Stellar to give away 19 billion lumens to bitcoin holders

[alyssa85]

http://www.ibtimes.co.uk/stellar-give-away-19-billion-lumens-bitcoin-holders-1556899

Stellar.org, the non-profit technology provider aiming to connect financial institutions using consensus-based cryptography, has announced it will be giving away 19 billion of the network's native currency, lumens, to holders of bitcoin.

The lumens will be distributed in several rounds, said Stellar CTO Jed McCaleb in a blog post. The first round will include three billion lumens, and will follow a snapshot of all coin balances taken on 4 July. The lumens, which constitute 19% of the initial lode in existence, will be distributed in proportion to how much bitcoin individuals are holding. On 5 July Stellar will publish a claim page, allowing bitcoin holders to verify that they control a given bitcoin address and send that address's share of lumens to a Stellar account.

[r0ach]

This is the equivalent of Bernanke helicopter money.  Currency is collapsing because nobody wants to use your premined coin as a store of value?  Last resort, give it away for free.

[sofu]

RIP Stellar

[cryptohunter]

Sounds good ..the rich get richer...

You got a lot of btc you will be given a lot of free lumens... sounds fair.

[cpfreeplz]

This sounds cool as hell! Who cares if the rich get richer a who cares if it's worth nothing! You get free coins that maybe someday will be worth something 

[alyssa85]

This is the equivalent of Bernanke helicopter money.  Currency is collapsing because nobody wants to use your premined coin as a store of value?  Last resort, give it away for free.

Yeah. But I expect people will claim their free coins anyway. 

[RussiaCoinDotInfo]

http://www.ibtimes.co.uk/stellar-give-away-19-billion-lumens-bitcoin-holders-1556899

Stellar.org, the non-profit technology provider aiming to connect financial institutions using consensus-based cryptography, has announced it will be giving away 19 billion of the network's native currency, lumens, to holders of bitcoin.

The lumens will be distributed in several rounds, said Stellar CTO Jed McCaleb in a blog post. The first round will include three billion lumens, and will follow a snapshot of all coin balances taken on 4 July. The lumens, which constitute 19% of the initial lode in existence, will be distributed in proportion to how much bitcoin individuals are holding. On 5 July Stellar will publish a claim page, allowing bitcoin holders to verify that they control a given bitcoin address and send that address's share of lumens to a Stellar account.

So Stellar.org would be building a database of who controls which wallet and can then track where those funds have come from (and where they are going).  It takes the Anonymous out of Crypto - No?

[cryptohunter]

This sounds cool as hell! Who cares if the rich get richer a who cares if it's worth nothing! You get free coins that maybe someday will be worth something 

Some people have a different perspective to others. Nobody is essentially right or wrong in this case.

Personally I am against enriching further those that are already rich to a larger extent than the poor for no good reason other than they are already wealthy.

 Sounds unfair from my perspective and I may have more BTC than you. I would rather have the same as those below and above even though I may gain more the way they are intending to do it anyway. To me it is still giving more to those that already have more.

[BTCLovingDude]

http://www.ibtimes.co.uk/stellar-give-away-19-billion-lumens-bitcoin-holders-1556899

Stellar.org, the non-profit technology provider aiming to connect financial institutions using consensus-based cryptography, has announced it will be giving away 19 billion of the network's native currency, lumens, to holders of bitcoin.

The lumens will be distributed in several rounds, said Stellar CTO Jed McCaleb in a blog post. The first round will include three billion lumens, and will follow a snapshot of all coin balances taken on 4 July. The lumens, which constitute 19% of the initial lode in existence, will be distributed in proportion to how much bitcoin individuals are holding. On 5 July Stellar will publish a claim page, allowing bitcoin holders to verify that they control a given bitcoin address and send that address's share of lumens to a Stellar account.

ok, let me translate this.

it is practically saying you give us your information about how much bitcoin you own and in what addresses and we don't say what we are going to do with all that information that we gather from all the users. i remember they did a similar thing with gathering social media info like facebook when they gave out stellar too.

then it says if you are a rich person, a whale if you will, we are going to give you more money because you are rich, to make you richer.


personally i think this is a crappy idea because if you want to spread the coin, then do a giveaway or do it as prize for contribution or something or start spreading it on reddit or bitcointalk not this way.

[BitcoinNational]

Steallar.org, the non-profit technology provider aiming to connect financial institutions to BTC whales of high networth.

they want to build a database of BTC moneyflow
and the 'non-profit' arm of Paypal will connect that to the 'financial institutions'

do you get it?
want some free candy kids?  here swallow a load of my luMens

they are monitoring both sides
and a trying to 'connect' fiat account activity (circle/coinbase/Steallar) to BTC activity

[BitcoinNational]

lumens board meeting notes:

our current coin count is #5,4B
now lets pull 19B out of thin air _{(not really if you read the fine print we can do shit like this)}
and dump it on the market! we'll just give this shit away for free to only BTC holders who will immediately sell it to basically get free BTC.

But this will make us look like a $60m asset ... overnight!!

brilliant!

lunch anyone?

[pimpjuice]

Initial distribution of stellar (now lumens) was using facebook accounts as sign ups.  Overseas facebook account collectors whom use the accounts to sell friends, likes, etc. made out well becoming the whales of the stellar community whom obviously sold all their easy stellars to currency.  Now Jed is going to give them to Bitcoin owners who will obviously sell all their lumens for bitcoin.  Expect the price to drop.

Then you have Ripple (professionals that know profit), no longer controlled by Jed, about to distribute in a much more meaningful way.  Distribution will go to market makers who hold orders which in return provides better spreads, more liquidity, and a more stable coin.

Jed is a GENIUS PROGRAMMER but when it comes to business his choices are always the same.... e-Donkey and Mt. Gox.  Profitless failures.

[Cateinyard]

Will the bitcoin price rise if we all want to get some bitcoin so as to at some of the 19 billion of lumens?

[axxo]

The distribution isn't fair as stellar team may think. This probably isn't going to work.

[edmundduke]

Will be interesting to see how this goes. One thing is for sure, price will tank hard because of this as the dumping will be unreal.

[Cyaren]

This is the equivalent of Bernanke helicopter money.  Currency is collapsing because nobody wants to use your premined coin as a store of value?  Last resort, give it away for free.

True. Maybe stellar experiencing some threats of deflation as well, since no one is using it?

Some quantitive easing, perhaps?

[robelneo]

I haven't read or been to stellar thread before but if they are going to give free coins,why not anything free that will have value in the future is ok with me what is not ok is the distribution the rich get richer with this scenario they should give it fair to all but well that's their coin and their idea..

[Red-Apple]

it sounds like they intentionally want to cripple their own coin! while looking generous!

giving away 19 billion coins is no joke. and it is crystal clear that at least 95% of the people receiving the coin will dump it on exchangers or anywhere they can get their hands on to get bitcoin in return. that much coin will cripple any altcoin with 0.01BTC price let alone a shitcoin with no value.

[san2ok]

This is the equivalent of Bernanke helicopter money.  Currency is collapsing because nobody wants to use your premined coin as a store of value?  Last resort, give it away for free.

no no, its not totally FREE,
the purpose of giving free is to make people know and want to have stellar, besides, the foundation dont give to much to 1specific persons

premined coins is solution to not wasting power, also birthrate will make stellar expensive oneday
also dont forget, there is always 20XLM getting burn because stuck in wallet (its a wallet minimum deposit)

here take a look

get STELLAR coin INCOME simply by posting, blogging, and invite others
only at Stellar Forum www.mystellar.org (look at promotion)

stellar is a finance with mission to help fight poverty
who knows oneday 1XLM will worth 1usd, or even as high as bitcoin..
bitcoin also was worth 0usd at 22jun2010

stellar forum www.mystellar.org

[Divinespark]

The idea originally was to get BTC, then the only public blockchain of note, holders and adopters to endorse Stellar (implicitly) by owning Lumens. You can't make them buy it, so you just give it to them. Economically braindead, then and now