Jump to content


  • Posts

  • Joined

  • Last visited

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

JJJ2's Achievements

  1. I've just checked the Flare site and found this. Probably most are aware of it, but some may be not. https://flare.xyz/flare-token-distribution-governance/ Applying Governance to the Spark Distribution UPDATE: This proposal has been withdrawn. There have been a number of questions regarding the tax impact of the Spark (FLR) distribution in various jurisdictions. Specifically, there is a concern that due to the Spark token becoming priced subsequent to the launch of mainnet that the long-term distribution of 3% per month, but not the initial distribution of 15%, could be considered as income for tax purposes. Various parties claiming authority on the subject matter, predominantly from a US perspective, have publicly given widely differing opinions. As followers of the Flare blog will know, the purpose of the lengthy distribution is to make sure that liquidity aligns with the most efficient economic functions of the FTSO and F-Asset protocols. A refresher can be found here: https://flare.xyz/further-information-on-the-spark-token-distribution/ At Flare, we have commissioned research and advice into the US tax implications by a respected tax scholar. This research has resulted in the distribution Option 1 below, which involves the recipient burning a small amount of Spark to buy the remaining distribution, which was briefly discussed by Hugo, Flare Co-founder, in a recent public conversation. This option will not be implemented by default, but will be brought to governance vote (as discussed below). With regards to that or any other potential option a number of considerations that need to be taken into account are, but not limited to: The size of the impact of the existing plan on the ecosystem. IE, the number of people and quantity of Spark that the existing plan, without the burn mechanism, effects. The veracity (and perceived veracity) of any legal advice received by Flare and the opinions of other experts that have been put forward. The perception of Spark recipients. Quantifying these factors at this early point is an impossible task but thankfully there is a way to understand what the recipients of Spark tokens feel about the various options and that is to put the distribution decision directly into the hands of Flare token holders through Flare Governance. The Spark (FLR) distribution will now be set up as follows: 1) At the outset, 15% of the total distribution of 100Bn Spark (FLR) will be made. 2) There will then be a maximum 5-month period whereby the community can come to consensus over at least three possible governance proposals outlined below, or any other option put forward by governance. 3) If no new option wins the distribution will continue, from month 6, as previous defined at 3% of the initial 100Bn. 3 Flare-proposed options: Option 1: Buy through burn. This option is based on the legal research commissioned by Flare. A recipient of Spark would receive the initial 15% as previously detailed at the inception of the network. The recipient would then, optionally, burn a small percentage of their Flare tokens in order to buy the remaining distribution. The remaining distribution would then occur at 3% per month from month 6. The legal research commissioned argues that the remaining distribution would then have been purchased, and thus subject to capital gains tax upon sale instead of income tax upon receipt. A full governance proposal for this will be drafted and released together with the legal memo upon which the proposal will be based. Option 2: Distribution Halt. This option would halt any further distributions. The remaining 85 Bn would not come into existence. This would turn the initial 15 Bn FLR into the total distribution. Option 3: Retain the existing plan. This option would retain the 15Bn initial distribution with 3Bn FLR being distributed subsequently each month from the point of a successful vote. Full governance proposals for these options will be drafted, including our view of the pros and cons, and released together with the legal memo upon which Option 1 will be based. Voting Methodology Options 1 & 2 will be based on a super majority requiring >66% positive votes to pass. Option 3, because it is the default setting, will be based on a simple majority >50% to pass. All options will require a participation rate of at least 30% of all eligible FLR to pass. Flare Networks Limited, founders and employees will not be voting and hence will be removed from the eligibility calculation. The Flare Foundation is not allowed to vote and hence will not be in the eligibility calculation. The FLR held in minting pools isn't owned by anyone and is therefore excluded from the eligibility calculation. FLR holders can vote on each option. The first option to pass will win, hence the vote could be finished well before the 5 month deadline. If no option passes the default as defined above will automatically take effect. This structure ensures that the original distribution plan is retained unless there is a strong desire among Spark holders to change the distribution to Option 1 or 2. This governance vote does not have an impact on the operation of the FTSO or F-Asset protocol.
  2. I was actually planning a bit farther than that . There's always the risk to hit the bed's corner and wake up sweat.
  3. in any case if BTC consolidates above 30K it's not so bad as starting point for another run
  4. Very bad for all crypto: https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/ SHANGHAI, Sept 24 (Reuters) - China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity and banning crypto mining nationwide, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement they would work closely to maintain a "high-pressure" clampdown on trading of cryptocurrencies. The People's Bank of China (PBOC) said cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet. The PBOC also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading.
  5. I just know one thing: if fiat trading is the place where the worst cheating happens, crypto is still worse. So, was he, or was someone else? are rumours true, half true or 100% lie? I am not following this forum anymore (by chance i am here, but I have just read in the press about Chinese central bank (you probably know it already). So is this also a fake decision just to shake the market? is it for real?
  6. and you really think such people do what they say and say what they do?
  7. So a multibillionaire says investing in btc is a mistake he made, all traders sell consequently, crash the price and then he buys back at 30% lower price. Why don't you simply give him your money? Why do it complicated? ask him the bank account number and make directly a donation.
  8. A crime is stating that 51bln xrp are circulating while the truth is that those xrp owned by BG, CL JC and the other original founder are NOT circulating. They have been created and put in their wallets without going through a market process of sale and buy. So they are NOT circulating and therefore supply is still lower then it is stated. This way they let people think that much more xrp have benn sold than they actually are. and this IS FRAUD.
  9. The crime was not to say to the public: be aware that we sell at price below market and those we sell to cannot and don't want to hold their stack and resell to you. So you think xrp is going up but it cannot because there are waggons of xrp that will be sold. This is fraud. If you don't see it it means one of the following: 1 you are paid by them and defend them or 2 you have not opened your eyes and own a huge amount of xrp hoping it will go up. But I can tell you that it will NOT go up until at least 80% of the max supply will be spread amond the poor naive investors that will buy it from MM. And at that point maybe in 5 years those who had the initial stack will have left the business with full pockets and won't care anymore of any ODL or fancy stuff like that because they will be so rich that you will not even imagine it and you will be still waiting for xrp to go up. So if you want to help xrp you have to leave it and price has to go to 0 (zero) in order to avoid that the criminals can become rich without really having interest in making the use case become true. I really ask myself how can there be so blind people here. No, you can't be honest if you do not understand that point. I am sorry. Don't be offended. Offense if what xrp hodlers live every day. That is offence. And they should task a lawyer to defend them but against Ripple and those criminals. That's the truth. wake up! XRP is the only coin which did not go up during this bull run. WAKE UP!
  10. This is anyway selling a promise that cannot become true. So it doesn't matter if they did not state it officially: this is selling a promise and making money on unaware retail investors. DO not defend them. They are criminals.
  11. Dear Julian I do not agree with you this time. It's the behaviour of Larsen and Garlinghouse together with JC that is to be condemned. Exactly because of the behaviour of those people xrp will not go up. They are criminals that deserve to be closed in jail for their entire life. They are defrauding poor naive investors. They have been selling a promise which was and is not supported by facts (ODL not spreading at all). But they became rich by then dumping xrp on those who believed them. So, very good hting that SEC asked for those information in order to show how much money they have earned on the backs of normal people.
  12. Last pump happened on 31.01. Longs were on 31.01 6.7mln. On 01.02 when xrp was dumped again longs rose to 12.4mln but price did not move. Since the last pump shorts fell from 12.8mln to 8.8mln. Despite that xrp has not moved at all. So this price si simply controlled by those who have enough xrp to dump everything and let people hope that some day xrp will rally.
  13. first cross .63$ then cross .74$. Since yesterday shorts went up 14.2% (from 7.7mln to 8.8mln) longs went up 8.3% (from 119,5mln to 129,5mln). so the ratio moves against a decided price increase. It seems that asa price increases the shorts/longs ratio increases in more than linear way.
  14. They are continuously doing it. Haven't you realized that xrp is the only one not taking part to the party and if it increases value is this is only driven by throttling the dumping action? It is in front of your face in the form of price chart.
  15. the monthly escrow is so big that they can place only 1/10 and you don't even know if this amount (100mln) are immediately bought by retail traders or stocked by MM and sold slowly during the next weeks/months.
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.