I’m only agree on useless of doing any switch, not only support more tokens.
The last time it was because of slow development on Counterparty network (micropayments was not implemented), high transactions fee and slow transactions processing on the Bitcoin blockchain.
What do you suggest (fiat payment providers, switching the token) only increases costs.
And how do you imagine the switch? Do you really think, that you can “just buy USDC and send them to SNO, because the blockchain is the same”?
What do you do with STORJ tokens then? Just abandon? Unlikely, there should be a conversion to the next used token and burn a previous. Since we didn’t provide a supply of your favorite token, we will be forced just to burn money - the total loss.
Support both? 2x expenses.
Your suggestions are too expensive to implement. I can imagine to accept also other payment methods for the usage, but they will not give the client any benefit - usually they just will be more expensive, we have tried Coinpayments.
It’s irrelevant here, because it’s an utility token. Conversion is happening on a sent date. If you would like to gamble - it’s up on you.
For the customers it’s irrelevant too, as soon as they sent STORJ tokens to their deposit address they are appearing on their balance in USD value on that date.
As I understand, if storj go to stable coin, then they need to buy back all storj tokens, that is a lot of money that they dont have, so it is out of option.
A sudden switch to a sable coin is out of the question, because it is just a loss for Storj Inc.
They must buy the token that becomes worthless. The only way it could happen would be a gradual switch, or if the token would be used for other things/projects too, so they can resell it to others.
One way I can imagine for a stable coin gradual switch, with a minimum impact, at least at first, would be this:
clients of Storj get the option to pay with a stablecoin.
the stable coin received in the previous month from clients will go in the payouts for SNOs as a percent of the total, and the rest would be still made in Storj token.
the equivalent of Storj token for the amount of stable coin sent to SNO will be burned.
This way Storj Inc dosen’t take a loss, just dosen’t get income from that percent of the payment, and the switch will be dependent on the clients stablecoin adoption.
I posted the only solution to switching to stablecoin payments months ago: use the existing storj token when creating a node (burn X coins to get an authorized identity). If you don’t have that identity, your node gets suspended until you do.
It solves every single problem:
SNOs get stable payments
storj saves money by not having to buy-back tokens
expenses for storj are minimal (like 0.20% + 1USDC per withdrawal from exchange)
minimal changes to payment process (it’s just a simple string replacement, replace storj’s token ID with USDC’s ID, everything else remains the same)
since USDC isn’t recognized as “actual money”, the same logic as storj token applies (if you can pay country X in storj, you can pay in USDC, so no extra legal requirements there)
creates an actual demand for the token (no I’ll buy it today, to sell it to you tomorrow)
limits the number of storj nodes (every SNO benefits from this)
SNOs save money by not having to do multiple conversions (ie storj > USD > USDC) and simplifies tax reporting for them
Of course all of this was ignored by the old man on his lawn yelling at the clouds.
But Storj will have to buy (aka give USD for STORJ) tokens at a certain USD price when their reserves have gone and SNOs have to sell (aka receive USD for STORJ) tokens at a certain USD price when they want to secure their payout value.
E.g. When Storj buys STORJ tokens at $0.20 at some time during the month and the price drops on send and conversion day to let’s say $0.10 for whatever reason. I can’t see how it is irrelevant if Storj has to send out the tokens they had bought for $0.20 at a conversion value of $0.10?
Same goes for SNO: I cannot see how it is generally irrelevant that SNO has to worry that the payout they have received might half within minutes after receiving it? Some might not care. But a random look at the blockexplorer gives me e.g. an SNO who has earned $80 last month. Why is it irrelevant that he has to worry that value might plummet to $40 5 minutes after he has received it? Irrelevant for the company maybe, which tells a lot.
And although customer accounts get credited in USD, it does matter for customers who buy STORJ token and do not immediately send them to their Storj account for crediting but at a later point of time for whatever reason.
No, Storj forces SNOs into gambling because the fluctuating nature of the STORJ token.
Fine. Who forces them?
I doubt that. I mean what is the token used for? Honestly will the token become worthless when Storj starts to pay their SNO in USDC than in STORJ?
24h volume according to CMP is $6.2M. Is that all SNO payout? I doubt it. For that I do not see neither token becoming worthless nor having to buy back. And according to the token sale it is not an investment in any way. So why should they care what it is worth in USD? They did not care until last year what it is worth.
But nevertheless I agree that something like
could be considered as a smooth phasing out. Although in my opinion not nesessarily required to be able to switch SNO payouts to an alternate regime.
Do you have an example of that? Likely no - just speculations, right?
We all agree to get payout in STORJ tokens when we started a node. There is no planned change in that.
I may repeat that as much as you suggest to change that. There is no need to switch to do that dramatic change.
As soon as there would be a requirement for that, then it will be decided, currently there is none.
It’s your right to believe to anything. However, for any point of view, I think that Storj will be forced to buyback tokens, if that switch even happen (no).
This will break the ecosystem, so yes, I believe that it will be worthless, because it would be used only by one part of the ecosystem, but not another and you know that. This will not work.
For this, there should be a need to consider switching paths at all, but such a need has never existed and still does not exist.
You want to change, right? Please provide your examples. I did my home work a time ago, and figured out that it’s expensive for me. At scale it become even more expensive (3 countries vs 124).
So, please, provide your examples to pay to 4,000 parties from 124 countries. Then compare fees on both sides with fees with the current system.
Right, but it’s at least doesn’t require additional expenses on migration or on support of several payout options and less in fees for both sides (at least now).
I do not have this information. I believe depends on the contract.
Please do not suggest to conclude a contract with each SNO, it would become very expensive (dozens vs thousands with 124 nuances ).
Also I think their contracts includes their own money loss if they break rules (a mandatory SLA).
What I know is that on Coinmarketcap the 24h volume for Storj is $6.22M. I doubt this comes from paying SNOs only. How much of that is the part that pays the SNOs and what is the rest?
By Storj, laws of course, also regulators. Is it not obvious why it will look like a crime?
Do you suggest to make a crime?
Several, I do not remember names, as a result I worked with Deel, as a less expensive from them with enough features. I didn’t research newborns of course, because now it’s not needed for me anymore.
Can you please provide a reference where it is stated that this is illegal? It wasn’t illegal when the old token was replaced by storj (you yourself mentioned that people still ask for conversions even though the converter has been shut down for a long time, so nothing was forcing you to buy back all the older tokens, plus it wasn’t illegal when a new token was created for polygon payments).
@Alexey Please answer the following question with a “yes” or a “no”: Do you understand that getting paid in USDC only requires a single string (storj token ID) to be changed in the payment script you use for SNO payments?
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