Announcing the first stellar auction

UPDATE (4/6/2015): Beginning this week, SDF will accept BTC as part of the Stellar auction via Poloniex and Kraken. This means some of the stellars currently on Haste will be moved to Poloniex and Kraken and placed into their exchanges.

To maintain price parity with the existing USD-STR auction price ($0.0031/STR), the BTC price will be calculated when stellars are moved to the respective BTC exchanges. For illustration, if the stellars are moved when the BTC price is $260, then the BTC price would be set at 0.00001192 BTC/STR or 1192 satoshis/STR.

UPDATE (3/16/15): 650 million stellars have been placed into the internal exchange at the 30 day trailing average price of 0.0031 USD/STR (via Haste.co.nz USD credits).

Haste USD credits can be obtained three ways (this is for informational purposes – these options are not run by the Foundation):

  • via a wire transfer to Haste
  • via the internal exchange (e.g. trade BTC for Haste USD)
  • via Bitstamp USD for amounts greater than $1000 USD (email [email protected] for instructions

——————-

Beginning on March 16, Stellar Development Foundation will hold a public auction of stellars, pursuant to our mandate. The auction will be conducted on the Stellar internal distributed exchange via Haste.co.nz (formerly Coinex, an early Stellar anchor), a registered Financial Services Provider in New Zealand. We will be auctioning a sum of stellars no greater than our operating expenses. The stellars will be placed in the exchange at the 30-day trailing average price. Parties can place orders for any amount until the total is consumed. If you are interested in participating in the auction, please fill out this short interest form.

By holding a public auction, the entire process is transparent. Proceeds from the auction will be used for general operating expenses of the Foundation. As part of our ongoing effort to provide information to the general public, we have exceeded our nonprofit obligations for annual reporting — our preliminary unaudited financials for Q2 and Q3 of 2014 have been available online since January 2015 and we will be updating the information regularly. No Stellar employees, consultants, or board members shall participate in the auction.

Important notice to auction participants

Buying stellars does not guarantee any future return or profit. Purchasers should be aware of the risk associated with all digital currencies, including complete loss of value. In addition, it is worth noting that new stellars are generated by the protocol at the annual rate of 1% – you can read more about it here.

We recommend all interested parties read the Consumer Advisory by the Consumer Protection Finance Board to learn more about the potential risks to consumers of virtual currencies before participating in the auction.

If you have any questions, email [email protected]

How to participate in the auction

  1. Create an account on Haste.co.nz.
  2. Wire transfer USD funds to your Haste account, then proceed to account verification. Verification should take only a few minutes if your identity documents are valid.
  3. Establish a trust line between the haste.co.nz anchor and your Stellar wallet.
  4. Once your account is verified and funded, you can move your USD into your Stellar wallet via the Haste dashboard.
  5. Navigate to the trading dashboard in the Stellar client, where you can make an offer to buy stellars for USD.

Here is an example of how the trading dashboard will appear in the Stellar client. If haste.co.nz-issued USD do not appear in your drop-downs, you will need to complete steps three and four above.

Trading dashboard

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