Posted by Don L on September 10, 2019
Deals

Published on September 10th, 2019 | by Don L

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Keybase Account: Get Free XLM (Less than $20/Month for 3+ Months?) Requires Existing Keybase, GitHub or Hacker News Account

Update 09/16/2019: Keybase has halted eligibility of Hacker News and GitHub accounts for the promotion.  Assuming those who became eligible with Hacker News and GitHub accounts before 09/16/2019 will still be eligible for the promotion.

The Offer

Keybase Post | Stellar Post

Keybase (in partnership with Stellar) is giving away XLM monthly to authenticated (not KYC) Keybase accounts.

If you don’t have an existing Keybase account but do have an existing (registered before September 9, 2019) GitHub or Hacker News account you are still eligible for the promotion.  You can signup by installing the Keybase app (available on Apple and Android devices [and desktop operating systems]) and then within app prove your GitHub or Hacker News identity.

Keybase is described as a messaging platform where you can write securely to any twitter, reddit, facebook, github, and hacker news user.

The Fine Print

  • Each unique natural person can participate in the airdrop just once.
  • No individual recipient will get more than $500 USD worth of Lumens.
  • This is from SDF, and neither we nor they accept financial responsibility for failed attempts to collect. If you lose access to your account or “reset” it, fail to register correctly, or even if we have a bug…adios wealth.
  • Similarly, if there’s any bug in Keybase’s Stellar wallet – which is new – and you lose your Lumens, we accept no responsibility.
  • We don’t control your private Stellar keys, so we really can’t help you.
  • SDF reserves the right to stop sending Lumens early, with one month notice.
  • If something outside Keybase’s or SDF’s control prevents SDF from executing this giveaway, either in total or for specific users, we are sorry in advance. But we accept no responsibility for that.
  • Basically, don’t get mad at us if something goes wrong here. It’s a gift.
  • We reserve the right to blacklist users, even after registering. If you appear to use a bot or multiple accounts to sign up for Keybase, we’ll blacklist you. Similarly, if you appear to use bot accounts on HN or Github, we’ll blacklist you.
  • If we have any technical issues, downtime, or anything like that, we will most likely extend giveaway dates. Attacking Keybase’s meager servers won’t get you more cryptocurrency, it’ll only delay you and let more people in.
  • The first month’s giveaway was special, because many of the recipients didn’t have Stellar wallets yet. If anyone from the first month _never_ activates their wallet (to accept their Lumens), the Lumens can be returned to SDF. We’ll likely do that after 6 months or so.

My Signup Experience

  • I installed the Keybase app on my phone
  • Opened the app and selected a user name, (skipped the phone number), and then added an email
  • I proved my GitHub user by following the directions (which involved committing a piece of code at GitHub)
  • Clicked the Join the Airdrop banner in app
    • Which opened a new Keybase XLM wallet
    • Clicked see if you qualify (where I failed the “3 active devices or paper keys” check)
      • Through the hamburger icon -> Devices -> Add a device or paper key I was able to generate 2 paper keys
    • Clicked see if you qualify again
      • All check marks passed, I clicked “Become a lucky airdropee” (and now my Airdrop status says “You’re in”)

Our Verdict

If you don’t already have a Keybase account, the requirement to have a pre-existing GitHub or Hacker News account is sort of a bummer.  I’m just assuming a good chunk of the DoC audience also works (or hobbies) in technology.

It’s hard to get a good estimate on the actual value of the promotion.  The aggregate numbers sound big (2B XLM, 100M XLM/Month) but what you’ll actually get depends upon a number of factors:

  • The Number of Users
    • It sounds like XLM will be evenly split among Keybase users,
    • which currently stands at 300K users per the Stellar announcement (though only a portion of those users are currently registered for the promotion)
      • 100M XLM/ 300K Users = 333.333 XLM/User (approximately $19.68 @ the current price of $0.059033)
    • But will current users 2x ($10/month), 4x ($5/month), …
  • The Number of Months
    • May range from as few as 3 (guaranteed per the Stellar announcement footnote)
    • To as many as 20 (2B = 20 months @ 100M per month)
  • The Price of Stellar (XLM)
    • Which will fluctuate against the USD
  • Hard Value Cap
    • The Keybase offer fine print limits per user value to at most $500 (which would be $25/month if spread evenly over 20 months)

All that said, if you have a Coinbase Account (or other crypto exchange account) whatever you end up getting should be fairly easy to transfer out and liquidate for USD, or of course you can HODL.

I missed out on most of the previous Stellar airdrops (Bitcoin promo, Blockchain Wallet promo, …), but did get in on the Coinbase Deal.  I find it hard to pass on crypto promotions.

All the best!



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Hari
Hari

“even if we have a bug…adios wealth.” – I like the terms.

JV
JV

too bad i cant participate, I would be one of the ones who added it to my current wallet and hold longterm. just waiting to see if any of these cryto’s actually turn into anything good.

Tenchuchoy
Tenchuchoy

I’m glad i started coding last yr

Ren
Ren

Why would a company give away $120 million dollars? I can understand a company like Moviepass operating at a loss during it’s growth phase to acquire customers (didn’t work well for them btw), but this???

CountCrypto
CountCrypto

Fairly easy setup since you guys did the leg work with instructions – thank you again!

Ryan
Ryan

As of the time of this comment each person can get a max of $198 at market value of XLM.

dayTradeIt
dayTradeIt

My GitHub verification keeps failing. I posted a gist with the code. Anyone having the same issue?

Ryan Goldstein

Yes, it was showing as ‘UNREACHABLE’ for me when trying to verify with GitHub. After an hour or two, it resolved itself.

dayTradeIt
dayTradeIt

Thanks! Will see if that helps

dayTradeIt
dayTradeIt

Still ‘UNREACHABLE’… Not sure why, I entered my Github username correctly.

M
M

Thanks for writing this up Don! You made it sound so easy that I signed up for the subsequent monthly airdrops. : ) (And, luckily, I had no issues with linking to my Github account, so it was easy.)

Tommy
Tommy

Signed up. Thanks DOC!

m
m

Darn no more Github / Hacker News proofs

Billy Bob
Billy Bob

What about people who didn’t have a Keybase account before September 9 but who registered for the airdrop with GitHub before September 16? Will we still get the XLM? It’s not clear from the update message on Keybase.

Billy Bob
Billy Bob

What about people who didn’t have a Keybase account before September 9 but who registered for the airdrop with GitHub before September 16? Will we still get the XLM? It’s not clear from the update message on Keybase.

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