Still waiting on the email confirmation :(
Never got the plaintext recovery code.
Stellar
451–460 of 486 posts
Re: Stellar
#452Earlier quoted context omitted.
Stellar is a fork of Ripple. It is not a decentralized system, in the sense that, if you want to use any given currency (such as stellars), you must trust a number of centralized, trusted nodes. This is Ripple's/Stellar's "solution" to the double-spend problem.
Here's a related (though not completely equivalent) thread on Reddit that I think does a good job of framing this topic: http://www.reddit.com/r/Bitcoin/comments/2c910w/stripe_gets_... .
That thread understates just how centralized the consensus system is. If your node isn't on the trust list of the official Stellar Foundation nodes, they do not participate in the consensus-building process of those nodes and cannot affect their consensus. Those official nodes have the ability to freeze accounts, change the fees charged, and probably to issue new money arbitrarily if they collude.
Now, technically your node can have a different trust list and come to a different consensus. You don't want to do that, though, because then you're stuck on a different version of the transaction history from the one everyone else accepts and any money you receive is likely worthless because it's not recognised by the rest of the network.
Re: Stellar
#453Earlier quoted context omitted.
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.
Stellar is a fork of Ripple. It is not a decentralized system, in the sense that, if you want to use any given currency (such as stellars), you must trust a number of centralized, trusted nodes. This is Ripple's/Stellar's "solution" to the double-spend problem.
How is that worse than trusting that the top 2 BTC mining pools aren't colliding?
I'll take a semi-centralized system with respected public figures as advisors over a theoretically decentralized system that is actually ran by a few anonymous miners.
Re: Stellar
#454Earlier quoted context omitted.
From FAQs: To prevent spam, each transaction burns 10 microstellars (that is, 0.00001 stellars).
Where do the 10 microstellars go? Are they actually destroyed?
If it's the same as Ripple which this is based on, then the 10 microstellars are destroyed, yes.
Re: Stellar
#455As someone who is paying 5% to deposit a foreign check, and also lost a non-trivial amount when a ripple gateway folded, I can say I am still excited to see another iteration on the idea.
5% as a consumer spread on international transfers is ridiculous, and seemingly only avoided using some sort of forex exchange with high minimums and excessive red tape.
Bitcoin exchanges do not offer reliable or timely deposit/withdrawal in most local currencies to consider it an alternative.
The trust points are no worse than existing banks / currency exchange / forex models that allow this type of transfer to take place. If we are lucky, we can improve and decentralize those choke points further.
Yes, those who control the choke points have the potential to make stupid amounts of money based solely on traffic, much like existing banking models and many startups.
Worth reading is the recent blogpost that I'm sure most regulars have seen https://stripe.com/blog/bitcoin-the-stripe-perspective.
Re: Stellar
#456Re: Stellar
#457Re: Stellar
#458Re: Stellar
#459Earlier quoted context omitted.
The signup with FB to get 5000 stellars pushed me off. Why should I give a totally new non-profit organisation access to my FB profile? I guess most of the devs here know, what that mean in terms of privacy.
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.)
That'd be great, I don't have FB. My username is tripzilch, the same as on HN.
Re: Stellar
#460I 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…
IMO it would HELP if some of the USD and other government backed currency transmitters/gateways/etc tried to help with accountability IE - how much USD did we transfer into Stellar in raw numbers today. I'd be willing to participate on the ACH side.