Gazelle77 reacted to brianwalden in Passive Income Opportunities in Flare
Everyone wants to know what the best way to earn passive income on the Flare Network is. We don't really know yet because we don't have hard numbers, but we can start to talk about strategies and fill in more details as they come out.
1) FLR Rewards - If you hold FLR on the network you can vote for FTSO data providers and earn a share of their rewards. The vote is detachable from your FLR, so your coins never leave your wallet. There's no risk (assuming the Flare Network itself works correctly); the worst that can happen if you vote for a horrible data provider is you won't earn any rewards. Rewards are distributed based on time not how many votes there are - the same reward will be split among the winners every so-many blocks whether 100 people vote or 1 million. Your slice of the pie is obviously going to be a lot bigger when it's split fewer ways, so one of the best things you can do is get in and vote as soon as the network launches. Beat the crowds and scoop up some early, big rewards payouts.
2) F-Asset Rewards - There are rewards for just holding FXRP on the Flare Network. I think, like the voting rewards, these are paid out based by releasing a set amount of FLR on a set schedule, not based on how many people hold FXRP. So the payouts will be higher in the early days when there are less FXRP holders. There should be no risk in holding FXRP, the system is designed so that you'll always be able to redeem it for XRP. But there will be fees for going back and forth between the two ledgers. You'll want to make sure that your expected rewards are greater than the fees for converting your XRP to FXRP. F-assets aren't expected to launch until several days or weeks after the network does, so you'll have some time to make a decision on what you want to do.
3) Minting F-assets - You will be able to give your FLR to an agent for them to use to mint more F-assets in exchange for a cut of the transaction fees they earn from converting to and from F-assets. There are risks in doing this because agents can be penalized and lose funds if they don't do their jobs. I suspect the system will be setup to limit the risk to ordinary people who are just putting funds into the collateral pool as much as possible, but we have to wait for the details. You should still be able to receive your FTSO rewards while providing collateral to mint F-assets.
4) Trustline - Trustline is a Dapp built on the Flare Network that aims to be kind of like a trustless bank. You will be able to deposit FLR and FXRP into the Probity Vault. Everyone's deposited funds combined will be used to collateralize a dollar stable coin, Aurei (AUR), which will be released both on Flare and the XRPL. People will be able to borrow AUR through overcollateralized loans (they have to put up more collateral than the loan they're taking out) and the people who put the funds into the vault to back AUR will get the interest that's paid on the loan. I think this is low risk - someone correct me, but I don't think you can lose money you put into the vault. Like all Dapps, your risk is if the smart contracts are coded poorly and don't work right/get hacked or if Trustline is a scam. Trustline has a novel system for determining variable interest rates based on the supply of AUR and the demands for loans. If they've only loaned out 50% of the total AUR that they've collateralized the interest rate will be 2% to encourage people to take loans, but if they've loaned out 95% the interest rate will go up to 20% to encourage people to put more funds into the vault and encourage borrowers to repay their loans. You should still receive Flare rewards while using Trustline's services. The people who deposit money into the vault will have the choice to be paid in either AUR or Trustline Credit Network (TCN) token. TCN will always be redeemable 1:1 for AUR, but it gives you a governance vote so it's expected to be valued higher than a dollar. Trustline calls this a semi-stable coin because the dollar peg gives it a price baseline that it won't go below, but there's nothing setting its upper limit. As with everything we'll have to wait for the details, but right now I see no downside to choosing to be paid in TCN over AUR. One last thing, due to popular demand Trustline is working on a way to be able to withdraw AUR without borrowing it - I don't know the details of how it will work.
5) Flare Finance - Flare Finance is another Dapp built on the Flare Network that seems like it's trying to be all the DeFi in one. I saved it for last because it's the most complicated. Like all Dapps, your risk is if the smart contracts are coded poorly and don't work right/get hacked or if Flare Finance is a scam. I think most of Flare Finance's products have additional risk. You should still receive Flare rewards while using Flare Finance's services. Flare Finance will be taking a snapshot of the ledger a month after the network launches and distributing DFLR a week after that based on how much FLR you had (you may want to pull all your FLR back into your wallet for the snapshot). DFLR is basically a coupon you'll be able to use to redeem for YFLR (yield-bearing FLR) which is Flare Finance's token that it uses within its products (as if all this Flare stuff isn't complicated enough already).
FlareX - This is Flare's AMM exchange like UniSwap, SushiSwap, etc. You can put pairs of coins into liquidity pools in exchange for tokens representing your share of the pool. When you redeem the tokens, the coins you get back will include your share of whatever profits the pool made. Liquidity pools work by keeping a balanced value of each coin in the pool - that means the coins you get back will be different amounts than what you put in. If for example you put $100 worth each of FXRP and YFLR when they're both worth $1 each into a liquidity pool and FXRP stays the same but FLR doubles in price. Let's say when you redeem your share it's now worth $120 worth of each coin. That means you'll get 120 FXRP back, but only 60 YFLR. This brings up impermanent loss - with liquidity pools if the two coins diverge in price faster than the trading fees the pool earns can keep up, you can actually lose value verses just holding your coins and not participating in the pool. I think liquidity pools usually pay out best before too many people get in. You can study the existing swap sites to get an idea of the likely risks and returns. Flare Farm - This let's you stake coins in return for a yield paid in YFIN, Flare Finance's governance token. I don't know what they do with the staked funds, so I don't know exactly what the risk is. There will only be 11,000 YFIN ever minted so it seems like staking to earn YFIN may be a good investment, but on the other hand you have no idea how it will be valued. In contrast, you know your yields from Trustline will always be worth at least a dollar. You can stake your tokens from liquidity pools in addition to individual coins, so that's a nice way to earn two ways from the same coins. Flare Wrap - This wraps ERC-20 tokens from Ethereum to port them over to the Flare Network. I don't know that there's a way for us to participate in the wrapping process to make money, but it may give you an opportunity to bring Ethereum tokens over to use them in Flare Finance's other products. I'm sure there will be a fee for wrapping/unwrapping tokens and the counterparty risk if Flare Finance fails to redeem them . Flare Loans - If you're familiar with CeFi services like Nexo and Celsius, you know how these work. You put up more collateral than your loan is worth and in return you can take a loan to have access to money without spending your crypto. Unlike a credit card, you have no real risk of falling into debt - in the absolute worst case your collateral gets used to pay off your loan (but you still get to keep that Lambo or whatever you used the loan for). The real risk of these loans a flash crash where you can't either add more collateral of pay off some of the loan and your collateral gets liquidated. If the price of the coin you used as collateral then shoots back up, you've now sold at rock bottom. Loans are usually a worse interest rate than you could get from a bank if you've got good credit, but they let you extract value from your crypto without causing a tax event - just make sure to watch your LTV ratios. Flare Mutual - Flare Finance is going to be doing distributed insurance. I have no idea how this works - maybe @KarmaCoverage can chime in. Flare Mine - Flare Finance is somehow rewarding people with FLR for mining on other ledgers. I'm not a miner, I don't really get it. The Governance Pool - If you have YFIN you'll be able to stake it in the governance pool, which is a fund used to keep the yield rates across all Flare Finance products healthy. By being in this pool you can basically earn a reward if Flare Finance does really well and makes significantly higher yields than expected or really poorly and the pool's funds are loaned out to boost yield rates. That's what I know about the various passive income opportunities in Flare. I'll happily accept corrections and updates. There are a number of other projects like Handshake, Gala Games, Propy, Metaverse, and others that I'm sure I'm forgetting. I think it may be worth while to throw a little bit of money at anyone building on the Flare Network, but I don't know of any passive income opportunities that these projects offer.
Gazelle77 reacted to Moonraker in The XRP 4 year cycle ....
It's been a long, emotional last few years for me in this crypto space.
Having jumped in and spent a considerable amount of money buying XRP at the top, the best advice I took was to keep buying to lower my average buy in price which I've been doing for the past few years now.
2020 was a particularly difficult year having lost my father to Covid. It's been a massively emotional and devastating time for the whole family and easily the toughest time of my life.
Trying to take my mind off things led me to a 1 hour stint on my PC where I just decided for some unknown reason to just throw some money at some alt coins. Bearing in mind that XRP was my only holdings up until then and considering the amount of money I was still down, I still don't know what made me buy these alts but they've all done really well for me and I've made a handsome profit.
In a way, the SEC case has been a bit of a blessing in disguise. Ideally I should have sold when the SEC news hit and then re-bought. But I did triple my holdings when the price came down by buying more.
Looking at my portfolio earlier today got me quite emotional and I'm glad I stuck with it, even through the toughest of times. And I'd like to thank you all for putting up with my tantrums over the past few years.
Being a father of a 5 and 8 year old, the profits made will go towards trying to secure a future for my kids.
I'm beginning to see the light at the end of the tunnel.
Gazelle77 reacted to jbjnr in Ripple acquiring 40% stake in cross border payments hub Tranglo to expand ODL
Quite possibly the best news we've had for a couple of years. Since the MoneyGram partnership ended and ODL dried up, there has been very little reason to expect xrp to rise in value and fulfill its potential (other than the usual speculation based on SEC news etc). A 40% stake in a payments company is a massive signal to the industry that Ripple has not given up its plans to push xrp forwards with ODL - and for those of us who expect ODL to drive value into xrp, it's a huge incentive to keep holding on for a bit longer.
Gazelle77 reacted to KarmaCoverage in SEC hearing today, some interesting early feedback from those on the call!
Around mark 80, the SEC lawyer goes on about "Utility Value" and is presuming that XRP "had no Utility" without the work of Ripple, thus investment contract because dependence on Ripple work for value.
I'm relatively certain that I may have been the first, or at least among the first people to explain that XRP had economic "Utility Value" . This would have been probably back in 2013 and even @JoelKatz was citing my comment when answering "why does XRP have value" on the official forum, my screen name then was FinSin (as a joke, because I knew if this situation materialized, that FinCEN would come knocking and they did in 2015) Whoever has those old official forum records should have this documentation.
Where the SEC lawyer's argument falls short is that XRP had "Utility" value on the XRPL from day 1, thus the purchasers of XRP (like me) did so because the XRP gave me (the KarmaCoverage business model) the ability to transfer lots of little payments at an extremely low per TX cost. So while, "Yes I bought XRP because I though it would go up" , "I also bought it and tested it for KarmaCoverage way back then".
The point being that the lawyer's argument is logically flawed, because the Utility Value of XRP was never dependent upon Ripple Labs/Inc doing anything. Once XRPL existed, you needed XRP to Utilize it for TXs. Ripple be damned. Just my 2 cents, still listening.
Thanks for posting link!
Gazelle77 reacted to brianwalden in David Schwartz Ripple CTO Interview - XRP Ledger, CBDCs, Private Ledger, Flare, PolySign, Bitcoin
That's why I never succeed! I'm just too smart and logical! 🤣
Gazelle77 reacted to panmores in John Deaton files Motion to Intervene re SEC vs Ripple
Wow. What else to add. Read the whole thing.
Gazelle77 reacted to KarmaCoverage in CBDC on a private ledger with ILP connect to XRPL
I'd love to be, but they haven't decided I'm worth bringing on board. I've spoken with folks on the board, have spoken to a founder via cell years ago, articulated how to do XRP loans on XRPL, and I have XRPL Options worked out currently. Flarenetworks is a huge deal, in terms of functionality! FF is doing great, and there seems more and more to come. It's all there for the taking
I'd like to think I've contributed.
Gazelle77 reacted to Eric123 in Epic Pennant on BTC Chart
Bitcoin's is moving up slightly as expected. The MACD having crossed Yesterday, Litecoin is moving with Bitcoin and ETH an early mover is a day ahead. The prices are still basically in the middle(ish) of the bollinger bands so as I've written I'm expecting this uptrend to continue and Bitcoin's price should break well above it's previous ATH and continue up to maybe even around $100k.
XRP hasn't joined in the fun, (Yet) - to the consternation of more and more XRP holders who are watching the holders of every other coin get "rich". IMO no other big cap crypto has the price appreciation potential that XRP has. If I has the spare cash (I don't) or a way to do it (I don't) I'd be buying XRP here.
Gazelle77 reacted to brianwalden in Our Statement on Partnering with MoneyGram
I also think that perhaps non-Americans miss out on the nuances and subtleties of corporate speak. You don't have to like it, I don't, but it's the culture BG lives in and the people in that culture are the ones he's communicating to, not us. Don't treat his statements in interviews as the quarterly reports of a publicly traded company. They are two different genres.
Gazelle77 reacted to Montoya in Our Statement on Partnering with MoneyGram
Unless someone bought their XRP directly from Ripple, I fail to see how they can assign any blame on the company for anything they say or do. There is zero business relationship between the buyer and Ripple. If I buy diamonds from my local jeweler, thinking they will rise in value due to macroeconomic issues, I can hardly blame DeBeers if they don't, regardless of any statement put out by DeBeers. The secondary market for crypto is similar in this way to the secondary market for any collectible or memorabilia. They are a gamble and the blame or praise should lie directly on the person making the investment. After all, these are not investment contracts.
That being said, were I a shareholder I would be raising hell to fire the leadership of Ripple. In my opinion, they have not delivered at all.
Gazelle77 reacted to RobertHarpool in SEC vs Ripple Could Make Waves in Cryptocurrency Market
Another professional analysis of the SEC/Ripple case just published by JDSupra: SEC vs Ripple Could Make Waves in Cryptocurrency Market.
It is a well written explanation of the events-to-date for anyone you know needing to get up to speed.
...nothing terribly new for anyone who is already up to date...
Gazelle77 reacted to RobertHarpool in Biden SEC nominee Gary Gensler set for March 2 confirmation hearing
After I finished my doctoral dissertation on distributed ledger tech, I was invited by JPMorgan to their office in Boston to teach the admin and tech heads from MIT, Harvard, Brown, Brandies and some fifth college (?) about DL. I assure you, it was quite surreal to find myself teaching MIT heads about tech. I can further assure you that I didn't see Mr. Gensler there. He hadn't even heard of DL by that time.
So, to answer your question, yes. I'm aware of what Gensler has taught and where....and I also know that he has ZERO academic credentials to be teaching it... he never did a lit review, conducted a study, defended to a committee or any other academic research on the subject. No publications, no papers. Nada.
That's why I said that "From my vantage point, he lacks education, context and vision. He'll (continue to) make a great bureaucrat"
Gazelle77 reacted to Seoulite in Epic Pennant on BTC Chart
This implies that BTC has had 'real world success' which I think is debatable. It has seen price appreciation, sure. But so have many other cryptos. Is BTC actually solving any real world problems? It did in the early days, because it allowed people to send money anonymously (Silk Road) but now that function has been taken over by better privacy coins. 'Store of Value' and 'Digital Gold' are just slogans.
Re: XRP, we could argue that every time ODL allowed someone to send a remittance more cheaply it was seeing 'real world success'. Again, as I've pointed out elsewhere, the fact that Gala Games will save thousands of dollars a week on minting their NFTs using Flare is another example of 'real world success'.
Never forget, behind all the slogans, big numbers, and jettisoning of 'libertarian principles', BTC doesn't even perform its primary function well.
Gazelle77 reacted to JASCoder in XRP a Security?? Well just recent as 2019 the SEC directly agreed that it was not!!
I share your view as well.
IMHO it's blatant malicious intent, however, to drop the Xmas bomb in such a way to create the impression they were claiming it's being illegally traded because it's a security contract (iirc - they wrote: "... and is today still being used as a security...") ; Using highly ambiguous language to spook the exchanges into suspending trading.
This SMASHING of XRP's price was a deliberate act - either out of an abuse of vindictive power, or ?
To claim the smash was an "unintended consequence" would mean admitting they are careless with their power ; or just plain inept.
I still say something's fishy, and stinks of something corrupt. But I'm just a cynic.
Gazelle77 reacted to Seoulite in XRP a Security?? Well just recent as 2019 the SEC directly agreed that it was not!!
SEC lawyer: Yes your honor, governments in other countries may say it's not a security, other branches of the US government may say it's not a security, when retail traders and institutions asked us we may have told them it wasn't a security, and we may have approved its use as a payment method as recently as two years ago, but we are here today to argue that XRP is a security.
Corrupt US judge: Makes sense. XRP is a shitcoin. Buy BTC.
Gazelle77 reacted to Troote in Charting the course of XRP
Ridiculous. Ripple is hated because they openly sold XRPs in the past in the open. Founders of every other coins have sold their coins too, whether we are talking about BTC miners, Buterin or anyone else. And probably in larger quantities. The difference is that they are doing it in hiding. Traders have been playing the market, using leverage, sucking people's money and concentrating the wealth in the hands of the few. Yet these are the very (mellow, for the most part) players in the space that people respect and turn to for guidance.
Ripple has been one of the most active builder of the XRP ecosystem and contributed the most to the XRP Ledger. Should the community be more involved in building and less in talking? Yes. Is Ripple making holders poor? No. Is it perfect? No. Could Ripple have done better? Yes.
In contrast, what have traders built? Nothing.
You just choose to focus on the negatives, you choose to ignore the positives. You make some good points and raise valid questions, but most of what you say is biased and nonsensical rubbish. You don't even seek to balance points of view, you just vent your anger and make bold apocalyptic predictions. You may think yourself clever, but you are no better than the delusional hopium addicts that scour the land and which I block by the dozens.
And on that note, I go back to my pond.