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

This doesn’t sound right. How did you transfer the tokens?

Also, you can always check https://www.ethgasstation.info/

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The transfer was via Ledger-Live (Nano X). I had to reduce the preset fees a little bit, because I didn’t have that much ETH anymore. Thanks for the info. I will check that next time.

The 1,15 EUR became 0,08 EUR after a few hours.

Now, the first payouts are coming. I got worthless payouts for “a lot” of fees. It can’t be economical…

Or am I seeing something wrong?

edit:

well to my understanding it’s a fee… you pay like in this case 0.33$ if you transfered 10000 storj or 2 storj …
so yeah moving 2 storj around costs more than they are worth…
which is why the MEW wallet wouldn’t allow me to exchange / swap 150 storj…

if memory serves there is an upper limit on how much you can transfer… like maybe 70000$ in one go… i forget… not really relevant for most of us… lol
the gas price goes to the people running the crypto mining rigs… because they are taking care of the computation involved to make the transfer possible, and thus the amount is the same… the process is the same… no matter how much you move…

so yeah save up some storj before you start trying to move them out… if you where testing if it worked well it worked :smiley:
just cost more than you moved out…

kinda looks like you made many transfers instead of just one… but i duno…
i didn’t have enough storj to actually do an exchange xD

maybe you should be happy this happened with only 1€ and not 1000€
so good job on the proper testing :smiley: and be sure you found out what happened…

if i was to hazard a gut shot guess on something that i really have not much information on…
i think you maybe set something wrong which your wallet or whatever allowed which caused you to do tons of small transfers thus your fees ate it all…

is it possible that whatever site you were using are designed to rip people off if they don’t know what they are doing perhaps?

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Sorry for off topic.

It’s not my wish to test. I have found a few later payed STORJ in my wallet. :wink:
At normaly, it’s not my problem. The “others” pay the fees. That’s right. But it looks not good… The last months, i got round 80 payouts (and a lot of them was near 0). That’s a lot of fees. Why this waste? For me it will be ok to get one payout per satellite to my address.

Edit:

The program is the official “Ledger Live” from Ledger Nano X. That’s no scam. Maybe a bug. :wink: I will check it the next time.

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I am also wondering if STORJ really pays the fees for all these very small transactions. I just received a payment of 0.024… STORJ, which is 0.00$.
Etherscan says the transaction fees for that transaction was 0.001349908 Ether ($0.33)…

They do pay those fees. Eventually they may need to set a minimum payout threshold and just save up unpaid months until they total say $5 per satellite. But on some satellites it may take a long time to get to that amount. And I haven’t heard them mention this yet. Perhaps it evens out and the high payouts cover the cost of the low payouts.

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well they control the storj token, most likely they got their own server running it… so the 0.33$ most likely just what it attributes to it… but not that i know…
would quickly get expensive to do 6 x 0.33$ x 6000 or whatever SNO’s
that would be a major waste of resources, i doubt anyone is stupid enough to do that… and if they did have to pay those fees… im sure they would have found a way to integrate all the sat payments into one… since that basic bit of code would save them 5000$ a month.

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There is no way around paying those fees. They did pay all nodes with the same address in one go before, but when it was automated they switched away from that. Satellites are built to work completely independent from each other, so combining the payouts across satellites would go against that principle.

But you could combine nodes with the same eth address (per satellite), i currently get >50 Payments to the same eth address, most of them smaller than transaction fee.

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It used to be that way, but I guess that made the automation more complicated.

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with my one node i get 1 payment from each satellite every month… atleast thus far…

i’m sure the eth transaction fee is just an artifact… they don’t really pay that… if they did, then they wouldn’t want to do it this way… they could hire a programmer for the same expense, which would undoubtedly streamline the process, which i’m sure they already did…

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They do (20 characters)

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why would a start up waste like 10000$ or maybe even more a month on money transfers… that wouldn’t make any realistic sense… and if they do that, then odds are that somebody in the mix is pretty incompetent…

and if it was so then they would undoubtedly make payments every quarter instead…
cut the expense to 25%… or yearly and cut it down to 1/12 …

All valid questions. But consider how much test traffic they generate, how much they paid out in surge pricing. These transaction fees are by far not the biggest expense. Making something like this work takes investment. I think the questions you have are reasonable and probably should be looked into. But I also think that the bigger transactions and the profit on those will cover the cost of the smaller transactions.

I already mentioned it would be possible to just save up until you have $1 or $2 or maybe $5 and only pay out when you cross that threshold. But now consider new community satellites. I’m willing to do business with them, but I want to verify that they actually pay. If it takes up to $5 before they pay out, it could take many months to get there. And I would never be able to actually verify they pay at all. So yes, there is a relatively high transaction cost, but changing things could introduce new problems. So for now that cost is probably acceptable to them.

Btw, there is no way around paying the transaction fees. So they’re definitely paying them.

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the time factor is a very valid argument, and yes they do spend money, that i have no issue with… and i suppose that if they really do pay the fee’s for all the transfers, then they do so with good reason, even if i cannot see it…

from an outsider’s perspective it just looks like a total waste when there are like 50 different ways to avoid burning all that money on fees…
they may have setup a ether mining server so they essentially mitigate all the expense … its not easy to say… but still it is a vast amount of expense on something that should have many many cheaper options…

ofc one might look at it from another view and say… if they plan on having like 250 sats and most of them being controlled by other people… then they are not the ones paying the fees… but still the money for the fees have to come from somewhere… it if isn’t something like … when the storj token gets use enough, it becomes it’s own coin and then can do the transfers for only the computation…

it’s most likely a highly complex subject, and one i’m ill prepared to argue about…

it just seems insane… is there any place i can go see the reasoning behind that setup?
it would be interesting to know why they want to ride it hard and put it up wet xD

when they could simply have the sats do a count and then have it send one transfer…

like who ever said he gotten 50+ transfer… most likely one with 10 nodes… so lets say 10 x 1tb nodes… so thats like maybe 3 dollars in profit pr node… divide over 6 satellites so 0.50$ on avg a piece… payout with a fee of 0.33$ so if he was to setup 500gb nodes, it would cost storj money to have him on the network.

alas enough speculation…
is there documentation on the reasoning behind the payment mechanics

does seem like the 500gb limit should be 1tb with current fee’s because else people could make 500gb nodes enmass and basically funnel storj’s capital into ether mining…
not sure if i’m allowed to say that tho…

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You’re allowed to say anything, but this is nowhere near enough to have any price influence. There would be no advantage to SNOs for doing that, so I don’t think it’s a real danger.

Consider this though. There are many things that cost $10K a month for a company the size of Storj. Saving part of that might cost $25000 in development costs and perhaps save $5K a month and also introduce new challenges. Is that first priority or do you just eat the cost for a while? Now add to that that if this were all customer traffic, it’s probably just a fraction of the profit made in that same month. Is it a priority now? And probably more importantly… money is usually not the most scarce resource, but developer manpower is. If that’s the case, would you spend your developer hours on this first?

The reasoning may simply be that, yeah, it doesn’t make sense, yeah it costs money, but we have other development priorities.

I doubt this reasoning is publicly available and it may change a lot over time. Don’t worry about it too much, it only needs to make sense to Storjlabs.

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well it makes people wonder because it’s an apparent weird thing on all the smaller nodes… thus it might be good PR to actually have a simple answer to why they seem to be paying 0.33$ to payout 0.50$

its clearly something many people wonder about.

lol lowest payment i got thus far for this month is 0.17$ and still the fee of 0.33$
going a bit slow this month… but on the upside… the storj token is doing good.

This just seemed relevant.

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ah so that explains why storj’s payouts seemed to stop midway … lol