Bye bye for now

[BrightSilence]

@penfold

Basic economics would indicate if you reduce the quantity of an item in demand then it will be an inflationary impact unless demand drops to an equal or greater quantity than amount destroyed/removed.

Inflation is about goods in general getting more expensive when expressed in a specific currency. Not a single good. You may have been thinking of ETH being the currency in this equation, but then we’re actually talking about deflation. Regardless, none of this matters as the vast majority of the transaction cost increase was due to higher gas prices, not the higher value of ETH. The problem with relying solely on basic economics is that the real world doesn’t operate in a vacuum. And ETH and other cryptocurrencies are super volatile on the best of days. So unless you can definitively tie 1 thing to something else, you can’t just see a correlation and say “that must be it”.

@penfold

The moment the London fork crossed the threshold where more ETH was destroyed than mined this was an inflationary pressure.

Well… this didn’t happen. The vast majority of days, more ETH is being created than burned. In fact, so far that has been the case every day. You only get a hand full of negative days if you exclude ETH2 staking rewards. Which is fair enough, since those are essentially still locked anyway. But even with that taken into account the supply is still rising almost every day. Ether Supply Growth Chart | Etherscan

@penfold

So Storj has a financial model that doesn’t really exist as yet and we don’t know when it will exist. lol

Can we please cut it with the hyperbolic statements. Storj has a payout model that works. High fees are a problem, yes, but that slows down payouts in certain scenarios, it doesn’t stop them. And there are plenty of node operators willing to be patient. ETH2.0 merge is expected in the first half of 2022. And a lot active development is ongoing on L2 solutions. I expect we will be in a completely different world a year from now.

@penfold

Where “a bit” would be how long again at current dataflows? At 9 months I had only just near 2TB stored. After the delete that is now down to 500GB. So we can quantify * a bit* being multiple years unless current dataflows improve to get to 8TB.

For 8TB it would be just under 2 years at current network behavior. But you would see payouts before you get to that point for sure. First payout may take a while, perhaps 9-10 months, but after that you would probably already see payouts at least once a quarter. For more detailed info: Realistic earnings estimator

@penfold

Absolutely right there is no shortage of SNO’s. and I’m still here - it is just running the oldest node no longer made sense since to use that equivalent capacity for something else was more cost effective when storj would still not be generating any income for a significant period of time.
What I have been saying is that looking at the project logically it did not make sense to spend funds for additional storage for my other projects whilst at the same time leaving storj running but generating no income. THAT was the rational choice for me - whilst at the same time leaving additonal storage running which I would no longer consider for my other environments. Again, that was the rational choice.

Yeah, you’ll hear no argument from me here. Everyone has to make those decisions for themselves and if you have a better purpose, of course you should use the storage in a way that works best for you. Buying additional hardware has always been advised against by Storj themselves. It’s us node operators who sometimes deviated from that because it was actually profitable in our situations. But that’s really setup dependent. I have some systems that are online anyway, so power is basically free. For me the expansion has made sense in the past and probably still will in the future. But I’m not saying everyone should do that. If the economics don’t work for you, this isn’t a charity. Either stay because you still would like to be a part of it regardless or go because it isn’t profitable. Nobody would blame you for that. Though, it’s good to hear you’ll be sticking around in some capacity anyway.