Decentralized data storage has finally landed • Hacker News Board

Re: Decentralized data storage has finally landed

#31

Post by nonameiguess » Tue, Apr 20, 2021, 8:20 PM UTC

capableweb wrote: post #23

nonameiguess wrote: post #19

Earlier quoted context omitted.

Bad memory? The first ever EURUSD exchange rate was 1.2034 in December of 2003. Today's rate is 1.2042. It has most certainly not been going down for a long time.

No, but I think I forgot to qualify what time range means "a long time" for me, something like the last 5 years. Anyway, it's besides the point, the point is that "money" besides cryptocurrencies also changes value over time.

The last five years is regression to the mean after the EURO tanked in 2015 due to Greece defaulting on its sovereign debt.

Re: Decentralized data storage has finally landed

#32

Post by nonameiguess » Tue, Apr 20, 2021, 8:23 PM UTC

nihonde wrote: post #21

nonameiguess wrote: post #19

Earlier quoted context omitted.

Bad memory? The first ever EURUSD exchange rate was 1.2034 in December of 2003. Today's rate is 1.2042. It has most certainly not been going down for a long time.

Now do BTCEUR and BTCUSD.

They're not paying in BTC. Here is all-time STORJUSD: https://coinmarketcap.com/currencies/storj/

Looks like no pattern at all except occasional extreme spikes followed by crashes back to where it was before.

Re: Decentralized data storage has finally landed

#33

Post by jtolds » Tue, Apr 20, 2021, 9:32 PM UTC

gruez wrote: post #28

alessandroetc wrote: post #25

Earlier quoted context omitted.

Costs shouldn't rise or fall based on the price of the coin. You can pay directly in USD for the storage so that you don't have to worry about the pricing shifts.

Sure, you pay in USD, but the network accepts payments in sia/storj coins. What happens if the price of the coin goes to the moon? Is the service provider (storj.io) going to eat the cost?

CTO here! There's no cost to eat. We determine the amount of STORJ to transfer given a storage node operator's USD-valued accruals at the time of transfer. All of the book keeping is USD-denominated.

Re: Decentralized data storage has finally landed

#34

Post by willio58 » Wed, Apr 21, 2021, 1:12 AM UTC

fumblebee wrote: post #10

Can someone eli5 the difference between storj and filecoin? And explain why filecoin has a market cap multiple times that of storj?

From what I’ve read, it’s really a matter of branding and marketing that’s resulted in filecoin having a larger market cap.

Re: Decentralized data storage has finally landed

#35

Post by gruez » Wed, Apr 21, 2021, 1:28 PM UTC

jtolds wrote: post #33

gruez wrote: post #28

Earlier quoted context omitted.

Sure, you pay in USD, but the network accepts payments in sia/storj coins. What happens if the price of the coin goes to the moon? Is the service provider (storj.io) going to eat the cost?

CTO here! There's no cost to eat. We determine the amount of STORJ to transfer given a storage node operator's USD-valued accruals at the time of transfer. All of the book keeping is USD-denominated.

>We determine the amount of STORJ to transfer given a storage node operator's USD-valued accruals at the time of transfer.

So you have agreements with storage node operators to provide storage space to you at fixed costs (denominated in USD)? Or are you paying whatever the market rate is for storage, and hoping that it won't go above $4/TB?

Re: Decentralized data storage has finally landed

#36

Post by jtolds » Tue, Apr 27, 2021, 7:15 PM UTC

gruez wrote: post #35

jtolds wrote: post #33

Earlier quoted context omitted.

CTO here! There's no cost to eat. We determine the amount of STORJ to transfer given a storage node operator's USD-valued accruals at the time of transfer. All of the book keeping is USD-denominated.

>We determine the amount of STORJ to transfer given a storage node operator's USD-valued accruals at the time of transfer. So you have agreements with storage node operators to provide storage space to you at fixed costs (denominated in USD)? Or are you paying whatever the market rate is for storage, and hoping that it won't go above $4/TB?

Whoops, sorry for the late reply, but it's the former.