[2019-10-05] 55 billion token burn sends Stellar Lumens (XLM) price soaring

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: Bitcoin_Mafia_Me on November 05, 2019, 05:53:50 PM

I'm not sure how I feel about this. Is SDF doing this because they truly don't feel they need so many XLM or are they doing it to drive up prices?

Could be both to be honest, following there press review and what they've been saying publicly, it looks like it's mostly like them wanting to change the supply due to a more robust and willing community, so, therefore, they don't need 50 billion stellar for giveaways.

But, just looking at their last year of activity, it hasn't been good. From around last December, it was around 0.25 USD, and now it's 0.06 (before the burning), and now 0.008, so quite the steep flaw from grace.

hello_good_sir

hero member

Activity: 1008

Merit: 531

Jesus. That's half their fucking token supply, one way to pump a market, that's for sure.

I think the devs have a good mindset, and I understand their reasons why they choose to decimate their coin - it's a massive show of strength and really makes their community a lot more tight-nit.

I like it. Bold move, but it looks like they know what they are doing. Stellar is flying up the price charts now, that's for sure.

error08

hero member

Activity: 1036

Merit: 514

Ahhh, so that was the reason why the xlm price suddenly increases yesterday.
Stellar lumens has its great days in the past, but as Dixon said the network and the community has changed since the early days of development. Many competitors have the same problem but the famous one such as ethereum still hold the most choices altcoin. Nevertheless, xlm has more advantages compared to eth in terms of transaction protocol.

Nb; this thread doesn't belong to this pressboard, you have to move it to the altcoins section.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: Bitcoin_Mafia_Me on November 05, 2019, 05:53:50 PM

I'm not sure how I feel about this. Is SDF doing this because they truly don't feel they need so many XLM or are they doing
it to drive up prices?

The people behind Stellar Lumens finally realized that having spectacular many billions of coin supply is not helping the platform in any way. Driving up the price is, of course, part of the many reasons why they burned more than half of the available coins. Still, 50 billion coins remains a lot but already at a manageable and growth stage level. I am hoping that the Stellar Lumens team would be active in gaining partnerships with other organizations that can be helping it gain more exposure and adoption.

Stellar Lumens has a good potential to be changing the face of the remittance and micro-payment sectors. Stellar is primarily a distributed payments network that is meant to provide a fast, secure and inexpensive cross-border payments solution. It can also be used to issue your own tokens, and as an ICO platform is considerably easier to use when compared with Ethereum. I know they can compete well with its direct competitors in the cryptocurrency industry.

Bitcoin_Mafia_Me

sr. member

Activity: 560

Merit: 252

BitcoinerX.com - PM for Ad Info

I'm not sure how I feel about this. Is SDF doing this because they truly don't feel they need so many XLM or are they doing
it to drive up prices?

The Stellar Development Foundation (SDF) has burned over half of its total token supply of Lumens (XLM), sending prices
soaring more than 26 percent in less than an hour.

Speaking at Stellar’s inaugural Meridian conference in Mexico City on Monday, SDF Executive Director and CEO Danelle Dixon
announced the XLM token burn.

Read full article: https://micky.com.au/55-billion-token-burn-sends-stellar-lumens-xlm-price-soaring/

Topic: [2019-10-05] 55 billion token burn sends Stellar Lumens (XLM) price soaring (Read 109 times)