3 Billion Lumens to Bitcoin Holders

[Malloy]

Jed McCaleb | April 26, 2016

We’re Giving Away 3 Billion Lumens to Bitcoin Holders

When we were designing Stellar, Bitcoin acted as a profound inspiration. The Bitcoin network was the first to show that it’s possible for a group of untrusted parties to agree on a common database, and the Bitcoin community still influences our understanding of this technology’s impact.

 

https://www.stellar.org/blog/bitcoin-claim-lumens/

[Phintech]

What a joke.  So according to the distribution example, if you hold 10 btc, you'll get 1900 lumens.  You can buy that on polo for $4.00.  Not even remotely worth the effort.

[Malloy]

4 minutes ago, Phintech said:

What a joke.  So according to the distribution example, if you hold 10 btc, you'll get 1900 lumens.  You can buy that on polo for $4.00.  Not even remotely worth the effort.

My guess is they want Market Maker who holds a lot - maybe even exchange like Kraken - to create volume.

 

[thinlyspread]

Hang on, are they saying they'll EXCHANGE bitcoins for lumens or that lumens simply get given to you depending on how many bitcoins you hold at XYZ time?

[Phintech]

No exchange.  Just given.

[T8493]

10 minutes ago, Malloy said:

My guess is they want Market Maker who holds a lot - maybe even exchange like Kraken - to create volume.

 

They probably need market maker that has a lot of USD/BTC, not Lumens. Currently Lumens have almost no liquidity and any "injection" of new Lumens can crash the price.

[Zen1]

8 minutes ago, Phintech said:

What a joke.  So according to the distribution example, if you hold 10 btc, you'll get 1900 lumens.  You can buy that on polo for $4.00.  Not even remotely worth the effort.

So it's a 3 billion give-away to start with and then the rest later in tranches...so in the distribution example Rachel if she keeps her 10 Bitcoins might get around 12,000 lumens over time...?.

That doesn't sound much but who's to say how much a lumen might cost 10 years from now. 

[T8493]

1 minute ago, Zen1 said:

That doesn't sound much but who's to say how much a lumen might cost 10 years from now. 

But it is probably easier just to buy 4 USD worth of Lumens if you really want them....

[Malloy]

5 minutes ago, T8493 said:

They probably need market maker that has a lot of USD/BTC, not Lumens. Currently Lumens have almost no liquidity and any "injection" of new Lumens can crash the price.

Serious MM and Exchanges won't sell but use those Lumens to compensate for whatever loss they could have by playing both sides for awhile

[Zen1]

1 minute ago, T8493 said:

But it is probably easier just to buy 4 USD worth of Lumens if you really want them....

Agreed and it's saves having to use the services of Kraken or Facebook too...(Not that there's anything wrong with Kraken)...:-)

[Malloy]

I agree that for the normal people, this is a ridiculous offer

[T8493]

39 minutes ago, Malloy said:

Serious MM and Exchanges won't sell but use those Lumens to compensate for whatever loss they could have by playing both sides for awhile

You're assuming MMs and exchanges will be able to sell lumens as a compensation for their losses. But lumens currently have no buyers and in short term no one will want to buy lumens after Stellar has distributed a lot of lumens for free (which can be profitably dumped at any price).

 

 

 

[Malloy]

16 minutes ago, T8493 said:

You're assuming MMs and exchanges will be able to sell lumens as a compensation for their losses. But lumens currently have no buyers and in short term no one will want to buy lumens after Stellar has distributed a lot of lumens for free (which can be profitably dumped at any price).

 

 

 

MM could place order on both side with bots' to create volume if they have Lumens to compensate...but that's a big "could"... Stellar team might want that, doesn't mean it will happen.

[nik]

What a joke.  So according to the distribution example, if you hold 10 btc, you'll get 1900 lumens.  You can buy that on polo for $4.00.  Not even remotely worth the effort.

The money is not important. What is important is that it's a gift from jed aka "I won't leave you guys behind"[emoji3].

[thinlyspread]

2 minutes ago, nik said:

The money is not important. What is important is that it's a gift from jed aka "I won't leave you guys behind".

Update: People with XRP also receive –9 billion Lumens. Yes that's MINUS.

Edited April 26, 2016 by rippledigital