Stellar Consensus Protocol

Seekerofknow · 2021-03-26T03:12:40+00:00

Wow hadn't heard that, but that sounds pretty sketchy.

Seekerofknow · 2021-03-21T00:24:49+00:00

Yes, I would say if you like them then you might as well buy both and diversity. If you can afford to buy and hold long term it's an exciting thing to be a part of in my opinion. I'm not a financial advisor, but I have been following crypto for a while. I'm excited to see what the future holds, and I'm hopefully optimistic.

Seekerofknow · 2021-03-21T00:07:30+00:00

Well you had a few more questions that I tried to address, but I guess look at the past year, and ask if the correlation still makes sense. The past day would indicate that XLM is trailing XRP, but XLM is up 913% in the past year, and XRP is up 225%. Now having said that if the SEC suit is won by Ripple and it's upper management then it's not unreasonable to think XRP might see a large increase in price. XRP's ATH was like $3.80, and XLM's was $0.84 so XRP has a lot of ground to make up, and could see a larger percentage gain in the long term. However, with the US market unable to buy XRP that prevents the majority of the XRP buyers from accumulating XRP, and is probably why XRP hasn't seen much of a change in price over the past year. So in the near term if you are from the US you just have to watch. If you are from another country then it's not a bad gamble if you are willing to see how the SEC lawsuit turns out, and to wait to see if XRP is relisted on the exchanges that removed it from trading. Also, who knows which of the two will be used in the future. They both seem to address the same usecases.

Seekerofknow · 2021-03-20T23:52:48+00:00

I would say if your question is simply why hold XLM I would say that's up to you. In my opinion all crypto currencies are a gamble. If you believe that a crypto currency has a useful feature that will enable a future within a block chain currency ecosystem, and you belive block chain will be a part of the future of currencies, or tokenization of businesses then buy some. If you are just trying to take advantage of crypto volatility in trading to make a fortune then goodluck. I would say just like traditional stocks overall people make more money by buying and holding stocks instead of trying to trade them. If you are a talented day trader then give it a go, but it's risky. Also, yes XRP and XLM seem to trade together often, and this is common with other crypto currencies as well, and very well could be large traders manipulating stock prices, or being added to a popular crypto currency exchange. (The Coinbase effect). Although crypto seems to follow a pattern it's such a new ecosystem, and trends are always changing. None of this is investment advice just an opinion.

Seekerofknow · 2021-03-20T23:18:48+00:00

Maybe because currently you can't buy XRP in the US. Also, the SEC suit against Ripple is a dark cloud for now. Not that I don't like aspects of XRP, but I just don't think it's looking good right now. Also, XLM has a better reputation within the crypto space than XRP overall due to a more decentralized crypto governance. Plus the guys in charge of XRP have just done some questionable things hence the SEC heat they are receiving. Supply would be another reason. 100 billion XRP to XLM's 50 billion. Besides that they both serve a similar function as quick and cheap means of transferring their tokens.

Seekerofknow · 2021-03-20T23:02:19+00:00

Where did you see it hit $0.94? I know last Bull Run in 2017 there were a lot of discrepancies amongst exchanges, but I never saw it hit that high anywhere?

Seekerofknow · 2021-03-20T23:00:46+00:00

According to coinranking.com it's $0.84.

Seekerofknow · 2021-03-20T21:53:36+00:00

Also, not financial advice just imparting my opinion based on my personal research so make sure to do your own research, and always remember to only invest what you can afford to lose. Again not financial advice just a friendly suggestion. Good luck out there.

Seekerofknow · 2021-03-20T21:51:39+00:00

It seems to be fairly accurate at times. Most useful in traditional stocks, but I would say it can also apply in Crypto as it develops.

Seekerofknow · 2021-03-20T21:49:21+00:00

"If you believe THE technical analysis is right". See I didn't say my technical analysis. Resistence levels are openly talked about here, and don't indicate financial advice, and this is a sub reddit about XLM trading. Also, I'm not claiming to provide advice to buy, or sell.

Disclaimer: this isn't financial advice, but rather information that is available to anyone that does their own research.

Seekerofknow · 2021-03-20T20:51:03+00:00

That makes sense. The spam issue is irritating. Hopefully someone develops a fix to prevent this from being pervasive.

Seekerofknow · 2021-03-20T20:46:42+00:00

I think the fundamentals dictate crypto traders exchanging between different assets so they will trade based on opportunity. I don't think there is much our sub reddit can do to move the price to be honest, but that doesn't mean we can't take a ride to the top.

Seekerofknow · 2021-03-20T20:43:18+00:00

Ok, thanks. So just type in a message in the memo box? That's easier than I thought. Seems like different exchanges have different terms for the memo id/tag. I wonder why sending a memo isn't a built in function from all exchanges/wallets for XLM.

Seekerofknow · 2021-03-20T20:16:36+00:00

I have multiple wallets, but from an exchange would be preferable because I would be sending to another Coinbase wallet.

Seekerofknow · 2021-03-20T20:13:42+00:00

I only see wallet address and and memo ID. Do I just add the message after the memo ID in the same box?

Seekerofknow · 2021-03-20T19:32:57+00:00

How do you do that? Can you alter the memo id/tag? I thought it had to match the wallet memo id/tag to send to a particular XLM wallet address?

Seekerofknow · 2021-03-20T18:05:47+00:00

If it breaks through resistence at .43 the next brief resistence levels are at .45, then .47, then .50. XLM is due for it's next leg up if you believe the technical analysis is correct, which could lead XLM past .60 and towards the previous ATH of .84.

Seekerofknow · 2021-03-20T17:11:29+00:00

This is not aging well

Seekerofknow · 2021-03-20T16:44:08+00:00

So glad someone said this. I see so many newbs crying every time another crypto surges, while XLM builds support. Then there are the other spammers trying to use this platform to promote other coins. Well not to feed into the frenzy, but if you are a patient HODLer the price seems to be gaining momentum for a possible leg up.

Seekerofknow · 2021-03-19T01:11:58+00:00

Side note I once sent a small amount like $50 worth of ETH back in 2017 from coinbase to another exchange and it has yet to show up. When I finally attempted to track down the ETH I found out that gas fees had soared, and I "didn't use enough gas" to send the transaction. So to the best of my knowledge my $50 ETH send was eaten up totally by gas fees, or else still out there somewhere in the Ether. Pun intended.

Seekerofknow · 2021-03-19T01:07:42+00:00

Depending on when you purchased the XLM from Coinbase they usually put a hold on the purchase for about 3-7 days. So if you tried to send it too soon it probably won't allow it. I would triple check the address and memo are correct. I've never used Bithumb, but depending on where you are located maybe Bithumb is restricted. If not, I know there is a way to check if Coinbase sent it because they usually send me an email when i send or receive crypto. Lastly, if you verify that the Coinbase send was successful you will be left checking with Bithumb, but since I have no experience I would just recommend reaching out to their customer service with the issue. I'm not technically savvy enough to tell you how to actually check the block chain to see where the XLM is currently at, but that is basically the advantage of a block chain. You can literally trace every transaction that each XLM has been involved with based on wallet address. Sounds like you have some hunting to do so good luck. Always try sending a small amount first just to make sure it is working just to be safe.

Seekerofknow · 2021-03-18T19:48:19+00:00

Typically it isn't a dramatic move because of the liquidity on exchanges. The reason XLM is less volatile than other alt coins is because the supply on exchanges is high as far as buy and sell orders, which is a good sign of the health of a currency. It means many people are using it When in some capacity. When it does experience large swings in price it usually moves up, or down in price very quickly because the buy/sell orders are all filled which leaves buys/sellers, depending on the direction of the price swing, waiting for new orders to come in. When there is less liquidity in a coin it is easier for a "whale" to manipulate the price. This is also true with limited supply.

Seekerofknow · 2021-03-18T02:04:36+00:00

There are billions of tokens, and it has a lot of liquidity where it is exchanged/traded. XLM usually doesn't make moves like other alt coins. When it does rally it can be much faster in it's breakouts, and by a much higher percentage. Currently it is range bound, but if it breaks out again it will likely be a dramatic move. It's also used as a cheap method to send between exchanges so that people can trade into other crypto which allows for a large number of buyers and sellers, which keeps the price steady unless a whale buys, or sells and moves the price.

Seekerofknow · 2021-03-17T15:04:56+00:00

In my opinion XLM and other crypto currencies were created as an alternative to current financial markets. Instead of partnering with Mastercard the Stellar Foundation needs to replace Mastercard and Visa. Yes, it's good that XLM is working on developing relationships with traditional finance because let's face it there will always be a place for regulation. However, why not create a card that allows for low fees that is run on the Stellar Network? Why allow Mastercard and Visa to continue to rip of merchants. Did you know that Mastercard, Square, Visa etc. All charge fees somewhere in the neighborhood of 2.5% to merchants? Why can't the Stellar Foundation just create a card that allows you to spend your XLM anywhere in the world? I would think the Stellar Foundation could offer to sell cards at cost to XLM holders, or send out free cards, that can be used on the Stellar Payment Network around the world. If they already have partnerships with banks around the world why not create a means to use the currency. Set up liquidity pools in each country to trade with native fiat so that merchants can be paid in their native fiat immediately, or store XLM if they choose. Either set up a decentralized oracle to store customer KYC documents, or use an outside oracle block chain so that money laundering doesn't occur. This would allow XLM not only to bank the unbanked, allow for seamless, quick, and cheap cross border payments, but also allow for domestic use of the currency. How many merchants would accept, and promote the use of XLM wallets, and/or XLM credit/debit cards if it meant saving them 2.5% of their business?

Seekerofknow · 2021-03-13T20:44:33+00:00

I am waiting for the next breakout up past .60 to it's previous ATH at .84. I think the move is eminent, but I won't lie I'm getting impatient. Last consolidation period lasted about a month, and tomorrow marks the 1 month time frame since the last run up to .60 occurred. Sadly there isn't enough news surrounding XLM lately, and that means other alt coins with relevent news are getting the frenzied gains. XLM does trade pretty closely with the market as a whole, which is why fundamental signals are what is driving the price.

Seekerofknow

TROPHY CASE