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xrphilosophy

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  1. Like
    xrphilosophy got a reaction from KarmaCoverage in Upcoming Flare Launch: Key Dates and FAQs (IMPORTANT UPDATE FOR BINANCE US USERS!)   
    Outstanding summary! Thanks.
  2. Like
    xrphilosophy got a reaction from Alluvial in Upcoming Flare Launch: Key Dates and FAQs (IMPORTANT UPDATE FOR BINANCE US USERS!)   
    Outstanding summary! Thanks.
  3. Like
    xrphilosophy got a reaction from Kiwi in Upcoming Flare Launch: Key Dates and FAQs (IMPORTANT UPDATE FOR BINANCE US USERS!)   
    Outstanding summary! Thanks.
  4. Like
    xrphilosophy reacted to Julian_Williams in Epic Pennant on BTC Chart   
    its not really an ad hominem.  He/she is twisting your tail in a friendly way and you get very angry.  I think you are too sensitive when reading these posts, and your response was strong and escalated a joke into an argument. 
    You have both got lots to contribute to the forum. Next time give him a laugh? 
  5. Like
    xrphilosophy reacted to Neurotoxin in Epic Pennant on BTC Chart   
    Guys, let’s not go back to fighting please   I know sentiment is in the gutter but let’s try and make the forum a place where we can come and take a breather instead of keeping the same pace as the fear and greed indicator and toxic workplaces. 
     
    As Marcus would say in Bad Boys:“Whooooh saaaah” 
  6. Like
    xrphilosophy got a reaction from Yorkies in Upcoming Flare Launch: Key Dates and FAQs (IMPORTANT UPDATE FOR BINANCE US USERS!)   
    Outstanding summary! Thanks.
  7. Like
    xrphilosophy got a reaction from BillyOckham in Upcoming Flare Launch: Key Dates and FAQs (IMPORTANT UPDATE FOR BINANCE US USERS!)   
    Outstanding summary! Thanks.
  8. Thanks
    xrphilosophy reacted to Seoulite in Flare FAQ   
    (Please respond in the thread if you think there is anything big that I missed or any important points that I got wrong)
     
    What is Flare?
    In simple terms, Flare is a smart contract platform that aims to give smart contract functionality to assets that currently do not have that capability, such as XRP, LTC, DOGE, and XLM. It also has several new innovative features related to settlement, governance, and participation that make it significantly different from Proof of Work or Proof of Stake chains. 
    While Flare is entirely separate from Ethereum, the technology utilises the Ethereum Virtual Machine which means that any projects developed on Ethereum can be easily ported to the Flare network. An example of this that we already know will happen is Gala Games.
     
    How is Flare different from other networks?
    Flare claims to avoid all of the problems of scaling that PoW and PoS networks encounter, due to their new version of the Avalanche consensus protocol. It is technically complicated but if you want to learn more go here. Flare also claim to have solved the Oracle problem.
     
    Who is behind Flare?
    The core Flare team met while studying Machine Learning at University College London. The CEO of Flare Networks Ltd (for-profit entity) Hugo Philion previously worked as a commodity derivatives trader for $1 billion+ funds. The Flare network has been under development for over three years and received funding from Xpring (Ripple's investment arm). 
     
    What is Flare Finance?
    Flare Finance is an entirely separate entity from Flare Networks. Flare Finance is building a DeFi ecosystem on the Flare network which is similar to applications that already exist on Ethereum. Flare Finance has its own tokens which will be airdropped to FLR holders after the Flare network goes live.
     
    Who is behind Flare Finance?
    The group of developers behind Flare Finance have decided to remain anonymous, however they have had extensive contact with the Flare developers, and have already established themselves as a key part of the early Flare ecosystem.
     
    What is the FLR token used for?
    The Spark token (FLR, yeah confusing...) is used in the governance of the network, in the Flare Time Series Oracle that provides price feeds to the network, and for collateralising F-assets on the network. FLR is not used to secure the network. Holders of the FLR token can earn yield (similar to staking, but without locking coins) through participation in the network. FLR will also be available to use in all Flare Finance suites, DeFi applications and smart contracts.
     
    What is the Flare Time Series Oracle (FTSO)?
    To learn in more detail what the FTSO is, read this Flare blog post. The FTSO provides externally sourced data estimates to the Flare Network in a decentralised manner. In simple terms, think of it like a decentralised, far more accurate and sophisticated version of Coinmarketcap or Coin Gecko. The FTSO provides realtime data on prices of assets, and this price data allows stable coins, smart contracts, DeFi applications, and decentralised applications to function. 
    The FTSO will have 'signal providers' which are participants of the network who will source data from outside the network and provide it to the FTSO. The structure of signal providers is a little complex but for the average user, all you need to know is that you can delegate your votes to a signal provider who will share a proportion of the rewards they receive for providing the data. This is just one way participation in the functioning of the network is incentivised.
     
    What is the real world utility of the Flare network?
    The Flare network opens XRP and other assets up to the world of DeFi and smart contracts. Just one early example of the use of Flare is with gaming. An NFT platform 'Sparkles', as well as a blockchain community bank (in a similar way to Nexo) called Trustline are being built on Flare so far. 
     
    When will the network go live?
    The network is expected to go live sometime in June or July 2021.
    Flare Finance has announced a second public beta for their project which began on Monday April 12, 2021.
     
    How do I get hold of FLR?
    Holders of XRP in non-custodial wallets and/or participating exchanges will receive a little over 1-1 FLR for the XRP they hold via airdrop when the network goes live. There is an XRP chat FAQ about the airdrop here.
    You cannot buy FLR tokens at this time. FLR IOUs are currently being traded on Bitrue and Poloniex. These IOUs will be converted to FLR once the network launches (please note that Bitrue IOUs will be converted to FLR 100% and Poloniex IOUs will only be converted at 15%, in accordance with the distribution schedule - this explains the difference in prices on the exchanges).
     
    What do I need to do to get the airdrop?
    A snapshot of the XRPL was taken on December 12, 2020. If you did not own XRP on this date, then you are not eligible for the airdrop. If you held XRP on a nano ledger or other non-custodial wallet, you need to claim your spark.
    If you had XRP on a participating exchange, contact your exchange for details about the airdrop. 
     
    What is the distribution schedule of FLR?
    15% of your FLR will be airdropped on the first day of the network going live. Then 3% will be airdropped each month for a period of 2-3 years. This is done to prevent dumping and incentivise participation in the network.
     
    What will the price of FLR be at launch?
    Good question.
     
    What are F-assets?
    In simple terms, F-assets are claims to locked up tokens from other cryptocurrencies. For example, FXRP is simply XRP represented on the Flare network, and available for use in smart contracts. FXRP always has 1-1 value with XRP, and this is collateralised using the value of the FLR token. The F-asset function is what enables XRP to become a smart contract asset. 
    The F-assets available at launch will be FXRP, FLTC, FDOGE and FXLM. Further addition of F-assets will be subject to governance vote. LTC, DOGE, and XLM holders are not going to receive FLR via airdrop. However there are rewards available for holders who mint F-assets, meaning that XRP, LTC, DOGE, and XLM will become yield-earning assets as well as smart contract assets.
     
    Will BTC become an F-asset?
    The question of whether BTC will become an F-asset will be subject to a governance vote. However, the CEO of Flare Networks Hugo Philion has explicitly stated that the decision to add LTC as an F-asset was made with BTC in mind. He said that because LTC and BTC are so technically similar, adding FLTC means that technically it would be very easy to add FBTC in the future should the community vote for that.
     
    What is the total supply of FLR?
    The initial supply of FLR is 100 billion, the same as XRP. However there are also inflation mechanisms built into the network, which will add to the total supply at 10% a year. (This should not be confused with the reward pools that are part of the original supply). The tokenomics of the network are specifically designed to incentivise use and participation in the network. The rewards of inflation are not distributed to miners or node operators like other networks. Instead, the rewards of inflation go to the participants in the network. Holders who do not participate in the network will have their value inflated away. Think of it like an XRP escrow that is periodically paid to you, instead of to Ripple. 
     
    What does 'participate in the network' mean?
    You will be able to delegate your vote to a 'signal provider' for the Flare Time Series Oracle at no risk to your coins. This will earn you rewards on a very regular basis (possibly daily or multiple times a day) according to the tokens you hold as a proportion of the whole. The exact rewards have not yet been announced. Again, in simple terms this is similar to staking but without locking your coins. 
    There will also be other ways to earn yield from your FLR tokens, but these will involve some risk and may require some management on your part. It is likely that entire ecosystems of signal providers, F-asset agents, and delegate services will arise around the system which may handle these services for you. A number of signal providers have already publicly declared themselves, but much of the ecosystem is yet to appear.
     
    What should I do now?
    If you held XRP on a ledger, you must claim your spark before June 11 2021, otherwise you will lose it. You have several months to learn about the network and decide what you will do with your FLR once the network goes live. While certain aspects of the Flare network are complex, the 'user end' of the network is not really that difficult to understand. When the network launches there will be a wallet from which you can delegate votes and earn rewards. There are a number of youtube channels listed in the other pinned post which will give you much more detail about the network. You can also take part in the Flare Finance public beta.
     
    Summary
    This 13 minute video is one of the best, concise rundowns of the Flare Network I've seen so far. Well worth a watch.
     
  9. Thanks
    xrphilosophy got a reaction from Seoulite in Upcoming Flare Launch: Key Dates and FAQs (IMPORTANT UPDATE FOR BINANCE US USERS!)   
    Outstanding summary! Thanks.
  10. Like
    xrphilosophy reacted to Seoulite in Upcoming Flare Launch: Key Dates and FAQs (IMPORTANT UPDATE FOR BINANCE US USERS!)   
    Hi all, posting this here but feel free to check out the Flare club for more info (it's an open club, you don't need to join anyone can read and anyone can post).
     
    When is the network going to launch?
    We don't have an exact date yet but from the various announcements and estimates from the Flare team, we are expecting it to go live sometime in middle/late July (4-6 weeks from now). The network is currently undergoing security audits to make sure it won't get hacked and we all lose all our money.
     
    Where will my tokens go? 
    As our good friend @BillyOckham explained, your FLR are kinda on 'the cloud'. They don't go anywhere. If you set up the airdrop claim with a private key that you control, then that private key is your tokens. There will be various ways to access them which will become clearer as we get closer to launch. Check this thread in the Flare club for more details/questions. 
    If you had claims on an exchange, then the exchange should handle everything. 
    EDIT: IMPORTANT UPDATE FOR BINANCE US USERS: "We would like to provide you with guidance to finish your submission for receiving your SPARK tokens from the Flare Network snapshot on December 11, 2020. If you haven't done so yet, please go through the following steps to complete your submission. The cutoff for submitting your information is Friday, June 18 at 5pm EST / 2pm PST."
     
    Where can I buy FLR?
    FLR does not exist yet because the network has not launched. You can buy IOUs from Bitrue, Poloniex, or ZB. Do some reading before you jump into the IOUs, the prices are different for a reason. Anyone claiming to have FLR tokens (not IOUS) right now is lying and/or trying to scam you.
     
    How much will the tokens be at launch?
    Good question. FLR IOUs are currently trading on Bitrue for $1.49 but some people believe this price is ridiculously overinflated. Be careful. My personal opinion (not financial advice) is that the tokens will launch at somewhere between 50 cents and 1 dollar.
     
    Do I need to pay tax on the airdrop?
    This is not tax advice, however the Flare team has said they have designed the airdrop to create little/no tax liability. The full details have not been released yet but they claim to have professional, high level tax advice to this effect.
     
    What's this about a second airdrop?
    One month after the network launch, there will be the snapshot for the Flare Finance airdrop. Flare Finance is not the same as Flare, it is a project building on the Flare network. The snapshot will be related to the amount of FLR you have. Yep, we are getting two airdrops for free. This is where all the hard work, sacrifice, and painful scaldings pay off.
     
    What's this FXRP thing?
    F-assets are part of the Flare network, and take some explaining. But we have time since the F-asset system will not go live until about 6-8 weeks after the network launches. Plenty of time to find out about it. 
     
    What should I do now?
    If you don't know anything about Flare and you are going to receive the airdrop, then read up about Flare as much as you can. At the Flare club we have an FAQ and a bunch of threads on all kinds of topics. People are also usually on hand to answer questions. 
     
  11. Like
    xrphilosophy got a reaction from Seoulite in Charting the course of XRP   
    Sigh. Carry on please...and good morning...
  12. Like
    xrphilosophy reacted to Seoulite in Don't Forget to Claim Your Spark from Flare!!!   
    I claimed with a ledger too. I saw this video today which was talking about it. Rather frustratingly, it is not clear yet whether the nano itself will support Flare at launch. He starts talking about it at the 6:18 mark in the video below. If we can't use the nano direct, then there is a workaround using metamask. I'm not that happy about it, and I would hope Ledger get their crap together, but if we need to do a workaround we will go through it on the forum here so it's super clear and we make sure everyone is ok with it (ill need to check that i'm doing it right as well!)
     
  13. Like
    xrphilosophy got a reaction from CaptainCorningware in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  14. Like
    xrphilosophy got a reaction from captainjack in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  15. Like
    xrphilosophy got a reaction from Gambaard in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  16. Haha
    xrphilosophy got a reaction from Ahchai in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  17. Like
    xrphilosophy got a reaction from xrpmommy in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  18. Like
    xrphilosophy got a reaction from Caracappa in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  19. Like
    xrphilosophy got a reaction from xrp_is_love_xrp_is_life in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  20. Like
    xrphilosophy got a reaction from BluKoo in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  21. Like
    xrphilosophy got a reaction from billion in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  22. Like
    xrphilosophy got a reaction from BillyOckham in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  23. Like
    xrphilosophy got a reaction from DannyRipple in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  24. Like
    xrphilosophy got a reaction from Neurotoxin in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
  25. Like
    xrphilosophy got a reaction from Julian_Williams in Charting the course of XRP   
    On some previous posts- those who are getting personal with each other- maybe not so much?  The thread is interesting enough without low level personal drama. No one should be brought down by reading personal attacks.  If you're that bored please move on to another thread.  Also- seems like some folks hop into a TA thread to criticize TA?  That's always a head scratcher to me. I would never keep going to a restaurant I didn't like, and each time complain anew about my dislike for that restaurant to the other patrons.
    Here's to a "flaring" hot summer?   
     
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