Topic: [ANN] Storj - Decentralized Storage - page 100. (Read 389811 times)

Ok...I sent some BTC for the Crowdsale. How will I be able to participate in Driveshare and MetaDisk?  Is this all going to be handled through the CounterParty wallet?

Honest question...

Hi, Matt from Storj here.
 
We completely understand why somebody would feel nervous with how the allocation system for coins is set up. The main reason we freely disclose our personal information is because people interested in the project want to see real names and real faces instead of just a nice looking website and an address -- the fact we put our real information out there should be at least some reassurance that we won't just take the BTC or SJCX and run. 
 
A large portion of the Bitcoin donated during the crowdsale will be going into a 3-of-7 multisig wallet on copay.io which is already completely set up. This wallet will become the holder of the Bitcoin after the crowdsale is over (wallet address is 3PQwFtfHnL9vC4E6zEgWieQGXV8MeSpfC2). The Bitcoin that doesn't go into this wallet will go, for the most part, to covering past expenses such as travelling to conferences and marketing, as well as toward the payment of full-time (and part-time) developers.
 
In the early days of DriveShare, some of the leftover SJCX from the crowdsale will go toward the payment of those who rent out their hard drive on the early network. We do not currently have a hard set number for how many SJCX these users will be rewarded because we wanted to wait until after the crowdsale is over so that we are able to see how many coins are left. We feel that deciding this amount arbitrarily, without knowing how many are remaining, would be irresponsible.
 
For major decisions regarding Storj, we tend to prefer having open discussions with the community and letting our users have a say as well. Examples of this were when we were deciding whether to have Storjcoin X run on the Counterparty on Mastercoin protocol as well as when we decided what to do with the asset squatter on Counterparty. Because of this, there will be more than likely multiple discussions regarding the use of SJCX leftover from the crowdsale where the community can join in. 
 
As of right now, we do not have a set plan on how the early storage payments will be done. It will most certainly have to be automated because our team would not be able to handle a large number of payments. In other words, payments for early storage will most likely not be going through the hands of, say, multiple people.
 
We apologize if we caused any alarm or confusion with how we are handling things. We are more than happy to provide evidence pointing to the fact that we are an extremely dedicated team creating as good of a product and service as we can. I hope I answered your questions as thoroughly as you were looking for, and I would be happy to answer any more that you have.
 
Cheers,
Matt

Ya I find it really odd. You should have gone with a lower coin total... maybe 1-10 million. And then set aside for example 25% (could be more or less, just an example) for the IPO. Unsold coins would then be kept in escrow for other crowd sales (people are going to be really unconformable with devs holding 90% of coins, should have used escrow). Then the only way to "mine" coins would be proof of storage. Why didn't you make the proof of storage payments automated? By the way how will the coins be distributed in the current set up for storage payments? Will they be sent manually, or through a centralized system? Or maybe I missed something and it actually is decentralized?

Other than that I like these sorts of decentralized applications. Seems to have some imperfections in the way the distribution was thought out though.

I can not accept this way of distribution.

We have been contacted by many exchanges. We expect to be listed on several after the crowdsale is complete.

This is not an investment. We are building a platform and ecosystem here, not trying to make a quick buck. We are not trying to pressure you into participating into the crowdsale if you are uncomfortable with our model. There is inherent value in creating a platform that is cheaper, more secure, and faster than traditional cloud, which is a larger market than Bitcoin by an order of magnitude.

My only concern is providing first mover advantage to all our crowdsale participants, and make sure they end up with a majority of the coins. Our community has not expressed concern with this. We are working with Counterparty to figure how we can get multisig into a wallet.

is it possible to trade SJCX on other exchange?

I have no doubt that you have worked very hard on this project but I'm uncomfortable investing at this price while you hold such a large pool of funds (not a premine, though).  I don't understand how investors can get their money back if you have all these funds for software and storage space.

Supply >>>>> Demand

I think the confusion lies in the misunderstanding of our model. There is no mining at all. As a crowdsale participant you get access to early farming. In this phase we are testing the network and seeding it with files. Leftover SJCX allow us a large pool of funds for both new software, but also as funds to rewards the storing of file.

So for example, we could decide to archive the entirety of Youtube. We can use the leftover SJCX to pay for this massive use of storage. This provides huge value to everyone. Why use Youtube, when you can watch the same video on a faster(because P2P), censor free, platform that also integrates cryptocurrency. After a while it will become self sustaining from file demand. No one person could pay for this, but as a whole we can use the leftover funds to bootstrap the network.

So think of it not as a premine, but as a pool of funds for bootstrapping the network with actual content, and developing new software.

Its a bit of a strange model, but let me know if you have anymore questions.  

i have received an email that after 36hours the ipo will end,i will look through this topic and decide invest or not.

I'm sorry but this doesn't really make me feel better, the coin seems way overvalued.  In phase 1 you set a value of 1 coin at 2597 satoshi, with 500,000,000 coins you're saying the lot is worth 12985 BTC.  If these coins don't sell out than you will be collecting 750 BTC and retaining a 92% premine.  I have read your blog posts about how the coins will be used but I can't see an investment opportunity here.  It sounds like you will have all the funding necessary for the project, but who will want to buy all of our IPO coins?  Someone please correct my math and tell me that this presale isn't ridiculously expensive. 

No.

what a huge project

Is it possible to extend the ipo?

Crowdsale contributions have reached over 745BTC at less than one day to go!

We addressed these in the emails we sent out today
http://us8.campaign-archive2.com/?u=edba9fc4ce8b9095a31859cba&id=59c0942390
http://us8.campaign-archive2.com/?u=edba9fc4ce8b9095a31859cba&id=9f0cd47d52

The email list on http://storj.io is the best way to keep informed.

Ok thanks, will do so straight away.

Are you on the mailing list? They just sent out two emails today. There is also activity with links on twitter.

I would really appriciate some regular updates.. I have checked the official forum, but to be honest there is not to much activity their either.

Would also like to know when the IPO closes. Bloody BTC always running out when there is something to invest in.