I will leave, the payout is a mess

Hey guys,
Today i have tried to convert my StorJ into BTC and it was a hell.
Now i know why this system works with this type of token to sell the operators.
I will shutdown all my nodes, it is not worth one more second.

So, i can just shutdown? or do i have to do something else??

Yup you can just shutdown and forget it ever happened.

But I have never had issues converting my storj to ETH ever. Every payout I convert my storj to eth every single month.

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Maybe if you ask for help on how to convert Storj to BTC that would be a good alternative to leaving. You can specify what you did and what issues you faced.

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Yeah, i just wantet that until i have see that the gas is way up in the sky and my transaction was placed with a “little” gas. so it was never procceded and i have to cancel it with another transaction (all cost fees). And after i got it managed to convert to BTC i cant pay with that because the provider of the wallet block alle transactions for 72 hours…and i have to pay some vouchers within hours…thats all to complicatet…

Im curious of what steps you are taking to convert? There are sites you can use to just convert it.
Im not too concerned with the gas prices as long as I can convert it to eth, Its still not as expensive as sending btc. But thats just me. Also I wouldn’t convert to btc if I didnt need too.

I started at StorJ like the “textbook”. Create a Myetherwallet account and so on. So my Nodes collect the tokens in my myetherwallet. From there you can direct convert to ETH or to BTC over changelly. And that is what i have done. The transaction hangs forever becaue i chose to less gas (by the way, 3$). So to come out of this pending transaction i have to “cancel” this with an “overwirte” transaction wich also costs 6$ gas. So after all i send the StorJ manually to changelly and they send them as BTC to Coinbase. (again gas)

This is a problem… unfortunately, gas prices are quite high at the moment… probably best to hold on to whatever you’ve got until gas prices go back to a reasonable level or until you accumulate at least enough tokens so that the exchange process is a lower percentage of the overall holdings.

If you are trying to obtain BTC, there’s an alternate pathway… it’s called wrapped BTC.

wBTC is an ERC-20 token, just like STORJ… except the value of wBTC is pegged to BTC. So, if you’ve got STORJ, and want your tokens to track BTC, you can exchange your STORJ for wBTC and keep all your funds on the Ethereum blockchain.

One of the easiest methods of exchanging STORJ for wBTC is to use a DEX, such as Uniswap:

https://app.uniswap.org/#/swap

Uniswap works with a Web 3 Injection wallet such as Metamask:

https://metamask.io/

If you are already using a different wallet, you can probably export the private key and import that into Metamask… which means you don’t need to transfer any funds from wallet to wallet. Importing the private key to Metamask will allow you to use the funds in that Ethereum address directly without transferring across the blockchain.

So to obtain wBTC:

  1. Install Metamask
  2. Import private key of whatever wallet you’re using right now
  3. Head over to Uniswap
  4. Pay a transaction fee to activate the swap ability (smart contract #1)
  5. Pay a large gas limit contract fee to swap tokens.

Uniswap exchange works on chain. The smart contract fee is paid to Ethereum miners and not to Uniswap.

Smart contract fee on uniswap:

  1. Gas Limit: 175,000 gwei
  2. Gas price — this is the variable… very high at the moment
  3. Ethereum price divided by 1 gwei = 0.000000001 ETH

As of this moment, Uniswap cost is about $26.00 USD worth of ETH. However, historical average is somewhere around $1.50

EDIT:

Just checked the actual contract prices…

Uniswap V2 = $45.00
Uniswap V1 = $14.00

The difference between V1 and V2 are:

V1

  • Exchange works directly with ETH as the medium of translation
  • Token exchange rates are usually, but not always, less favorable than V2

V2

  • Exchange works with wrapped ETH (wETH) and sometimes through a secondary stable coin like Tether.
  • Contract price is very high due to the complexity of the exchange algorithm and the number of internal token transactions.
  • Token exchange rates are usually, but not always, more favorable than V1
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I always change my storj only to Ether it take less money, dont rush change it if gas price is high. For example now it in midle, time to time is low depent hom much transactions there at moment.

You should use a wallet like exodus where you see and send tokens pretty simple. Also https://coinswitch.co/ is much easier to use and faster.

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You could have waited for that one. I’m sure that would have eventually gone through. But yeah, the gas prices are kind of crazy right now.

There are two possible problems:

  1. Low gas limit
  2. Low gas price.

If the gas limit is too low but the gas price is fine, a miner will pick up the transaction and start processing it… but will run out of gas and the transaction will fail and revert.

If the gas price is too low, the transaction may never get picked up by a miner, and so will sit in the pending queue for … maybe forever.

Price of gas set too low, usually means resubmitting with a higher price in order for the transaction to be picked up by a miner.

If it’s the first, then it’s a done deal. Transaction has failed, nothing to cancel or resubmit. So I assumed the problem was the second. In which case a transaction cost of $3 would have gone through eventually for sure.

what i also think why the guys from storj do not give a nice faq for this? everyone has to find the “best” way themselves and get frustated. no help or any from them…so for me this project is over.

if you serch here for a litle, you will find lots of posts about that, and different options.So i not see any problem of Storj in that.

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How to use tokens on an ethereum wallet/blockchain is also kind of out of the scope of what Storj does. There is tons of information out there for this though. So beyond looking on this forum I would also just use google. There is not really a one way fits all option here. Different countries have different options available and preferences for all this stuff differ wildly.

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When dealing with any kinda crypto you have to deal with this and there’s zero info on it. Be happy that alot of us here already deal with it before storj. Been mining since 2009 and its only gotten easier to deal with it since then.

Turns out they do give quite a bit of info here.

And more token related articles can be found here.
https://support.storj.io/hc/en-us/categories/360001801952-Storage-Node-Economics

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totally agree, this doesnt worth a time, it useless to maintain this and waste time in here…
for the few dorrra it doesnt make sense at all, you can spend your precius time effectively, this is true…

Dont want to be rude, but realy Storj dont deserve peopele who only complain siting in from of TV and tel then nothing work by itself. Making money is a always hard work, even if you are beginer it is not a problem, today is not a stone age, just open google and learn how to make thing work, here is good and big comunity and support that always try to help.
Today i have income from here about 100-300$ a month with my 25 nodes, and i spend time to check all work fine, and make my infrastucture better and stable. I dont have professional servers, only desctop PCs and i started from 1 node, then opend google and learned how to make more nodes on this PC. I taked time to learn how to make it normaly and i kiled some of my nodes in learning process also. So Stop complayning that nothing work by itself and start to learn how to make thing working.

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I don’t think you understand people will complain about everything and anything these days. Its just the way of the world people feel too privileged that doing any kinda work is below them.

1 Like