That demand does not exist right now; they’re still burning through their supply. In fact, they’ve strategically sold STORJ during bull markets.
Reduces the sell pressure.
I’m with you, it’s a bad idea for STORJ holders. The “free money printer” in this context is minting tokens out of thin air and being able to supplant the network with them, so as long it has some market value. They will have to do something once their STORJ supply runs out, and this is one of the options. Buying back the token is not sustainable for them currently.
It does not matter what they use tokens for. Initially the purpose for tokens was to bootstrap the whole thing. It worked quite well. Going forward this is no longer needed. Only the function of value transfer remains.
Right. But why does sell pressure needs to be reduced? And I can continue asking “why” indefinitely — but all of this only matters if the specific value of token mattered. But it does not. So the point is moot.
That “something” is buying tokens on the market: total supply if fixed, demand exists, so value is not zero, and all works as intended.
I’m confused as to why you claim the token value is meaningless.
If they were buying back the token, and sending payments 1:1 in USD value then I would agree. But they are not currently doing that, nor have they said they will do that, so we can skip that.
Currently SNOs are paid in USD equivalent in STORJ. The price value of the token matters. If the token dropped to 0.000001 USD tomorrow, you bet it will have significant impacts to both the network as well as the company.
Again, Storj has not participated any of that demand and is unsustainable currently for them to compensate SNOs through buybacks. Speculators/LPs are the majority of the demand for the tokens.
You keep saying that, and that “…only the function of value transfer remains”… but they’re still bootstrapping. They aren’t profitable yet: so they do not have the cash needed to buy tokens from the market.
Once they’re profitable… you’re right… they can market-buy-to-pay-SNOs forever. But today they’re still relying on cash from treasury token sales to pay the bills. If they can convince the world STORJ is good for more than a 10% discount on space… the world may value the token higher. So they live long enough for paid-used-space to slowly grow… to the point they’re in the black.
That’s pure nonsense. I’ve had a 100% success rate increasing my payment by holding it when the overall crypto market is low and I’ve done this for more than 3 years. I’ve heard you say this more than once and it makes absolutely no sense.
You cannot time the market long term. It’s worse than gambling.
To help you understand:
The way to think about is to separate getting paid and gambling on the same amount. If you received USD and wanted to gamble and try to “time the market” — why would you buy STORJ to do so — when there are so many other assets with much better risk/reward ratio?
And if you think storj is the best token to gamble with (what a coincidence — don’t you think?) why don’t you buy $10000 worth of it make a living out of it?
And they can’t help with (or with finding) a payment solution that does not rely on a volatile token? One that has a stable value, has less and predictable transaction cost and enhanced automation for managing payouts?
I’d say there is more than buzzwords. It is really about funding growth: Acquisitions, marketing, product. It is about penetrating new industry sectors and enter global markets. It would be a good idea to decouple payment function from investment/funding function as both have different goals (e.g. stability vs. volatility resp. appreciation)
Funding a new phase of massive growth would be a very good reason for a new token. The product has proven itself, now it could be time to massively market it, acquire competitors and increase global presence. A token that lets investors participate on the returns of the growth could find its market.
This thread of inquiry has become a joke, contradictions abound, copy cats are uselessly redundant.
Spam declarations of a utility only token abound. If your only input is contrary to this thread, please refrain from posting; personal opinions are off topic.
The fact remains that this token still has an impressive trading volume/liquidity per day, and the concept is to capitalize on that, before it’s too late. Dig in and believe, give it value; it’s as much management’s fault - selling into market, when their other segments better be cash flow positive. If not, take a good hard look at yourself in the mirror - mgmt. You came from Vivant, you pushed your old contacts for a big shiny new contract; you specifically created fever on the public net (testing) to garner control and position, excused by a last minute rug pull for SOC & Select. As executives, don’t float lines of tokenomics and chuckle as the simpletons ‘debate’ sh!t. Just get on with it, you know what you’re about to do.
Nobody is even going to notice this, but I’ll be back next month…watching.
Thank you everybody for your ideas and input we have been closely following this thread and reading everything. We are formulating a path forward and plan to post that soon.
I think we’d all love to hear more in the next Town Hall. Hopefully if the plan is to break-even next year… even if you don’t make significant changes to tokenomics now… you can coast until then?
The token will turn uptrend as soon as you stop the selling pressure and start buying back. ( as the plan was many moons ago ) People will speculate more with it as soon as it becomes a common knowledge.
Worth to read and think about where the future of Storj and cryptocurrency could be lying. Coins from Amazon and other big players could open a huge eco system for Storj as well as those that Paypal users can send and receive. Offering easy converting and funding a Storj account like with coinbase onramping might be beneficial too. All of this could be huge for customers and SNOs and expand the potential user base.
Whats the next step? Reselling Amazon S3 instead of own?
People can fund a Storj account with a bank card. What can be more simple? Those, who have crypto can exchange it to any token in a half of a minute too.
It would cost more in that case. Our storage is global, so you would need to enable the replication for all their regions. Who would buy a storage with a price of Boeing 737?
If SNOs have been told in posts and town-halls that the storage side isn’t yet profitable, and likely won’t be cash-flow-positive until well into 2026 - where are the funds for the buyback coming from? Are Valdi and Object Mount revenues carrying that weight?
You’re a private company: so there’s no real reason to answer here. I get that you sometimes need to spend now to reap rewards later. Best of luck!
“Storj anticipates the current held amount system will be folded into the new staking mechanism”
If the holdback coins turn into staked coins (with staking rewards) that should reduce a lot of the crying. And SNOs may think a bit more about “just leaving” if they’re not only giving up some-coins… but some-coins-that-are-growing. Great idea!
Oh, and the disclaimer at the bottom: +1!
“The STORJ Token is intended to facilitate the provision and receipt of data storage and related services through Storj’s software application, which serves as a user interface and development platform on the network. The STORJ Token is not intended to be a digital currency, security, commodity, or any other kind of financial instrument.”
We still have some new users that think Storj is a number-go-up crypto token company, and not a vanilla object storage provider that just happens to use a token for cheap global payouts. It will be great to point them to that section and hopefully avoid typical degen mistakes
