yours is the SNO point of view.
Yes, I like this payout button idea. As long as our remaining balance will remain in USD and will only converted to storj token once payout button is pressed.
based on a current chart, im selling right away, maybe rebuy 20% lower at some point (couple of days tops ).
Same old point that people make every time the price of Storj is pumped. People say this, do nothing of the sort going forward, then someone else a year later makes the same post/comment. Having been involved in Storj since 2017, please just stop with this. If you want to wallow in your regrets, please don’t do it here. This is not the platform to do so. This whole complaining about Storj token payouts/prices thing has been beaten to death over and over for years, you don’t bring up any point that hasn’t been debated repeatedly. I only see people complain when the price goes up, somehow never seem to be thankful when the price goes down and they’re payed out a lot more tokens. Which then inevitably the prices go back up again in the future. If you aren’t planning for years out then neither option of buy and hold or running a storage node sounds like a viable undertaking.
This literally just happened.
We all got paid a huge amount of STORJ from Stefan at the lowest price STORJ during the last 20 days.
Right? Just got that payout and life is great but too many people have yet to realize that things like this cut both ways.
It seems people only make noise when there’s a problem or a perceived fairness issue. So, while the vast majority of SNOs are probably quite happy with the payouts and tokens, the forum gets hit with questions.
I’m up about $150 in value from the reported payout amounts. So, I’ve got no complaints
i didn’t even sell my storj at 0.75$ or whatever it peaked at … and i’m almost proud at myself… ofc they say pride comes before the fall… so
the increase was expected, it’s been going that way for a while… only real question is … will it crash or keep going up… ofc it would be nice if i actually had time to get some storj before the prices completely exploded lol
people need something to whine about…
I don’t see any issue here. The SNO earns $$ per month. You get paid $$ equivalent in token at time of transaction OR the value of the token is recorded end of month ie 30 or 31 and you will get the $ value in tokens when the payment automation process is run.
The fact that StorJ value goes up/down is irrelevant as you are earning $$ per month for the service you provide per SNO and you’re paid in the same value. That value you received today would be different in a months time (if you didn’t cash out) sure. But what does that decision to cash out have to do with the payment in the first place? You control that decision if you want to sell / convert the tokens into another token/coin OR USD equivalent to cash out. If you don’t sell and simply hold all your StorJ, there is nothing wrong with that but the value of StorJ will go up/down as it’s on the market.
I don’t think you understand the issue: it’s in the title of the question - When is the exchange rate selected? I assumed it was right at the end of the month, which happened to be a price spike in this case.
I know I was paid out in Storj Sep-09… a third of a month later, an eternity in cryptocurrency price swings.
If I’m paid near to when the exchange rate is selected, it’s not an issue. If there is a 1/3 month delay, then it is an issue.
It’s selected during the payout process every 5 minutes.
Is this on the 30th or 31st of every month OR; when the payment is being made next following month 7th to 14th ?
But, as I already covered above in my previous reply to OP, i don’t see an issue here. You’re still getting the $ value that you’ve earned regardless of the value of StorJ.
i have to partially agree that since the payout seems a bit arbitrary within the first ½ of the month, then essentially we are at the mercy of when storj feels like paying out in that period, which isn’t optimal… not because i think there is any nefarious behind it, i’m sure there are lots of valid reasons for this.
but it can very easily be abused or make people feel like it is being abused even if it isn’t…
so for better or for worse, it might make sense to make it a bit more defined.
sure i can see why storj will want to update the exchange rate live during the transfer, to maybe counter some future exploits or rapid price changes, and thats fine, but it would also be nice that the payout was handled from a slightly more fixed point in time, instead of an arbitrary 1/26th of a year, then maybe just letting SNO’s know what their exchange rate is at say the 13th if payment is due the 14th…
what was it about the 13th and money again xD okay so maybe a bad time for that… so ill set it for the 12th just so that i now can predict that some day at friday the 13th the payment system will have great issues lol
alas i digress (i really need to find a new word… it’s gotten trendy tsk tsk)
nevertheless onward… defining the payouts within a 1/365th is like a magnitude more precise and imo wouldn’t need to be more accurate than that at present, but having it as 1/26th of a year is unacceptable and puts way to much “choice” or “perceived choice” onto storj.
and such things will create malcontent from the plebs
5 minutes before the actual submit of transaction.
I do not know, how to formulate it more clear. I did not mention neither 30, 31, 7 or whatever date you are mentioned.
I understand the sentiment…
However, the reality is, all past payments have been timed such that the amount of STORJ tokens are somewhat maximized. No one has a crystal ball to tell the future… but holding off payments until gas prices are low and/or STORJ is also low benefits SNOs.
Almost invariably, I can dump my STORJ within a few hours for more USD value than it came in on…
Also, Uniswap now has a really neat “info” section on it’s website that allows one to track token liquidity.
Here’s the STORJ-ETH pair:
It might be fun to use some of my UNI-bucks to buy STORJ and provide liquidity each month to get a little bit of that 0.3 % platform fee from SNOs swapping payouts of larger than expected tokens.
i’m not complaining just making an argument that maybe there should be some sort of less arbitrary definitions about this, as one day we might see immense spikes in storj token value… and if that happens and in a very short period, then if it happens with in the 14 day period then odds are there will be a lot of unhappy SNO’s that think they got ripped off.
and odds are that since we are nearly 50% of the time within the range of when we seem to be able to be paid, then who knows… is that really storj’s problem to make sure to optimize our payouts and if it is, then do they even want that responsibility because i doubt it can go well…
either somebody internally in storj will find some way to profit of having control over this in the future, which is bad for everybody else most likely…
or there will be an immense spike or drop in prices that isn’t cashed in on, and then there will be ill will against storj…
it’s a lose lose proposition for storj imo, sure we as the SNO’s may have greater benefit from this being will thought out and planned by multiple people with a greater awareness of the situation instead of our own silly little minds.
i don’t doubt that will be best for SNO’s in general… but to do something like this there might need to be some sort of payout report with like graphs of prices and a few arguments to why a particular point was selected to be the optimal point for payouts…
and really isn’t it conflicting… i mean lets assume storj tokens is a “limited” which it ofc is, but there sure are a lot of them… storj is a business and thus they should want to make money and survive…
the way most businesses survive is by cutting down costs or doing stuff cheaper than others, else one cannot be in business… one day SNO’s will be one of the main costs of the network, so cutting costs will mean reducing how much SNO’s earn, while SNO’s interests is the polar opposite to this.
SNO’s wants to be paid as much as possible for as little work as possible… just like anyone else working for someone or something else…
it just doesn’t make sense for storj to not lock down payouts to a very limited time frame… because it’s the only long term sustainable setup that nobody ends up rioting over…
but maybe thats just my premonition that blurs the present… this setup might for fine for many years… but there will come a day
Creation of an open source STORJ payout oracle.
I like it!
When do we get started?
I understand playing devil’s advocate. However, Storj has really done a great job in my first 13 months of being an SNO. I’m very happy with the payout process and the openness of the Storj Team on this forum. If past performance is an indication of future performance, any belly aching over payouts should subside after newbies run a node for a few months.
yeah having something like a payout oracle / council to serve as SNO’s representation in collaboration with Storj in determining best timing for payouts maybe be a way to go…
Storj would ofc have a lot of good information and resources when it comes to selecting the right times that we as SNO’s won’t have, so having a collaboration would most likely benefit both parties, even if we assume the interests is very polar to each other…
but yeah from what i’ve seen, i also think they have done a fine job… and they would ofc also be motivated to do so, because SNO’s have the data…so if enough of us where to become malcontent and band together we have the power to most likely destroy a major part of the datasets… even if it would require a rather sizable collaboration…
ofc since lots of it is test data, maybe even destroying a large part of the data might not even affect the tardigrade customers… would be difficult to predict such things without a ton of knowledge of the inner workings of it, which i don’t have…
alas i digress
SNO Payout council it could certainly be interesting to see where such an idea would go…
i would very much like to participate in the creation of such a thing, but i sure don’t want to run it or start it… sounds like a lot of work
there is a lot of interesting stuff being done these days with crowd wisdom and ai for prediction of stock markets and such… would be very cool if something like that could be put into it…
if it works lol
Interesting thread and just wanted to reflect on this…
In the early stages (before everything was live and in the stage of being tested) I participated in a user study for a couple of weeks, this was a nice learning experience above all, but also I needed to give feedback on the product!
Now here comes again what I said before during user studies, STORJ shouldn’t pay out in $ --> STORJ rate but just fix the reward in STORJ! This is what most chains do anyway, always reward your validators (or in this case Storage Node Operators) in your native token!
This way the discussion in this thread would never have happened and actually STORJ would be an even nicer project for SNO’s!
Now I might hear you think, but what if STORJ goes to $10 per token? Imo 2 things can happen:
- STORJ leaves it at that just appreciating all the trust SNO’s have given the network
- STORJ decides to recalibrate the payouts because it’s becoming too much
Anyway, the sell story was always much better than reality (it always is!), but that wasn’t why I stepped into STORJ, it is a nice project, but would be even nicer if they revert the payouts back to their native STORJ token!
i don’t see how a payout based on token prices is viable…
one thing is that it affects SNO’s, but try convincing your boss that the company should start using a storage system paid in an arbitrary coin / token nobody knows the future value off.
doing the dollar value to storj conversion ensures everything is done in dollars, and thus is stable to RL value, which makes the whole token deal irrelevant for the leadership.
i think the current way is a great solution to a difficult problem, and i’m not sure it would make everything easier for storj if they hadn’t done it this way…
ofc there is always a balance in things, one cannot created an advantage without getting some kind of disadvantage