I'm interested in this coin but the with only 7% sold I'm worried that the dev basically has 93% premine.  How will these presale coins maintain value with so many additional coins laying around waiting for the market cap to fill up?  I'm concerned that there will be far more interest in selling hdd space than buying it and that value will deflate pretty quickly.

Overall I like the concept but can someone reassure me that there is an investment opportunity here?

I would really appriciate some regular updates.. I have checked the official forum, but to be honest there is not to much activity their either.

Ok thanks, will do so straight away.

Crowdsale contributions have reached over 745BTC at less than one day to go!

what a huge project

I'm sorry but this doesn't really make me feel better, the coin seems way overvalued.  In phase 1 you set a value of 1 coin at 2597 satoshi, with 500,000,000 coins you're saying the lot is worth 12985 BTC.  If these coins don't sell out than you will be collecting 750 BTC and retaining a 92% premine.  I have read your blog posts about how the coins will be used but I can't see an investment opportunity here.  It sounds like you will have all the funding necessary for the project, but who will want to buy all of our IPO coins?  Someone please correct my math and tell me that this presale isn't ridiculously expensive. 

I think the confusion lies in the misunderstanding of our model. There is no mining at all. As a crowdsale participant you get access to early farming. In this phase we are testing the network and seeding it with files. Leftover SJCX allow us a large pool of funds for both new software, but also as funds to rewards the storing of file.

So for example, we could decide to archive the entirety of Youtube. We can use the leftover SJCX to pay for this massive use of storage. This provides huge value to everyone. Why use Youtube, when you can watch the same video on a faster(because P2P), censor free, platform that also integrates cryptocurrency. After a while it will become self sustaining from file demand. No one person could pay for this, but as a whole we can use the leftover funds to bootstrap the network.

So think of it not as a premine, but as a pool of funds for bootstrapping the network with actual content, and developing new software.

Its a bit of a strange model, but let me know if you have anymore questions.  

is it possible to trade SJCX on other exchange?

We have been contacted by many exchanges. We expect to be listed on several after the crowdsale is complete.