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Flare networks - Spark token to XRP holders


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8 hours ago, meegwell said:

I think the answer here is no.  You have a wallet address that will be part of the snapshot.  I believe the problem with exchnages is the shared ledger addresses (destination tags) so the exchange has to agree to allocate appropriately.

 

8 hours ago, bloodhound said:

No. your XRP address for the NANO shows what you are holding.

Well then again it boils down to the question how to claim the tokens. If it involves messing with your private key or some other technical stuff that most people don‘t understand then nobody will do it. 

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My main concern thus far is that the spark tokens fail to generate enough traction (speculation, usage, interest, liquidity) to act properly as collateral. If they cannot, then the entire system comes down. At least that's how I (mis)understand it. Happy to be corrected. 

And their strategy. By giving away such a high percentage of tokens to XRP holders, likely that already puts off competing communities like BTC maxis, etc. And if Ethereum people also don't like a competing network, they might start bashing it etc. The crypto community is not rational or well balanced! 

If there isn't enough general network throughput volume, I can't see how spark can act as usable collateral. Also if it's too volatile (I mean, extremely, which is not unheard of in altcoins!) i.e. beyond the collateralisation ratio, won't it simply fail? You only need to get one or two liquidations for people to say, "no thanks". Great as the tech may be. 

Just my 2c, not bashing anything – love the Flare concept and hope it takes off. 

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On 8/13/2020 at 5:02 AM, DavyJones said:

 

Well then again it boils down to the question how to claim the tokens. If it involves messing with your private key or some other technical stuff that most people don‘t understand then nobody will do it. 

There is no other way to do it, you have to be able to prove you own the XRP account claiming the spark or people could cheat. 

 

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On 8/12/2020 at 6:54 AM, DavyJones said:

Is there any information about how to claim the tokens? If it involves setting up a trust line like for the Allvor airdrop or messing with your private key (potentially exposing it to the outside world) most people will certainly stay away from it.

setting trustlines is fundamental to using the xrpl. Do people really not use the xrp-ledger for it's intended purpose?

being able to transact using your private key without exposing it to the outside world is the whole point. 

this ledger nano is a boon to XRP adoption you guys just leave your XRP to collect dust when you could be market making or doing arbitrage. 

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3 minutes ago, jargoman said:

There is no other way to do it, you have to be able to prove you own the XRP account claiming the spark or people could cheat. 

 

What about moving your XRP to an exchange that's going to list Spark, just for the snapshot date/time?  I'de be willing to do that. 

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4 minutes ago, jargoman said:

setting trustlines is fundamental to using the xrpl. Do people really not use the xrp-ledger for it's intended purpose?  Nope - most probably do not, because it's painful.

being able to transact using your private key without exposing it to the outside world is the whole point. That's why easy/safe apps w/good design+UI matter so much.

this ledger nano is a boon to XRP adoption you guys just leave your XRP to collect dust when you could be market making or doing arbitrage.  Nobody likes a dongle.

Comments inline.

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Just now, Sharkey said:

What about moving your XRP to an exchange that's going to list Spark, just for the snapshot date/time?  I'de be willing to do that. 

But then you still have to provide your private key to an app to send the XRP to the exchange. Then the exchange has to do the exact same process that you would have had to do anyway. All the while you are giving the exchange control of your XRP and your spark. We still don't know the process for claiming spark. If it were me I would simply use the trustline feature with your desired spark address included in the memo. That way no one controls your keys but you. 

No exchange is going to provide their private keys to flare in order to claim the tokens so surely they will come up with a way to claim without divulging your key. 

I'd rather do it myself and get free tokens with zero risk. 

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2 minutes ago, jargoman said:

But then you still have to provide your private key to an app to send the XRP to the exchange. Then the exchange has to do the exact same process that you would have had to do anyway. All the while you are giving the exchange control of your XRP and your spark. We still don't know the process for claiming spark. If it were me I would simply use the trustline feature with your desired spark address included in the memo. That way no one controls your keys but you. 

No exchange is going to provide their private keys to flare in order to claim the tokens so surely they will come up with a way to claim without divulging your key. 

I'd rather do it myself and get free tokens with zero risk. 

Thanks for your analysis, but not everyone is as comfortable with the steps necessary to do this.  In the past, I've gotten forked tokens on exchanges, in the correct proportion  to what I was holding at the time of the snapshot.  Yes, it is not without risk, but some people are willing to take what seems to be a low risk for the sake of avoiding the steps in claiming the tokens to private wallets.  I believe that Bitrue has already committed to listing spark, and distributing the tokens to XPR holders on their exchange.  So far (knock on wood), my experience with Bitrue has been flawless all around.  I may do "some of both" approaches, and see which one is easier overall.  

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1 minute ago, NightJanitor said:

Comments inline.

this is the app I created called ihilda. 

I absolutely love it. control your own keys. Automate trading. send batches of transactions. 

somewhat technical to use but very powerful app. Probably the least used yet best wallet in cryto. It doesn't look the best but the functionality is spot on. 

ihilda.png

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14 minutes ago, jargoman said:

this is the app I created called ihilda. 

I absolutely love it. control your own keys. Automate trading. send batches of transactions. 

somewhat technical to use but very powerful app. Probably the least used yet best wallet in cryto. It doesn't look the best but the functionality is spot on. 

ihilda.png

Quod erat demonstrandum, re: complexity/ease of use.  That doesn't look intimidating at all.  I'm *sure* I wouldn't screw anything up.  No anxiety at all! :)

"Great!  Love the concept.  Let me go get another PhD and I'll be back to use that...  In the meantime, don't wonder why retail adoption is going so slowly!"

(You want to go get a job w/Wietse?)

Edited by NightJanitor
*increases Wietse's budget by 2x*
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Just now, NightJanitor said:

Quod erat demonstrandum, re: complexity/ease of use.  That doesn't look intimidating at all.  I'm *sure* I wouldn't screw anything up.  No anxiety at all! :)

"Great!  Love the concept.  Let me go get another PhD and I'll be back to use that...  In the meantime, don't wonder why retail adoption is going so slowly!"

 

It just looks complicated because it supports multiple accounts. You select your active wallet from the list on the right and it will display your balances on the left. 

Top left are the action buttons. for managing keys, trading, setting trustlines. ect. You can't mess anything up until you sign a tx with your key and there is a window for doing that which will warn you about the action you are about to do. If you encrypt your keys with a password which is highly recommended then you need to enter that password to sign a transaction. It provides desktop notifications for filled orders and payments. 

For me anxiety would kick in if I had to supply my private key in a web browser and thanks to ihilda I'll never have to do that.

It really is a cool wallet. You can run bots on multiple accounts at once. 

About requiring an education to use it. Yes. It makes money. it automates trades. It's worth learning about the XRPL because it's a trading platform. There is money to be made supplying liquidity (hint hint liquidity )

I can't wait for the 30,000 stocks to be listed on the ledger because I expect to make tens of thousands of dollars a month, fully automated trading stocks on the ledger. 

Last bull run I was making $20,000 usd a month providing liquidity on the ledger. If a person needed an education to earn $240,000 a year it's worth it. But it really isn't that complicated. Less complicated than a college degree. 

At the moment I think there is more money to be made holding XRP. I do market make but most my xrp is in cold storage now. 

last bull run I was driving a sports car and had 3 very good looking girlfriends who all knew about each other. :beach:

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