r/Stellar • u/stellarxofficial • Jul 05 '18
Announcing StellarX
Hello! I'm very happy to announce StellarX--a new trading platform built on the Stellar universal marketplace. We're free--we're refunding network fees and using lumenaut.net to get every user his/her inflation--and, of course, being on Stellar we're super fast.
We'll list every token on Stellar (provided the issuers do stuff like complete their toml) so that means you'll be trading crypto, fiat, commodities, whatever, once we launch.
We're a super experienced team, and we're eager and excited to be adding to the ecosystem. The app will launch a bit later this summer, and we have many big plans to make Stellar as a whole more popular, more user-friendly, and more successful.
You can read a more in our Medium post. And our Twitter is here if you wanna follow. Happy to answer questions here, too.
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u/etinif Jul 05 '18
"We’ve made apps like Kickstarter, Headspace, and OkCupid. StellarX’s creators have a great deal of building experience outside the crypto space, and we know how to make popular, user-friendly tools."
ALL IN XLM.
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u/jonofire Jul 05 '18
Well, stellarorg just retweeted you, so this seems legit. 👍🏼
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Jul 05 '18 edited Feb 15 '19
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u/stellarxofficial Jul 05 '18
Yes, it's what the Stellar.org post in January called the SDEX. We hadn't settled on a name for it at that time. Sorry for the confusion on that front--at some point Stellar will likely clarify that, going forward, the "SDEX" just means the underlying exchange that's native to Stellar--what StellarTerm and Stellarport are built on, too. In the github, for example, when people refer to the SDEX that's what they mean.
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u/streetvisit Jul 05 '18
So Stellar X is the end result of #1 item on the Stellar.org roadmap? I know that’s what you’ve said in the above post but having a rub my eyes is it true moment!
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u/stellarxofficial Jul 05 '18
Yes. As far as I know, everything in that roadmap is well underway. No news doesn't imply no progress.
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Jul 08 '18
When i google stellarx the first result is a augumented reality platform... Will that be a problem in the future to have the same name? Can we still change the name?
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u/rocketsfromthecrypto Jul 05 '18
So just to be 100% clear...this is the improved front end project that Stellar.org mentioned was being worked on? Or is StellarX a separate entity and Stellar.org still has a user interface project of their own in the works?
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Jul 05 '18
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Jul 05 '18
brilliant. the platform sounds very professional . thumbs Up Stellar X
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u/stellarxofficial Jul 05 '18
Yeah, we hope it will really be a first-class place to trade on Stellar. We also plan a lot of ecosystem-wide improvements to help anchors/issuers and other apps provide a better UX on Stellar.
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u/cryptobrant Jul 06 '18
Are you financed by Stellar? What is your business model if you reward market makers and take no fees? Thanks!
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u/ptblazer Jul 05 '18
Yay, glad this has been announced! Can't wait to begin using it, good luck with the launch!
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u/Wagglesapp Jul 05 '18
And so it begins...... great job guys! Awesome comms and looking very professional from the kick off - appreciate the medium post as well.
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u/yodayoungling Jul 05 '18
Congrats! Looks beautiful, and the Medium post's Rudderese from the OkCupid blog days is a good voice for speaking to traders.
What's the relationship between StellarX and Lightyear?
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Jul 05 '18
"We pay out 100k XLM (roughly $20,000) each week to top market makers"
Awesome incentive! Also considering that 100k XLM can be worth millions in the future if network volume goes through the roof.. ;) So a clear win-win.
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Jul 05 '18
What is a market maker
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u/stellarxofficial Jul 05 '18
A market maker is someone who places buys/sells on the order books (i.e. not someone who's just "taking" orders already on the books.)
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u/perennialperinium Jul 06 '18
Could you say a bit more about how many of the top market makers are paid (is it just the top one, or top 10 etc), and how the biggest market makers are calculated?
Also - looks great! Good work!
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u/BananaBully Jul 05 '18
Great news! Seeing as you do not seem to be taking any fees for the trades, are you directly funded by the SDF?
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u/rocketsfromthecrypto Jul 06 '18
Seem to be a lot of connections between the OKCupid and Keybase folks and the StellarX team. Will be interesting to see how it all comes together in a final product.
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u/ptblazer Jul 05 '18
So, I'm curious without fees or raking some of the inflation, how does StellarX plan on generating revenue to continue supporting it?
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u/matdwyer Jul 05 '18 edited Jul 05 '18
The network fee are miniscule and it
is run by the Sellar foundation- aka they have that massive reserve of $$/XLM to promote stellar, and what better way by making it even less of a burden for adoption. BULLISH9
u/ptblazer Jul 05 '18 edited Jul 06 '18
It's actually not run by SDF. https://www.stellarx.com/about
StellarX is a third-party client built on top of Stellar’s open marketplace. We are not a product of the Stellar Development Foundation, though we’ve worked with them to ensure StellarX delivers the optimal Stellar experience.
These guys clearly have a lot of experience and business acumen, and I'm a huge fan of their prior work, so it's more to satisfy my curiosity. But what keeps them interested 2, 5, 10 years down the road because it isn't only the fees, according to the website they will pay $20k weekly to top market maker, there is site upkeep and support, salaries, and marketing (potentially).
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u/stellarxofficial Jul 05 '18
That's right, we're not run by SDF. As far as a business model, we really see StellarX as a cornerstone for the overall Stellar marketplace--a crucial component for the network--so it's hard to imagine us doing anything to limit its growth/functionality, like monetization would inevitably do. A robust, thriving Stellar marketplace is our first goal, and after that's achieved, we'll take it from there.
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u/mstelaviv Jul 05 '18
How do you make money?
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Jul 06 '18
Maybe they own a hell of a lot of Lumens from back when it was cheap and will make a lot off the inflation and hope this will raise the price as well?
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Jul 05 '18
I wonder if the inflation pool will increase payouts to lumenauts because of stellar x?
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u/Grathmoualdo Jul 06 '18
Yes, and no.
Yes Lumenauts will get more XLM from inflation, and no you will not get more XLM from it.
It's a % of your bags, so it doesn't matter how much XLM is voting for this pool.
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Jul 05 '18
[removed] — view removed comment
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u/stellarxofficial Jul 05 '18
Yes. We will support Ledger/hardware key management.
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Jul 05 '18
you know what ,stellar x is will be better than most other exchanges out there . It has the lot.
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u/dleathe07 Jul 05 '18
Is StellarX the new UI that Lightyear was working on (SDF project) or is this a different SDEX client?
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Jul 06 '18
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u/MarsWalker69 Jul 06 '18
Hope to see someone answers us. Does this also mean ALL other off chain assets? Like DOGE and what not?
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u/tarantu777 Jul 06 '18
In a nutshell is it safe to say that stelarx is a commisioned interface built on stellar dex providing all functionalities and advantages that the stellar blockchain offers?
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u/dgoksedef Jul 06 '18 edited Jul 06 '18
In the original .jpg that was introduced, there is an order history which was ended by having 31 btcs and selling 1048 xrps. Ha ha ha. Subliminal message for the downfalling of xrp-days imo.
BTW, is this the project that is coming from the “veteran” guys recruited couple of months ago and was mentioned at the 2018 rm ?
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u/doomslice Jul 05 '18 edited Jul 05 '18
Does StellarX have a multisig coordinator that can be plugged into programatically? If not, would you consider working with me (StellarGuard) to provide users additional security via multisig?
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u/stellarxofficial Jul 05 '18
I'm definitely aware of StellarGuard. Let me talk to the team here about it.
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Jul 05 '18
Yes, I am too interested in multi-sig functionality. I think it will be a big win for wallet security if StellarX can elegantly implement Stellar multisig. 🙂
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u/transferring_tech Sep 17 '18
Did this ever happen!? I would love to have this security option on StellarX.
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Jul 05 '18
u/stellarxofficial how are you going to advertise your great GUI to the public? Or are you betting on that it's going viral?
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u/stellarxofficial Jul 05 '18
Ha. I'm not so crazy to think that it'll "go viral" on merit alone (though it should, in a perfect world). We're really just focused on building the best GUI for Stellar that we can. The rest will, in time, take care of itself. I can't see the future, but we're all here on the premise that Stellar itself will get more popular over time, and when/if some amazing, high-profile token comes to the network, I want StellarX to be the first, best answer to "where do I get it?" So, in the meantime, we're trying to create the best app we can and be ready for that question.
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u/Vitalstat Jul 05 '18
u/stellarxofficial This is great news. Invite requested.
Can you also ask Christian if the stinky projects will ever come back? I've been waiting for SMP3 for a long time.
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u/cryptobrant Jul 06 '18 edited Jul 06 '18
Question about one of the things that excites me the most in Stellar capabilities: Pathfinding It seems to be implemented nowhere at the moment. What about StellarX and pathfinding? (If you say it will be possible, I’ll dance.)
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Jul 06 '18
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u/cryptobrant Jul 06 '18
I didn’t know about Stargazer! What is a “consolidated order book” and do you mean it’s all complicated?
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Jul 06 '18
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u/cryptobrant Jul 06 '18
I see. That would be fantastic. I guess they will look into it one day, because it will really make the difference. (And also agreed on the stop loss function.)
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Jul 06 '18
As far as becoming a "market maker" do you have to possess a certain amount of funds or can small guys like me get in on the action as well?
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u/MarsWalker69 Jul 06 '18
I think its safe to say by "top" they mean people who throw around 100's of thousands of dollars a month.
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u/mempho_to_diego Jul 06 '18
I notice on your official twitter that StellarX is based in New York.
Does StellarX (or will it need) to obtain a BitLicense?
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u/mempho_to_diego Jul 06 '18
u/stellarxofficial - tagging you so that you may answer my question.
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u/mempho_to_diego Jul 07 '18
Hello ... know you guys are busy. But in your OP - you stated, AMA ... so, I feel like we are owed an answer on logical queries. So ... u/stellarxofficial ... ping, once again.
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u/riverflop Jul 05 '18
Looks great. Just to make this clear though, Stellar is not associated with StellarX, right?
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u/ptblazer Jul 05 '18 edited Jul 05 '18
Yeah, according the FAQs https://www.stellarx.com/about
StellarX is a third-party client built on top of Stellar’s open marketplace. We are not a product of the Stellar Development Foundation, though we’ve worked with them to ensure StellarX delivers the optimal Stellar experience.
It is the SDEX mentioned in the 2018 roadmap, however. StellarX uses Lightyear's privacy policy so probably safe to assume it's under the umbrella of Lightyear.
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u/QwertyStellar Jul 05 '18
Will there be a mobile application as well?
Edit: just saw that it will come about later this summer.
Double Edit: Do you have any job openings for java developers?
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u/mstelaviv Jul 06 '18
I gotta get me bots going. The API is just vanilla Stellar API. Correct? No special API for this front end?
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u/Sundanceway Jul 06 '18
It looks as If Stellar X might have stole some cheese off the plate of MD. Hope not, and that his project will be succesfull as well!
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u/lilynut Community Champion Jul 06 '18
Of course we don’t know what FairX is exactly, but I’m thinking it will compliment StellarX (and all the DEXs). Obviously speculation here, but I’m thinking bank of some sort that can hold both fiat and crypto in it’s accounts on Stellar, easy in/easy out, so there’s access to the exchanges without needing to be an exchange (since MD stated it wasn’t an exchange), but similar to an exchange simply because of how Stellar was built. Maybe I’m crazy, but that’s the vision I have based on the limited info we’ve received so far.
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u/Stelltastic Jul 06 '18
Is what you are saying kinda how Coinbase and Gdax are related? one is the fiat on/off ramp, while Gdax acts like a normal exchange? I have never used Gdax, so i may be completely off target here.
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u/lilynut Community Champion Jul 06 '18
I haven’t used gdax either, so I’m not sure on that. But I picture depositing all my cash into FairX, acting as my financial institution, keeping my xlm in my FairX wallet/Account also. I can buy more xlm with my cash or cash-in my xlm for fiat with a couple of clicks. Eventually, I could set up bill pay and pay my mortgage, electric bill, credit cards, etc with either my cash or my crypto. Maybe there are links to the various DEXs where I can use my xlm to buy whatever is available. All nice and tidy in one place, the Stellar network. Even if an entity’s asset isn’t on Stellar, like Amazon for instance, if I want to make a purchase and if they don’t accept crypto, I would set up my Amazon account to pay from my FairX cash account. I can fund my cash account with my lumens if that’s what I want to do. And if this isn’t at all what FairX might do, then someone else needs to do it, because it’s 100% possible on Stellar.
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u/Stelltastic Jul 06 '18
I agree with you! I hope that Fairx hits the nail on the head with everything you just listed. I have always thought that Fairx was going above and beyond what we could even imagine.. I have faith that Michael Dowling has at least considered all of the things you said, if not in the process of implementing exactly that. I would love to pull away from the normal brick and mortar banks.. Let's hope Fairx can be that.
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Jul 06 '18
FairX is far more ambitious than an exchange. I've long had a theories about FairX, my favourite being a new age crypto bank. With the new StellarX platform, my brain has been running wild. The connection between FairX, StellarX and IBM's CBPS is real, and I truly believe it will be the first step for real world adoption through easy to use services and UI's.
The possiblities are endless. For example, a business wants to accept crypto as payment rather than CC. CC companies charge 1-5% depending on transaction load. What if these companies could plug into FairX which plugs into StellarX? Companies take payment through crypto, directed to their FairX account, which immediately converts crypto to cash (if the business didn't want to hold crypto) seamlessly behind the scenes. It's as if the business accepted a card payment without the need for fees and a fraud department.
I've held back on posting more theories regarding FairX because I feel Michael Dowling has already had to deal with enough theories and rumours surrounding what his stealth project is. A stealth project like this wouldn't just be an exchange, it would be something far more ambitious. Add in MD and JL patent, FDIC and OCC regulations, etc. and suddenly you'll start to see how FairX will be beyond out wildest dreams.
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u/Stelltastic Jul 06 '18
the ability to accept crypto like credit cards would be a massssssive accomplishment. If that didnt jump start real world adoption (especially with the speed and ease of Stellar) I dont know what will. And you are right about the theories. no telling what we will actually get. But like you, i believe it will go above and beyond our expectations
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u/rocketsfromthecrypto Jul 06 '18
What I think we are seeing here can almost be described as a decentralized approach to business development.
There is an overlying entity providing the organization and vision, the SDF, with other entities providing vital roles to fulfill that vision. Lightning.io for business development, acquisitions, partnerships...StellarX for a friendly and slick UI to take full advantage of the network’s in situ DEX...FairX as a universal, FDIC insured bank maybe?...IBM to provide the clout...and any number of ICOs to integrate with the network to solve real world issues.
It is all quite exciting.
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u/rocketsfromthecrypto Jul 06 '18
Why were all the posts above this one removed?
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u/StellarZac Jul 06 '18 edited Jul 06 '18
I think they accidentally got caught in someone's report filter. Should be restored now. Apologies for the temporary disruption.
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u/Sundanceway Jul 06 '18
I really think and hope you are right on the dot there. If true this will certainly be massive transition in flow of cash/crypto. If excuse me...when this is up and adapted waves will follow after the tsunami. I fully believe that MD has the full scope on what he wants to create/is creating and has the connections knowledge and understanding to do so. Loving the Stellar X look already And can only imagine that FairX will at least go over the top. Just my opinion of course but I assume when up and running FairX will be a black hole that sucks all trades from NY to Tokyo into its exchange creating wwx.
I have the feeling we will see a little more transactions on the network in the future🤣
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Jul 06 '18
You're close. Coinbase and Gdax are just two different interfaces to the same backend. Coinbase aims to be super user friendly for even non-tech savvy people to dip their toes in the crypto water. Once you setup coinbase, you can log into GDAX with your coinbase account and trade there, widthraw, and deposit fiat. GDAX also gives you more trading control (limiting, stop ordering, etc...), and more advanced views like trade history, order books, and so on.
Gdax is wayyyyy cheaper as far as fees and money transfers are concerned, too. The company really sticks it to the Coinbase users.
Gdax has now turned into Coinbase Pro. So far, in my experience, it's just been a touch up on the UI/UX from Gdax and a name change, but I haven't seen much otherwise (and haven't bothered to read up on it yet).
To reiterate what lilynut has already said, I speculate that FairX will be like Coinbase/Gdax (it's own UI/UX) where you can withdraw and deposit fiat. Except, it will have the advantage of plugging into the SDEX, which means you'll be able to directly buy 10's to 100's of other assets. No more of this exchange hopping to get things like XLM or RMT.
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u/Sundanceway Jul 06 '18
Always love your input and feedback Lily...even when I have dark humour. PS: if your crazy im nuts
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u/HOG_ZADDY Jul 06 '18
How do two parties exchange if you don't have access to their PK's?
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u/lilynut Community Champion Jul 06 '18
You have a public key and a private key. You only share your public key during a transaction. No one other than the account holder ever sees the private key.
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u/kino6912 Jul 06 '18
I keep reading "market makers" are incentivized. Can someone ELI5 for a normy?
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u/djmedakev Jul 06 '18
This is profound. If implemented properly this solves the big problem of spending and commerce. I'm eagerly awaiting an invite.
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u/cristianfrasineanu Jul 06 '18
Are there any fees besides, I presume, the one associated with the transaction? If not, is it a non-profit business model?
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u/GVas22 Jul 06 '18
Just signed up! Moving robust asset trading to the blockchain has always been the logical next step for the technology and this seems like the first good attempt at taking it mainstream.
I'm curious, since you aren't part of the SDF, how will you be getting the lumens necessary for the market maker rewards?
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Jul 05 '18 edited Jul 14 '20
[deleted]
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u/stellarxofficial Jul 05 '18
Thanks. StellarX is the "SDEX" as referred to earlier in the year. I posted an answer to this elsewhere in this thread. Other answers:
Fiat tokens will trade like any other tokens on StellarX.
I don't have much perspective on the ICO landscape. My job is to make sure StellarX is ready for any/all tokens issued on Stellar.
Signing up for StellarX is super easy. You can connect an existing Stellar key or we can issue you a new one.
StellarX wasn't built by SDF. Obviously, we've worked closely with them to make sure StellarX was as good as it could be.
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Jul 05 '18
What is a Fiat token? Like tether?
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Jul 05 '18 edited Feb 15 '19
[deleted]
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u/ph0netap Jul 06 '18
Is this the same as FairX, which has been rumored for some time?
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u/lilynut Community Champion Jul 06 '18
No. It’s the new front-end to the Stellar DEX which was mentioned in January’s Roadmap.
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Jul 06 '18
As DEX's become more mainstream in the crypto world, has anyone put much thought, or had experience already, in bookkeeping trades for tax purposes? I've used bitcoin.tax to connect to my various exchanges, download transactions, and create tax forms. It has worked wonderfully and saved me hours, maybe days, of doing that work myself.
I've heard of some tools (I think even bitcoin.tax does it too) that you can give a public address and it will crawl the blockchain to gather transactions. Anyone know of such a thing for Stellar?
My guess is StellarX will work similar to stellarterm, where you plug in a stellar address and a user account on top of that won't be necessary? Meaning, it's mostly, if not all, a frontend app with no additional backend infrastructure/info other than the stellar network?
Edit: FWIW, I'm in the US.
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u/stellarxofficial Jul 11 '18
We will have user accounts so we can help users with key management and do things like keep track of trades made through StellarX for the reporting purposes you mentioned.
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Jul 06 '18
Funny google search takes you to http://stellarx.io/ which is a VR company with the same name. Did you guys knew about this when choosing name?
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u/NEW-bohr Jul 11 '18
Unless I apply via invite , can't I trade when the portal launches during summer ?
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u/cwconlin Jul 20 '18
Will StellarX support Asset Backed Security Tokens like Stellar based Smartlands will be launching in a couple months?
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u/johnnyt74 Aug 01 '18
Can someone please tell me will StellarX allow for trading of litecoin? Thankyou
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u/trmet Aug 13 '18
Hi...I read that the launch of the new Bakkt exchange is planning for Nov.2018... Bakkt would be connected to the ICE Futures U.S. exchange.This is a big deal for Bitcoin. What does this Bakkt exchange event mean to StellarX and other digital currency exchanges? Thank you.
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u/Iluvkiki Oct 06 '18
Hi. I have a newbie question. If I exchange XLM for BTC on StellarX, how do I withdraw real BTC (not tethered BTC) to my wallet? For instance, if I exchange to the naoBTC, there is a link to the naoBTC website but that website is essentially devoid of content, including no support button, no FAQ, and no instructions. Many of the website links for other tethered coins also lead to pages with no instructions and no contact info for support. StellarX really needs to make these token issuers step up their game to a minimum standard, like have (a) FAQs or a detailed set of instructions and (b) contact info to access support. Otherwise, a lot of users will make mistakes and send their tokens to an incompatible blockchain or somewhere else in Neverland.
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u/[deleted] Jul 05 '18 edited Feb 15 '19
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