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Flare networks - Spark token to XRP holders


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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   

Afternoon all. So just spoken to Revolut in the UK who have confirmed they won’t be distributing spark for those who hold XRP. 
So what value do we think the Spark token can get to, are we taking fraction of pennies each, if so I may just leave the small amount of XRP on Revolut and not worry about it. 90% of my holdings is in cold storage, I only have a small percentage with them. 

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@B088IN I’ve got a few XRP on Revolut too. IMO, the hit on the fees won’t be worth it. If you do decide to go for it, I would do it soon as I’m guessing that when Flare decide to announce the time/date of the snapshot, XRP price may increase up until that point in time. So would be even worse trying to sell on Revolut - transfer to Bitstamp and rebuy there during an increase in XRP price.

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3 hours ago, B088IN said:

 90% of my holdings is in cold storage, I only have a small percentage with them. 

Hello m8,

and hello to all others concerned about spark distribution on hardware wallets. 

https://mobile.twitter.com/RareData/status/1296434086152744962

Briefly, hardware wallets will most likely get spark, thanks to 

https://www.xrptoolkit.com/ 

and https://towo.io/ 

Track those guys for further info / confirmation.

Cheers

 

Edited by De_Graaf
To clarify, the guy from twitter is the founder of TowoLabs.
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7 hours ago, Flintstone said:

@B088IN I’ve got a few XRP on Revolut too. IMO, the hit on the fees won’t be worth it. If you do decide to go for it, I would do it soon as I’m guessing that when Flare decide to announce the time/date of the snapshot, XRP price may increase up until that point in time. So would be even worse trying to sell on Revolut - transfer to Bitstamp and rebuy there during an increase in XRP price.

@B088IN and Fred...
Just confirming I'm missing something... 
When I move XRP from Binance.us to my personal XRPL account, they only take 0.25 of one XRP.
And there's no fee for depositing XRP back AFAIK.

Is Revolut not similar to Binance ?

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33 minutes ago, JASCoder said:

Is Revolut not similar to Binance ?

No. It's basically a CFD. Revolut purchases on your behalf and custody is (or was last i checked) on Bitstamp.

Revolut crypto fees updated recently:

Quote

The exchange rate for cryptocurrency includes our fee for our Crypto Services. This fee is 2.5% for Standard users (and 1.5% for Premium and Metal users). We don’t charge you any other fees for this service.

 

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So decided to move nearly all my XRP to cold storage whilst the price is still low. Revolut is convenient but if the price does rise the fees are extortionate when converting. So only a very small percentage now on Revolut as play money. When spark is dropped I should now get the allocation based on my wallet address if I’m correct. I have a XUMM account which is read only which shows my stack on the public ledger so I should be able to get the allocation based on that if I’m correct during the snapshot. 
my question is, if the allocation is based on this, where will the spark reside for those that have cold storage, will flare hold them so you can transfer to cold storage?

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