I acquired some Stellar (XLM) this time last year through the Coinbase 'learn' promotion - through which you earn some of the token for simply watching videos about it.
I was happy enough to pick up some new coin at the time for very little effort, but a year on, having finally gotten around to researching Stellar Lumens a bit more, I kind of get why it's a top 20 crypto by market cap...
Its functionality is basically down to it's synergy with FIAT (it's a Ripple fork) and the extremely low TX fees - it actually has a genuine use case beyond making you more money!
What is Stellar? The Basics
The main function of the Stellar network is to allow for fast and cheap transactions of crypt and fiat assets (It's advertised as 'crypto adjacent' and is a fork of XRP), and it's also (apparently) easy to create versions of any type of token on the XLM network.
It's a proof of work blockchain and Stellar Lumens are used to secure the network and for transactions fees, which are incredibly low, the lowest of all cryptos I believe.
The means whereby you can hold and transfer FIAT is by buying a 'stellar version' of, for example the dollar', and holding or transferring that on the network.
The extremely low TX fees make it a great token for transferring small sums of money, so it's a useful token to help 'bank the unbanked' and for making micro payments
40% of tokens currently in circulation
There is a total supply of 50 billion XLM, 20 billion of which are in circulation with 30 billion being controlled by the Stellar Development Foundation which funds development on the network with that fund.
Users of the network can vote on which projects get funded.
I like a coin with a hard cap on the total supply!
There doesn't seem to be too much going on on Stellar
Looking at the block explorer, there are < 10 000 active accounts in a day, far less than Hive for example, and very few case studies of projects being developed - I clicked on one case study showcased on Stellar's website and all I got was a video with a guy banging on about what they're developing, and found the cheesy 'promotional' style a bit 2017 TBH.
Final thoughts - XLM: worth buying?
I guess this is basically a competitor for Ripple, as it aims to work with the fiat system rather than replace it, and Ripple has seen a lot of controversy yet also positive price action, which suggests there could be upward price potential in this coin.
I also like the fact that it's good for micropayments, I'm a fan of anything which helps 'bank the unbanked', and the hard cap on the total supply of tokens is a positive too.
And I quite like the ability to 'mint' versions of FIAT currencies and the ability to send these for next to nothing - low TX fees are a real bonus.
However, I do find the relative lack of development (not much done since 2017 IMO) and lack of specific case studies which utilise XLM are a disappointment, which puts me off buying more of the coin!
XLM isn't an absolute NO for me when it comes to buying more, but I just don't find the project that exciting or even interesting!
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I had some via the Keybase airdrop (that did not go as planned), but I think I have sold just about all of it. I couldn't see any utility in keeping it and I was about to buy more STEEM (at the time). Despite your opinion it ranks 16th. You really have to wonder why HIVE is so low on the charts.
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I really DO wonder why Hive is so low! Or rather I wonder why so many people just sell it off without a second thought!
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HIVE recovered a little today when others were down. It caught up with STEEM recently and then dropped again. We need people to power up.
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BEER.ENGAGEtokens.I find the token very useful for when I need to send crypto because of how cheap it is. I'm not sure what the value may end up being, it's functionality seems more or less unaffected by it's price honestly
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Hmm well yes I have noticed that functionality has nothing to do with the price - UNLESS that function is to make you even more money in a the DEFI punt-coin battles.
LOL well I suppose a function of any investment is to make money in some way, you may be right here. It just feels to me like tokens like XRP and XLM will eventually find themselves pegged at a certain value because their function could be completed without price ever factoring in
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Yes it's an interesting one - like shooting yourself in the foot on that one!
If Doge has some motion
XLM could be next.
Lately it has been quiet
Over their blockchain but worth
Noticing.
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How come, I wasn't aware the two were related, isn't the Doge pump just billionnaires having a laugh>?
I did the same on the Coinbase Learn things, still got my XLM (I think!)
Got about $20 worth. Might be worth expanding more since I basically only really hold Hive because it’s so easy to use/transfer/earn. Be god to have some other tokens in a bit more volume.
I keep thinking that about any coin that has as it's USP 'cheap transfer fees' - when Hive is free!
I'm probably going to hang on to mine, anything can happen!
This project personally has been a constant headache for me and it is not because it is bad on the contrary it is quite good, I think it is due more to a ghost which haunts me and I cannot forget that moment around 2017 when My wife, without knowing anything about cryptocurrencies, tells me that it was a good idea to buy the equivalent of $ 100 at that time in XLM, you just have to go back to the coinmarketcap and you will see the absurdity of its price in 2017 and you will know where that thorn comes from that I still do not know. I have been able to get out of that project!
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I wouldn't search too much for fundamentals during this bull market. We're still far away from that type of mentality. Speculation, hype and charts are driving prices up.
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I keep it as part of my portfolio for the following reasons
I don't like to trade it much as the inflation on how many coins get printed every day doesn't have the scarcity factor I like for appreciation. I will hodl and slowly add handfuls to my stack in dips though.
Yes I probably won't sell but 'storied' is an interesting choice of work - there doesn't seem to be that much evidence of actual activity to back up the idea that it's going to realise its potential!
I have some, but will likely dump if it ever gets to $1.
Is that an arbitrary figure picked out of thin air or an arbitrary figure based on some kind of 'technical analysis'?