I know the topic is detested in this forum, yet lots of node operators seem to be speculating on the token price by not cashing out their payments immediately (some, like me, are forced to because transaction fees would take a significant amount of their payouts).
I have accumulated 500 Storj in the past year, and I have never converted them to fiat due to the associated fees of sending them to an exchange and converting them to fiat, which would take approximately 20% of my earnings away.
I do not see how the Storj token price is supposed to go up in the next few years (before the token reserves are empty), as I don’t think anyone is buying relevant amounts of Storj on the free market (why would they? Anyone just pays fiat to Storj, and I assume large customers get better deals from Storj themselves than the 10% minus transaction fees that they get when paying in Storj). I feel a bit cheated that I have to either give up significant amounts of my payout to transaction fees or watch my payout shrink every month.
This is just a general rant thread to let out some feelings, which is why I put it in the uncategorized category. Feel free to add your thoughts. People who are not node operators but “When Storj moon”-gamblers please feel free to stay away and post on wallstreetbets
Yeah I was wondering too about the price. Even if we get paid the equal amount from fiat in storj. The amount we get in storj increases with every payout. This means the reserves will deplete faster and faster while the price will drop even more.
I know storj is just a utility token, but what happens if storj labs runs out? What will happen if the price halves in the next few weeks? (I don’t think this will be very unlikely with the last 25% price drop in 1 day)
I was looking here in the forum about this but found nothing.
The storj reserves are mainly running out because they are spending huge amounts on wages and other fiat costs. Which is probably also why the token drops so much. Once they run out they will have to buy back storj from the market, so at this point they will have to be profitable or find further funding.
What exchange are you using that charges that little money for transferring fiat to your bank account? I’m on zksync and even the withdrawal to L1 to get on the exchange is already more than that.
No what I meant was that if I converted the monthly payout immediately, that would be 20% (so 2€ out of 10-20 that I get each month). That doesn’t include withdrawing the fiat to my bank account.
…and lose your money in some not nice day.
We are not recommending to use an exchange deposit address as your wallet. Not your keys - not your money.
I earn 10-15$ per month. Transferring to an exchange costs me 1-2$. If transferring to the exchange works fine for 10 months, it doesn’t matter if a transfer gets lost once.
Well, Binance just pulled out of the Netherlands. If I would do that my payout would end up in /dev/null (or technically just in binances pockets). Hard pass on that suggestion.
You couldn’t loose more than a monthly payout, and only if the exchange does something in the small timeframe between Storj payout and cashing out to fiat (to your own bank account).
For the amount that I am getting paid though, I doubt that a monthly sepa transfer would be possible.
Friendly reminder that this has happened on multiple occasions in crypto history, starting with MtGox and more recent examples such as FTX and Celsius.
yes, but not with Binance…
Anyway, the original post mentioned a pullout from a country, probably due to unfriendly regulations. They have not stopped their business, didn’t go bankrupt and won’t keep the clients tokens.
BTW, I have read on several posts about the dangers of loosing a transfer from storj when you use a exchange address in case the exchange decides to change your address.
I use a binance address in storj. About 2 months ago they warned me they would change my address 1 month later. So, no problem. I got a new address in advance.
They also told me if tokens were sent to my old address, they would not be available immediately in the exchange. So, I guess wouldn’t loose the tokens anyway. Just saying…
I may not have gone into detail, but no, I did not say that. However, they did make it pretty clear that deposits after July 17th would not be added to your account. And their email ended up in the promotions inbox in Gmail, making it easy to miss. Your only recourse would be to contact support and hope they help you recover your funds.
The point is, stuff can happen and worse stuff than this has happened with other exchanges. Let’s not forget MtGox was at the time the biggest exchange as well.
Is it less of a wild west now? Sure. Should you rely on them always being around? Hell no.
Now, since your tokens are always in binance’s pockets (you don’t own the keys), I manstrawed myself into thinking that in this case it would be different and they would keep the tokens for themselves.
But you’re right. Serious shit has happened before and can (will) happen again.
My point is: “Using an exchange address is not serious shit and no serious shit can come out of it.”
Well, since they say they won’t end up in my account should I deposit after July 17th and they still hold the keys to that deposit address, that is exactly what would happen unless support is any help with such issues. Not with your entire balance, but definitely for new deposits after that date.
Obviously everyone is free to use the solutions that make the most sense for their circumstances, but crypto to gift cards is not bs.
In many countries crypto can be used to buy gift cards for restaurants, grocery stores, mobile phone service, airbnb, hotels, air travel, ride share transportation and many other life necessities. You can literally purchase the life necessities of food, clothing and shelter with these gift cards in many countries.
Thinking of future readers of the Forum, I encourage everyone to keep in mind the wide variety of circumstances that lead people to use crypto and not discourage others from exploring options that might suit their needs or needs of people they care for in banking challenged communities.
As we all know, regional rules change quickly and custodial services are not without risk.
Mt. Gox, FTX, Blockfi, Celsius, Voyager, Silvergate Bank, Bittrex and the uncertainties of Binance US.
It’s not just the exchanges themselves but their banking partners.
The crypto landscape changes quickly, often without warnings.
Not your keys not your coins is as true today as when Satoshi mined the genesis block.
2 ) idk why you are on a crusade against gift cards but you are entitled to your opinion. The solutions work for people globally every day. Please read the ToS from the gift card companies to better understand their processes.
3 ) NKNC applies the same as cash purchases in this situation. You must obviously voluntarily relinquish custody of your coins used to purchase a gift card the same as you must relinquish custody of the cash you use to make in person purchases. Not sure what is so unusual about this.
4 ) your solutions include a lot of money lost to exchanges scenarios followed by saying that’s within your risk tolerances. Ok, do what is comfortable for you. But there is no need to discourage others from using gift cards purchased with crypto held in self custody wallets.
5 ) Due to my affiliations with the Storj company, I can not comment nor speculate on token prices.
