I noticed in our overview as Storage node operator everything is expressed in USD$, but when the actually payment is done, it’s converted to Storj and that is paid out. So the actual number of Storj tokens depends on the moment we get paid. Now that the exchange rate Storj/USD is rising we get less Storj. Last year I got more Storj tokens. Isn’t that all a bit unfair?
All the held amounts from last year, will be less Storj tokens now, what if the price drops, I got less than expected. This combined with the high gas fees, and few exchanges to get fiat money or any other coin, feels a bit bittersweet…
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Not sure if I am correct, but still.
I believe it’s a good idea to keep hosting cost for the customers USD steady so when btc/storj jumps up and down the hosting costs keep predictable because in USD. Payouts will have to follow the income side, then. It’s just a good practice for massive adoption
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Because we are being paid in the Storj token equivalent of the USD we accumulated. That is what we signed up for.
That’s correct, but since we signed up to get a paid a certain amount of USD, it’s not a problem.
Good thing we still get the full USD amount because that is what we signed up for back in the day.
No, that is not unfair.
But the USD amount remains the same. Just as we signed up for.
What if the price rises?
This issue only arises from your false expectation. You should expect to get paid the Storj token equivalent of the USD amount you earned because that is what you signed up for.
That’s why I think it is a great thing that Storj pays those fees for you. You get the full amount and don’t have to worry about gas prices.
CMC currently lists 65 Storj trading pairs:
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This makes sense because the expenses to host a node are paid in fiat as well.
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Look at Helium (HNT) they use their utility token and nothing else.
Still not convinced about the fiat money, as a small contributor I’ve got now 31 Storj after 1 year running, but really can’t convert it (not that I want to now, I’m a firm believer in keeping the token for years) to fiat money, because when you need to move it around it costs money…
I’ve converted my node to zkSync payment, got paid for the last three months: 12 Storj, if I want to move it around now, it cost 2 Storj first to activate my account. So this is also the reason why I’m keeping my tokens, hopefully getting lower gasfees in the future.
But as a small contributor, and if the price rises I still get less and less StorJ tokens… Which will be more expensive when I want to convert it.
As a miner of other tokens, I think in that coin and how to use it (store or convert), not in the fiat money it’s worth now, I’m thinking in the fiat money it will be worth in 5 years.
Is there a way for me to like this more than once?
“Things are working as expected: but I remain determined to be unhappy. Something must be unfair”
I can understand the comment on gas fees though: but that’s just ETH being super popular. 2.0 and Optimism are gonna save us this year, right?
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I of course understand that as well but Storj’s options concerning ETH fees are limited. At least they tried something by offering L2 payment support pretty timely.
Damn right ;D
Yeah, but Storj allows their Tardigrade customers to pay in USD, so it makes perfect sense they bind SNO payments to fiat (or some stablecoin for that matter), otherwise they’d risk paying the SNOs more than they are able to make off of their customers.
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But you still pay your electricity bill in Euros and you might wanna calculate if the tokens you are mining are worth more than said electricity expenses cost you.
I see the electricity cost as an automatic savings to a savings account
Everybody here is hammering on “this is what we signed up for”, pffft took me 30 minutes to really find the prices in USD stated in the agreement and not in tokens. Correct. But nowhere yes nowhere! on the regular documentation which 95% of the people read there is a mention of prices in $, there is only talk about Storj… So yes it’s about the small letters, and than your right…
Still not happy about the idea, and probably I’m not alone…
I was considering starting a second node, but don’t think is worth it anymore.
It could be stated in the “normal documentation” indeed @Alexey
I believe there was this nice little graphic that showed the gains per TB stored / TB ingress / TB egress in USD - maybe put that there?
I am happy with the idea and I too am probably not alone.
It’s good to come to this conclusion so early instead of, say, 6 months into running a node and having accumulated some held amounts already. Just stick with your 1 node then and see if it works out for you.
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You have to read the ToS before agree.
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