[2014-08-04]Mt. Gox founder raises unconventional $3 million ‘investment’ for hi

[zakoliverz]

http://www.bizjournals.com/sanfrancisco/blog/2014/08/mt-gox-founder-raises-stellar-stripe-bitcoin.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+industry_7+%28Industry+Technology%29

J ed McCaleb, the man who founded Mt. Gox back in the day when it was still known as the Magic the Gathering Online Exchange, yesterday unveiled his newest project, Stellar, an online exchange for both traditional and digital currencies, as well as a whole lot more.

[bryant.coleman]

McCaleb is a honest man and we should not group him with that greedy fat b***d Mark Karpeles. As far as I know, after he sold Mt Gox to Karpeles, McCaleb was completely uninvolved on the functioning of Mt Gox.

[ChaseT]

at what price was bought gox by karpeles?

[SOAD]

So can someone explain to me what's so good about this Stellar? I thought it was a heavily pre-mined alt coin that has been massively given away. Just look in the alt coin marketplace and you can see how easy it is to grab some of these coins and get others to get them for you in exchnage for btc.

[TraderTimm]

Stellar is the same old thing as Ripple, just in new clothing.

They are retaining 5 Million out of the 100 Billion coins, so effectively just like a 'pre-mine'.

And of course, there will be gateways and pandering to banks, so it is "safe" for "regulation". Just another push to get crypto-esque coins in the control of governments and state regulators.

And, just like Ripple, it will be another in a series of high-profile embarrassments.

[Bit_Happy]

...
They are retaining 5 Million out of the 100 Billion coins, so effectively just like a 'pre-mine'.
....

5 Million out of the 100 Billion coins
If those numbers are correct, then it is virtually nothing and the inclusion only weakens your post.

[Moonpig]

When I saw the title I thought it was going to be about Karpales  .

[gmx95]

I just don't understand who needs another ripple-like currency? Why don't people concentrate on developing bitcoin industry? There more liquidity is there, the better for the market.

[TraderTimm]

...
They are retaining 5 Million out of the 100 Billion coins, so effectively just like a 'pre-mine'.
....

5 Million out of the 100 Billion coins
If those numbers are correct, then it is virtually nothing and the inclusion only weakens your post.

Don't forget the perpetual inflation they plan to have. I'm sure debasing their own crypto-currency will be a long-lasting recipe for success.

(Riiiiiiiiiiight)

[ThomasCrowne]

I just don't understand who needs another ripple-like currency? Why don't people concentrate on developing bitcoin industry? There more liquidity is there, the better for the market.

I've been wondering this myself and the only thing Ive been able to come up with thus far is that everybody thinks they have the next bitcoin-level-idea and is trying to get to market with it first as opposed to focusing on the core-technology so much.

[trade-for-pokermoney]

It is 5 billion, but they can't sell for 5 years, only the amount they need to cover costs!

[TraderTimm]

It is 5 billion, but they can't sell for 5 years, only the amount they need to cover costs!

Yeah, nice little clause in there. I'm sure it isn't a moveable goalpost that can be abused to whatever ends they require. But that is what you get when you allow some MBA to create a crypto-currency, all about the margins and middleman interference, and less about user utility and actual transparency.

[Bit_Happy]

Ripple is not "mainstream user" friendly. If Stellar can come up with a good site/service then they deserve to make money.