Stellar (decentralized gateway)

[Pheonike]

I guess the question is how can go from USD straight Bitusd. It would be nice to have an app like mycelium that has a local bitcoins style part for people to buy/sell with. Then anyone can be an exchange.

[lucky331]

it's a ripple fork with better distribution.  if you want to learn more about stellar, i suggest reading the ripple primer here:  https://ripple.com/ripple_primer.pdf

stellar is basically a copy/pasted ripple with some tweaks.

What a second. How does the stelar project select who is on the unique node list? That unique node list is at the heart of Ripple.
If it is not Proof of stake but a unique node list style centralized system it doesn't matter at all what the distribution of tokens is in terms of network security. Matters a bit maybe for network effect but that is not a major factor in my opinion as Ripple does heavy marketing to compensate for that.
Where am I wrong?

yes.  until ripple and ripple-like systems figure out how to add independent 3rd party validators, it is centralized.

Do you know if they have any plans here?

no concrete plans mentioned from their side but this is what they posted on their site:

"Consensus

Under the hood, Stellar uses its own distributed ledger, which is maintained by a consensus algorithm rather than mining. Each node in the network communicates with a set of other nodes that it believes will not collude (such as nodes run by universities, governments, and companies). Importantly, it doesn’t need to trust the nodes themselves — it just needs to believe the nodes won’t work together to produce the same malicious result. Consensus is then reached by an iterative process, which results in each new ledger being decided upon every few seconds. Correspondingly, transactions confirm nearly instantly, and no mining is needed.

We’ll be releasing a paper soon documenting and exploring a provably-correct version of this algorithm."

https://www.stellar.org/blog/introducing-stellar/

so. i guess the have plans on wooing uni's and government, banking and other establishments to run stellard.   

[liondani]

I have a few xrps which as usual I bought quite expensive and kept them for a scenario that after 1 year still never happened. In order to break even xrp must be x5. So the question is...should I donate them I a charity in exchange for the same amount of stellar or should I still hodl them?

sell them and buy BTSX...  if you had do that before a couple of days you would have already a good profit...

[mf-tzo]

I have a few xrps which as usual I bought quite expensive and kept them for a scenario that after 1 year still never happened. In order to break even xrp must be x5. So the question is...should I donate them I a charity in exchange for the same amount of stellar or should I still hodl them?

[santaclause102]

it's a ripple fork with better distribution.  if you want to learn more about stellar, i suggest reading the ripple primer here:  https://ripple.com/ripple_primer.pdf

stellar is basically a copy/pasted ripple with some tweaks.

What a second. How does the stelar project select who is on the unique node list? That unique node list is at the heart of Ripple.
If it is not Proof of stake but a unique node list style centralized system it doesn't matter at all what the distribution of tokens is in terms of network security. Matters a bit maybe for network effect but that is not a major factor in my opinion as Ripple does heavy marketing to compensate for that.
Where am I wrong?

yes.  until ripple and ripple-like systems figure out how to add independent 3rd party validators, it is centralized.

Do you know if they have any plans here?

[lucky331]

it's a ripple fork with better distribution.  if you want to learn more about stellar, i suggest reading the ripple primer here:  https://ripple.com/ripple_primer.pdf

stellar is basically a copy/pasted ripple with some tweaks.

What a second. How does the stelar project select who is on the unique node list? That unique node list is at the heart of Ripple.
If it is not Proof of stake but a unique node list style centralized system it doesn't matter at all what the distribution of tokens is in terms of network security. Matters a bit maybe for network effect but that is not a major factor in my opinion as Ripple does heavy marketing to compensate for that.
Where am I wrong?

yes.  until ripple and ripple-like systems figure out how to add independent 3rd party validators, it is centralized.

[luckybit]

Has anyone else come across Stellar? stellar.org

It appears to be something of a decentralized escrow service??

What do you guys think about it?

It's interesting. I don't think the airdrop to Bitcoiners will be successful but I'd like to be proven wrong on that.

[G1ng3rBr34dM4n]

My original thought when posting this was "how does the asset exchange through the BitShares platform NOT solve this problem".  I guess I'm still failing to see what the advantage of Stellar is.

Are there any distinct problems solved by Stellar that isn't solved by BitShares?

[santaclause102]

OK, places where different form of money are exchanged -EXCHANGE TERMINALS

[tonyk]

OK, places where different form of money are exchanged -EXCHANGE TERMINALS

[santaclause102]

People are not paid in BTSX or bitUSD.
They need a way in the system. The easier and smoother the transition  the better.

Then the word "exchange" would fit better here.

Gateway in the sense of Ripple means to be an IOU issuer. Exchanges don't issue IOUs.

[tonyk]

People are not paid in BTSX or bitUSD.
They need a way in the system. The easier and smoother the transition  the better.
bitUSD same as your dollar + all the advantages of crypto.

[santaclause102]

Do you mean ME2 would be ME + gateways?

bitUSD will hopefully have the gateways that are badly needed.

What would gateways be good for with BTS X / BITUSD since BitUSD is not an IOU (as you said)?

[tonyk]

And so today ME2 DAC was born!

Hopefully BM and or toast have 2 minutes to share their opinion.

[tonyk]

bitUSD will hopefully have the gateways that are badly needed.

It can be the ME2 shares itself, of course, but bitNameyourFiat has some advantages, imho.

[santaclause102]

That's above my pay grade!
 BM will figure it out.
The end result must be bitUSD available at ME.

Ok.  I always doubt things before someone can show me EXACTLY how it should work.

The end result must be bitUSD available at ME.

BitUSD at ME would be easy. What would that be good for? Why not just have an IUO dollar at ME? BitUSD will certainly not be worth more than a dollar. Hmm maybe one advantage would be that it is more mobile then sending real dollars..

[tonyk]

I just wondered how you want want to....

combining ME and bitUSD

?

That's above my pay grade!
 BM will figure it out.

The end result must be bitUSD available at ME2.

[santaclause102]

bitUSD/bitEUR/bitCNY are not IOUs

That is self evident. And ME could create IOUs like ripple/stellar. Nothing new there.

I just wondered how you want want to....

combining ME and bitUSD

?

[tonyk]

Good ideas, easily doable in a DAC combining ME and bitUSD.

We don’t have gateways, but we will need them for USD to bitUSD exchange anyway. Hopefully by that time, the exchanges will have started doing the gateway job for bitUSD already.

Can you expand on how that would work exactly?
A gateway introduces a IOU dollar he is backing via BTS ME and then?

1st. On the bit USD part -  bitUSD/bitEUR/bitCNY are not IOUs. In this thread Simeon  explains how he sees it. I have mostly the same thing in mind:
https://bitsharestalk.org/index.php?topic=6384.msg85082#msg85082

2nd ME is for the exchange as in Stellar's exchange.

[santaclause102]

Good ideas, easily doable in a DAC combining ME and bitUSD.

We don’t have gateways, but we will need them for USD to bitUSD exchange anyway. Hopefully by that time, the exchanges will have started doing the gateway job for bitUSD already.

Can you expand on how that would work exactly?
Edit (making the question more clear): A gateway introduces an IOU dollar via Bitshares ME (the gateway operator is back it) and then?

[tonyk]

Good ideas, easily doable in a DAC combining ME and bitUSD.

We don’t have gateways, but we will need them for USD to bitUSD exchange anyway. Hopefully by that time, the exchanges will have started doing the gateway job for bitUSD already.

[santaclause102]

it's a ripple fork with better distribution.  if you want to learn more about stellar, i suggest reading the ripple primer here:  https://ripple.com/ripple_primer.pdf

stellar is basically a copy/pasted ripple with some tweaks.

What a second. How does the stelar project select who is on the unique node list? That unique node list is at the heart of Ripple.
If it is not Proof of stake but a unique node list style centralized system it doesn't matter at all what the distribution of tokens is in terms of network security. Matters a bit maybe for network effect but that is not a major factor in my opinion as Ripple does heavy marketing to compensate for that.
Where am I wrong?

[lucky331]

I think that stellar will kill ripple very shortly.. Distribution will be much better, non profit, donations, Jed can simply exchange all his remaining xrp for stellars by donating the xrps. Brilliant !!

I'm surprised Ripple hasn't died out, being a centralized system with 98% "pre-mine" for the founders

ripple labs is actually developing some good stuff like their implementation of smart contracts via codius:  http://codius.org

as for their distribution of xrp, yeah, it's not good if you want to gain adoption. they are going for banks and big financial institutions instead of consumers.

is for being centralized, again yes.  but ripple is supposed to be a distributed network, but due to ripple labs controlling most, if not, all of the validating nodes, it is centralized. 

i thought they would have already figured out how and who to add as 3rd party validators in their network by now. 

[kokojie]

I think that stellar will kill ripple very shortly.. Distribution will be much better, non profit, donations, Jed can simply exchange all his remaining xrp for stellars by donating the xrps. Brilliant !!

I'm surprised Ripple hasn't died out, being a centralized system with 98% "pre-mine" for the founders

[CLains]

This 1% is allocated weekly to the top fifty accounts voted to receive such a distribution by the community. The foundation’s hope for these inflationary funds is that “holders will use the inflation-generated stellars to enable novel business models or to fund causes they support".

[CLains]

100 billion stellar was created in the genesis block and more will be generated at a fixed rate of 1% per year

[lucky331]

it's a ripple fork with better distribution.  if you want to learn more about stellar, i suggest reading the ripple primer here:  https://ripple.com/ripple_primer.pdf

stellar is basically a copy/pasted ripple with some tweaks.

I ripple completely open source yet?

yes it is.

[santaclause102]

it's a ripple fork with better distribution.  if you want to learn more about stellar, i suggest reading the ripple primer here:  https://ripple.com/ripple_primer.pdf

stellar is basically a copy/pasted ripple with some tweaks.

I ripple completely open source yet?

[lucky331]

or he could continue holding them for leverage against ripple labs.

[mf-tzo]

I think that stellar will kill ripple very shortly.. Distribution will be much better, non profit, donations, Jed can simply exchange all his remaining xrp for stellars by donating the xrps. Brilliant !!

[lucky331]

it's a ripple fork with better distribution.  if you want to learn more about stellar, i suggest reading the ripple primer here:  https://ripple.com/ripple_primer.pdf

stellar is basically a copy/pasted ripple with some tweaks. 

[G1ng3rBr34dM4n]

Has anyone else come across Stellar? stellar.org

It appears to be something of a decentralized escrow service??

What do you guys think about it?