$STORJ Community Buyout: Indication of Interest Is Open

Announcements
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To our token holders and network participants,

In the open letter on July 26, we promised this community a seat at the table during the restructuring and concrete ways to engage. Since then, many of you have written to cbo@storj.io. Thank you. Every message is read, and the response has made one thing clear: this community wants to organize.

Today we are opening the next step: an official indication of interest form for the $STORJ community buyout. The community’s indicative target is 10-20% of the outstanding total supply of STORJ, backing a community offer for the restructured company rather than only covering quarterly network obligations.

Register here: $STORJ Community Buyout: Indication of Interest ( $STORJ Community Buyout: Indication of Interest )

The form takes under a minute. It asks for your $STORJ wallet address, how much you are willing to commit, whether you would take a leadership role, and optionally your email. Responding helps us size the community buyout and organize toward the 10-20% target. Here is the path: we are collecting indications of interest now. If the community shows it wants this, we intend to stand up a vault as soon as next week where committed tokens can be deposited, with paperwork completed at that step. If the community’s bid succeeds and the court approves it as a mechanism, we will facilitate the acquisition. This will need to move fast.

An indication of interest is voluntary and not binding. It does not create, waive, or affect any claim or right, and it is separate from the formal claims process. This post is not an offer or solicitation of any security or token, not a promise of any recovery or distribution, and not financial advice. Any participation by token holders in the restructured company will occur only pursuant to a court-approved plan, definitive documentation, and applicable securities laws.

Security reminder, please read: we will NEVER DM you first, and we will NEVER ask for your private keys, seed phrase, or funds. The only official form link is the one in this post, and our only official email addresses are cbo@storj.io and info@storj.io. If you see a similar form or link anywhere else, treat it as a scam and report it here.

Questions and ideas are welcome below or at cbo@storj.io. We respond within two business days.

The Storj Team

cbo@storj.io

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I’m interested in the community buyout, but I’m having a hard time understanding the current structure. If the goal is to get 10–20% of the supply behind this, making the structure fully transparent and verifiable would probably give holders a lot more confidence to participate.

One thing I’ve always wondered is whether there could have been a mechanism that gave SNOs more incentive to hold their STORJ rather than immediately selling it.

If even a portion of the STORJ distributed to SNOs had been retained within the ecosystem, it could potentially have created a much stronger treasury over time and provided additional resources for expanding the business.

It feels like there may have been an opportunity here to design the token economics in a way that benefited both SNOs and the long term growth of Storj.

3

Is this even legit?

Sense of urgency, new account, send tokens to a vault…

How do we know this isn’t just someone scamming, pretending to be someone with Storj?

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I have a few questions:

What is meant with leader role and community member role? I didn’t quite understand that part.

And I currently have all my tokens on an exchange (I don’t want to unnecessarily transfer my tokens to a wallet I don’t use). How can I submit a proof, how many tokens I have?

And what exactly is the offer? You want to buy them back yes, but what conditions and what price?

5

Same here. I did not understand a single word what Storj plans or want to achieve.
I doubt a judge will follow that too.

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Hello @asfbhero,
Welcome back!

All Storjlings have a badge with a Storj logo. This post is legit.

7

Lets be honest, you haven’t followed up any promises on the token why would you now?
It looks a LOT like Storj has been bought up to be killed off slowly…

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whatever, if community can take the steers we could finally lower the prices for customers and become a number 1 in the storage market. Just storage should be as cheap as maybe $2/TB - $3/TB, enough to pay the costs of Nodes and development. And egress could be free (with some safety upper limits) if someone want to do a backup, there should be no better place but Storj. Any additional PRO solutions may be extra paid like those current licenses. Or the ability to CDN, also one time fee, not metered egress.
Nodes get paid $1,5/TB anyways, the $7/TB was to greedy IMHO, because otherwise we would be sitting on exabytes of data, and we are not. But i digress. If we can make it in some kind of working DAO frames that would be great!

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That is missing the storage expansion factor. Storagenode payouts alone would make that a loss.

Edit: Do we have someone in the group that has some more experience with this? I need a simple “Explain me like I am 5 years old” session. I am not sure If I can even join this programm as an employee but I would love to learn more about it regardless.

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I managed to get some information internally. It sounds like there is something in this chapter 11 process that might allow us to exchange STORJ tokens for equity. Since I am not a US citizen I know nothing about how that works. I am hoping someone in the group can explain that to me / us.

On the other hand that form is not a commitment. I am going to fill it out in the hopes that there will be some kind of deal and If I don’t like that deal I can still say no thanks.

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Is this survey about community ownership part of the court-ordered procedures: a box to be checked? It could be part of Chapter 11 is searching for new owners: or vendors (like SNOs holding a mountain of STORJ) turning their pseudo-claims into ownership?

I guess if Storj-the-company received that mountain of STORJ-the-token… it wouldn’t even need to be turned into cash. It would simply refill the token treasury so they could keep making payouts for potentially years… while giving the community equity in the restructured company (which could end up being worth a lot… or nothing).

Interesting idea! Though with so many SNOs selling their payouts 5-min after receiving them… they aren’t hodl’ing enough to care about this survey…

12

I only remember one… :rofl: