Yeah less than $1 per month wouldn’t be worth the effort for me either.
But the lower prices are with the expectation of higher usage. And we even get paid the same for 2021 so until sno prices might get cheaper, the network usage should be a lot higher. So it shouldn’t take half a year to fill 1TB. (unless suddenly thousands of new nodes pop up).
Yeah less than $1 per month wouldn’t be worth the effort for me either.
How do Storj pay in USD, for their own tokens? Please explain.
There is a limited amount, once they run out, they have to buy them back from the market.
Lets be realistic, that isn’t going to happen… Not in a million years.
Right now, it would make sense for them to be doing that and would justify the payment model in place now… on “affordability” grounds.
The current model doesn’t really allow for this though does it? No leeway whatsoever. It’s a true supply & demand model matched to the price of STORJ on the market in USD, but people are quoting “crypto economics” - which it isn’t, couldn’t be further away from crypto-economics tbh, it’s a real-world economic model that likens to a commodity supply line.
This is precisely why I think its unfair and stressed this in another thread of mine where I was asking about whitespace not being used…
Every business in crypto or not is a simple demand and supply market.
Using a stable usd amount for payment is actually very beneficial for storj because it prevents the fluctuations you can see in crypto mining. Whenever a coin becomes more profitable, thousands of miners jump into that coin until its difficulty goes up too far or its value doesn’t make it worth anymore, then thousands of miners jump ship again.
That’s not what you’d want for storj as it would destroy the network (or need a very high data redundancy).
Thousands of nodes could still join storj if it becomes more profitable due to increased amount of traffic. However, the vetting takes at least a month during which New nodes get a low amount of data, so there are no sudden changes. Also some operators might decide to shut their node down again during that time.
But eventually, as all things, demand and supply will balance out. Only those snos will stay that earn enough (subjectively or economically).
Giving snos another incentive by “burning” tokens on whitespace is not beneficial to the network.
However, storjlabs is paying for a small amount of whitespace in usd, the resources used by the test satellites. In my case that’s almost 10TB and earns me ~$30 per month.
Please show your work.
Right now it would absolutely make no sense for them to be doing that. They have about 240M tokens at the moment and their job right now is to invest that in making the product popular. They should burn through this runway in a way that attracts massive amounts of customers so the product can stand on its own based on scale when they run out. And they will run out, it’s just a question of how much time that will take.
Who are you responding to? Nobody is saying that. I think most people here realize the token is just a method of payment. But in the end you’re compensated in USD values. And while you don’t set your own price, supply and demand does play into how many people spin up nodes. If there is a lot of demand, it’s profitable to spin up more nodes. If there isn’t nodes might stop.
I still don’t see how you can say it is unfair to not be paid for a product the customer doesn’t want. That’s not how economics works. It’s not unfair, it’s tough luck. Don’t buy something you’re not able to sell. There is enough info out there to have a decent idea about what the current demand is and how fast you can expect your node space to fill up. Don’t be a baby and just figure out what investment is worth it and leave it at that. Nobody is handing out free money here.
Why buy the tokens from the market when you can just ditch and rebrand?
Nobody would ever want to pump hard-gained real-world USD back in, even if the token price fell to its lowest point ever in history, who on earth would do that???
This is the thing about real-world economics, I believe its an obligation to do such a thing as you mentioned, that if necessary, a company may be forced to buy their own stocks etc… Wait some time before selling or re-releasing to public, due to some black-swan event…
Not in crypto-economics - in crypto, you can just CRUD your bank account. HAHAAHAA!
You are suggesting the company throws away the currency and makes a new one where they have more of it? That is the worst idea I’ve ever heard. A company cancelling all shares and selling new ones to investors. Highly illegal I would imagine.
Meanwhile… back at the ranch… STORJ tokens reach $15.00 USD by March 2022 … and @JimboSlice is posting “Buy! Buy! Buy!” on every crypto investment social media platform.
Pardon my butting in – been gone awhile from the forums, my storj node has simply been Too Stable and Reliable to take the time to comment here.
Probably less illegal than you imagine, this isnt legit tender.
lol like mcafee was doing
I was looking at FileCoin and saw that some guy hedged massive amounts of mining hardware against it in China, tens of millions of dollars worth, you wouldn’t want someone like that to turn up and then leave would you.
Discussions of this sort nearly always end the same way… the detractor/skeptic of Storj writes something a bit over the top and in 6 months the negative post just looks plain silly.
I’ve been running the same storj node since Aug 2019. I have Never been disappointed in either my payouts or the kind generosity of Storj and its community. That’s a long time to be a happy service provider in a nearly ad-hoc network.
Something like 60% of small businesses fail after 2 years. It’s been just about 2 years since the StorjV3 … and it looks like Storj is still doing just fine.
I enjoy the fact that my little node is now part of a price war in an attempt to put the squeeze on the “Big Guy”… Hopefully it works and Storj blows past the competition… a $15 token would be nice too.
This is a good way of thinking… How many tokens have you managed to stash then?
I’m a terrible investor.
I sold all my earlier tokens earned when STORJ was at $0.11 … However, I got “reimbursed” in UNI… which then shot to $35… and then I acquired a bunch of some other low valued tokens… which promptly decided to tank 50%…
All in all, my total crypto holdings are probably worth about 1000 times MORE than I spent acquiring them even with the 50% drop off in value of my most recent version of holdings. The entire cost of my holdings has almost all been electricity running my Storj node. I haven’t actually purchased any crypto with cash.
Things are going to start to get interesting when China dumps the USD as its base valuation tool. My guess is that the entire crypto world is going to rise several hundred (maybe thousand) percent in the next 6 months in relation to the USD – including STORJ.
This is not investment advice. And I am not a lawyer nor a CPA nor an Expert in Investment
Yeah sure, ditch all your paying customers and then rebrand so they can’t find your new alternative product. If they ever did that, this community would never let them live that down and their new brand would forever be tainted by the reputation that leaves behind. Storj Labs is trying to run a legitimate business here, not just a cash grab and ditch. They reworked the entire network to create the V3 network without ever ditching the brand. If ever there was a time to rebrand it would be then.
Because they actually believe in the product they are offering. I know… it’s a weird concept.
It seems your thinking is firmly stuck in the crypto-bro world. I get it, there have been a lot of tokens minted and companies who just ran away with the money and left a mess behind. But Storj Labs has a long history of really investing in making their product better, their development direction is solid and their new pricing could get them a good amount of serious customers. This isn’t your random token sale and ditch. If Storj Labs would ditch, it’s the end of everything they have been working for for many years. That’s the last thing they would want.
Furthermore, you’ll find that most people here on the forum are here not for the awesome crypto, but for the distributed storage. Most of us believe in the concept and want to be a part of it. (And many will have little patience for someone only interested in speculating on the crypto and get rich quick schemes. Just a fair warning.)
Well you’re welcome to join in during the good times as well! Haha. Good to see your name pop up again though!
I cannot stress this enough. For me, actually, to the point where the monetary compensation is actually almost irrelevant (but obviously very welcome!)
Not for me. I’m not really here because I firmly believe in decentralized storage. I saw a financial opportunity and an interesting project and checked it out. And I stayed because it was interesting, great community and because I get paid well. I probably wouldn’t be here if there was no financial gain.
However, I was never here to get rich quick. More like a fun hobby with a small financial reward.