Sounds like a scam, right? (Read on and judge for yourself.)
TLDR: Register here: https://lnkd.in/e5jhv9n
This is the largest AirDrop in the history of cryptocurrency.
Blockchain Announces $125 Million ‘Airdrop’ of Stellar Cryptocurrency.
An airdrop refers to a procedure through which a blockchain project distributes free tokens to community members.
Airdrops usually require community members to join the blockchain’s online communities and/or own, i.e., “HODL”, a minimum amount of the blockchain’s cryptocurrency.
HODL — A misspelling of the word “HOLD”
Why Would Anybody Give Away Money?
- It doesn’t cost the blockchain project actual currency (USD).
- It is a great way of getting attention. (It’s a great marketing tool.)
- It results in a larger user base. (It will very likely increase XLM’s value.)
How do Airdrops Work?
Airdrops are typically distributed by either:
- Randomly sending cryptocurrency to the wallets of known wallet holders.
- Publishing the event and getting people to sign up to the airdrop list.
This airdrop is using option #2.
Brilliant Marketing Strategy
A marketing strategy is a long-term, forward-looking approach to planning with the fundamental goal achieving a sustainable competitive advantage.
After this airdrop, Stellar (XML) will have at least 5 million users of it’s coin.
How Do I Get My Free Money?
Get on the waitlist
Register here: https://lnkd.in/ejDpHGq
Receive email response
You’ll get an email with this information:
Congratulations! You’re on the waitlist.
You’ll hear from us via email as soon as it’s time to claim your XLM.
In the meantime, check out updates to your Wallet. Not only have we added support to send, receive, and trade XLM, we’ve also added hardware storage with our Lockbox launch and rolled out Swap, our next generation trading product with best-in-class liquidity and execution.
Get a cryptocurrency wallet to hold your XLM
Here’s a list of Stellar compatible wallets: https://lnkd.in/ehnA2ZP
If you have more than a few hundred dollars, I’d recommend a hardware wallet like Ledger Nano S (That’s what I use.)
p.s. If you’d like a video on how to setup a wallet let me know.
Stellar’s Reddit Community
The Rest of The Story
After you’re registered and the excitement wears off you may be wondering, “What did I just do?” Am I part of the cypherpunk, decentralized, anti-central-banking, stick-it-to-the-man, cryptocurrency HODLer’s movement?
Nope. Not exactly…
What Did You Do?
You just got sucked into a new world banking system.
What is Stellar?
Stellar is a blockchain platform that is primarily focused on integrating distributed ledger technology into existing financial systems. Stellar simultaneously provides solutions to the centralized banking systems and expands access to low-cost financial services to the underbanked.
Instead of creating an entirely new financial infrastructure, Stellar focuses on integrating its cryptocurrency (XLM) within the existing existing banks and payment gateways.
Satoshi Nakamoto and Hal Finney already did most of the innovative work for Ripple from which Stellar is forked.
Stellar didn’t even have to create the client software or pay to distribute it to it’s customers. (You just purchased the XLM compatible cryptocurrency wallet, remember?)
Stellar XLM is a Permissioned/Private Blockchain
Stellar is not a trustless public blockchain like Bitcoin or Ethereum. Stellar uses “anchors” as a basis of trust to enable cryptocurrency exchanges.
Much like Paypal, if you wish to transfer money to a foreign account you first deposit money from your account into your Paypal account. Then, you can send that money to anyone who trusts Paypal.
No XLM Miners
There are no Stellar Miners. Node operators do not get paid for validating transactions or performing Stellar Consensus Protocol (SCP) operations.
One of the reasons that Stellar is fast, scalable and practically free is that it does not use Proof of Work (POW). Remember that Bitcoin miners are incentivized to validate transactions and exert effort to solve cryptographic puzzles. Stellar sacrifices decentralization and security for performance.
Stellar uses SCP to ensure that the network is secure against external attacks. All transactions are validated by all the nodes in its network every 2 to 5 seconds before adding them to the blockchain.
If you’re a business like IBM, Tempo, SatoshiPay or StellarPort that relies on the Stellar network, you’d want to run a Stellar node because:
1. You can configure your server to only accept payments/service requests from your trusted merchants/partners.
2. You can ensure a level of reliability and performance.
3. You want to improve the security of the network.
Stellar Main Features
- Fast micro payments
- Cross border payments and currency exchange
Stellar (XLM) addresses are “anonymous”, but not a private. Here’s an example:
The Stellar network administrators will be able to determine who you are.
If you want privacy, consider Zcash or Monero.
Looks like Stellar (XLM) will partner Facebook:
Inside Facebook and Stellar (XLM) Partnership: Why the Secrecy?
CryptoRecorder.com is a Dedicated Cryptocurrency news website and writes a variety of educational articles related to…
If Facebook took your digital identity, via facial recognition, along with your private network of friends (and their identities) how do you think Stellar will treat your privacy?
IBM and KlickEx
“This new implementation is poised to start a profound change in the South Pacific nations, and once fully scaled by IBM and its banking partners, it could potentially change the way money is moved around the world, helping to improve existing international transactions and advancing financial inclusion in developing nations.” — Jed McCaleb
Western Union Replacement
Given that Stellar (XLM) can process up to 1,000 transactions per second, XLM is not a suitable replacement for Visa. XLM can’t touch Lightning for a POS solution.
XLM is not secure as Bitcoin, so it is unlikely that an XLM side chain will be created to increase XLM’s processing throughput numbers.
On the other hand, if you want to transfer money to an individual you know (and want to do it faster and cheaper than using Western Union) XLM could work nicely. With a 2–5 second transaction time and low processing fees, XLM fits nicely into the Facebook and IBM/KlickEx use cases.
Why give 10% your hard earned money to Western Union when your family/friends need it more?
Email is to the Pony Express as Stellar (XLM) is to Western Union.
See? Cryptocurrency is a disruptive technology and will chance the banking/money transfer business as we know it today.
This Airdrop is a brilliant marketing strategy. With $25 worth of XML in your wallet, odds are you’ll figure out how to put it in a crypto wallet and send it to your intended recipients wallet. Once you’ve done it once, the subsequent times will be much, much easier.
What Does The Future HODL?
Read my article on Currency Extremism and find out!
Will private blockchains or side chain technologies beat out Bitcoin and Ethereum?
Who will be the winner? XLM, XRP, Ripple, Bitcoin, Lightning, Ethereum, ???
This is a story about my adventures with the Lightning Network, Banks, the Financial crisis of 2007–2008, Bitcoin and…
p.s. If you HODL that cryptocurrency and it goes up in value, then you’ll likely owe taxes on it. The IRS considers cryptocurrency taxable property.
Gaining Understanding and Confidence
It’s easy to get tripped up with questions about how cryptocurrency works.
I grew up with a mom that was intrigued with US economy, currency, gold and other investments.
I guess that’s why cryptocurrency (and blockchain technology) is so interesting to me.
I get to combine the rhetoric that I heard in my formative years with my education and professional experience.
I invested my time, energy and resources to develop a training course to help others “get it”.
That’s a big part of what my Cryptocurrencies Developers Class is about.
The first class is all about money (what it is, its history and relationship to digital currencies) and would serve as a good educational resource for those in finance and insurance professions.
The rest of the course is about how to leverage our understanding of money and blockchain technologies to build our own cryptocurrency.
Join me in class where we’ll:
- Distill facts from fiction
- Provide pertinent resources on a guided journey of learning
- Provide well structured lab assignments
- Provide starter projects (and completed solutions)
- Provide insightful visual presentations
- Provide a Certificate of Completion to attendees that finish the assignments
… and that’s just the 1st half of the course. In the 2nd half we cover the Ethereum blockchain.
I have condensed this class into an Immersive one week Master Class in Atlanta, GA.
Register now, while seats are still available at https://cryptocurrencies.developersclass.com/products/register
Hope to see you in class! — Lex Sheehan