This just reminds me of http://en.wikipedia.org/wiki/Hawala and nothing else.
Stellar
291–300 of 486 posts
Re: Stellar
#292Earlier quoted context omitted.
Gateways actually don't have to be trusted by the network. Think of them as similar to stores issuing credit: the gateway just says "the user has a credit for 100 USD, redeemable at my store". That credit is tradable, but only to other users who trust credit from that gateway. This means there needs to emerge a good system for users to decide which gateways to trust, but a malicious gateway can only directly harm the…
I smell compatibility hell. "Hey, take my credit from X gateway" "Sorry, I don't trust X"
Yep! That's where the stellar comes in. It's something that everyone the network can accept and requires no trust. So as long as someone is willing to convert your gateway's credit to stellar (and worst case, your gateway should be willing to do so), you're fine.
Re: Stellar
#293https://www.stellar.org/about/mandate/#Bitcoin_program
How does that work for someone who has bitcoins in an e-wallet, like Coinbase ?
Re: Stellar
#294Earlier quoted context omitted.
No stripe.com URL boost = you'll have to work the hard way.
Whoa. There is absolutely no stripe.com URL boost, or any other kind of URL boost. The stellar.org post set off HN's voting ring detector. Edit: I (perhaps mistakenly) assumed the parent meant that HN itself was boosting certain URLs, as opposed to, say, name-recognition by users. The latter kind of thing is no doubt a factor.
Sorry -- didn't mean to suggest that. Just a little in-joking about the inevitable popularity of Stripe articles here..
(and thank antiprocrast for my throwaway..)
Re: Stellar
#295I have to assume that becoming a gateway requires navigating the Byzantine Hellscape of multinational financial and banking regulations. Have they discovered some non-obvious way to avoid this or are the gateways expected to be run primarily by existing financial institutions?
This is something they unfortunately do not address, but it's the biggest problem with such systems and a major part of the reason Ripple hasn't caught on.
Re: Stellar
#296It seems to me Stellar (the organization) will be "the Central Bank" a la Bank for International Settlements at the global level or Federal Reserve for Stellar (the cryptocurrency).
This is what makes me uncomfortable. The biggest point about cryptocurrencies is that they are not centralized. In that sense Stellar seems a lot worse than regular currency. With a regular currency, at least the respective Central Bank or other monetary regulatory authority has credibility and accountability in the sense that they are indirectly elected by citizens as they are selected by the elected government. As such they have to have a history of integrity and monetary experience, and can be removed if they act unethically.
Stellar's board, on the other hand, is self-elected, and with all due respect, don't need to have the level of accountability or have the credibility of running such an organization, which even if it owns "just 5%" (+2% of Stripe's) of the currency can potentially have substantial control over it. And being a non-profit doesn't add a stamp of either, means little.
Re: Stellar
#297Earlier quoted context omitted.
Yep, for sure. The goal is to get stellars into the hands of as many people as possible, and so moving beyond just FB is definitely a priority. (If you want, I'd be happy to send you a few stellar to play with in the meanwhile.)
Thanks - same username as on HN.
Shazam! You have stellars.
Re: Stellar
#298Re: Stellar
#299What happens when the limit is reached? 100,000,000,000/7,000 is "just" 15 millions accounts
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Re: Stellar
#300Very interesting. I always thought of Ripple as semi-scam, but I can see Stellar become a thing (be huge, actually), backed by Stripe and hopefully others soon enough. Question.. how is the password used to decrypt the secret key? Which encryption algorithm is used? Can anyone technically explain?
Stellar dev here. Thanks for the encouragement.
We use scrypt to derive a key from your username and password. The key is used to encrypt your secret data with 256bit AES in GCM mode.
You can check out the implementation here: https://github.com/stellar/stellar-client/blob/master/app/sc...