Mystery of 100 billion moved XLM tokens with weird messages is solved

Stellar explorers picked up alleged huge movements of XLM tokens on the network. To be more precise, multiple $16 billion transactions accompanied with weird messages “dump it :bog::bog::bog”. This incited some silly discussions about possible huge dump of XLM, “traders and experts” calling for doomsday scenario for XLM etc.

However, the whole drama took place because of the lack of knowledge about how Stellar network works. This is something you can do on Stellar network. Take a look at this discussion and explanation from Stellar’s official GitHub:

While testing our wallets yesterday we noticed that an address is able to ‘send’ itself more XLM than the current total supply limit, ex: 105 Billion XLM. Although the net result is simply paying a transaction fee as the account is debited/credited at the same time, the transaction does appear on explorers.


Trade while you sleep with two of the best cryptocurrency bots on the market - Cryptohopper or 3Commas.


Reference Address: GA2HB3PRIKRDHJPJE54MLC5MCSRSHUPIKF2XIAOD4UIXQWGTWTIPHFB7

https://stellar.expert/explorer/public/account/GA2HB3PRIKRDHJPJE54MLC5MCSRSHUPIKF2XIAOD4UIXQWGTWTIPHFB7

See the above transaction, showing 105 Billion XLM. Although the impact is low as the user is not creating anything new.. should this be allowed as it could potentially mislead services that track network statistics (average transaction size etc). Thoughts?”

Interestingly enough, the answer to this question, among other users, came from David Schwartz, present CTO of Ripple:

“You obviously can’t stop people from forming such transactions. And if you mean that the network shouldn’t relay and execute them, that’s clearly an inferior option.

Consider if I form a transaction that sends an amount I have, but at about the same time someone takes an offer that I placed and my account can’t cover the amount I sent to myself if that transaction executes first. Now, we’ve relayed the transaction but may not get paid for it (since it cannot claim a fee unless it executes). I never find out the status of my transaction. And that transaction is part of a stream of transactions, my stream is jammed. Huge minuses all around.

If we allow the transaction to execute, the network gets paid a fee, everyone can see the final disposition of the transaction, and we don’t have the attack vector of defunding transactions before they get accepted and getting free relaying.”

No one is dumping XLM, you can send 200 billion of XLM tokens to yourself but you won’t get richer. Actually, you will get poorer for the fee network pays you. Luckily, it is a tiny amount so you can make a practical joke with experts on Crypto Twitter and inept explorer tools.

 

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

We will be happy to hear your thoughts

      Leave a reply