Make first $1 or so paid to the SNO be in ETH and not STORJ

@jocelyn asked someone to split this into a separate suggestion, so here it is.

SNOs get paid in tokens, which is good, however, the transfer fees are in ETH, so a SNO has to have at least some ETH to be able to transfer his tokens to the exchange etc, which may be a problem for new SNOs (what? I have to mine or buy Ethereum to be able to use this? Are you sure this is not a scam?).

To quote @beast from another topic

My suggestion is this - for a new Ethereum address and a new node pay the first $1 (or whatever) earned as ETH and not STORJ. I do not see how this can be abused:

  1. The SNO has earned the money, you are not giving it for free, just in a different currency
  2. If someone wants to keep creating new nodes and new addresses just to get $1 in ETH instead of STORJ, he will earn less total money for that time, because his new nodes will have to get vetted etc.

This can be done per-satellite for example. Once the $1 in ETH is sent, the address is marked and will get further earnings in STORJ, even if there are new nodes etc.

4 posts were split to a new topic: Make a single transaction per wallet and satellite

I would change it to sending a certain part of a payout (say, $0.1 to $0.25) in ETH once the payout for that satellite reaches a certain value, maybe a dollar or so. This ensures that SNO will get the means of transferring STORJ out along with the first meaningful payout.
The amount itself must be minimal and enough to pay the transaction fees a couple of times at most.

NOOOO why would you ever want to pay people in ETH … the storj coin should gain in value if more people get access to them and thus throw them away… there by decreasing the amount in circulation… not really relevant short term… but well long term it could cut down in the total supply… by a great deal…

ofc the sort of depends upon if one want the coin / token or whatever hold its value or rise or drop in value…

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It’s not paying in ETH, it’s giving people a bit of ETH so they can move STORJ around.

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I think you need to read the topic again. This is just about paying a very small amount in ETH to give SNOs enough to pay for a transaction. The payout would still be in STORJ as it should be. STORJ should have its own value independent of other cryptocurrencies.

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ah okay, that makes good sense now that you say it… so people move tokens around xD maybe i should start doing that…

Consider SNO selling tokens every month to pay for bills then this will be only helpful for first month. 2nd month onwards SNO still has to get some ETH to sell Storj tokens. If SNO can manage to get some ETH in 2nd month then all this workaround to help pay for transaction fee would be for nothing.

Once you’re able to transfer tokens out you can trade those for ETH as needed. I used bitcoins I mined a long time ago for that and now I would just use STORJ and make sure there is always some ETH left in my wallet. It’s all about making sure that first transaction can happen so you can exchange more if you want.

tho wouldn’t people be able to run out of eth to move storj around later and thus it might really be something like on each payout a certain $ / transactions numberr / storj or whatever of the value is in eth.
so each time people have been paid they can move their money around…
i know it might not be useful in a ton of cases… but wouldn’t it be a problem one could run into multiple times, and thus the correct solution would to avoid it with each payment.

over a certain number of storj or … i guess if we say 1 storj is its current price and you get 1 storj and an ether is like 1million or a 1billion billion then the ratio might be tricked into paying out a minimum amount of ETH which in case of massive price increases might be exploitable.

I’d say if you don’t take care of it after that first transaction it’s on you. At that point you should know how it works and make sure you have some ETH yourself. But that’s just me.

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don’t tell me you aren’t pleased when you run into an issue that you forgot about and somebody looked ahead and solved it… xD ofc in many cases we often don’t know, because we stand on the shoulders of giants.

Nah man, that’s a learning opportunity going to waste :wink:

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yeah i agree with Pentium, shouldn’t really matter much and it doesn’t have to be much, only enough that a single transfer is possible per payment…
so instead of 1$ then if its a value issue then simply transfer 0.05$ or whatever the transaction cost is, sure i suppose storj will end up paying for that then… but one could simply subtract it from each individual payout, so a SNO will in the 0.05$ example end up earning like 1$ less pr satellite pr year…
ofc one could simply limit the transfer so its not every time… but like say every 6 months each satellite transfers 0.05$ of the payout in ETH

which would obviously cut down on the wasted value on transfers… to 0.1666… or so less earned pr satellite pr year.... ofc that just goes into ETH mining, but at what point does one stop caring... i doubt any SNO no matter the size would miss 1 a year or even 2$

if its just to allow simple transfers without hassle for people, then it doesn’t have to be much or often… because anyone using it often would ofc have ETH

As we see todayon token price, Ether gone down and emidietly token price is go down. So toket is tight together with ether. So I sugest Payment to SNO in Etherium
Tat all payment are in Ether.

6 posts were merged into an existing topic: Why does Storj use the STORJ token?

One could run a monero miner like xmr-stak on the server for a few weeks on the supportxmr pool. Once you reach 0.1XMR you get paid into your monero wallet. These coins can then be transferred to your ETH walled with coinswitch. 0.1XMR are about 0.03ETH and should be more than enough to move STORJ around.

This “solution” doesn’t require opening an account at an exchange and transferring “real” money.

That’s a lot of hassle. I guess I could mine some ETH directly, but, again that’s a hassle, especially if the SNO runs his node on a Raspberry Pi.

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With the current fees it would be good to get a bigger part in ETH to move the STORJ.

I just sent 150 STORJ (worth 18 EUR) and had to pay 1,15 EUR fees.

This will be an expensive payout the next days.

You can use https://metatransact.com/ to pay whit storj for the transaction fee (if the Storj company is so good to start MetaTransact Relayer) :dragon: