maybe it would be worthwhile to get storj to contract MEW + whatever else crypt wallets they support where the problem exists. and get them to fix it so that it will take storj tokens equal to the eth required for the transaction… that way MEW would end up with some storj they simply exchange into eth.
and nobody would have an issue…
it seems a bit like a big mess, and storj giving out eth would simply make it a bigger mess and only partially solve the problem…
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currently MEW want $1.35 to send storj to coinswitch.
I have never had more than $1 in eth.
Just collect your STORJ-Tokens until you have a certain ammount. Changing them into ETH costs initially some CENTS in ETH. The coinbase then keeps their fee in whatever Token they want (Storj before the transfer or the target currency afterwards).
So changing never costs more then a few initial ETH. If the transfer itself is too expensive, wait until it drops down on another daily time.
By the way, not the wallet wants the fee, but the network. The wallet only shows what transaction fee is actually on. You can follow the hourly fees of the ethereum network on https://etherscan.io/gasTracker
Right now (11:10 CET) it take 17 $-cents for a safe transaction. Wait until tonight and it will drop down to 5cents…
@Wolfgang yeah but the wallet program / website itself shouldn’t care… they should just make life easy for people and the add a little fee on top for the feature… thus they would take the storj and pay the eth network fee, collecting storj until they have a certain amount and then exchange them in a large bundle to minimize costs for the individual wallet holders, and profit a bit.
i mean i wouldn’t really care much about the fee itself… i would just want stuff to work when i press the damn button… sure it might inform me that i could do it much more affordable, if i had eth so i could pay from my own wallet…
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all this really is a problem. Of all the things I had to learn to become SNO, this is by far the most counterintuitive. Thanks to Wolfrang for trying to do something about it, it´s a very thoughtful initiative. Very sad the way it went at the end 
I thought in this chain-of-favors idea, but, as a new member of the community seemed not appropriated to suggest it. So, I´m very thankful to see such generosity.
Also, I feel I misunderstood the procedure. From the experiences of andrew, these transactions are far more expensive than I thought. I get that the cost of gas changes over time, but never thought of it going over a few cents. O_O
how can you compromise your wallets whit the tokens? I don´t understand. I currently have a wallet in MEW, should I´ve other without storage tokens?
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The Ethereum blockchain is an open ledger. Anyone and everyone knows exactly what any given address has spent, where the funds went, and where the funds came from.
So, some individuals attempt to utilize many addresses for different purposes and avoid transferring tokens between wallets directly. There are coin mixing services which divide an incoming token transfer into hundreds of tiny transactions. The idea is that it’s nearly impossible to analyze all of those transactions for any given wallet.
However, the coin mixing services have been labelled as Money Laundering by several regulatory institutions because the sole purpose of coin mixing is to obscure the source of the incoming funds… which is actually the definition of Money Laundering… so… well… it probably is that.
The problem with the public ledger system is, all transactions are known by everyone and can never be erased from the blockchain. This makes people nervous. However, the only people that matter in regard to how funds are spent are governments. And governments have access to your financial records anyway.
The reality is… much like the Internet itself… no one really cares about 99.9% of the transactions on Ethereum or Bitcoin networks. The government cares, because taxes… but no one else cares.
I run several Internet facing servers… the only entities visiting those servers are the tiny target audience of about 10 individuals and about 1000 script-kiddies a month. The same is true of blockchain transactions.
Lots of people are worried about privacy… and so are afraid of simply performing an open transaction.
However, if that same someone has a bank account and a CC and buys stuff from Amazon that was found via a Google search… the privacy is already gone.
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This is only possible with a custodial wallet at an exchange. Such exchanges are performed off chain within the exchange.
The transaction fee needs to be paid by the transaction originator in the chain’s native token.
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If I understand it correctly, MEW is charging this fee. This is on top what the network charges for the transaction.
I use the MyCrypto wallet on my PC, where you can access the same address with the 24 word mnemonic passphrase. There you pay only pennies…
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I don’t think coinbase exchange supports STORJ deposits. If a deposit is made to an exchange address at an unsupported exchange, you’ve essentially donated those tokens to the exchange.
Coinbase Wallet is pretty much the same as MEW… or Atomic Wallet. You’ll have the same issues with Coinbase Wallet.
well they control the wallet website don’t they… i’m sure they could make some trickery to make it work…
the website is an interface that orders what is suppose to happen… if you put in a request to exchange storj into eth, then they could start by transferring the gas fee into the wallet then transfer the storj out in exchange for eth of which they then take the gas fee back plus whatever fee they would want for enabling the transaction.
people don’t care about a small amount, when they don’t have any eth… yeah sure you might end up paying like 5-10 times the gas price… but is that really important.
if somebody want to cash out their storj … if they loose a 1$ or whatever…
sounds like it perfectly possible and even a feature on other wallets.
but i duno… sounds really archaic that one can have value on a wallet but not use it because it needs to be the correct type of currency out of thousands…
sure its trivial when people just have eth to pay for the gas… but people will from time to time run into the issue for various reasons.
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The “correct type” is always the native token on the chain.
To process any transaction on Ethereum, ETH needs to be paid to the block miners. The block miners are the what makes the blockchain function on Proof of Work chains.
The difference between an exchange private wallet and a custodial wallet is the owner of the private keys. An exchange has plenty of liquidity as well as the ability to perform off chain transactions. They are also supposed to be registered as financial institutions and thereby authorized to perform operations that are called Money Laundering outside of such institutions.
Exchanging tokens without a liquidity pool requires a peer-to-peer exchange such as “I have ETH and will give you some for your STORJ.” … So, DEXes like Changelly, uniswap, and others provide liquidity in many different tokens. However, the originating transaction still needs to be paid in ETH by the address that holds the tokens to be exchanged.
Several DEXes are starting to change very large fees for exchanging tokens. Some of these fees are going to pay third parties in hopes of off-loading regulatory risk as the regulation screws tighten on DEXes.
EDIT:
It’s also good to see that regulation works in both directions sometimes…
JP Morgan pays $2.5 Million for over charging crypto CC purchases
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i haven’t really been following the crypt developments lately, its a very interesting field thats for sure… and the world will have to accept it, if it likes to or not…
meh needs another graphic card in this computer for this to run smooth lol figured i would try mining a bit… let this old GF960 actually do something for once, instead of just being my hw accelerator for windows lol i don’t even game.
pulls put a dusty old workstation gfx card
i knew i would find a use for this at one point
and then he broke his windows or something…
i find mining very irresponsible to the nature. everyone wants to make profit with their hardware and therefore the difficulty of the cryptonetwork raises and only the people with the strongest hardware get the benefit. the result is an ever growing hardware and electricty consumtion.
the work done by all computers is the same as a few computers could do.
you can earn money (=eth) with your hardware doing productive stuff. look up golem.network.
Actually, learning (or trying to) about cryptocurrency, this aspect is the one I found very off. it´s a horrible waste of resources, both natural and technological, having all those massive machines racing to get the correct hash. Only one wins, all the other machines worldwide were wasting resources for nothing. Not very cryptic-ecological. In some ways, the same could be said about storage nodes trying to win the egress traffic.
the ethereum blockchain is about to change from proofofwork to proof of stake. then no massive hardware will be neccessary anymore. this will definitively bring ethereum to number one before bitcoin.
with storj it is very limited. only some nodes compete to uplaod a file, not all at once. this might be necessary for the network to maintain a certain quality when it comes to latency.
yeah it’s nice that storj doesn’t require resources when its not doing anything.
sure the crypto processing for safety aspect is kind wasteful for most crypto currencies today, and i’m not sure that even makes it safe… i mean how powerful are supercomputers these days…
because if one can advance faster than the network, then one can cheat, ofc the public ledger should protect against that…but yeah i duno
ofc it’s a waste now, but in the future it might just be running on your mobile super computer and not even drain the power cell.
some day quantum computers will go from little qubits implementations to the real thing… I think it´s going to let the blockchain vulnerable, at least until the technologí spreads. I recon the developers might have this in mind.