Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on [email protected] for help. Thanks :)
Private profiles - please note that profiles marked as private will soon be public. This will facilitate moderation so mods can view users' warning histories. All of your posts across the site will appear on your profile page (including PI, RI). Groups posts will remain private except to users who have access to the same Groups as you. Thread here
Some important site news, please read here. Thanks!

I have Stellar Lumens, what do I do with them?

  • 07-12-2017 9:19am
    #1
    Closed Accounts Posts: 10,375 ✭✭✭✭ kunst nugget


    Okay, so I have about 900 of these and with the surge in price this week I'm wondering what to do with them. How do I sell them on our trade for different currencies if l so desire. I'm completely clueless about all of this. I only have 2 keys from Stellar in relation to this. I've no wallets or anything and I'm even unsure how to set them up or what sites are reputable.


«1

Comments

  • Registered Users Posts: 1,356 ✭✭✭ stooge
    Registered User


    I would hold them. but if you are intent on trading open up an account with an exchange e.g. Kraken/Bittrex etc. Then you will need to transfer what you have to the exchange (should be easy enough). Then trade into bitcoin or fiat or whatever your choice may be.


  • Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ ToxicPaddy
    Baaanaaaanaaaaa


    Okay, so I have about 900 of these and with the surge in price this week I'm wondering what to do with them. How do I sell them on our trade for different currencies if l so desire. I'm completely clueless about all of this. I only have 2 keys from Stellar in relation to this. I've no wallets or anything and I'm even unsure how to set them up or what sites are reputable.

    I'd happily buy some off you if you're interested.

    Might be worth hanging on to a few also.


  • Closed Accounts Posts: 10,375 ✭✭✭✭ kunst nugget


    I didn't do anything with them beyond putting them in a wallet in the end. Thankfully.


  • Hosted Moderators Posts: 9,745 ✭✭✭ mik_da_man
    Hosted Moderator


    Yeah - Shooting up today... 75c now


  • Registered Users Posts: 822 johnty56
    Registered User


    Are Karaken and Bitrex still the best way to turn these into cash?

    How does it then work? ALl I have is the two keys.. really not sure how to progress beyond this!
    Any advice would be appreciated:)


  • Advertisement
  • Registered Users Posts: 29 ✭✭✭ CryptoMad
    Registered User


    How did you obtain these in the first place?


  • Registered Users Posts: 1,234 ✭✭✭ Mr Bloat
    Registered User


    johnty56 wrote: »
    Are Karaken and Bitrex still the best way to turn these into cash?

    How does it then work? ALl I have is the two keys.. really not sure how to progress beyond this!
    Any advice would be appreciated:)

    Create an account on Kraken and get verified up to Tier 2
    When verified, go to Funding and then Deposit
    Click on Lumen (XLM) on the list of currencies and click Yes, I acknowledge.
    You will then see your deposit address and memo number. You'll need to copy and paste both of these later, I recommend you copy and paste them, don't type them out.

    Next go to the Stellar Account Viewer website and sign in.
    You should see the option to Send Lumens
    Paste your Kraken deposit address into the To field of the Send Lumens page
    Enter an amount to send (I advise picking a very small amount to send to begin with, so that you can see if it works)
    Click on the Add memo link on the same page and paste the Memo number from the Kraken deposit page.
    Click Send Lumens and wait for them to show up in Kraken.
    If your test amount arrives ok, you can then repeat the above to send larger amounts. You will always use the same deposit address and memo number.

    Once all of it is in Kraken, select XLM/EUR from the dropdown box on the top left of the screen. Click into the trade tab and select New Order.
    Sell your XLM for Euro here.

    Finally click Funding again, click Withdraw, select Eur from the currency list, add a bank account to withdraw to.

    Cha-ching! Party! :)


  • Moderators, Society & Culture Moderators Posts: 15,424 Mod ✭✭✭✭ smacl
    Moderator


    johnty56 wrote: »
    Are Karaken and Bitrex still the best way to turn these into cash?

    How does it then work? ALl I have is the two keys.. really not sure how to progress beyond this!
    Any advice would be appreciated:)

    Set up an account on an exchange such as Kraken that supports FIAT (e.g. Euros) and XLM. This will normally take a few days at least to get verified and involve passport photos and the like. One you've got the account you can use the Steller account viewer in conjunction with your keys to transfer your XLM to your exchange account. You then sell the XLM for cash and use a SEPA transfer to get it into your bank account. Or convert to BTC or whatever.

    There are loads of ways to make a mess of this, so get the account set up and try sending a very small amount first to check you've sussed how to do it properly. Under no circumstances give your private keys to anyone.

    Personally I'd hang on to the XLM a bit longer, currently have a small amount myself and reckon they could do well in the medium to long term.

    Edit: Beaten to it!


  • Registered Users Posts: 29 ✭✭✭ CryptoMad
    Registered User


    I would not recommend Kraken, it’s a joke.

    Set up an account with Binance and CoinBase and then search YouTube for tutorials.


  • Moderators, Society & Culture Moderators Posts: 15,424 Mod ✭✭✭✭ smacl
    Moderator


    CryptoMad wrote: »
    I would not recommend Kraken, it’s a joke.

    Set up an account with Binance and CoinBase and then search YouTube for tutorials.

    I've been using it for the past few months and found it fine since the upgrade. Far easier than going through multiple exchanges and coins to cash out.


  • Advertisement
  • Moderators, Society & Culture Moderators Posts: 15,607 Mod ✭✭✭✭ Manic Moran
    Moderator


    smacl wrote: »
    I've been using it for the past few months and found it fine since the upgrade. Far easier than going through multiple exchanges and coins to cash out.

    This. I've been with Kraken over a year, and the period a couple of months ago was horrible. However, everthing seems to be working quite well right now, and I've had no issues either sending or receiving dollars or Euro through them.


  • Registered Users Posts: 1,102 ✭✭✭ TheSheriff
    Registered User


    CryptoMad wrote: »
    I would not recommend Kraken, it’s a joke.

    Set up an account with Binance and CoinBase and then search YouTube for tutorials.

    Since they've upgraded, I actually think Kraken is one of the better exchanges. Much easier in terms of Euro/Crypto pairings on offer


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 59,967 Mod ✭✭✭✭ Tar.Aldarion
    /flails limbs


    Kraken is fairly perfect now after the upgrades.


  • Registered Users Posts: 2,263 ✭✭✭ garrettod
    Registered User


    Hi,

    Once bitten, twice shy, might apply here when it comes to Kraken !

    Kraken made a complete mess of the upgrade, but an even bigger mess of how they handled their customers legitimate concerns, during the period when they were having problems upgrading their website.

    What's worse, is they continue to only provide customer support by email.

    Then there's the lack of a mobile phone app etc.

    I would be very slow to use them again tbh.

    Thanks,

    G.



  • Moderators, Society & Culture Moderators Posts: 15,424 Mod ✭✭✭✭ smacl
    Moderator


    The extended outage during the upgrade was painful, as was the quality of service prior to the upgrade, but that seems past at this point. In terms of support, have you had a significantly better experience elsewhere? I've found coinbase expensive and limited, so no real use without another exchange. I don't drive, hence can't get verified on gdax. I like and use binance, but no FIAT means I need to use another exchange. So all in all, Kraken is my first choice for the coins it supports.


  • Registered Users Posts: 282 ✭✭ mickzer
    Registered User


    Add info
    Mr Bloat wrote: »
    Create an account on Kraken and get verified up to Tier 2
    When verified, go to Funding and then Deposit
    Click on Lumen (XLM) on the list of currencies and click Yes, I acknowledge.
    You will then see your deposit address and memo number. You'll need to copy and paste both of these later, I recommend you copy and paste them, don't type them out.

    Next go to the Stellar Account Viewer website and sign in.
    You should see the option to Send Lumens
    Paste your Kraken deposit address into the To field of the Send Lumens page
    Enter an amount to send (I advise picking a very small amount to send to begin with, so that you can see if it works)
    Click on the Add memo link on the same page and paste the Memo number from the Kraken deposit page.
    Click Send Lumens and wait for them to show up in Kraken.
    If your test amount arrives ok, you can then repeat the above to send larger amounts. You will always use the same deposit address and memo number.

    Once all of it is in Kraken, select XLM/EUR from the dropdown box on the top left of the screen. Click into the trade tab and select New Order.
    Sell your XLM for Euro here.

    Finally click Funding again, click Withdraw, select Eur from the currency list, add a bank account to withdraw to.

    Cha-ching! Party! :)

    Is it possible to transfer as above but from Binance to Kraken? I'm already Tier 2 verified.Dummies guide, please.
    Edit: Yes it is possible. I had tried before posting but it said there was a problem with the address....seems it hadn't copied and pasted correctly.Tried it again and it went through no problem. Takes about 10 mins. overall.


  • Registered Users Posts: 1,250 ✭✭✭ JamesReeves
    Registered User


    So I managed to finally get rid of my lumens today for a nice euro balance which has been transferred to paypal


  • Banned (with Prison Access) Posts: 186 ✭✭ Kickstart1.3
    Banned


    Sold mine too.
    Got the feeling we are years away from any real value from the stellar network even with IBM onboard. Which might have little or no effect on the lumen price after as it does not depend on them just the network.
    Having said that, they are still a better long term bet than most of the other Altcoins. Most of them are rubbish shills


  • Registered Users Posts: 2,649 ✭✭✭ Whelo79
    Registered User


    as it does not depend on them just the network.

    I'm not disagreeing with the rest of your post but IBM have made it very clear that every single transaction carried out through their World Wire network will utilise XLM.


  • Banned (with Prison Access) Posts: 186 ✭✭ Kickstart1.3
    Banned


    Whelo79 wrote: »
    I'm not disagreeing with the rest of your post but IBM have made it very clear that every single transaction carried out through their World Wire network will utilise XLM.

    At the start they will use Lumens but I didn't see where they stated to use Lumens exclusively in the future.


  • Advertisement
  • Registered Users Posts: 2,649 ✭✭✭ Whelo79
    Registered User


    At the start they will use Lumens but I didn't see where they stated to use Lumens exclusively in the future.

    Their whole system is built on the Stellar network. Lumens will be involved in every single transaction either as a bridge or settlement. This has been made absolutely clear by IBM being question.


  • Banned (with Prison Access) Posts: 186 ✭✭ Kickstart1.3
    Banned


    Whelo79 wrote: »
    Their whole system is built on the Stellar network. Lumens will be involved in every single transaction either as a bridge or settlement. This has been made absolutely clear by IBM being question.
    I wasn't sure about this. My main gripe at the moment is the price is still linked to Bitcoin. When Bitcoin sneezes the Altcoins get anything from the Flu to the Septicemic plague!
    But I am positive on stellar lumens, we will probably get to $1 Lumens and wish we had loaded up, but it will take time


  • Closed Accounts Posts: 4,791 JJJJNR


    What's wrong with lumens seems to be a great price to accumulate now at 11c.


  • Registered Users Posts: 1,458 ✭✭✭ Tinder Surprise
    Registered User


    JJJJNR wrote: »
    What's wrong with lumens seems to be a great price to accumulate now at 11c.

    7c was even better :( *

    *missed that boat


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    Swing trade the BTC ratio, no? Odds of a modest 10% gain eventually seem more likely than a loss if the ratio keeps swinging the way it has.
    Just made that bet anyway, I'll see how it pans out over the next few weeks and pray the BTC/ETH ratio doesn't change by 10% in ETH's favour in the same timeframe.


  • Closed Accounts Posts: 4,791 JJJJNR


    Waiting for it to come back down to .1116 I'd say there's a bit of an upward trend to go up to August.


  • Registered Users Posts: 2,723 ✭✭✭ stockshares
    Registered User


    German security Token issued .It links to a Bond and pays 8% per annum. Its going to run on Stellars Network.

    It might help Stellars price

    Its around the 3rd article in the cryptocompare newsletter
    https://www.cryptocompare.com/email-updates/daily/2019/apr/10/

    "In order to provide the best possible experience, Germany's first security token will be issued on the Stellar blockchain. With a processing capacity of over 1,000 transactions per second, transaction costs at a fraction of a cent, a built in decentralized exchange and a global network of active partners using the platform, Stellar is one of the most efficient blockchains for payment processing and token issuance."


  • Banned (with Prison Access) Posts: 186 ✭✭ Kickstart1.3
    Banned


    Nestle-carrefour work with ibms blockchain stellar xlm


    At last we are starting to see real world uses for blockchain. Looks like Stellar Lumens are doing what Ethereum keeps failing to do


  • Registered Users Posts: 1,458 ✭✭✭ Tinder Surprise
    Registered User


    Nestle-carrefour work with ibms blockchain stellar xlm


    At last we are starting to see real world uses for blockchain. Looks like Stellar Lumens are doing what Ethereum keeps failing to do
    Though there is no direct link to Stellar Lumens (XLM), a post by one of IBM’s blockchain strategy consultants on LinkedIn and IBM’s World Wire, the latter of which makes use of Stellar. With the increasing interest in applying blockchain to food supply chains for the purposes of verifying authenticity, should more companies make use of IBM’s blockchain enterprises like Food Trust, the future could bode very well for the XLM token.

    I need help with the above - either it is, or it is not good for XLM?


  • Advertisement
  • Banned (with Prison Access) Posts: 186 ✭✭ Kickstart1.3
    Banned


    I need help with the above - either it is, or it is not good for XLM?

    Its good, its really good!
    Think of it this way,
    To buy a €2 cup of Bewleys coffee you would use Euros as the means of settlement of the transaction. Bewleys has no connection or real input to the value of the Euro yet it is what is used and trusted
    Likewise Lumens will have no connection to the transaction its being used for other than as a settlement medium. The more it gets used, the more it gets trusted. Once its trusted and used commonplace would you be bothered if you had 1000 Lumens in your digital wallet or would you be in a mad panic to convert them to Euros?

    Do yourself a favor and get a few Lumens for yourself


Advertisement