Sia-specific mining rigs were produced by Nebulous Labs Inc – the company formed by Sia creators Vorick and Champine.

Trouble began when the release of the mining rigs was delayed, and in the intervening months several other hardware firms dropped their own Sia mining rigs onto the market. This left Siacoin miners devoid of hardware, money, and faith in a project which many had backed from the beginning.

More can be read on the saga here and here, but eventually the decision was taken by Vorick to fork Siacoin to exclude rival hardware and focus purely on Nebulous Labs own Obelisk mining rigs.

Predictably, this split the community in two. As of October 2018, at least one class action lawsuit has been levelled against Nebulous Labs, with investors seeking compensation for mining rigs which apparently still haven’t been delivered.

Market History

Between January and June of 2017, Siacoin went on a 12,500% growth spurt as its market cap shot up from $5 million to $630 million. Of course, that was before the market surge at the turn of the year which saw Siacoin’s market cap subsequently climb to $3 billion.

However, 2018’s bear market took its toll on SC, and now, towards the end of the year, the coin represents a market cap in the range of $250 million.

It can now be picked up for less than a cent, priced at the $0.006 range. There is no total supply cap on the coins, and 37 billion are already in circulation. To address the obvious inflation issues arising from this, a systematic routine of coin burning takes place.

Overall, the Siacoin network currently hosts 224TB worth of data out of a total storage capacity of 3.8PB (one petabyte equals one thousand terabytes). The network also boasts 538 storage hosts scattered across every continent on the globe.

Conclusion

Siacoin represents a strange case in the crypto world. One the one hand, it stands as perhaps one of the most successful applications of decentralized technology operating in the space today.

But on the other hand, the messy inner workings of the Bitmain/Obelisk saga also stand as an example of how precarious the decentralization game can be. The hardfork to finally exclude the Bitmain tech is scheduled for Halloween night, October 31st 2018.

One expects the mining rig tremors to be felt for some time yet, however the live Siacoin product continues to outperform its big name, centralized counterparts.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 92 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Cryptocurrencies

Electroneum Price Surges 38% as ETN Coin Gains HitBTC Listing

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Electroneum (ETN) briefly saw 38% gains in the preceding twenty-four hour period, as the coin surged following its listing on the HitBTC exchange.

HitBTC Lists Electroneum (ETN)

As per the official blog announcement from the exchange:

“We are happy to announce the long-awaited integration of Electroneum (ETN), the mobile-based cryptocurrency providing a digital payment solution to the developing world. Today Electroneum has 2.3 million users who mine and transfer the digital currency through their mobile phones.”

Electroneum burst onto the scene fairly recently, following a terrifically bullish run that amounted to several hundred percent growth from September into October. The coin gained further attention for being the first to push ahead with the KYC process for all its investors – a move which is expected to help pave the way for the coin’s institutional adoption.

The Electroneum project is British-based, and the idea seems to be that the losses incurred from those who shun the KYC process will perhaps be made up later when more partners and adopters get on board.

The Electroneum team took to Twitter to celebrate the HitBTC listing, stating:

“We’re delighted to announce we’re live on @hitbtc! This is massive news for #ETN – HiTBTC is one of the largest exchanges in the world, and we’re so excited to have been listed on them.”

Buying Rumours?

Every time an exchange lists a coin, they invariably talk up its abilities and sell it as best they can. The Electroneum listing is no different, however the wording of the announcement also suggests a source of ETN’s surge in recent months. According to the announcement:

“Our trader community largely anticipated integration of Electroneum. For the last few months, we have put extra effort into listening to your voices and fulfilling your wishes to achieve not only technological superiority but also a new quality-of-service benchmark.”

If the clamour for ETN on HitBTC was such that it appeared to be a sure thing, then much of ETN’s growth in recent months could be attributed to traders buying the rumours.

ETN Price

Since the coin’s peak in early October, ETN fell 69% down to the recent market crash on Tuesday, Nov 20th.

In the last day the rebound has amounted to a 18% net rise, as the coin climbed from $0.008678 up to $0.010267.

The gains were actually much greater for a brief period on Tuesday evening, when the coin price hit $0.011977- marking 38% growth within the space of a few hours.

Bitcoin buys dominated ETN trades over the last day, with close to 85% of the coin’s $1.2 million volume coming from the ETN/BTC pair, across the Kucoin, Cryptopia and Liquid exchanges.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 92 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Stellar Price Analysis: XLM/USD Spared from Huge Punishing Downside; Stellar added to BitOasis Listings

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  • Stellar’s XLM has been listed on Dubai-based exchange, BitOasis, with zero transaction fees until 27th
  • XLM/USD price action caught by the lower support of a vital pennant pattern.

XLM/USD has been victim of excessive swings over the past going on two weeks now. This is in line with the general downside pressure that has hit the entire market. XLM/USD has lost some 35% since 12th November. The latest daily candlestick, at the time of writing, has been saved by a known serving area of demand.

During this period of heavy volatility, market volumes have spiked hugely. They were seen at their highest levels since the back-end of September when the price had a fast-short-term bull run to then see this as short-lived. It would go on and see these gains swiftly given back after running into some strong touted resistance.

Stellar Listed on BitOasis

BitOasis, a Dubai based cryptocurrency exchange, has added Stellar’s XLM token to its platform. They have detailed that XLM can now be purchase using AED, with no transaction fees, until 27th November.

It worth noting, back in July, Stellar obtained its Sharia certification, making it permissible to facilitate transactions within Islamic countries. XLM is available to trade for UAE, Saudi Arabia, Bahrain, Oman and also Kuwait citizens.

XLM/USD Fall

XLM/USD daily chart

The price has been moving within a pennant pattern structure, similarly to several of its peers. XLM/USD has been contained within since mid-July. It was moving within a consolidation and narrowing nature. Market bulls were then able to push for a breakout north, which came with a daily close on 4th November.

Upon this move out of the pennant structure, a small bull run was observed. XLM/USD had rallied some 20%, before buyers became exhausted. As a result, resistance was seen within the early $0.2800 region. This price area was also in proximity to the 61.8% Fibonacci, which had also seen a similar rejection between 23-24 September.

XLM/USD was then forced back down to retest the broken technical pattern structure. This failed to provide support to the falling force. The bears able to smash through, back down towards the original lower supporting trend line. This is seen tracking just sub-$0.2000 level. Further support was enforced by a demand zone, sitting just below.

Upside Targets

Thanks to the above-mentioned support coming to the rescue, it has provided some firmer ground for the bulls to build upon. The first challenge will be the 23.6% Fibonacci, in proximity to the upper trend line of the pennant. Both are tracking around the $0.2200 price area. The bulls have much to breakdown again.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 60 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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XRP Price Analysis: Deadly Daily Close Below Vital Support

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  • XRP/USD was moving within a pennant pattern for 10 weeks, but the bears have forced a daily closure below.
  • Eyes are on a retest of the mentioned structure; a failure to breach back above could be punishing.

XRP/USD has closed in the red firmly over the past two consecutive sessions. However, generally in comparison to its peers, it has held ground well. This being the case within the large bear market currently being observed for cryptocurrencies. The downside pressure seems to have finally taken its toll on XRP bulls. XRP/USD saw a daily candle closure below a key supporting trend line.

XRP/USD daily chart

Broken Pennant Pattern

Price action had been moving within a pennant pattern structure, since the 21st September. This came after the excessive upside movements that were seen. XRP/USD at the time had aggressively spiked up towards $0.8000, before quickly retracing back south. As a result of these big moves, the price went into consolidation mode, forming a pennant.

The bulls attempted a breakout to the upside form the pattern on 30th September and then again on 6th November. Rejection was served to those attempts. Market bears, on the other hand, worked their line of support on several occasions in October and November. No doubt that this consistent testing of this area caused an eventual break to the downside, as has been seen.

On the daily closure of 20th November, the price finished the session below the lower supporting trend line of the pennant. This leaves the odds stacked heavily in the bears favor. Eyes will now be on a potential retest of the structure above. Such a move, as playing to the textbook, could invite again some heavy selling pressure from the bears.

Support Levels

Looking to the downside, just underneath the mentioned technical pattern, there is a strong touted demand zone. Between the months of October and November, this area has proven to be of assistance. The last legs of this would be around the psychological $0.4000 mark down to $0.3850. A breakout to the downside from this could be extremely punishing.

The next major area of support, after the above-mentioned region, is seen deep south. There isn’t much in the way of support, until down at the $0.3000-0.2500 range. XRP/USD was last seen trading here on 18th September. An area that was clearly very attractive for buyers, seeing a large push to the upside from this territory.

Resistance Levels

In terms of upside resistance, as mentioned earlier, this should now be noted underneath the breached pennant pattern. A retest would likely to the $0.4800 come into force. Should odds be defied and the bulls earn a break above, the upper trend line of the pennant would likely be tested, tracking around $0.5300.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 60 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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