[ANN] Storjcoin X (SJCX) - A Coin for Decentralized Cloud Storage

[Camerieresimone]

Project and tech is very interesting but I don't get one thing: storj tokens are not needed to use the service you offer, since you accept fiat payments via credit cards and whatnot (which is a good thing by itself to make this service accessible to the wider public possible), so how is the predicted increased demand going to drive the token value up? Tokens are not even paying out dividends based on fees revenue so what's in for backers other than pure speculation?
If it's only speculation I'd rather just hold bitcoin or eth or whatever, and use your storage service as a normal user rather than an investor.

Maybe I missed something. If you can better clarify, thx.

[1713281902]

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[Bfljosh]

I had 12 tb on it for a week. I only had 250 gb used or something like that. I am not going to wait weeks for it to fill up. Back to burst.

[tempestb]

Project and tech is very interesting but I don't get one thing: storj tokens are not needed to use the service you offer, since you accept fiat payments via credit cards and whatnot (which is a good thing by itself to make this service accessible to the wider public possible), so how is the predicted increased demand going to drive the token value up? Tokens are not even paying out dividends based on fees revenue so what's in for backers other than pure speculation?
If it's only speculation I'd rather just hold bitcoin or eth or whatever, and use your storage service as a normal user rather than an investor.

Maybe I missed something. If you can better clarify, thx.

Ok, so I'm only talking about how Storj can be used to grow the coin.  I'm not going to list off all the potential negatives.  There are plenty of people around who can do that for us.

Storj Labs will (and has) pay farmers (Those who sell their harddrive space) in STORJ, the new Ethereum token, every month.  Some Farmers will cash out so they can pay their bills.  But many farmers will hold their coins, for whatever reason.  Rainy day.  They believe it will go up in value.  They aren't paying attention.  Whatever...  In normal mining, some miners cash out, and some hold.  Same thing here.  Storj also uses the coins to pay for rewards for various things.

The amount of coins is fixed.  Nobody is mining STORJ.  Once Storj Labs runs out of their own coins (This could take awhile), they will buy them from the market.  That creates demand for the STORJ coin, if by only one entity, that being Storj Labs, it would be coins bought every month, regardless of market conditions.  They have to pay their farmers, and they pay them in STORJ.  And the amount they pay grows every month as more people join to sell their harddrive space. 

Imagine if instead of Bitcoin miners getting new bitcoins from out of thin air, that the Bitcoin Foundation had to buy the coins off the exchange in order to pay the miners who earned a reward.  How would that impact the price?   

In addition, Storj Labs intends to use the STORJ token for smart contracts.  Details to be announced in the future.

And of course, as you mentioned, people can buy storage with their STORJ coins. 

Couple that with the usual speculation, and trader scenarios, and it has a lot of room to grow in value.  But like anything, it could also become worthless if an asteroid smashes into Atlanta.   You have to weigh the risks and make choices that make sense to you. 

[Camerieresimone]

Once Storj Labs runs out of their own coins (This could take awhile), they will buy them from the market.

This would indeed be a price driver (it'll be like they will be giving out dividends in that kind of situation). The first part about farmers holding is in the "pure speculation" category, which as I said is legit but I'm looking for something else for this kind of investment (lots of other coins to speculate on already).

Now the question is how many coins will Storj Labs hold relative to investors so what the likely timeframe will be for them to run out of tokens (given they won't replenish the stockpile artifically with let's say a 3rd fundrising or some other mean: we'll need to trust one central entity to drive token demand, mostly, looks a bit too much centralized).

All this considered I'm still a bit skeptical about tokens intrinsic value (project in itself looks very good as I already stated), but thanks for your answer.

[thehun]

Anyone else having problems with Poloniex SJCX deposits? over 10 confirmations and the transaction doesn't show up anywhere!

[Gelap]

storj.io

Beginning on Friday, July 18, 2014 at 8:00 AM (EST), Storj began releasing Storjcoin X (SJCX).  This token will serve as a means of exchange for cloud storage space and bandwidth across the Storj network.  Users will obtain SJCX by renting out their resources to the network via DriveMiner when it is released in the near future, and they’ll be able to rent space from other users using Metadisk.  Participants in the crowdsale, which went live at the same time, will also receive SJCX according to how much they contribute.

Total supply: 500,000,000 coins
Protocol: Issued on top of Counterparty (XCP)
Crowdsale Page: http://storj.io/crowdsale.html

Storj Explained in 60 Seconds
https://www.youtube.com/watch?v=vl3bUzfn2lg

Decks
https://speakerdeck.com/super3/storj-crowdsale-deck
https://speakerdeck.com/super3/storj-deck-v1

Why Storjcoin X?

We love Bitcoin; we only created Storjcoin X because we had to. We are working on implementing features like sending data to an address, key-resource, etc., and it is not possible to implement these features on Bitcoin because of the metadata size limits. By using Storjcoin X we have some flexibility in terms of implementation.

Unlike other cryptocurrencies, we plan to reintegrate with Bitcoin should treechains or sidechains become viable via a hard fork, but we are simply are not going to wait for it.

Exchanges

We have already been contacted by a few exchanges. Exchanges will go live at the end of the crowdsale.  If you would like to add SJCX, please contact hello@storj.io.

Wallet

Since Storjcoin X will be implemented on Counterparty, a compatible wallet is required such as CounterWallet.

Allocation

The coins will be created in advance in order to satisfy the demand of crowdsale participants.  Any additional coins not sold in the crowdsale will be allocated to the developer pool, to be distributed to crowdsale participants through hard driving mining (also known as farming) or use in future crowdsales (decentralized Youtube, Imgur, etc. on Storj).  Developers will not use these coins to dump for financial gain.

Crowdfunding Sales - 70%
Community Pool - 15%
Developer Pool - 15%

Community Pool
Storj believes that that the devs should not rule the coin. After all, that's not decentralization, is it? We are trying something completely new by issuing a community pool equal to the developer pool. Any BTC in the community pool will be managed with Bitpay’s multi-signature Copay wallet. We will have to build a multi-signature wallet for SJCX.

Funds will be managed by trusted community members who will listen to and act upon community proposals. This will be the first coin that allows the community to have equal power to the developers.

Make your voice and proposals heard at http://storjtalk.org/

Mining

Users will not “mine” the coins in a traditional way.  Instead, they will be compensated for providing their unused resources to the network via DriveMiner.  This process will be simplified within the application.

Block Explorer

http://blockscan.com/assetInfo.aspx?q=SJCX

Social Media

Updates regarding Storjcoin X will be posted on the Storj social media profiles, the Storj forum, and/or here on Bitcointalk.

• Storjtalk Forum
• Twitter
• Subreddit
• Facebook
• Google+
• LinkedIn

I am still confused how it works
Is there anyone can teach me.
😁😁😁

[MemberCount+1]

Anyone else having problems with Poloniex SJCX deposits? over 10 confirmations and the transaction doesn't show up anywhere!

I send to bittrex some coins but the same   I think storjx has problems with the network.

[thehun]

Anyone else having problems with Poloniex SJCX deposits? over 10 confirmations and the transaction doesn't show up anywhere!

I send to bittrex some coins but the same   I think storjx has problems with the network.

I think Storj has nothing to do with this... in any case Couterparty would be the issue (I'm very glad it's going to be dumped). But the transaction does show up on the Blockchain and has been confirmed  

[MemberCount+1]

Anyone else having problems with Poloniex SJCX deposits? over 10 confirmations and the transaction doesn't show up anywhere!

I send to bittrex some coins but the same   I think storjx has problems with the network.

I think Storj has nothing to do with this... in any case Couterparty would be the issue (I'm very glad it's going to be dumped). But the transaction does show up on the Blockchain and has been confirmed  

Ah ok, do you mean the same problem as the payouts?

[thehun]

Anyone else having problems with Poloniex SJCX deposits? over 10 confirmations and the transaction doesn't show up anywhere!

I send to bittrex some coins but the same   I think storjx has problems with the network.

I think Storj has nothing to do with this... in any case Couterparty would be the issue (I'm very glad it's going to be dumped). But the transaction does show up on the Blockchain and has been confirmed  

Ah ok, do you mean the same problem as the payouts?

I don't know much about the payout problems as I'm not farming, but it could be related.

[CryptoCalum]

Could someone just tell me clearly.... What would the actual storjcoin itself be used for?

Much appreciated, thanks
Calum

[tempestb]

Storjcoin is used to pay farmers, and to buy storage.  You can also buy storage with Bitcoin and USD via credit card.

Storjcoin will also be used as part of smart contracts in the future, details are currently not available.


The transfer problem has to do with the Bitcoin transactions being backed up.  This is because Counterparty uses the Bitcoin block chain.  And Storjcoin uses Counterparty.   This is one reason why they are switching to the Ethereum block chain, so transactions are more immediate.

[CryptoCalum]

Storjcoin is used to pay farmers, and to buy storage.  You can also buy storage with Bitcoin and USD via credit card.

Storjcoin will also be used as part of smart contracts in the future, details are currently not available.


The transfer problem has to do with the Bitcoin transactions being backed up.  This is because Counterparty uses the Bitcoin block chain.  And Storjcoin uses Counterparty.   This is one reason why they are switching to the Ethereum block chain, so transactions are more immediate.

Thank you very much.  That's very helpful. 

[thehun]

How long are payments to farmers delayed after they are sent? Just to check if it is the same issue as with my SJCX deposit to Poloniex (2 days missing).

[MemberCount+1]

How long are payments to farmers delayed after they are sent? Just to check if it is the same issue as with my SJCX deposit to Poloniex (2 days missing).

I think approximately 2-3 weeks. I hope the gamble has a good end. farmers has no chance against the big traders.

[thehun]

How long are payments to farmers delayed after they are sent? Just to check if it is the same issue as with my SJCX deposit to Poloniex (2 days missing).

I think approximately 2-3 weeks. I hope the gamble has a good end. farmers has no chance against the big traders.

Holy cr*p! Well in that case I am more than glad about the migration...

[xcajun21]

Seems like the price is falling down considerably as a case of reoccurrence? Why does it happen exactly when the ico was over?

[MemberCount+1]

Seems like the price is falling down considerably as a case of reoccurrence? Why does it happen exactly when the ico was over?

wait for the next pump and dump cylce. 

[ikm]

When was the announcement of the Ico distributions?

[V1saya]

When was the announcement of the Ico distributions?

Oh I thought it starts on Friday, July 18, 2014 at 8:00 AM (EST) when Storj will begin to release. And before I was thinking of just buying in Poloniex as it might be cheaper.