Feel free to send me 1000 stellar in step 4 of the signup process. Username: corey . Had to be the first to ask :) Thanks in advance!
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Stellar
221–230 of 486 posts
Re: Stellar
#222[deleted]
Re: Stellar
#223I registered for this and got 5,000.999999 Stellars. Kinda curious about the 0.999999 part...
From the FAQ:
> To prevent spam, each transaction burns 10 microstellars (that is, 0.00001 stellars).
They must have been transferring +1 Stellar to cover the transaction fee. An 5k balance looks better than 4999.
Re: Stellar
#224Not a great sign up experience - I signed up and linked my Facebook account. Then, I went to click on the link to confirm my e-mail address (from the confirmation e-mail) and got logged out. Now, my login isn't working, nor is password recovery. Impossible to figure out whether I mistyped my username or there is some other issue, and no "Forgot My Username"-type feature to be able to make sure.
Re: Stellar
#225I was able to successfully sign up and get 5,000 STR, so that worked for me at least. But then I started looking a little deeper into the blog post. > Development is led by Jed McCaleb and Dr. David Mazieres in collaboration with a small team of others. (The technology is based on the open-source Ripple project, originally created by Jed a few years ago.) So, is Stellar fundamentally the same thing as and/or a fork o…
"If so, then doesn't it have all the same problems and concerns as Ripple?"
Correct. Like Ripple, Stellar requires special (and dangerous) trust in certain nodes. For example, gateways (https://www.stellar.org/blog/introducing-stellar/#gateways) have to be trusted by the Stellar network as they send messages like "a user deposited 100 USD via a bank wire transfer, so please accept this digital representation of 100 USD, trust me". This trust is dangerous as people running an (initially) honest gateway may start acting maliciously and lie about how much USD or EUR or other currency exist on the network. By the time the malice is detected, maybe the network could trace all USD or EUR that was issued by the gateway, and revoke it, suddenly pissing off a lot of users who owns this currency as it would disappear from their wallet. Users would then loose trust in Stellar, and the network would collapse...
Stripe would presumably be the first gateway trusted by the Stellar network. Okay, so what if Stripe decided they could not trust other gateways and wanted to remain the only gateway? Well Stripe would be the only way to inject USD or EUR or other currencies in the network, effectively making Stellar a fully centralized digital currency, with the entire Stellar network being dependent on Stripe not being hacked, not being abused by a malicious employee, not shutting down, etc.
This is the complete opposite design principle of Bitcoin which requires absolutely no trust in any specific authority.
Re: Stellar
#226Re: Stellar
#227David Mazières wrote one of my favorite papers ever, "Get Me Off Your Fucking Mailing List" http://www.scs.stanford.edu/~dm/home/papers/ July 2005
That Figure 2 is log-scale is most impressive.
I had the opportunity to meet David Mazières at SOSP 2005 in Brighton. Clearly a sharp fellow, and the funkiest dresser at the conference.
Re: Stellar
#228I was able to successfully sign up and get 5,000 STR, so that worked for me at least. But then I started looking a little deeper into the blog post. > Development is led by Jed McCaleb and Dr. David Mazieres in collaboration with a small team of others. (The technology is based on the open-source Ripple project, originally created by Jed a few years ago.) So, is Stellar fundamentally the same thing as and/or a fork o…
Patrick Collison here. I think that Stellar's governance is going to be one of its strong suits. (And something that we thought was lacking in other efforts.) Stellar is a nonprofit organization and will have public financials and governance documents. It will also hold just 5% of the stellars -- 95% is being given away as quickly as possible. The board is composed of Jed, Keith Rabois, and me. A number of other advi…
Thanks for responding, Patrick. I appreciate you engaging in discussion on this matter.
I'm not sure that this actually answers my questions, though. You seem to have more or less restated what I said without specifically addressing anything.
For instance, I said, "Jed is also on the Stellar board, too, one of only three members -- and so wields a considerable amount of influence." Then you said that "the board is composed of Jed, Keith Rabois, and me".
I'm not sure how that allays any concerns that Jed, who was specifically criticized in a number of Ripple-related efforts, is now on a similar organization. All it does is restate what I earlier said -- that Jed is on a small board, and apparently has an equal vote, and apparently wields a lot of influence.
In any case, I'm more interested in hearing about how Stellar is or isn't like Ripple. Is it essentially the same technology with a different governance structure on top of it? If not, in what way(s) is it different?
Re: Stellar
#229"The network has been initialized with a supply of 100 billion stellars. 5% will be used to fund operations of the nonprofit (its spending, including employee compensation, will be public), and the remaining 95% of the stellars will be distributed for free as quickly as we can manage." IIRC Ripple's founders (including Jed) kept about 20% of XRP, and Ripple Labs kept about 25%, so only 5% is a lot better, but it's st…
We hope that it'll end up being considerably more even than Bitcoin distribution. One note is that of the 5%, 2% is currently held by Stripe. We're going to auction off most of our Stellars, and return the proceeds to the Foundation.
The Foundation is also being transparent about where the remaining stellars are going, namely: 2.5% to existing employees (https://www.stellar.org/about/governance/#Employee_Compensat...), and over time it'll distribute more stellars in order to raise funds (https://www.stellar.org/about/mandate/#Continued_funding_of_...).
But, yes, solving the distribution question is a hard problem :-).
Re: Stellar
#230Earlier quoted context omitted.
Yup, obviously a fork of Ripple. While at Ripple, Jed acqui-hired his gf Joyce (SimpleHoney). Then MtGox blew up (Jed still had his profit-sharing agreement with MtGox from his sale to Mark Karpeles). Then Jed announced he was going to dump his 9 billion XRPs ("fyi, XRP dump incoming") because he didn't like the direction his co-founder Chris was taking Ripple. Then he launches Stellar, the XRP clone. Didn't even bot…
This sounds like a stable currency that is well worth my time and interest
Except it's premined and centralized. It's "stable" until its creator decides to dump, like they did with Ripple.