3 Billion Lumens to Bitcoin Holders

[nik]

Looks like this was the last attempt. Someone is too stuborn to admit failure.

[T8493]

People are dumping their Lumens on Poloniex: https://poloniex.com/exchange#btc_str

[D-fault123]

Quote

October 5, 2016: The first round of the lumen giveaway to bitcoin holders will conclude. If there are unclaimed lumens, they’ll go to Stellar.org’s operational fund.

Okay, so presumably there might be lots and lots of unclaimed lumens going to stellar.org's operational fund after the giveaway. Good luck funding your operations by dumping billions of stallers, I mean lamers, I mean lumens on amazingly illiquid markets.

[tulo]

And again verification via Facebook. What a joke!

[JoelKatz]

For those people who ask why Ripple says so little about its XRP distribution plans, it's to avoid this kind of thing.

"For bitcoin holders, distribution will begin within 6 months after Stellar is open to the public."

http://web.archive.org/web/20140801061827/https://www.stellar.org/about/mandate/

[kanaas]

1 hour ago, JoelKatz said:

For those people who ask why Ripple says so little about its XRP distribution plans, it's to avoid this kind of thing.

"For bitcoin holders, distribution will begin within 6 months after Stellar is open to the public."

http://web.archive.org/web/20140801061827/https://www.stellar.org/about/mandate/

An asset like XRP has to be "used", not distributed or given away.
Compare it to other companies like for instance Tesla. They as well can never become profitable by giving away the batteries and cars they've produced...
After that one huge mistake when some XRP were given to founders, I think Ripple did a rather good job in using XRP to build on its business case.

[JoelKatz]

8 hours ago, kanaas said:

After that one huge mistake when some XRP were given to founders, I think Ripple did a rather good job in using XRP to build on its business case.

Not to be a pedant, but no XRP was ever given to the founders. The founders gave XRP to the company, not the other way around.

I agree with you that in retrospect it appears that everyone would have benefited had the deal been structured differently. But I'm not sure whether that's something that could have even conceivably have been foreseen back then.

 

[tulo]

1 hour ago, JoelKatz said:

I agree with you that in retrospect it appears that everyone would have benefited had the deal been structured differently. But I'm not sure whether that's something that could have even conceivably have been foreseen back then.

Not at that time, but why not now? 

[Guest]

 

They were quick to reply to my first sarcastic tweet but no reply to the second yet.

[kanaas]

1 hour ago, JoelKatz said:

Not to be a pedant, but no XRP was ever given to the founders. The founders gave XRP to the company, not the other way around.

That's ridiculous. Or you start a company or you keep the whole thing as a private and worthless idea. XRP is nothing without Ripple the company. It's the company that creates value for XRP - not just the birth of the tokens before they even become an asset. Keeping such a large stake of those assets while Ripple, the company, develops value for them is in my opinion from a very low level of pure greed. 

Ok that Jed made a run for his money - we now all know about his $$$ motif meaning he will never give those XRP back - , but the other two, still being part of the family, they could do something back for Ripple (besides pretending some recruitment of volunteers for RippleWorks)

[kanaas]

1 hour ago, JoelKatz said:

 

I agree with you that in retrospect it appears that everyone would have benefited had the deal been structured differently. But I'm not sure whether that's something that could have even conceivably have been foreseen back then.

 

Well if you really want to do something about it why not overthink it? Don't know if it legally can, but why not convert those founder XRP to a kind of "class B XRP" or name it shares in the company? Or some other solution to disconnect their price completely from the other, call them "class A XRP"? I'm sure this is technically and maybe even legally possible.

It would also allow Jed to resell them as shares without having to much pressure on the price of XRP....