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Stellar Foundation Eyes Potential Acquisition of MoneyGram: Report


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On 7/23/2021 at 2:40 PM, RipMcGillicuddy said:

Do we even know how much XRP was gifted to him? If it was gifted to him, we don't know if he's ever sold it? These things seem to be uncovered quite easily with blockchain, but somehow not with him. 

What I want to know is whether there was some contract by which current or ex -Ripple founders like Britto were entitled to some share of any clone/fork of the XRPL. I realize XLM(L) uses different code, but wasn't it originally base don XRPL? If so, I swear by Odin's Beard someone reputable, years ago, mentioned that there was indeed an agreement and some people did own a % of Lumens when Jed "forked" the XRPL. Can anyone recall that or fill in the blanks? Or was it just a circulating myth?

Anyway, back to Stellar... I'm sure they'll magically come up with sidechains soon! But they're definitely looking at defi – very different and interesting approach though: 

https://medium.com/stellar-community/project-venus-defi-on-stellar-using-turing-signing-servers-61e3d1c0aedf

Quote

TSS Overview

TSS is a network of servers (called turrets) that store smart contracts and will build and sign transactions according to uploaded smart contract specifications at a user’s request. Users can upload smart contracts to any turret, and the turret will create a keypair that it will use to sign transactions generated by this smart contract then return the public key of that keypair to the user.

Combining this network with Stellar’s multi-sig capabilities enables trustless DeFi protocols on Stellar. The developer uploads the DeFi protocol’s smart contracts to multiple trusted turrets and adds the associated public keys as signers on the protocol accounts. Next, the developer modifies the protocol account’s signer weights and thresholds to require most turrets to sign a transaction before it is valid. Then users can run the smart contract by running it across all turrets and aggregating the returned signatures until they have a sufficiently signed transaction.

TSS thus enables trust-free DeFi protocols on Stellar without requiring an on-chain virtual machine. As a result, the smart contract engine adds no inordinate congestion to the network and retains the efficiency offered by Stellar.

 

Edited by thinlyspread
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3 hours ago, thinlyspread said:

What I want to know is whether there was some contract by which current or ex -Ripple founders like Britto were entitled to some share of any clone/fork of the XRPL. I realize XLM(L) uses different code, but wasn't it originally base don XRPL? If so, I swear by Odin's Beard someone reputable, years ago, mentioned that there was indeed an agreement and some people did own a % of Lumens when Jed "forked" the XRPL. Can anyone recall that or fill in the blanks? Or was it just a circulating myth?

Anyway, back to Stellar... I'm sure they'll magically come up with sidechains soon! But they're definitely looking at defi – very different and interesting approach though: 

https://medium.com/stellar-community/project-venus-defi-on-stellar-using-turing-signing-servers-61e3d1c0aedf

 

There was such an agreement and Britto was entitled to a percentage of XLM coins which Jed did not honor. DS once discussed it on twitter. If i can find the twitter thread I will link it

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14 minutes ago, solid102 said:

There was such an agreement and Britto was entitled to a percentage of XLM coins which Jed did not honor. DS once discussed it on twitter. If i can find the twitter thread I will link it

Wow Jed really is all take and no give.  I cannot see  relationships with IBM/hyperledger Moneygram or Advent lasting or maturing.  XLM under his management will never go anywhere.   From what I have observed his personality is simply incompatible with working with, or managing teams.  This is why I would never invest in XLM.

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2 hours ago, Julian_Williams said:

Wow Jed really is all take and no give.  I cannot see  relationships with IBM/hyperledger Moneygram or Advent lasting or maturing.  XLM under his management will never go anywhere.   From what I have observed his personality is simply incompatible with working with, or managing teams.  This is why I would never invest in XLM.

I have some XLM for diversification but actually I'm not happy with the project and therefore with the investment.

Regarding the acquisition honestly I don't understand:

1) how Moneygram could be happy with such a takeover for the lack of management qualities you have mentioned. I wonder if we should see this as a hostile takeover...

2) why would the Stellar Foundation acquire a specific payment services company like Moneygram? The same competitive reasons that we discussed when Ripple bought a stake in Moneygram come to my mind. How can they explain that to other contracted payment companies? It seems to me a bad move perhaps driven by the need to gain a slice of the remittance pie.

Furthermore Stellar is lagging behind in the creation of corridors, liquidity, contracts with customers as well as with exchanges/ Money Makers which takes years. The patent issues (ODL/LOC) as mentioned by others, are obviously on top of this. I don't see how Stellar could keep up with Ripple even considering a possible temporary "advantage" in the US due to the SEC matter.

Edited by Frisia
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Based upon nothing but history I assume this is another attempt at hyping XLM from Jed and Co. Anyone can put down an offer, actually buying it is something different. I will be very surprised if Stellar actually ends up buying MG. 

The token burn of XLM did not get the result Jed *ahum*... sorry, Stellar wanted. Perhaps Stellar is a non profit for any taxation/legal reasons, Jed himself is very much for short term profit.

Stellar wanted to do it all so different than Ripple would, then failed at that. Now they copy everything step by step, yet always a step behind, including MG... Imo all focused on hype, no real gameplan.

I know, it sounds somewhat like Ripple, except they actually contractually sign parties onto a fully functional RippleNet with the possible future prospect of utlizing some form of ODL when there actually is liquidity, regulation and a broad network to use it in.

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20 hours ago, solid102 said:

There was such an agreement and Britto was entitled to a percentage of XLM coins which Jed did not honor. DS once discussed it on twitter. If i can find the twitter thread I will link it

as promised below is where DS highlights that Jed did not give Arthur 2% of the total XLM as per the agreement:

 

 

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  • 3 weeks later...

This Stellar/Advent + MGI thing went very quiet.  Chart seems a little artificial/strange, somehow.  No PR out of MGI, after earning.  CEO spent the whole call bitching about unrecognized value -> silence.

Unusual.

Edited by NightJanitor
Hmmmmmm
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