FULL DISCLOSURE:
I am not a financial advisor. This post is to provide information and not provide financial product advice. I discuss why I personally chose to invest in a stock, ETF, REIT, investment fund or cryptocurrency (which I have held for over a week) and also share information that is public about the following stock, ETF, REIT, investment fund or cryptocurrency and they are based on my own personal opinion.
I will not blog about any positions of stocks, ETFs or REITS and cryptocurrency which were initiated just within the last 72 hours of posting this blog article.
It is recommended that you should always consider visiting a financial advisor for independent financial advice before making investment decisions.
I do not work in the financial industry, so just because I write about it, doesn’t mean you should own it. So, consult with a financial advisor and do your due diligence, RESEARCH!
I am not receiving compensation by the company for this blog post.
I have no working relationship with any company whose stock, ETF, REIT or cryptocurrency mentioned in this blog post. Nor do I have a family member or friend who works with the company.
In 2014, Jed McCaleb, the founder of Mt. Gox and the co-founder of Ripple, launched the network system Stellar along with former lawyer, Joyce Kim.
The nonprofit Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collison, who provided $3 million in funding to the company.
McCaleb dubbed the project prior as “Secret Bitcoin Project” and Stellar was released as a decentralized payment network and protocol with a native currency, stellar, which would be later called Lumens or XLM.
During the company’s launch, the network had 100 billion stellars, 25 percent would be given to non-profits working toward financial inclusion, while Stripe would receive 2 billion stellars in return for its seed investment.
And today, Stellar remains an open-source protocol for exchanging money or tokens using the Stellar Consensus Protocol. In essence, it’s a blockchain-based distributed ledger network which connects banks, payment systems and people to facilitate low-cost, cross-asset transfers of value, including payments.
Unlike other cryptocurrency, lumens aren’t mined, 100 billion lumens were created when it went live and in November 2019, the community voted to reduce the supply of lumen to 50 billion and no more lumens will ever be created.
23.1 billion lumens are out in the open market, Stellar Development Foundation retains the other billions of lumens.
I do have a high conviction towards XLM and I actually believe in the technology but the only thing that surprises me is the pricing. It’s a volatile coin that can go up and when it falls down, it stays down for awhile.
Right now it’s at .65 and for the most part, it has been consistent around .42-.65, going as high as .73 back in 2017 and higher just yesterday at .79 but eventually going down to .65 again.
Surprisingly, it kind of reminds me of Dogecoin in terms of pricing without the vocal community on social media and of course, Elon Musk.
But the popularity of late it seems is because Safemoon coin holders purchase XLM on Coinbase, transfer it to bitmart and sell the XLM to USDT and then use it to buy Safemoon with USDT.
There is no doubt that XLM has hardly any fees, it’s quick when compared to Ethereum-based tokens and while there are many speculative meme coins in the market, at least XLM was created with a purpose. And it also happens to be one of the greenest coins out there.
Again, this is a long term #hodl and I’ll keep buying the dip.
