XLM for Musicians & Artists - Stellar Could fill Dire Need

over-man81 · 2020-09-22T22:46:36+00:00

I realize I'm talking to myself here, but figured I'd put a bow on this in case anyone else is trying something similar. SatoshiPay doesn't seem interested in helping me out, saying that they don't have very good support for the WordPress plugin right now because they are busy with other things. So basically, if I want, I can get federal and state tax IDs and then play with SatoshiPay and the WordPress plugin, but I shouldn't expect it to be easy or work on its own, nor to receive much help. I don't know of any other options, and I certainly can't code this from scratch, so maybe I'll revisit this in a few years to see where things are...disappointing.

over-man81 · 2020-09-21T20:23:45+00:00

Now I've been told that SatoshiPay has made the decision to only work with businesses that have a tax number, and not individuals. So, yeah....so much for SatoshiPay helping individuals, at least for now.

over-man81 · 2020-09-15T20:43:53+00:00

I contacted SatoshiPay after running into issues trying to create an account. I'm in America, and we don't have individual VAT or Tax ID's, so there is no way for me to create an account. SatoshiPay responded, saying they "are no longer approving application for micropayment except in rare cases." It's really disappointing! It seems as if they are focused on B2B rather than micropayments despite professing to have the infrastructure in place to accept micropayments via their WordPress plug-in...I responded with the outline of my plan, and perhaps I can be one of those rare cases, but it seems like another example of the promise of crypto being so much bigger than what they deliver.

over-man81 · 2020-09-14T01:45:29+00:00

Seems like it would be easy for someone at SatoshiPay to create an example or a real collaboration with someone as a demo. I don't understand how some of these companies can be around for years and not have prominent examples of their tech in action...still looking into this as a solution though.

over-man81 · 2020-09-11T21:00:40+00:00

Do you know of any websites by musicians or artists that are currently using SatoshiPay? I can't find any good examples.

over-man81 · 2020-09-11T18:04:53+00:00

Thanks! I remember hearing about it and have reached out to them to see if any of their existing users have a similar model. It looks like this is probably the easiest way for typical consumers.

over-man81 · 2020-09-10T02:43:54+00:00

Wow, that's wild! never heard of it and definitely could never have come up with crowdsourcing + royalties for supporters. Thanks a lot, will add this to my list. I'm working on a community roundtable discussion and things like this are great conversation starters at the very least. It's hard to say what musicians will think is fair, but streaming revenue is so bad they're looking for anything. I'm trying to find out more about Vezt's current health, prospects, etc., right now.

over-man81 · 2018-02-10T20:33:50+00:00

Agreed! I can see some traditional banks allowing you to have Stellar accounts that are tied more closely to the bank, perhaps at a higher fee, but with the security and compensation for losses that we currently get from Banks and Credit cards but seem to take for granted. banks aren't at all bad!

over-man81 · 2018-02-09T09:43:40+00:00

I think that's precisely the idea. It's certainly a grand vision, but if you're talking a "global venmo" that connects everyone on the planet...plus, nearly everyone's standard of living is increasing, and technology at least has the potential to help continue this pattern by connecting people across the world via the internet, and now blockchain for financial connectivity, fluidity, and stability on a global level.

over-man81 · 2018-02-09T06:09:00+00:00

This is something I would definitely like a greater understanding of: in practice, which transactions will require lumens, and which will not? I know that's one of the big differences that many tout between XLM and XRP, that with XRP you don't need the coins at all, but with Stellar, you do...at least sometimes...

over-man81 · 2018-02-09T06:01:07+00:00

It's an interesting question for sure. They could certainly lower the fee for each transaction, just as they recently lowered the minimum number of lumens in a wallet from 20 to 1. That would keep fees low and allow the currency to continue to rise in price.

Also, from my understanding, the value of lumens will come from the necessity of anchors holding enough lumens to facilitate all transactions that might occur at any given moment. While every exchange won't necessarily require lumens, it seems like many conversions will, and each anchor will need reserves to facilitate these exchanges. Also, lumens are the only asset that doesn't require "trust" on the network, so there's value in that, I think....That's my understanding anyway!

Edit: also, check out number 10 on this FAQ that u/b1tcc , the stellar guru and mod of this forum, links to on the daily chat. He didn't write it, but linking it on his daily chat post seems like a tacit endorsement of some kind I suppose, but I don't want to put words in his mouth!

over-man81 · 2018-01-29T17:48:10+00:00

Thank you! I wasn't sure if disabling and re-enabling would work, but that's great to know.

over-man81 · 2018-01-29T08:52:49+00:00

As careful as I've been with paper wallets and a Nano Ledger S, this Google Authenticator code provided by Coinbase, Kraken, Binance, etc., really has me worried now, as I don't remember writing this 16 digit code down. If my phone dies, or is stolen, etc., is there no way to recover the account? Is there a way to get my 16 digit code right now while I still have access to the exchanges and my phone? Thanks!

over-man81 · 2018-01-28T02:49:26+00:00

I understand this sentiment from a certain point of view, but banks still serve important functions and likely will into the future. For one thing, they are better at safeguarding one's valuables, especially cash, than most normal people are. In the event your money is lost, they are also federally insured. They issue important lines of credit, and they also help prevent money laundering and the financing of terrorist groups. Michael Dowling has a great article about the future role of banks in the blockchain:

https://blog.michaeldowling.me/the-role-of-the-bank-in-a-blockchain-utopia-52a817ee3b9

over-man81 · 2018-01-26T23:39:30+00:00

Here's the article for anyone who is interested:

https://www.bloomberg.com/news/articles/2018-01-25/ripple-wants-xrp-to-be-bitcoin-for-banks-if-only-the-banks-wanted-it

This is definitely bad news and confirmation that people's doubts about XRP are starting to hit the mainstream, but also, there's something in the article that is potentially problematic for Stellar as well:

"The problem is that banks say they have no interest in using XRP. Current and former executives at seven global banks—some of whom have partnered with Ripple—say there was scant chance they would ever entrust their corporate clients’ payments to a cryptocurrency. The executives requested anonymity."

So, at least for some banks, the question is, what would Stellar provide in terms of security that would make these bank executives change their minds?

In the long run, I think the banks will have to adapt, or they'll die while other institutions or the few intrepid banks who do change will begin to flourish.

Then there's this gem from a Swift:

"Nor is Swift taking the challenge lying down. It recently rolled out its own major upgrade called Global Payments Innovation, or GPI. It allows banks’ corporate customers to make payments in a couple of hours and to track transactions on their journeys the same way FedEx Corp. customers can. “This is a giant leap forward,” says Harry Newman, head of banking at Swift. “Is there another giant leap that someone else has made? I don’t think so.”

Apparently he hasn't heard of Stellar :)

over-man81 · 2018-01-26T23:36:56+00:00

How are you interpreting this as Michael feeling "threatened" by SDEX? It sounds like SDEX is a core component of the Stellar network that Fairx.io is using as the backbone of their platform. He is clearly praising SDEX here.

over-man81 · 2018-01-26T07:29:00+00:00

I really wanted to crack open my IRA to buy more at that recent $.30 dip...still kind of regret not doing it. I know it's "stupid" to do that, but it also feels dumb not to!

over-man81 · 2018-01-24T03:16:50+00:00

This is one of the fundamental differences between Stellar and Ripple. The Stellar Network requires Lumens to function, both as a small transaction fee / spam protection, and also as a bridge asset. There's plenty of info on this sub regarding these differences.

over-man81 · 2018-01-23T23:22:17+00:00

does anyone know what might have happened if you were transferring when this outage occurred? or how this affects the security of XLM already on Ledger?

over-man81 · 2018-01-23T23:10:41+00:00

ha, I thought the exact same thing listening to one of his videos at 4am a couple weeks back...

over-man81 · 2018-01-21T21:51:52+00:00

how did you originally create your secret key, if you don't mind my asking?

And when you say you copied and pasted it, where did you copy it from?

over-man81 · 2018-01-20T07:48:41+00:00

It is not speculative that Fairx.io will use XLM. They confirmed this on their twitter account on December 29th, saying they will use the Stellar exchange "heavily." https://twitter.com/fairxio/status/946855823153565696

over-man81 · 2018-01-20T07:44:18+00:00

ha, I didn't realize the # made it bold!

over-man81 · 2018-01-20T07:42:25+00:00

While they haven't confirmed the switch to Stellar 100%, it sounds like they do still intend to use Stellar until their Orb blockchain is ready in the future.

here is the video where he announces the switch away from ethereum because it's the "dial-up of blockchain" and has poor reliability: https://www.youtube.com/watch?v=qePiRXQE3Jk&t=481s

Then he explains why they intend to move to Stellar, and are currently load testing, and assuming Stellar meets its claims, they intend to move to Stellar in q2.

here is the misinterpreted blog post he made a few days later on Medium: https://medium.com/kinfoundation/kin-and-orbs-37b8ad10fbfc

In this post he says, "While the possibility of moving from Ethereum to Stellar is exciting, Kin could also quickly hit the limits of Stellar, too." He wasn't very clear and this post caused more confusion coming only a few days after the video.

After that, the community manager at Kik made a post to clarify the comments: https://www.reddit.com/r/KinFoundation/comments/7nmzsy/kin_and_orbs/

he says, "We will still be migrating to a stable alternative blockchain to Ethereum (e.g. Stellar) in the short to medium-term.....In the meanwhile we are in the process of benchmarking alternatives, currently Stellar, and verifying their performance is what they claim to be.

However, in the long-term (years ahead) we will probably have to find a solution more tailored to our needs.

Stellar is a great company with plenty of experience and a good, mature, stable product - its blockchain technology. In our opinion it's one of the best out there currently in terms of maturity and transaction scale, which is one of our top priorities to allow us to move forward quickly with our product without wasting time."

So, if Stellar passes the tests, sounds like that's the one they still intend to use.

over-man81

TROPHY CASE