Payment to SNO in Etherium

I sugest to make payment to SNO in Etherium directly. Today we use Tokens, but they need to be swaped to Ether or Bitcoin and it need Etherium itself. Then no need to buy Etherium to pay for swap. All paymants can be done ase before 1 payment for sattelite, and just 1 mail with payment tiket, what is for are you got payment. It will be more faster for payment. STORJ token is today also tight to Ether price and regulated by storj but prise also is not stable. It will be the same if payment will be made in ether and converted price in time of transfer.

I get where you’re coming from. But the value of STORJ should remain independent of ETH. It should develop over time to represent the actual value of the services it can be used for, independent of other cryptocurrencies. Switching payout to ETH would quickly devalue STORJ and break that tie between actual value and virtual value.

I would much prefer to simply pay a small amount to SNOs in ETH so they can pay for their first few transactions. As that now serves as a hurdle. People rightfully don’t like having to pay money to get their earnings out.
So I’m going to go with supporting this idea instead: Make first $1 or so paid to the SNO be in ETH and not STORJ

6 Likes

I am not realy understant why need storj token at all, if you can just pay in ether. what can give additional value token itself. In token it just like pay in russion ruble insted of american dollar. it is convertable, but why need this aditional converting? May be there is something i do not know?

2 Likes

But the tokens are only used as means of transferring USD. The prices are in USD, SNO payments get calculated in USD. If the STORJ value goes up 10x it would only help those who HODL, but would not make the service more expensive or the SNO to get paid more.

Then again, maybe paying in ETH would result in higher transcation fees than paying in STORJ.

1 Like

While that is true, the value is still determined by supply and demand, which should ideally be governed by supply through SNO payouts and demand through customers who want to use it to pay for the service. Thus the value is tied to the success of Storj. It’s obvioulsy a little muddier than that right now though.

1 Like

No, I think the intention was always to set the prices in USD and use the tokens for transfers.
After all, imagine the token value going up 10x - who would pay that much for the storage service? Or, the value dropping by 10x - it would not be worth it running the satellite, much less the nodes.
Which is why all prices and payments are calculated in USD and converted to STORJ for transfer.
Trying to transfer $1 to a bank would result in that $1 being eaten by transfer costs.

1 Like

I think you misunderstand what I meant. Yes values will be charged and paid in USD. But more demand from customers would still drive the value of the STORJ token up. Hence the value of the token is tied to the success of the platform, even though price of the storage in USD is not. I feel like I’m still not explaining what I mean right, but I hope this clarifies it anyway.

1 Like

you alway pay in dollar and it converted to Etherium then to token ant current price. and when we payd it calculated in dollar and transfered to etherium and to token and we do it back when withdraw this money. So it can be just take away aditional convertions from ether to token, and back. Prise for gas is the same.

Other than pure speculation (which does not really need a reason to push the value up or down, just look at BTC), going through the hassle of buying the tokens has only one reason - to get a discount on the service. But for companies that may be worse for accounting reasons. SNOs still have to sell the tokens to get cash and, say, selling the tokens for higher price would only mean fewer tokens (same USD amount) next month.

But I do not think that some investor is going to think “hey, this service is popular, better buy some tokens - they will be worth more later”.

Really? That’s how wallstreet works xD

Is this still the case?

Do I have to pay in some money to cash out my tokens?

1 Like

Any movements of tokens needs to pay the fee to miners. In case of ERC20 tokens (STORJ included) - in Etherium.

1 Like

Can the fee be taken from the transaction?

It seems like a catch 22 situation otherwise.

The miners want to have payments only in Etherium.
They do not accept ERC20 tokens

Yes, so can I sell storj tokens for Eth and receive the remaining amount after fees?

Yes. But to send a transaction with your tokens you need to have a ETH for miners to process any of your transaction.
This is how the blockchain is working.

If you use some kind of exchange instead of your wallet (this is safe in the same manner as to give your wallet with money to any walker on the street and ask him to take care of it and do not spent them until you return), then they can take part of your tokens as a fee to process your swap on their platform and take another fee for the deal. Then take another fee when you willing to withdraw your money.

So this is still the case

and I do I have to pay in some money to cash out my tokens.

Honestly speaking, storj should have their own blockchain / coin, which would avoid all the gas price discussion and the like. I think the project is large enough to do so.

And waste time to invent another-blockchain-for-nothing instead of real service?
You can take a look on Sia. They exactly use your proposal.
I respect their decision, but it doesn’t work as I would like.

1 Like

You don’t need to pay anything to receive your tokens. And they are yours… as opposed to being held in a custodial exchange. You can spend the STORJ tokens immediately on using the storage space on the network… or… you can HODLer the tokens… or you can exchange them via a DEX.

The network fees are currently very high, so exchanging tokens may not be a good idea unless you’ve got a large cash value in STORJ.

You can think of the network fees like a postage stamp. You’ve got to pay to send a snail mail letter, and you’ve got to pay in the currency of the postal service… Stamps.

This won’t solve too much. The only thing one could do with the STORJ tokens running on the STORJ blockchain would be to pay for Storj services. Exchanging out of the STORJ blockchain would require going to a traditional exchange… with minimum deposits, high fees regardless of network fees, and KYC requirements.