Storj is moving node operator payouts and customer deposits to USDC

I must be a fool then!

Or they knew it long ago… :money_mouth_face:

you dont need to change anything, USDC runs on the eth chain just like STORJ did…

so you “typical” would have some ETH and some STORJ if you did not swap them to ETH the same second you got them (i did as the value have always gone in the shitter)

now you will just get USDC on the same address instead of STORJ

Why do posts with a “payout” tag not show up as a topic within a category? If I click Announcements on the forum home page, this topic about changing to USDC doesn’t show up. I noticed it also in the Storage Node category: any topic with a payout tag is suppressed from the list of topics. Or it is for me.

I believe all SNO’s are informed about current situation for almost 2 months now, since Chapter 11 was announced. Holding a dieing token is an obvious mistake since that announcement.
I guess we all expected this to happen, even though employees of Storj denied it.
The delistings were the biggest flag to get rid of the token if you still hold it all that time.
1 week, 1 month or 6 months of delay until the payout coin is changed dosen’t make any difference. Once they announced the change, you just should be faster than others geting rid of the token.

I use Kraken and there’s a $2.50 minimum for USDC deposits. Can I manually initiate a payout once I reach more than $2.50 instead of having smaller amounts sent monthly into the abyss? I started a couple of months ago, and I’m only getting ~$1.85 per month.

You can point the payouts to a personal wallet. Then send it to Kraken whenever you feel like you have enough to be worth it. Payouts are always automatic (as long as you meet the minimum for the month).

This is perfectly valid approach – unlike STORJ, USDC is pegged to USD so you can take your time before cashing out, no need to hurry anymore. You will waste some money on sending it to exchange later, but that you can time yourself to minimize cost.

However:

I would instead switch to provider that does not impose such idiotic restrictions. Coinbase for example does not. As a bonus – Coinbase provides sane statements to help with tax preparation, including a dedicated feature to auto-set cost basis for USDC to 1.00.

@arrogantrabbit AFAIK all exchanges have a minimum deposit amount.

I can’t remember the last exchange I used with a minimum: I know I’ve sent tragic amounts of STORJ to CDC and they didn’t care.

Kraken has a monimum. I’ve lost a tiny deposit because of it

Before writing this

I obviously checked. Coinbase does not impose a minimum on USDC deposits.

So I don’t know where to go from here. Your “afaik” contradicts something I checked explicitly before posting.

We know. Hence the recommendation to use non-obnoxious provider, like Coinbase.

Why are we still discussing something that can be checked in 20 seconds?

You didn’t check enough. It still has a minimum deposit, it just happens to be the 6th decimal that USDC runs on.

¯\_(ツ)_/¯

Not funny. 0.000001 USDC is the smallest representable USDC unit.

So…kinda like a minimum deposit?

Coinbase support screwed me over and then harassed me with KYC every other month. They’re a bunch of idiots. That said, I don’t love the minimum on Kraken.

No. Fundamentally different. Coinbase will not reject any amount of USDC. There is no amount you can sent that they will reject. There is no mimum deposit.

Coinbase support was very helpful, kyc worked perfectly and I had no issues with them.

What is the value of such testimonials? Exactly zero.

Perhaps the safest thing to do… if a SNO can’t figure out how to deal with USDC payments… is that they GE their nodes. Things are just getting too complicated, with different wallets and exchanges, and they would be better off living a simpler life. :folded_hands:

I volunteer to remain on the network, to figure out the mind-numbing complexity of receiving one of the most popular ERC20 stablecoins in any ETH wallet that has ever existed. It’s a burden… but I live to serve… :money_mouth_face: