And we are talking about a full fledged monetary system here with legal repercussions in terms of international law. With Bitcoin, no one was technically "responsible" for what folks did with Bitcoin. Will the Stellar organization be responsible for oversight and arbitration for any legal or financial fraud? And will the board BE held accountable or responsible for any systemic issues rising from speculation or any other activity?
"We" doesn't include people trying to make money off shitty pump-and-dump altcoins, unfortunately.
https://news.ycombinator.com/item?id=8116051
Ripple's XRP value plummeted after one of the founders of Ripple, and now founder of Steller, sold off his holdings within 2 weeks. I hope someone can explain to me how this is better than a decentralized variant?
- Stellar is a nonprofit. No one owns it. The board and advisors represent a diverse group of people in tech, finance, nonprofit and academia to encourage cross-pollination of ideas. The board is also required to expand to 5 members by year-end.
- Almost all the stellars will be given away for free (95%) because the goal is to educate and provide access to digital currency/financial services. This is really good for cryptocurrency as a whole because it provides access to a huge segment of the world that would not have access to digital currency otherwise.
This should all help the effort be open and transparent.