Keybase and Stellar Partner on XLM Airdrop Worth $118M

Post by EdTsft » Mon, Sep 09, 2019, 6:32 PM UTC

3JPLW wrote: post #8

EdTsft wrote: post #3

I'm confused by the stellar sign-up terms. "6. WE ARE UNABLE TO HELP DISTRIBUTE SDF LUMENS TO USERS IN CERTAIN COUNTRIES. By activating this wallet you agree you're not in Cuba, Iran, North Korea, Syria, Sudan, Crimea, or any other country or region subject to sanctions by OFAC; further you agree you're not a non-resident alien of the United States." So this is only open to people living in the USA or people with som…

It's actually pretty scary giving out money (in any form) to international peoples potentially sanctioned by OFAC. Making it their problem through an EULA is an interesting strategy.

Post by 3JPLW » Mon, Sep 09, 2019, 6:39 PM UTC

jazzyjackson wrote: post #12

3JPLW wrote: post #10

When I first saw this I just assumed it was some sort of spam/scam. What's the rationale for giving away money here? Is it purely Keybase/Stellar marketing? How is Keybase planning on making money?

Just think of it as Universal Basic Income... get your coinage into circulation, and when people use your coins to exchange value, now your coins have value! So as the coin minter, hopefully you've kept some coins for yourself too, and now you have money!

Post by lallysingh » Mon, Sep 09, 2019, 6:43 PM UTC

EdTsft wrote: post #11

3JPLW wrote: post #8

Earlier quoted context omitted.

It's actually pretty scary giving out money (in any form) to international peoples potentially sanctioned by OFAC. Making it their problem through an EULA is an interesting strategy.

But what about people from countries other than the US that are are not sanctioned by OFAC? "further you agree you're not a non-resident alien of the United States" Going by this [1] definition of nonresident alien, I am not a citizen of the USA so I'm an alien, and I don't live in the USA so I'm a non-resident alien. [1] https://www.irs.gov/individuals/international-taxpayers/dete...

Post by regnerba » Mon, Sep 09, 2019, 6:51 PM UTC

jazzyjackson wrote: post #14

malgorithms wrote: post #4

Earlier quoted context omitted.

Nope, that's not the case, in fact you'll get the Lumens automatically within a day or so. If you want to _continue_ after the first month, you'll need to click the button in the app saying you want to. But you have a month to do that.

I don't see any details on this in my keybase, it's a big confusing to say something has already happened and I'm wondering if I was included or not... I've verified my HN and GitHub. Perhaps it's still being rolled out, can't complain :)

Post by edwardfrank » Mon, Sep 09, 2019, 6:56 PM UTC

deckar01 wrote: post #16

3JPLW wrote: post #13

Earlier quoted context omitted.

Yes, I get that. So is Keybase banking on XLM itself to drive their revenue?

I had an account for years, but I rarely used it and didn't even know they had an app now. To qualify I had to install the client on 2 devices and setup account recovery. I am now much more likely to explore the app.