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Stellar

stripe.com

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Re: Stellar

#461

Post by murbard2 »

leshow wrote: post #405
murbard2 wrote: post #336

Earlier quoted context omitted.

Bitcoin also requires trust, specifically the trust that miners will not collude to double spend. There is also nothing fundamental about the idea of issuing coins as a reward for mining. It's just one possibility among many, there's nothing intrinsically "fair" about it.

In Bitcoin, you trust the way the network as defined by the code has been set up, not the miners specifically. In this situation you have the code to audit but you also have to trust the Stellar Foundation... I have to trust they are telling me the truth about how they are distributing the currency, that they won't sell their shares early, that these 3 people heading the foundation are going to act in my interests, e…

>In Bitcoin, you trust the way the network as defined by the code has been set up, not the miners specifically.

Wrong, you trust the miners not to collude and attack the network.

I know you've heard the claim over and over that Bitoin is trustless, but that doesn't make it true.

Re: Stellar

#462

Post by murbard2 »

erikpukinskis wrote: post #425
murbard2 wrote: post #336

Earlier quoted context omitted.

Bitcoin also requires trust, specifically the trust that miners will not collude to double spend. There is also nothing fundamental about the idea of issuing coins as a reward for mining. It's just one possibility among many, there's nothing intrinsically "fair" about it.

No, you don't have to trust the miners because there are no known collusive schemes that would make more money for that volume of miners than playing by the rules would. Maybe you think that some scheme will be discovered, but that's pretty speculative at this point. It's been many years and not a whiff of one.

>No, you don't have to trust the miners because there are no known collusive schemes that would make more money for that volume of miners than playing by the rules would.

Yes there is, coordinated conditional double spending on gambling websites.

There are also non pecuniary reasons to attack the network, such as vandalism (miners could be pressured into colluding by a government for instance)

Re: Stellar

#463

Post by up_and_up »

So how much is a STR worth right now?

Based on the Stripe investment of 3 million for 3,002,289,306.81 Stellars (3% of 100,076,310,227) I am calculating 1 STR = $0.000999237 right now ... is that correct?

Re: Stellar

#464

Post by yxhuvud »

spacefight wrote: post #274
joyce wrote: post #190

Earlier quoted context omitted.

Great question - here are the two key items: - Stellar is a nonprofit. No one owns it. The board and advisors represent a diverse group of people in tech, finance, nonprofit and academia to encourage cross-pollination of ideas. The board is also required to expand to 5 members by year-end. - Almost all the stellars will be given away for free (95%) because the goal is to educate and provide access to digital currency…

And Stripe got their USD 3M loan repaid in 2% of the pre-mined stellars, valuating the whole pre-mined lot at USD 150M. How did they arrive at this number?

Not necessarily. They may have figured that if stellar go stellar, then the service provided would be worth a lot to them.

Re: Stellar

#465

Post by kordless »

jxf wrote: post #432
kordless wrote: post #344

Earlier quoted context omitted.

I'm not sure anyone in a high profile position can guarantee exclusion from being criticized. Having said that, I don't think it's fair to come in here an parrot some vague negative statement and then use it to question their motives. If you've got a specific beef with him, then you should just say what you mean instead of saying something that only serves to lay blame without rational. 95% of the coin is being given…

> If you've got a specific beef with him, then you should just say what you mean instead of saying something that only serves to lay blame without rational. I think I was very specific in the OP and the WSJ reference. But to spell it out: Jed McCaleb is a cofounder of MtGox and Ripple. MtGox collapsed, is defunct, and is under investigation by multiple governments and regulatory agencies. Ripple dropped 40% in one da…

To be crystal clear, we're talking about human evaluated trust here. You are stating you don't trust him to be the right person to sit on a board of a currency he developed and is spearheading.

If you want to establish reliable evaluations of trust in a human, you have to stay away from biases and blaming statements. Yes, Jed was a cofounder of Mt. Gox. Yes, Mt. Gox caught on fire and burned to the ground. However, to establish a logical connection between those two statements requires a truthfully evaluated statement regarding how Jed was responsible for the fire. To my knowledge, Mark was the one responsible for that fire, not Jed. Mark was responsible for the legal, fiscal, and operational health of that system. Not Jed. You have not pointed to a statement that causes this to evaluate the two statements together and provide correlation.

If you can't do that much, then it's just a blaming statement based an associative bias.

I've been in a bad situation before with co-founders and it didn't end well for anyone. I can't speak for what happened at Ripple with Jed, but the guy has a right to go out and work on what he believes in without being unfairly judged for taking actions that were well within his right of exercising in the past.

Re: Stellar

#466

Post by eridius »

andrewstellar wrote: post #443
eridius wrote: post #353

Earlier quoted context omitted.

Thinking about this a bit more, there is one flaw with using it to track debts among a circle of friends, which is that any of those friends could then turn around and trade the USD-stellar I issued them to someone else, who doesn't realize that they shouldn't actually trust me for it. Using a fake currency as a proxy for USD would work here, but of course fake currencies have their own problem which is everyone has…

> Another solution would be to allow gateways to declare that their coins are only redeemable by a limited set of accounts. Yep, that's baked into the protocol :) https://www.stellar.org/api/#api-accountset - require Auth flag

Ah hah. I don't see any way to actually authorize an account to hold credit though. TrustSet seems to strictly be the reverse, and nothing else looks relevant.

Re: Stellar

#467

Post by rfugger »

fiatjaf wrote: post #401
jxf wrote: post #175

I 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…

Well, I don't know who is Jed or Jeb, but the original Ripple was started by Ryan Fugger[1]. The original Ripple was a much more loose unfinished idea for a much more reliable solid decentralized means-of-trade. It wasn't even a currency, only a protocol, a scheme, a nice good thing[2]. Then this bad Ripple came and got the name from him and he accepted their proposal, maybe because he thought his project was dead, b…

Thanks for the mention. I was happy for the new Ripple project because it is a good implementation of my original vision for an open, decentralized payment network. Now there's a fork called Stellar, which uses the same software, and so is also a good implementation of the original vision. The difference between Ripple and Stellar at this point is down to distribution strategy for the underlying cryptocurrency of their platforms, which, from my perspective, is just an implementation detail. I'm just happy to see smart, motivated people working on this.

For anyone who's interested in the earlier stuff:

http://archive.ripple-project.org/

Re: Stellar

#468

Post by eridius »

aianus wrote: post #419
eridius wrote: post #353

Earlier quoted context omitted.

Thinking about this a bit more, there is one flaw with using it to track debts among a circle of friends, which is that any of those friends could then turn around and trade the USD-stellar I issued them to someone else, who doesn't realize that they shouldn't actually trust me for it. Using a fake currency as a proxy for USD would work here, but of course fake currencies have their own problem which is everyone has…

> Thinking about this a bit more, there is one flaw with using it to track debts among a circle of friends, which is that any of those friends could then turn around and trade the USD-stellar I issued them to someone else, who doesn't realize that they shouldn't actually trust me for it. Unless this is totally different than Ripple, this can't happen unless there's a trust pathway between the recipient and you.

Well, I haven't actually used this yet, but I was thinking that you might be able to convince someone to trust the gateway that issued the USD you're trying to trade them.

Re: Stellar

#469

Post by JTon »

neilni wrote: post #51

I have 'Connecting...' on the main screen, so I cannot send out anything. Possibly a bug? And every time I log out, I have to sign in again.

Experiencing same issue! I haven't tried at home yet

Re: Stellar

#470

Post by lucb1e »

lnanek2 wrote: post #204

Pretty strange how Stellar is paying people to sign up with Facebook. Facebook is very centralized. These modern currencies are very decentralized. I don't mind myself, but it seems like paying someone to sign up with the enemy...

Your Facebook account is totally your new IP address.
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