Why is stellar selling so high? there are billions of coins
Speculation driven by people who do not understand Stellar and have not researched Jed McCaleb.
Stellar is not much more than a fork of Ripple, lifted to relevance via disingenuous marketing. Check the commit history. Although Stellar is trying to position itself as an anti-Ripple, it really just seems to be a classic Jed McCaleb fuck-everyone-else venture. 2% of all STR were already given to a non-crypto payments provider, founder allocations exist, and Jed has gone hostile on the grassroots Ripple community. It is a money grab.
Jed is brilliant at identifying unregulated and legally ambiguous areas to setup shop, then escaping before the fallout hits. I will give him that. Anyone involved with him is walking collateral damage.
Here is a classic Jed quote on Bitcoin (2011 I think):
Quote
I can’t believe one of these guys with 100k+ coins (which there are several I’m sure) hasn’t decided ‘you know what, I could use half a million dollars,’ and cash out. The market is so thin that only one can do it. So after that the price will smacked way the hell back down. It is like a game of chicken to see who will bolt first.
Stellar community warning: Jed threatened the Ripple grassroots community with that exact scenario. Users responded, sold in a panic, and some ended up losing a lot of money. Leaked communications suggest he was making explicit fire sale threats at a board level. Scum: not responding to questions from the community, prefacing his impending sale threat announcement with gratuitous mention of his charitable givings, and then coming back to try to pull users to his super-secret-does-not-actually-have-anything-to-do-with-bitcoin-project after presenting them with his Ripple doomsday scenario.
Jed did not create the underlying community focused Ripple vision. Credit is due to Ryan Fugger, whose name appears nowhere on stellar.org. Likewise, the vast majority of code was not authored by Jed---check the commit history. Check his forum activity to get an idea of the depth of his previous community involvement, and then compare it to someone who has actually worked on making Ripple and its community a success like David Schwartz.
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