A very contentious fork is looming above Siacoin (SC) – it is a make or break thing for Sia

Siacoin hasn’t been very active price-wise as of late. The month of August was opened with the price of $0.009210/120 satoshi before we saw a drop which bottomed out on the 14th, when SC reached $0.004242/71 satoshi. Siacoin then managed to recover to $0.006539/99 satoshi before slightly consolidating and hovering just below 90 satoshi. A small early September run saw the currency break above 100 sats once again but in a typical “Bart” move the satoshi value dropped off into mid 85’s around the 5th.

Currently you can purchase one SC for the price of $0.005175 USD (-4.84% drop in the last 24 hours)/82 satoshi (-1.79% drop in the last 24 hours). Daily trade volume is pretty low, sitting at 522.75 BTC. With a market cap of $190,936,816, Siacoin is currently the 41st most valuable cryptocurrency on the market.

Trader zomlot posted the following thoughts on Siacoin:

“The price is now going down a descending channel
We have a support area at 84 Satoshi
In the case of a high price and the breach of the descending channel will head to the last summit 144 Satoshi
The other possibility is to continue the downside as we await the price at 87 Satoshi”

Check out his follow-up analysis here to see his latest inputs on the Siacoin technicals.

Siacoin as per usual released a weekly update, confirming 4 issues were closed, 6 new issues were created and 14 pieces of code were merged into the core codebase. The codebase itself was recently updated to Sia v1.3.4 version which brings correct renter allowance reporting, the ability to cancel individual contracts, updates to the UI, support for streaming multiple files at the same time and more bug fixes and improvements. This software can be downloaded from https://sia.tech/get-started.

A tool called Decentralizer which helps decentralize Sia contracts among hosts, thus helping you avoid becoming a victim of a Sybil attack, was developed by a Reddit user aerrejon.

“Decentralizer identifies farms of hosts by geolocation and lists them to the user, who can immediately decide to cancel his current contracts with them. The user can manually select the hosts to kick or use the auto mode to let Decentralizer to cancel all the contracts with farms except for the host holding more of your data on each farm.”

Decentralizer is free and open source. Binaries for Windows, MacOS and Linux can be downloaded here. You can read more about this useful tool in this Reddit thread.

In other news, the much maligned Obelisk miner finally entered the shipping stage. Batch 1 of the miners has seen over ¼ of its units shipped so far, with Obelisk releasing a community update blaming a switch to a “glue-based process used to attach heatsinks” for the delays. At the current shipping pace of 200 units per day (expected to rise to 350), all Batch 1 customers should expect to receive their orders by the end of the month. Customers who ordered units in Batches 2-5 will be receiving different units, which the team calls the SC1 and DCR1 slim. Having some minor design improvements over Batch 1, Batch 2 should begin shipping in late September.


?Decentralized storages compared: Siacoin vs Storj vs Filecoin


The contentious fork that was suggested in the aftermath of the Obelisk issues was also discussed recently. As of right now, the Sia and Obelisk teams are both in favor of forking, and the Sia core devs are working on a detailed proposal. Redditor masterD3v pointed out what apparently the majority of community that doesn’t own Obelisk miners feels like:

“Only someone staring at an Obelisk paperweight would think that forking away from 100% of your current hashrate security, in order to create a centralized mining-monopoly (scam) via Obelisk, funneling money to David Vorick, would be a good idea.

If you want to fork to give buyers their money back, why even require them to mine? Just hard code their addresses in the blockchain and give it as a reward. Why even sell miners? Just take pre-orders for coins and send the coins directly.

The fork is a ticking timebomb. If it goes off, KABOOM, bye bye legitimacy. Bye decentralization. Bye fundamentals. Bye Sia being worth anything.

I’ve said this before: it’s literally the worst idea I’ve ever heard of in the cryptospace. It’s almost like nobody here even understands what decentralized means. Hint: it’s the opposite of changing anything you want to solve a potential legal dispute between a hardware manufacturer and their customers.”

Danman53 seems to disagree with previous user’s claims that most of the community feels this way:

“If you haven’t actually talked to them (the rest of the community) to find out what this hypothetical sample thinks, then you can’t assume that they would all be anti fork and use this hypothetical group to support your case.

If they don’t care enough to get on reddit and/or Discord to track the development of the project and voice their opinions my logical conclusion is that they don’t really care about Sia as a project, just their miner profits. In other words they are not really part of the Sia community.”

Overall the fork remains a contentious issue and a resolution will probably leave many people unsatisfied. You can track the latest discussion on this topic here or in the team’s official social media channels.

Not much more has been happening with Siacoin lately. In the near future community can expect to see Sia Ledger Nano S app being finally released (currently in beta) and an overhaul of major sections of the support center. These updates probably won’t bother the community as much as the resolution of the situation with Obelisk miners and the final decision on the suggested fork. It remains to be seen if Siacoin has enough strength to come out of dealing with these challenges relatively unharmed.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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