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Flare networks - Spark token to XRP holders


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If someone from the flare network sees this thread please contact me about possibly supporting flare in my apps or at the very least writing a script for users to claim spark with their key. Or simply tutorials on how to claim the spark.

I'm interested in smart contracts for XRP. 

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Because so many people seem confused about this whole claim process I am going to write a short explanation of what happens and why.  It’s not a how to...  others are doing that.  It’s a ‘what happens

Can be massive.

apologies if this has already been posted on this thread - great read if you enjoy Galgitron's style http://galgitron.net/Post/DeFi-Defined   

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54 minutes ago, Sharkey said:

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.  

I'm going to do both because I have a bit of XRP on exchange for quick trading. 

Heads up to people who have their XRP earning interest on a lending platform, you wouldn't get the spark for the XRP you have lent out. The person borrowing your XRP likely sells the XRP to short the market and whom ever buys those XRP gets the spark.

So upholds 2%-3% earning accounts will likely not receive spark
Binance lending flexible or locked likely wouldn't get spark but if binance suports spark XRP in the spot wallet would receive spark. 

I think bittrue has margin trading but not sure if they also have a lending platform. But same applies to them

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1 hour ago, jargoman said:

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:

That's a hell of a marketing pitch. :)

(It also nicely denotes the difference between "traders" and "investors" - but that's another conversation. :) )

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4 hours ago, jargoman said:

bout 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. 

Could you please expand on this. How do you market make on the ledger. (XRPL?)

 

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7 hours 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. 

I don't think that's correct. The exchange must do it once for itself, using all the XRP they control for their customers. They will receive the Spark.

The exchange knows how much XRP they hold for you, as matter of fact they control your XRP. So you don't have to prove ownership to them. 

Next they must provide you with Spark, which they can assign to you also, it's just a matter of book keeping. If you chose to withdraw the XRP or Spark from the exchange it's the normal proces, you will receive them on a XRPL or Flare network account.

Edit: ok, you have to use your private key to send to an exchange, but I think people might feel more comfortable doing that, than signing something in a -to them- not natural way...

Edited by jn_r
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9 hours ago, strikerjax said:

Could you please expand on this. How do you market make on the ledger. (XRPL?)

 

every 1% increase in price I sell 1% my stack, just as you can cut something in half infinite times you can sell 1% of your stack infinite times. 

every 1% decrease in price I buy back what I just sold 1% cheaper. 

except I use a computer program to do this algorithmically. with this strategy I'm trading 1% of my stack every day, 24/7 365 which results in a continuous stream of profit. 

instead of holding my XRP waiting for the price to move I place orders on the orderbook ahead of time and I use a bot to attach a "rule" to each order of what should be done if the order fills. In the case above the 'rule' would be "buy back 1% cheaper"

if I want to change my trading strategy I change my rules. 

look at the trading history of account rBuDDpdVBt57JbyfXbs8gjWvp4ScKssHzx and you'll see a live example. Wait for one of my orders to fill and you'll see my bot will place an order to rebuy @ 1.2% cheaper. You'll also see that account is at sequence 137556 meaning I've submitted  over a hundred thousand transactions to the network on that account alone. 

Go to the BTC:bitstamp/XRP orderbook and hover your mouse over the orders to see which orders belong to account rBuDDpdVBt57JbyfXbs8gjWvp4ScKssHzx
https://xrpcharts.ripple.com/#/markets/BTC:rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B/XRP?interval=5m&range=1d&type=candlestick
you'll see that 90% of the orders belong to me and the majority of trades that happen involve me. 

I make money from the "noise". The more volatile the asset, the more money I make which makes XRP perfect for this strategy. 

If everyone did this XRP's liquidity issues would be solved and odl could use the ledger to source liquidity. I think coil will use the ledger for liquidity in the future. 

I can't wait for the stocks to be traded on the ledger. One set of tools to trade 30,000 stocks. I'll make bank

You need to select two assets to trade. I trade XRP/BTC both will likely increase in value so I don't care which I hold. 

If xrp is going to ath again which I believe it will within 6 months to 3 years then simply holding XRP will make you more money than the strategy would, to some degree. It's possible to double your XRP and place your original XRP in cold storage. I've already tripled my XRP doing this. During the last bull run I was increasing my stack by 10% every month because my orders where filling one after another every second or two. I had a $200,000 stack so I was making around $20,000 a month. 

You need a big stack which is why loading up on XRP while it's cheap is a really good idea
 

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7 hours ago, jn_r said:

 

Edit: ok, you have to use your private key to send to an exchange, but I think people might feel more comfortable doing that, than signing something in a -to them- not natural way...

create trust transaction  
sign 
submit
receive spark

vs

create payment transation  (to exchange)
sign
submit
receive spark (on exchange)
upload personal documents to verify identity
withdraw to account
wonder when your withdrawal will be processed. 
open ticket complaining why it's taking so long



 

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1 hour ago, jargoman said:

create trust transaction  
sign 
submit
receive spark

vs

create payment transation  (to exchange)
sign
submit
receive spark (on exchange)
upload personal documents to verify identity
withdraw to account
wonder when your withdrawal will be processed. 
open ticket complaining why it's taking so long



 

It's true, it is easier, but still, you know, people and habits.. One thing that could be of issue is that they don't want a Flare privatekey/access to maintain, so if they receive it on an exchange, they can sell it right-away.

What do you think would be the easiest to do? As the Flare chain should have read-access to the XRPL, I could think of the following:

  • Send a small amount of XRP (like 0.01 XRP) to a predetermined address, with your new Flare address in a memo field.
  • Receive the Spark on your new Flare address.

Or

  • Open a trust channel to a new Spark Gateway on XRPL
  • Receive Spark IOU on XRPL
  • Redeem Spark

With the first is the issue that not everybody knows or can fill a memo field, with the second is the issue that not everybody knows how to open a trust channel.

They could also build something themselves, a little tool that signs something with XRPL and you publish that signed something with your new account on Flare. The little tool could also be a generic offline signing tool - so you don't have to trust the tool. In that way it would be very save as both XRPL address and Flare address are provably correct.

Edit: And there is a last option, that they keep the addresses on Flare chain the same as on XRPL. After all they mention they are doing some sort of fork. Not sure that would be a preferred way as it can be confusing to have same addresses on multiple chains and will they e.g. also work with regular/master keys

Edited by jn_r
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19 hours ago, jargoman said:

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. 

No. Most people are not in it for the tech. They just want to safely store their investment and need an easy to use interface for that.

The Ledger Nano is an affordable piece of hardware and probably one of the most secure ways to store crypto. It’s even quite convenient. I have no problem to set a trustline, but my private key will never be exposed to the outside world in any way. That‘s the whole point. The process to set a trustline is of course straightforward and well documented and I pretty much know what to do and how to really make sure that the key is never exposed in any way, but most people will certainly not go down that rabbit hole for a few worthless airdrop tokens. If there was some kind of trustworthy piece of software that can set trustlines by utilizing the Ledger Nano it would be perfect. Trading on the xrpl would be the cherry on top. 

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21 minutes ago, Dario_o said:

Imagine a Wirecard scenario, what would your trading bots do?

Now you know why I like trading on the ledger, at least XRP has no 3rd party risk. 

I already cashed out my original fiat investment plus $100,000 and put the original amount of XRP I bought in cold storage. Everything I"m trading with now is pure profit. 

The flip side is that during flash crashes is when the bot makes the most. If you collect profit in XRP that helps too. 

The bot does what I tell it to do. I could change the strategy if I wanted. Plus in that scenario I'm the one with the bot that can cancel all my orders with a few button presses while everyone else has to manually cancel each order one by one. It can also dump down the orderbook and match each order. It would be my bot causing the scenario. 

You can short the asset you are trading and not be subject to the price swings and simply make money from the noise. 

Edited by jargoman
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