Ouch... SIA coin is taking a grand dive - perhaps one should go in now?

[larsfloe]

..haven't seen such a land slide in the price since we started the climb towards the sky early May..
soon it looks like a 50% drop in a matter of a few days!?
dunno if this has anything to do with the markit not agreeing on the ida of "Obelisk"?

[bryan]

@larsfloe Ethereum is diving as well. Maybe this boom is over. I'd speculate that it is some to do with obelisk. My daily siacoin went up by 20% maybe a big miner dumped his coins and moved to another coin.

[awinnaburg]

Things can't go up forever. A 50% retrace should be expected of any meteoric climb - no news is needed for this to happen. Once support levels are found it will balance out and trade sideways as support and resistence levels continue to be tested. This will allow market confidence build up and then it should take off again. This will happen over a period of months, not days. Practice Buddhism, for patience is your friend in the trading world.

[reinisp]

And we all know that this couple of months long hype was not related to Sia development progress (there were no news from developers). The rise 10x was illogical and not sustainable yet...
I don't know (I doubt) if this is the BTC bubble bursting now, but I think the BTC price is not sustainable too.
If BTC continues to drop, people will try to jump out of cryptocurrencies, so every coin needs to be exchanged to BTC first to get fiat as most of "crypto-holders" are not interested in or do not understand the future development and real blockchain usecases but think mainly of get rich quick schemes.
I wonder how long will it take for the new hosters to realise Sia is not a "get money for free" scheme. The first disappointment should rise soon when people sharing their 10TB and more drives get less than 10SC a month for it as the space on their harddrives is really locked/used (and unavailable for the hosters use) but not rented because there is not enough demand.