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Charting the course of XRP


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I was participating undercover :).  The trolls became too overwhelming while XRP was in the dumps, I figure its safe to come out again.

There are actually several lawyers in the crypto space who have analysed the case extremely closely explaining how the case will likely play out. Given that these lawyers are either BTC or ETH maxis a

These threads are being derailed by childish banter, could you please keep things on topic and move your chit chat elsewhere. The forum is becoming less interesting for many of us.

30 minutes ago, JASCoder said:

No, it's earned in the beginning of Flare Financial's launch.
There will only be 10,000 tokens total - it will serve as the FF's governance token. 

Can you please explain “earned”?

I thought from the initial info (which is all that I have read) that it would be as mentioned above:  airdropped to FLR holders one month after Flare go live with only one week after airdrop to convert (via a claim) the dropped token to the ongoing one.  Dropped token then useless so only the claimed tokens live after a week.

So it’s an airdrop that captures those Flare owners who are active and interested at the start of Flare only...   one week is a small window.

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3 minutes ago, BillyOckham said:

Can you please explain “earned”?

I thought from the initial info (which is all that I have read) that it would be as mentioned above:  airdropped to FLR holders one month after Flare go live with only one week after airdrop to convert (via a claim) the dropped token to the ongoing one.  Dropped token then useless so only the claimed tokens live after a week.

So it’s an airdrop that captures those Flare owners who are active and interested at the start of Flare only...   one week is a small window.

Here's my understanding of a very complicated situation. Just to backup to the start, Flare Finance isn't Flare. They're a DeFi company building apps on top of the Flare Network (think of them as UniSwap for Flare). Flare Finance is going to be doing a snapshot of the Flare ledger 30 days after it launches. Whatever FLR you have in Flare wallets at that time will determine how much DFLR you will receive a week or so later.

From what I understand DFLR is kind of what we think of as an IOU. Its only real purpose is that you'll be able to trade it in for the same amount of YFLR, yield-bearing FLR, which Flare Finance's main token. I think they do it this way for legal and tax reasons. The DFLR that they give you is basically a voucher that doesn't have any value in and of of itself. You have to voluntarily choose to exchange it for YFLR to get the actual useable token.

I assume that YFLR will be pegged to the price of FLR, but you're able to use it within Flare Finance's apps to participate in liquidity pools and/or stake it to earn interest. Flare Finance calls staking, "farming". The interest that they pay from farming is paid in YFIN, which is their own governance token. I can only assume that they'll be using your staked funds for other types of investments, but I don't think they've ever really said.

They also have a mining token YMIN, which as far as I can tell is kind of like a trade for your mining rewards from Bitcoin or Ethereum. I'm not a miner, I don't really get it.

I hope that helps a little bit. Clear as mud, right?

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5 hours ago, HenrySeldom said:

Sometimes people say things that are just so unbelievably wrong that I shake my head so hard and almost give myself brain damage. 

You should probably go and sit down for a bit then as you seem a little delicate!

That’s the beauty of a forum, it shares opinions of differing views and allows constructive conversation, but obviously not for you, as you are clearly always right and only your opinion matters. 

 

Edited by B088IN
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1 hour ago, brianwalden said:

Here's my understanding of a very complicated situation. Just to backup to the start, Flare Finance isn't Flare. They're a DeFi company building apps on top of the Flare Network (think of them as UniSwap for Flare). Flare Finance is going to be doing a snapshot of the Flare ledger 30 days after it launches. Whatever FLR you have in Flare wallets at that time will determine how much DFLR you will receive a week or so later.

From what I understand DFLR is kind of what we think of as an IOU. Its only real purpose is that you'll be able to trade it in for the same amount of YFLR, yield-bearing FLR, which Flare Finance's main token. I think they do it this way for legal and tax reasons. The DFLR that they give you is basically a voucher that doesn't have any value in and of of itself. You have to voluntarily choose to exchange it for YFLR to get the actual useable token.

I assume that YFLR will be pegged to the price of FLR, but you're able to use it within Flare Finance's apps to participate in liquidity pools and/or stake it to earn interest. Flare Finance calls staking, "farming". The interest that they pay from farming is paid in YFIN, which is their own governance token. I can only assume that they'll be using your staked funds for other types of investments, but I don't think they've ever really said.

They also have a mining token YMIN, which as far as I can tell is kind of like a trade for your mining rewards from Bitcoin or Ethereum. I'm not a miner, I don't really get it.

I hope that helps a little bit. Clear as mud, right?


Forgive me I wasn’t very clear in my question.  I’m already aware of all of that.  That doesn’t seem to me to be ‘earned’ so I was asking why @JASCoder was using the term “earned” when I thought it was an airdropped ticket exchanged for a token over that one week period only.

 

Edited by BillyOckham
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Noome wants to discuss this:

The 2-3 days, after Brad blamed CEXes....

 

He did not mention what happened to millions of XRP that MGI got.

Will speculate thay they were dumped on market and CEX was the convinient escapegoat.

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37 minutes ago, xrp-nuke said:

Noome wants to discuss this:

The 2-3 days, after Brad blamed CEXes....

 

He did not mention what happened to millions of XRP that MGI got.

Will speculate thay they were dumped on market and CEX was the convinient escapegoat.

Not sure what Ripple got out of MGI apart from selling stock - 

“Under the terms of Ripple’s initial investment announced in June 2019, the company bought the shares in MoneyGram at $4.10 apiece, at a significant premium to their price at the time. With shares of MoneyGram up more than 260% this year, closing at $7.42 on Wednesday, Ripple can now net a significant profit on its investment.”

https://www.google.co.uk/amp/s/www.nasdaq.com/articles/ripple-is-cashing-out-a-third-of-its-stake-in-surging-moneygram-2020-11-27%3famp

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30 minutes ago, xrp-nuke said:

Noome wants to discuss this:

The 2-3 days, after Brad blamed CEXes....

 

He did not mention what happened to millions of XRP that MGI got.

Will speculate thay they were dumped on market and CEX was the convinient escapegoat.

Nothing to discuss here. The actual treasury payments (which is what they used Ripple for) ended a long time ago - like months before the SEC lawsuit.

That said, this sucks, obviously. Also Moneygram definitely benefited quite a bit from Ripple’s relationship. They were in danger of being acquired by WU. I’m sure they’ll come back to the table once things clear up. 

To my knowledge, MGI hasn’t held XRP on its balance sheet. Holding XRP by remittance companies like MGI sort of defeats the purpose. It makes the most sense for market makers (in this case BitStamp and BitSo) to hold XRP and facilitate fiat on/off ramps. At some point in future, the very large banks may want to hold them.

The world quickly becomes dark and can spiral if we attribute ill-intent when we don’t like an outcome. Be careful out there.

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15 minutes ago, B088IN said:

Not sure what Ripple got out of MGI apart from selling stock - 

“Under the terms of Ripple’s initial investment announced in June 2019, the company bought the shares in MoneyGram at $4.10 apiece, at a significant premium to their price at the time. With shares of MoneyGram up more than 260% this year, closing at $7.42 on Wednesday, Ripple can now net a significant profit on its investment.”

https://www.google.co.uk/amp/s/www.nasdaq.com/articles/ripple-is-cashing-out-a-third-of-its-stake-in-surging-moneygram-2020-11-27%3famp

Proof that it works. That goes a long way. The issue they have is regulatory clarity. You’re not going to get the BofAs of the world taking a shot with what for them is highly experimental tech. MGI was perfect to prove that point. 

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28 minutes ago, Ripley said:

Nothing to discuss here. The actual treasury payments (which is what they used Ripple for) ended a long time ago - like months before the SEC lawsuit.

That said, this sucks, obviously. Also Moneygram definitely benefited quite a bit from Ripple’s relationship. They were in danger of being acquired by WU. I’m sure they’ll come back to the table once things clear up. 

To my knowledge, MGI hasn’t held XRP on its balance sheet. Holding XRP by remittance companies like MGI sort of defeats the purpose. It makes the most sense for market makers (in this case BitStamp and BitSo) to hold XRP and facilitate fiat on/off ramps. At some point in future, the very large banks may want to hold them.

The world quickly becomes dark and can spiral if we attribute ill-intent when we don’t like an outcome. Be careful out there.

Its not that MGI holded XRP, it was given XRP that they sold on market and doing wtv. Plus no doubt that MGI shares were bought using XRP too, well, speculatively.

Anyway, any banks using XRP? Any big payments using XRP? 🤣🤣🤣

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34 minutes ago, xrp-nuke said:

Its not that MGI holded XRP, it was given XRP that they sold on market and doing wtv. Plus no doubt that MGI shares were bought using XRP too, well, speculatively.

Anyway, any banks using XRP? Any big payments using XRP? 🤣🤣🤣

Again, I don’t think you understand how ODL works. If you are sincerely interested, I’m happy to share additional details. “No doubt, xxx” is not how the world works.

And here’s my contention with those who claim XRP/Ripple is useless because banks aren’t using it yet:

1. Do you know what it takes to build a product ? Enterprise class products which cannot afford a single failure ? And what it takes to get into a highly closed market with extremely powerful incumbents ?  Tesla was founded in 2003. 18 years ago. They were close to bankruptcy as recently as 2 years ago. Elon Musk asked to meet Tim Cook to see if Apple could acquire Tesla for 60B. Tim Cook refused. Today a multi-trillion gasoline engine industry is dead. Like that. The numerous patents, companies, universities, specialists, degrees, endowments, scholarships - all dead. If someone said this 5 years ago, they were laughed away.

2. Small remittance companies have already started to use ODL. Banks have extremely strict protocols and will need absolute regulatory clarity before they can use a new class of assets. Most banks have offices in the U.S. and therefore cannot engage without clarity.

There is no guarantee that ODL with XRP will succeed. But it absolutely is a fantastic use case. It’s an issue that I personally suffered through. And Ripple has the best shot at entering that market and being successful. There will be other entrants who will follow the footsteps laid by Ripple.

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4 hours ago, BillyOckham said:


Forgive me I wasn’t very clear in my question.  I’m already aware of all of that.  That doesn’t seem to me to be ‘earned’ so I was asking why @JASCoder was using the term “earned” when I thought it was an airdropped ticket exchanged for a token over that one week period only.

 

HI Billy !

Are you confusing DFLR and YFIN ?

In the Beta we're given a starting "seed" of some USDT, YLTC, YDOGE, and YXRP (and maybe some YFLR, I can't remember now).
We "wrap" the USDT in the context of the external network into the test Flare Network which shows up as YUSD.

We then stake our play assets into the LP (liquidity pools) and stake the LP and Y-assets in the "Farm." 

All of the farmed stakes earn us YFIN which we claim, and add to our LP assets and stake it as well (compounding the play rewards).

There is also the "Swap" (aka trade) app which uses the AMM to convert from one Y-asset into another (including YFIN), so you can at this point "buy" some YFIN to add to your growing stash.

Hope this helps :) 

 

Edited by JASCoder
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2 minutes ago, JASCoder said:

HI Billy !

Are you confusing DFLR and YFIN ?

In the Beta we're given a starting "seed" of some USD, YLTC, YDOGE, and YXRP (and maybe some YFLR, I can't remember now).
We "wrap" the USDT in the context of the external network into the test Flare Network which shows up as YUSD.

We then stake our play assets into the LP (liquidity pools) and stake the LP and Y-assets in the "Farm." 

All of the farmed stakes earn us YFIN which we claim, and add to our LP assets and stake it as well (compounding the play rewards).

There is also the "Swap" (aka trade) app which uses the AMM to convert from one Y-asset into another (including YFIN, so you can at this point "buy" some YFIN to add to your growing stash.

Hope this helps :) 

 

I seriously need to be doing more research and reading, all of that went straight over my head, and I read it twice! 🤪

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Just now, B088IN said:

I seriously need to be doing more research and reading, all of that went straight over my head, and I read it twice! 🤪

I found it helpful to view the walk-thru demo I posted a few days ago. 
LMK if you can't find it, i'll search for the link for you.

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