Jed was a part of Ripple, which premined 50% of XRP and held said XRP for themselves while giving away the other 50%. Over time people realized Ripple and OpenC

Jed was a part of Ripple, which premined 50% of XRP and held said XRP for themselves while giving away the other 50%. Over time people realized Ripple and OpenCoin, Inc. are not exactly FOSS. Eventually, XRP slowly faded into scamcoin status. Finally, Jed decided to jump ship and dumped his billions (with a B) of XRP for millions of dollars worth of Bitcoin. Step 4 (after Step 2: ??? and Step 3: Profit!) apparently is to fork Ripple software into an entirely rebranded version of Ripple called Stellar.