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Keybase and Stellar Partner on XLM Airdrop Worth $118M

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Re: Keybase and Stellar Partner on XLM Airdrop Worth $118M

#21

Post by EdTsft »

lallysingh wrote: post #15
EdTsft wrote: post #11

Earlier quoted context omitted.

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...

The IRS is only writing its definitions for the sake of people in the US. That's presumed from context. Otherwise, why care what the IRS has to say?

Because Stellar is using that term in a document they're asking me to agree to and it seems likely that their intended meaning is similar to the IRS definition. But I'm not 100% sure that it's meant to exclude (almost) all non-Americans which is why I'm asking.

Re: Keybase and Stellar Partner on XLM Airdrop Worth $118M

#23

Post by ricardobeat »

EdTsft wrote: post #9
josh2600 wrote: post #5

Earlier quoted context omitted.

https://en.wikipedia.org/wiki/Office_of_Foreign_Assets_Contr... << This is the wikipedia article you're looking for if you want context.

Am I correctly interpreting the clause as saying that pretty much only Americans are eligible? I'm confused because if that is the intent then the clause is really burying the lede when it starts out by excluding "users in certain countries".

No. That doesn’t exclude other countries - it means you are not illegally living in the US (“non-resident alien”). They are just complying with US sanctions/international law.

Re: Keybase and Stellar Partner on XLM Airdrop Worth $118M

#24

Post by EdTsft »

ricardobeat wrote: post #23
EdTsft wrote: post #9

Earlier quoted context omitted.

Am I correctly interpreting the clause as saying that pretty much only Americans are eligible? I'm confused because if that is the intent then the clause is really burying the lede when it starts out by excluding "users in certain countries".

No. That doesn’t exclude other countries - it means you are not illegally living in the US (“non-resident alien”). They are just complying with US sanctions/international law.

Thanks!

Re: Keybase and Stellar Partner on XLM Airdrop Worth $118M

#26

Post by whatshisface »

gexla wrote: post #18
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?

They aren't giving away money. They are creating these coins out of thin air. The only way anyone is losing money is possibly by deflating the value of existing coins by creating more supply. That these coins are worth anything at all was sort of luck by being early in the race. The top 10 - 20 coins don't seem to change much. These airdrops were an expectation from the start. The first coins from this organization w…

Why would anyone back a cryptocurrency whose operator can simply whisk new coins into existence?

Re: Keybase and Stellar Partner on XLM Airdrop Worth $118M

#28

Post by edm0nd »

3JPLW wrote: post #13
jazzyjackson wrote: post #12

Earlier quoted context omitted.

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!

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

The Stellar team uses Keybase as their main base of operations. They are the third most popular (2.4k members) Team on Keybase.

https://keybase.io/popular-teams

I'm assuming its a co-marketing campaign in between Stellar and Keybase.

Re: Keybase and Stellar Partner on XLM Airdrop Worth $118M

#29

Post by james_pm »

whatshisface wrote: post #26
gexla wrote: post #18

Earlier quoted context omitted.

They aren't giving away money. They are creating these coins out of thin air. The only way anyone is losing money is possibly by deflating the value of existing coins by creating more supply. That these coins are worth anything at all was sort of luck by being early in the race. The top 10 - 20 coins don't seem to change much. These airdrops were an expectation from the start. The first coins from this organization w…

Why would anyone back a cryptocurrency whose operator can simply whisk new coins into existence?

This is different from US dollars how?
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