Feb. 8 Update on SNO Payouts and High Ethereum Gas Prices

yeah wait for Elon to sell btc again :rofl:

4 Likes

Ok, thx

I will go to my employees and tell them that due to high fees of my credit card i will not pay them their salary.
Second month without payment where storjlabs pull off their fault on the storagenode-operators.

I really appreciate that there are some useful thoughts for dealing with the high gas prices. But - again - in my opinion its a no go to hold our earnings - the second month in a row now.

Really disappointed here, even if I know about the situation and I had calculated with that.
The way you deal with this as a company is really bad.

Just my 2cents :wink:

11 Likes

Hey I have a Question, Who determines the gass price?

And looking at the current growth I see it that soon we will be in a spot where the whole ecosystem just crashes as people will not be willing to send anything over the Ethereum Network. Making it completely pointless.

The future is here and we have to evolve with new solutions. Since the ETH network isn’t adjusted we must.

Looking at it now new SNO don’t have the encouragement of seeing even cents come to their wallet. This means that it is more than likely that the growth of new SNO will decrease. This is because only existing SNO`s will expand their operations.

I kind off wish that Storj Would pay out in this time using LTC. The transaction fees are reasonable and the value of the coin is relatively low and stable

1 Like

Now that’s just bad luck… My payout was going to be $67.35.
Not that individual payouts should matter, but I think there is something more to be considered. My nodes have always had free space and high success rates. I think my earnings represent about the maximum earnings node operators with 1 IP could have right now. Meaning that at current levels the payout limit hits almost everyone. At least everyone with a single IP.
This is not a complaint, just an observation. We seem to have moved past a critical point.

I think this is a really good move. To be honest, I was planning to keep receiving payout the regular way. But this may just change my mind. You don’t even have to get crazy with the incentive here. The truth is that most SNOs don’t pull out their earnings every month. So even a small addition would likely cover the L2 to L1 transactions that do need to happen.

But I’ve said this last time and it still holds. If you want people to adopt this method we really need clear documentation with simple explanations and screenshots for how to use zksync, including how to enable it, where to see the payouts, how to get tokens from L2 to L1 (including how to move it directly to an exchange in that same transaction). But also, expected transaction costs compared to a normal token transaction. If it’s roughly twice as expensive (just a random example), please just state that clearly. I’ve read a lot of stuff about this including posts of tests and I still don’t know what to really expect. I know there are many people happy to help with doing the work to find out how these things work, but for wide scale adoption, this simply should not be the responsibility of the node operator.

16 Likes

I think the gas price is based on what the people pay to fix their transaction. There is a limited amount if miners, but there are more and more transactions. All of these transactions have to be fixed on the blockchain. There is a limited amount of transactions which are combined into a block. The miners try to find an address which fullfills the requirements to be the next block in the chain. When they find it they receive the gas that was paid by the people for their transactions. The miner decides which transactions are bundled together into a block. The more gas you pay the more likely it is for a miner to pick your transactions earlier than others. Which makes the price go up, because you don’t want to wait 20 hours to have your transaction closed. While the next persion will have to pay even more and so on.

1 Like

I’m feeling a bit depressed about the whole payments issue. I’ve not received the last two months of payments, and it looks like this could continue for quite a while. If I drop out now I loose everything.

I understand the costs have got over the top, but to stop payments is a breech of contract. Never was it written that if Storj costs were to increase, they would take it out on the node operators. I suggest you guys should toughen up and reset the contract honoring your passed agreements, then set down the rules for the new contract giving operators the required information and option to pull out with payment for effort and resources put in to date. What your doing is dodgy and unprofessional.

4 Likes

You didn’t read the contract, did you?

Apart from that, there is and will be the L2 solution which offers payout for small amounts.

5 Likes

Hi

I still haven’t found a clear answer - If the January payout would reach me now, will I receive December tokens calculated by the December rate?

No, you receive token calculated by the current rate. Your payout is fixed in USD

1 Like

You of course missed the point.

how do you know if you’re a regular user? wanted to get the confirmation from the project team.
We haven’t experienced a situation like that in the past

in case if you all haven’t yet noticed, the token’s price will break out hard soonish. It’s already trying.

Because as a regular I read almost every post in here but of course, you can wait for official confirmation (I’m too lazy to search for it, I have read their answers a few times)

3 Likes

I did not but I believe that if you are making a point, it should be based on true facts, not made up ones.

1 Like

interesting
bc I have found no clear confirmation anywhere. perhaps you could link it?

all payouts were calculated in December. They are on hold, not pending the calculation <- not a fact?

Asked and answered many many times. Storj always pays out the USD value and calculates the Storj amount at the moment of payout. Please treat people who are trying to answer your question with respect. @kevink wouldn’t state it with such certainty if he wasn’t sure.

The reason is simple, Storj Labs doesn’t want to enforce people to take on token market risks. USD is stable so paying out in that is the most fair. If you still want to profit from the market risk, feel free to buy tokens! If they held your payout in tokens you would be forced to take on the market risk and there is nothing you can do about it. Which may be fine right now, but would definitely lead to a lot more (and more reasonable) complaints if the value drops.

1 Like

many times, like where?
this is an extraordinary situation, not experienced before - your “financial” points aren’t quite valid anyway, especially in this period

The reason is simple, Storj Labs doesn’t want to enforce people to take on token market risks

this is just another time when the project puts ALL of the risks on the users and NONE to themselves.

man I am buying tokens, you don’t need to explain me how it works. All I know is that my assets are frozen since January and nobody consulted me about it. Moreover, there were quite good periods of cheap gas in the meanwhile to pay me out (btw why only users suffer the gas price? the project takes no loss here. damn random payouts, they were unable to get close to be regular with it for whole years)

3 Likes

paying out the December by using a rate from February is a damn rip off! The agreement was to have a payout next month. Not two months later. This is the risk you mentioned on which everybody agreed to.

1 Like

I said last month their should have been better communication to SNO’s regarding payments being withheld.

A forum post is not enough. I’m glad of the information being posted when the payments started, and on the ongoing work on the Dashboard, but again a failure in not being pro-active in getting this info out to SNO’s (hint : people don’t all read the Forum daily)

At a minimum their should have been a mailshot to all registered SNO’s email addresses with the info about Gas prices and the payment threshold and how much of their earnings are currently being held or being sent out.

OR

Ideally a targeted mailshot to those that fall UNDER the threshold with a “Statement of Balance” informing them the payment will be withheld so the know where they stand regarding earnings.

1 Like

so why STORJ isn’t paying in USDT? how simple would that be?
there is a reason for that. you name it. and yes, the risk is involved - all of it on the user side.

2 Likes

As I’m currently trying to respond during a business meeting I don’t have time to search for it. But I’m certain about this. And you can search last months topic as I’m certain the answer is in there. Additionally, while this situation is new, these guidelines far precede the current issue. Payout will always be in USD with storj amount calculated at the time of payout, no matter the situation. Unless stated otherwise.

It is exactly the opposite. They are taking on all the market risk by assuring you a certain USD amount at all times.

Right, this is your down side. This is a valid complaint. Not the token fluctuations, as you can just buy into that at any time you want. It looks to me like a lot of work is being done in making this situation better, but they don’t have a magic wand either and paying out nodes even if the transaction cost is several times the payout would run Storj Labs into the ground, that’s not helpful to anyone.

Excuse me? Who do you think is paying these massive transaction fees. Even with their current limit they pay up to 25% on transaction fees, while you never have to pay a dime… worst case you have to wait a few months. Time you would almost certainly have waited anyway because moving those tokens would incur the same unreasonably high transaction fees for you as well. Everyone is being hit by this, costs go up for everyone. Lets try to work together to find a solution.

It isn’t, you were promised an amount in USD, and you’ll get that amount in USD when the threshold is reached.

That simply isn’t true. It was clearly mentioned that you would only get payout when the threshold was reached in all communication. Nobody promised you would get payout the next month.

You’re just wrong on this. You get exactly the amount in USD as you were promised. Risk isn’t the same as cost. Risk refers to taking on the market fluctuations. You never have to.
You could argue that it cost you in the end, but then you’re just arguing that you would have wanted to take the market risk this time. You still can, just buy tokens. If things were the other way around, there would be no way to avoid the market risk.
I’m not going to repeat this again, because it feels like I’m beating a dead horse. But the reason the payout works this way is to prevent SNOs from having to take on market risk. Saying the opposite over and over doesn’t change that hard fact.

7 Likes