1. 10
  1.  

  2. 21

    does anyone else feel uncomfortable watching a security company so thoroughly embrace a get-rich-quick scheme?

    1. 7

      Frankly, I expect nothing less. An american company, their business being in centralizing decentralized data, their business model unclear, and now they’re trying to attract more users with make-believe money? Shocking /s

      I know I’m coming out as a catastrophic, and perhaps paranoic naysayer, but all sarcasm aside: what is Keybase really going for as a company? If altruism and the wellbeing of humanity is their operational objective, then what are their investors in for?

      Logically, if they’re trying to be a do-gooders and genuinely make people happy, then eventually they’ll be forced to monetize them somehow – either play the good guy and rely on donations Signal-style or find some way to make money off of their users directly. This could just be their way of doing that, hoping for an ethical revenue model that would actually sustain them.

      1. 3

        They don’t have that many unethical options given that everything is encrypted and open source. Still, I think they need some kind of clear funding model soon.

        1. 2

          everything is (…) open source

          Except the server: https://github.com/keybase/client/issues/6374

    2. 6

      I hadn’t even heard of this until I woke up this morning $20 richer. I’m guessing this will lower the value of Lumens, create a lot of fake Keybase accounts, and next month’s payout will be insignificant because of the dilution. But maybe after they disperse the 2 billion Lumens the value will skyrocket again. I’d be interested to see what will happen!

      1. 3

        I still feel like I don’t understand the Stellar model. The anchors can revoke your money, right? And who are the anchors?

        It all seems much more complicated than Bitcoin (although at least it isn’t predicated on burning resources.)

        1. 3

          What do I do with my Stellar Lumens?

          I would prefer to so something with software on my computer rather than pay some third party to do it. It’ll be a learning experience.

          Background: I’ve run bitcoind before and got everything working, right up to the point where I could offer a transaction onto the network and wait for someone to validate it. …Except, I didn’t have any BTC and couldn’t figure out how to get any without going through a third party and defeating the purpose.

          Can I convert my lumens to BTC? Ooh, can I make a ‘smart contract’ which automatically transfers my Lumens to any address someone provides, if and only if they transfer BTC to an address I name in the contract? Is that how this works at all?

          Thanks in advance!

          1. 2

            I’d be happy to go through rigmarole of setting up a wallet and donating the ones I got to a worthy cause (I opted out of the next drop). No Nazis, extropians, or bros need apply.

            1. 1

              PAH” or “Liberty in North Korea”, maybe? If not, there are still quite some other cases one can see as worthy, so I don’t see a reason not to choose one of them.

              1. 1

                Give it to your favorite open source project

              2. 1

                We love Stellar’s “path payments” system, where a person can send a token or currency to another user, magically transforming it to a different token in the process.

                Interesting. I guess this can make a good system for supply chain traceability or similar stuff.
                The idea has already been explored with other DLTs.

                1. 1

                  I’m intrigued that keybase’s creator, Chris Coyne, participated in a similar airdrop for another cryptocurrency that also piggybacked off a keybase/GitHub integration, Genesis. Further, Chris, aka malgorithms, seemed to be testing the user growth potential of Genesis by signing up, dumping his earned coins to an invalid address, and then referring 28 others. https://gist.github.com/c-darwin/a9a96a4eaae16c0d410f34e434594132. I wonder if he saw how quickly it generated new keybase signups and was inspired to do the same with Stellar.

                  1. 1

                    Their previous distribution, handled by blockchain.info, has been a disaster. Since then, a lot has happened which proved that the network isn’t actually decentralized. So… not care and move on?