Table of Contents
- 1 What is SiaCoin?
- 2 A Quick Warning About Cryptocurrency Price Predictions
- 3 SiaCoin Price Prediction 2019?
- 4 SiaCoin Price Predictions 2019 and Beyond!
- 5 The Problem with Using Technical Analysis for Price Predictions
- 6 SiaCoin Roadmap – How Could this Affect the Price?
- 7 Is SiaCoin a Good Investment?
- 8 Conclusion
What is SiaCoin?In its simplest form, SiaCoin is a decentralized cloud storage service. It has been developed to compete with the likes of Google, DropBox, Apple, and Microsoft. The idea is that data stored using Sia will be encrypted and stored on other users’ computers. However, all the transactions will be verifiable using SiaCoin’s public ledger.
A Quick Warning About Cryptocurrency Price PredictionsBefore we get onto the SiaCoin price prediction, it’s first important to issue something of a warning. In this article, you’ll discover some of the top price predictions for this particular crypto. It’s important to not take these too seriously. After all, no one really knows for sure how a project will perform in the long-term. There are quite a few reasons that make these cryptocurrency price predictions problematic. They include:
- Competition – Are other companies trying to deliver the same service. Obviously, competition makes it less likely that a certain project will succeed. SiaCoin has a lot of competition too. There are both traditional companies and blockchain companies working on better cloud-storage solutions.
- Regulatory issues – is the project going to be legal in a few years’ time? With storage, this could be problematic as helping someone store illicit material is already against the law.
- Technological issues – can the project’s team actually deliver on the goals they set for themselves?
SiaCoin Price Prediction 2019?Introductions and warnings out of the way, I’ll get down to the point of this article – SiaCoin price prediction! I’ll be starting with some shorter-term ones. The first group will be for the end of the year or around 12 months’ time. I’ve scoured the web to find the closest to expert SiaCoin predictions as possible. However, since digital currencies are such a new asset class, they’re tricky to find. The experts that there are in the field of cryptocurrencies often have much better things to do than guess at prices!
The Closest Thing to an Expert?I’ll start with the closest thing to an expert price prediction I could find. Palwasha Saaim, B.Sc writes for a website called ProfitConfidential. Unlike many cryptocurrency price predictions, hers uses some fundamental analysis of the coin itself to determine what it might be worth in the future.
Some More Fundamental Analysis?Next in this guide to SiaCoin predictions, we have another piece of fundamental analysis. This one from InvestingPR doesn’t give a potential future price, however. Personally, I find that encouraging! The unnamed author of the piece in InvestingPR starts by looking at the fundamentals of the coin. They state the utility of SiaCoin itself – to pay for storage of files on the Sia network. Following this, they discuss how active the Sia network is. According to them, there are currently 162 terabytes of data stored there.
Something for the Astronauts…Next in this guide to SiaCoin price predictions, I’ll turn my attention to one of the more typical predictions that floats around the internet. CoinLiker is a website that offers price calls for almost every cryptocurrency imaginable. SiaCoin is no exception. This website typically offers the most optimistic price predictions around. They also usually don’t bother with any fundamental analysis… Why would they bother with fundamentals when they have their own “custom forecast algorithm” to work out what SiaCoin will be worth in 12 months’ time?
John McAfee and SiaCoin Price Prediction?Finally, we come to another supposed expert on cryptocurrencies. John McAfee has been a vocal supporter of many digital currency projects in the past. He has even claimed that Bitcoin itself will reach $1,000,000 by 2020. McAfee’s early Tweets about projects might have been genuine. However, after seeing how the market responded to his support, they quickly became paid-for adverts. It recently emerged that McAfee received up to $100,000 for each time he positively made a cryptocurrency the subject of one of his Tweets.
SiaCoin Price Predictions 2019 and Beyond!Next in our guide to SiaCoin price prediction, I will look slightly further into the future. All the problems with 2019 price predictions remain true for this next lot. However, these issues actually magnify the further into the future they focus on.
A Negative SiaCoin Price Prediction?For our first longer-term SiaCoin price prediction, we return to ProfitConfidential. Again, they present the views of a supposed expert! Patrick Brik CFA, BAS, wrote in November 2017 that he doesn’t see a future for SiaCoin. However, his opinion of the project could easily be nonsense since he doesn’t even seem to grasp how market capitalizations work. “The SC price currently stands at around $0.0036, meaning it trades at a fraction of a cent. At this price, why would anyone even bother with a Siacoin wallet? Perhaps I am missing something.” This sentiment is amusing in its ignorance. The price being a fraction of a cent has no real bearing on anything. You’re not buying a single SiaCoin after all. Instead, investors will put $1,000, $10,000, $100,000, or however much they want into the project. How this “expert” can question the need for a secure storage solution for an investment is absolutely beyond me. However, we must get over this ridiculous statement as we approach the rest of this prediction. The author of this piece thinks that cryptocurrencies are in a bubble. He admits that Bitcoin is probably destined for higher prices but concludes that most projects will crash.
Another Baseless SiaCoin Price Prediction?Finally, the only other longer-term price prediction I could find for SiaCoin was produced by a website called TradingBeasts. Like many other price predictions online, this one is backed up by absolutely nothing. They offer a range of different price predictions that cover every month for the next three years. Below are their predictions for 2020: They claim to have formed their SiaCoin price predictions by using “historical data and using a combination of linear and polynomial regressions.” This may very well be the case. However, since they haven’t made any effort to explain or show on a graph these polynomial regressions, I can only presume that they’ve used the word to try and confuse novice investors. Whilst neglecting to offer any form of fundamental analysis, TradingBeasts do provide a disclaimer, however. This is useful because it is very important to not use the opinions of others as investment advice. It’s particularly relevant when those opinions aren’t backed up with solid reasoning! “No one can, however, predict prices of cryptocurrencies with total certainty, thus it is crucial to understand that the following SC price predictions serve merely as a suggestion of possible price development and are not intended to be used as investment advice.”
The Problem with Using Technical Analysis for Price Predictions
SiaCoin Roadmap – How Could this Affect the Price?SiaCoin has its roadmap detailed on the official website. I’ll analyze each of their goals and try to give some indication as to how they could affect the price of the coins themselves.
SiaCoin Roadmap: 2019The goal for 2019 is to make the platform as fast as Amazon S3. This increased functionality would also be positive for the price. In addition, they hope to introduce “content distribution features”. This latter point is the kind of function a giant like Netflix would be hoping to use Sia for.
SiaCoin Roadmap: 2020The goal for 2020 is for Sia to become a direct competitor of Amazon S3. They hope to convince companies to use them over the competition. Again, also a positive development.
Warning About the SiaCoin RoadmapOf course, the roadmap of SiaCoin looks very positive. The team are actively working towards the kind of upgrades needed to take their platform to the commercial level. Whether or not they can deliver this is another thing. Competing with an internet giant like Amazon is no small feat. Also, there are many other competitors, and each has their own development goals.
Is SiaCoin a Good Investment?It’s very difficult to say whether SiaCoin is a good investment. On one hand, it has a clear use case, a working product, and is priced to compete with the more established services covering the same niche. On the other hand, it is up against a lot of different services that already (or are hoping to) offer the same functionality. Some of these are amongst the largest companies on the planet too. The roadmap itself seems to indicate that SiaCoin are working towards making a product that can compete with the likes of Amazon and Google. However, there is still a lot that could go wrong. If the market decides to go with a competitor, or the lawmakers of the planet are determined to regulate against it, the outlook for SiaCoin is less positive. Whatever the future holds for Sia, like all cryptocurrencies, it is a high-risk, high-reward investment. This means that you shouldn’t invest more than you can afford to lose. If SiaCoin went to $0.00 tomorrow, would it affect the quality of your life? If the answer is yes, you’ve invested too much!
ConclusionSo that’s all there’s time for in this SiaCoin price prediction article. I hope you found it both entertaining and informative. Before I sign off, there’s just time for a quick recap of what you’ve learned today:
- What is SiaCoin.
- The dangers of trusting cryptocurrency price predictions.
- Some examples of SiaCoin price predictions for 2019.
- Some examples of SiaCoin price prediction for 2020.
- A look at technical analysis and why it’s not really the best way to make long-term price predictions.
- A look at the SiaCoin roadmap and how it might affect the price of the currency.
- A few of my opinions about SiaCoin and its prospects as an investment.