Earlier quoted context omitted.
mpg85 ;)
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samtimalsina
Stellar
381–390 of 486 posts
Re: Stellar
#382Earlier quoted context omitted.
You can indeed issue fake currencies. The only technical limitation is that currencies are (as it stands) limited to 3 letters. Note that your friend would only be able to trade your fake currency to someone who is willing to trust you, so there's no obvious need to have more technical enforcement preventing trades.
That's not a sane limitation at all. Why would such a limitation be in a protocol designed in 2014?
Well, the main design is that people will use this for real-world currencies. If people are interested in starting to issue fake ones with arbitrary names, it's probably worth raising with the developers! They're hanging around in #stellar-dev, and I'm sure would love feedback :).
Re: Stellar
#383Earlier quoted context omitted.
Oof, that's annoying. We probably can't tell the age on your account. If you send me your stellar username, I'll send some stellars over.
Aren't fb user IDs assigned as increasing numbers? You could probably just decide on a cut-off user ID and treat all lower numbers as "older".
They are increasing within any one user database, but there are many of these databases. So useridA < useridB only implies B is newer than A if dbid(useridA) == dbid(useridB).
Re: Stellar
#384Earlier 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…
"The network does not need to trust gateways, but users need to trust them" -> a subtle difference, but it does not change my point: trusting a gateway's honesty is required. So let's say I choose to not trust any gateway and their currencies, and instead decide to transact in the native stellar currency directly. This is a strange choice: why have support for alternate currencies if the Stellar protocol in itself ca…
In practice, however, using BitCoin requires trusting something that is the equivalent of a gateway (an exchange) with your BitCoins if you want to be able to freely trade them.
The fact that this weakness does not appear in the BitCoin protocol, but is rather implied by the human desire for convenience and marketplaces, doesn't make it less of a flaw. One can sneer at everyone who lost money with MtGox for "choosing poorly", so to speak, but on the other hand exchanges are the driving force behind BitCoin's success.
Re: Stellar
#385Earlier quoted context omitted.
Without the inclusion of mining and the incentives to establish a mining infrastructure, how do you intend to provide safe decentralized verification of transactions?
Ripple consensus.
So it's not actually decentralized to any meaningful degree? Awesome.
Re: Stellar
#386Too early to tell if Stella will work but their intentions appear good and the underlying concept solid. Was very surprised though that there isn't a single advisor to the board who's career has been in finance or banking. Seems to me that stella will only work and achieve broad adoption if the network has solid gateways operated by entities people already know and trust. Who do most people trust with their money? Ex…
Not sure why I'm being down voted. My understanding is the system works better (at least for currency X to currency Y transactions) the more trusted local currency gateways exist in the network. So if using stellar on the backend makes it theoretically easier/cheaper/faster for traditional money transfer platforms to transmit/receive funds for their clients and having trusted brands as gateways is good for stellar's adoption; then surely that's a win/win and they should have an insider from the banking/finance/forex world advising their board and helping them get one or two well known finance shops involved in a pilot.
Concrete example:
I use XE.com trade for making international wires to people (most of the time it's GBP to EUR wires). Using XE is easier and cheaper than using my bank for this but the process is still painful. After locking in an exchange rate for the trade, I then have to wire my funds in GBP to XE.com's GBP bank account (with a reference number for the trade) and they then wire the equivalent EUR amount to the recipient's EUR bank account. I have to provide loads of bank details for the recipient (branch address, IBAN, SWIFT, intermediary bank etc.) and it usually takes 48 hours before the money arrives in their account (sometimes longer if they have a weird bank). It's also often difficult to work out what fees intermediary banks will extract en-route.
I'd love it if XE.com had stellar GBP and EUR gateways. I could then dump some funds in their GBP gateway, give them the stellar username I want to send the equivalent EUR amount to and hit send. Instant and easy.
Or maybe I've completely misunderstood the purpose of gateways and how they work?
Re: Stellar
#387It 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 o…
The Stellar Foundation will actually control relatively little. The creation of new stellars, for example, will be done in a fully distributed fashion: https://www.stellar.org/about/mandate/#Stellar_creation . To clarify, of the total 5% reserved for operations, ownership is currently: - 2% to Stripe (the majority of which we're going to auction off to other companies, with net profits being returned to the foundatio…
>The Stellar Foundation will actually control relatively little. The creation of new stellars, for example, will be done in a fully distributed fashion
It's not fully distributed. All the decision-making nodes are controlled by Stellar. Just because there is stake-based voting involved does not mean the underlying system is distributed.
Re: Stellar
#388Earlier quoted context omitted.
The Stellar Foundation will actually control relatively little. The creation of new stellars, for example, will be done in a fully distributed fashion: https://www.stellar.org/about/mandate/#Stellar_creation . To clarify, of the total 5% reserved for operations, ownership is currently: - 2% to Stripe (the majority of which we're going to auction off to other companies, with net profits being returned to the foundatio…
>The Stellar Foundation will actually control relatively little. The creation of new stellars, for example, will be done in a fully distributed fashion It's not fully distributed. All the decision-making nodes are controlled by Stellar. Just because there is stake-based voting involved does not mean the underlying system is distributed.
Maybe I'm misunderstanding your objection, but you can actually run your own stellard, which is a first-class member of the network: https://github.com/stellar/stellard. The Foundation runs a public stellard for convenience, but you're under no obligation to use it. The client and wallet powering launch.stellar.org are similarly open-source, and can be hooked up to your local stellard.
Re: Stellar
#389This kind of looks like a re-branding of Ripple. Ripple had a lot of image issues after one of the founders quit accusing the company of unethical behavior. Kind of unfortunate that Stripe would through their weight behind Ripple in any way.
Yeah, the image issues were unfortunate -- but the tech is good, and Jed and David have a lot of promising ideas about how to make it even better. Jed and Joyce have been scrupulous about being fair and transparent in how the Stellar Foundation is structured. There's more about this (including governance documents) at https://www.stellar.org/about/ .
I'm actually more excited about David joining this effort (and entering the cryptocurrency space) than anything else. Stellar, also, looks promising (-:
Re: Stellar
#390Tried signing up but after a minute of waiting I was told my username was already taken. Then, I received an email saying I successfully signed up (with that same username), with a broken link to "forums.stellar.org". Managed to visit "forum.stellar.org" without an issue. I think you may have launched a little soon... EDIT: now unable to log in with my username and password combination.
Same issue for me.