So for the past few months, the STORJ token price has been declining. Because of the relatively high fees that need to be paid to convert the tokens into fiat, it’s not viable for node operators to convert to fiat immediately after payout. That means that if I get paid 10$ and convert to fiat after a few months I’ll likely get less.
This would be fine if there were times when the token would rise again, but I don’t really see any reason why it should except for unwarranted crypto hype. Is anyone really buying the token in noteworthy quantities? Most users are probably paying fiat to STORJ, and they have an endless (for the next few years at least) supply of tokens. Why would anyone buy tokens right now?
It would be nice if it was possible to accrue credit in USD instead of STORJ and choose between automatic monthly payouts and manually initiated payouts.
I am long time here, and i have seen all differend prices for storj it alway fluctuate form 03 to 3$ with BTC prise as all other tokens and it is normal. lot of people in the beginning when price was 0.3$ holded it and sold on 3$ and got 10X bigger amount of money so it is up to you.
Yes, I know that the price fluctuates, but my claim was that this is due to unwarranted crypto hype and not based on actual demand/supply. Can you name any reason why anyone would currently (or in the next few years) buy large amounts of STORJ token?
There’s 10% rebate on buying Storj services when paying in the token. No idea how it works in practice (I recall it used to be handled manually by Storj Inc.), but this would be one significant reason to buy tokens.
I don’t think storj themselves need to buy tokens currently, as (if I am informed correctly, I’m really just guessing) the whole supply is premined and in their control?
Maybe in some distant future they need to buy tokens, but that’s the point where the payments to storage node operators also need to drastically drop since currently SNOs get paid more than the customers pay for the storage.
Nobody here has any inside information. And Storj affiliated people can’t comment on this at all because of SEC regulations. Your best bet is to read the token flow reports and decide for yourself. You know the reasons people would buy tokens, they’ve all been mentioned in this topic already. But you’re not gonna get a sure thing. We’re all working on public information here, if there was some new demand coming up, it would already be reflected in the price.
In the mean time, enjoy getting more tokens per payout. Low STORJ value works both ways.
I think they have to keep the majority locked up, such that the price stays somewhat stable. So rather than using their reserves they probably would like to buy back. They can’t end up in a situation where someone else holds most of the tokens and keeps them looked up demanding “ransom” to sell them back to storj at high price, such that they can pay their angry SNOs.
But as soon as storj hits 3$ along with other currencies, conversion and transfer fee becomes more expensive too, hitting close to 100$ at some point.
Plus, I am for the idea that if we want to earn on crypto speculation, we should go to crypto exchange and trade there. Some hypothetical conditions in future are not a basis for rather poor payment-to-fiat system (no offence).
If they did have to buy the tokens they still wouldn’t care about token price, because they just pass the tokens right on to the node operators while they still have the high price.
I think you are right, but “plenty” is not a definite nor consistent characteristic.
Also, some time ago people were saying that storj is not meant to be profited from rate fluctuation, but practice says otherwise.
I don’t want a Lambo and I also don’t want to invest longtime in any cryptocurrency. What I want is to earn back a part of the power bill for my home server. That power bill is to be paid in fiat, storj is paid in fiat by their customers, but I am paid in a token that is declining in value and difficult to convert to fiat in amounts below 100€.
Customers can also pay with STORJ tokens, not just with fiat (yes, we do have customers that do prefer STORJ as payment method).
Storj Labs cautions node operators against running nodes with the expectation that node earnings will cover their power or internet bills. Preferably, they should run nodes on existing hardware that is already online for some other purpose and not on dedicated hardware.
Node operators that have elected to receive L1 payouts will be able to accumulate undisbursed payouts in terms of USD until the eth gas fees to send said STORJ payouts are low enough to make it worthwhile to immediately convert the payout to fiat upon receiving them, on a crypto exchange of their choosing. Node operators are not forced to ¨gamble¨ on STORJ price going up at some future time unless they freely opt to do so. Only those that choose to do so will be exposed to price volatility which could go in favor or against the holder of the tokens.
before i used L2, i marked as L1 my Binace account, when i got money i got email from binance, and sold it, and withdraw to banc account, or binace card and pay with it. As binance private keys belong not to you it is risk, but if money not big then it is not big risk.
At this way I spend nothing for transactions. but now as L2 give me 10% more for me it is big difference as withdaraw spen for me arount 5-7 dollars, but 10% give me 60-70 dolars in addition.