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

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.

stooge

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.

ToxicPaddy

kunst nugget wrote: »

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.

kunst nugget

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

mik_da_man

Yeah - Shooting up today... 75c now

johnty56

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:)

CryptoMad

How did you obtain these in the first place?

Mr Bloat

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!

smacl

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!

CryptoMad

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

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

smacl

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.

Manic Moran

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.

TheSheriff

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

Tar.Aldarion

Kraken is fairly perfect now after the upgrades.

garrettod

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.

smacl

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.

mickzer

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.

JamesReeves

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

Kickstart1.3

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

Whelo79

Kickstart1.3 wrote: »

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.

Kickstart1.3

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.

Whelo79

Kickstart1.3 wrote: »

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.

Kickstart1.3

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

JJJJNR

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

Tinder Surprise

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

grindle

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.

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.

stockshares

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."

Kickstart1.3

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

Tinder Surprise

Kickstart1.3 wrote: »

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?

Kickstart1.3

Tinder Surprise wrote: »

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

JJJJNR

BUY ALL THE COINS.

nafisjedriel

I didn't do anything with them Onlinesbi TutuApp aadhar card Are Karaken and Bitrex still the best way to turn these into cash?

grindle

nafisjedriel wrote: »

I didn't do anything with them Are Karaken and Bitrex still the best way to turn these into cash?

Kraken is, I'm not aware of Bittrex being an off-ramp for cash.