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Another Airdrop - This time from Flr.Finance


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11 hours ago, kanaas said:

Wouldn't trust them to much.... They opt to stay anonymous.... Sounds weird to me, even fishy...

not really sure why that would be a problem in this case, they are not even coming with an ICO type of model and are airdropping for free the DAO offering of the protocol.

Problematic for me it would be if they would like to remain anonymous and on top of that ask for an ICO type of initiation.

 

It is clear that considering the open source code of ethereum projects such as Yfi finance (https://yearn.finance/), which this Flare finance seems to be a carbon copy of it to some extent (idea-wise), i wouldn´t be to dismissive to think they are likely the same developers. That would easily explain why they like to remain anonymous. I am happy and excited that finally we see projects and developers from ethereum jumping on board of XRP ledger types of protocols.

 

finally we xrp hodlers have developers jumping onboard of the XRP bandwaggon and associated protocols and are concerned about initial trivial matters . Maybe just wait patiently and see what comes out and what the developers provide?

 

we can much later examine in detail their motives.

Edited by buh
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Its Spark from Flare YFLR from Flr.Finance   YFIN and YMIN are harvested : "Upon completion of the DAO Offering, Farming and Mining will begin, allowing holders of YFLR, FLR, FXRP,

Hi, I'm from the team. KarmaCoverage mentioned that we should have a representative join to answer any questions and concerns.  I'll check in every few days to respond as necessary.  For peo

Just in case anyone was confused like I was. FLR stands for the Sparks token on the Flare Network. These are the tokens you'll get in December from having XRP. Might be worth hanging on to your Sparks

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12 hours ago, kanaas said:

Wouldn't trust them to much.... They opt to stay anonymous.... Sounds weird to me, even fishy...

I'm with @kanaas on this one - go in with zero trust and see if the project earns it.

If anyone has been watching DeFi projects this year where about 90-95% turned out to be scams despite plenty of community support and celebrity endorsement, you'd have to approach these anon projects on Flare with the same level of scepticism.

Also, we're going to see a lot of DeFi projects cloned from ETH. Some will be exciting (I'm hoping for a well designed clone of Uniswap). Many will not - they'll be there to milk the XRP community (many of whom may be experiencing DeFi for the first time).

39 minutes ago, buh said:

we can much later examine in detail their motives.

I can't agree with this idea - if the project is not able to withstand scrutiny of their motives when money is involved then we have to assume their motives are not sound.

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58 minutes ago, buh said:

i wouldn´t be to dismissive to think they are likely the same developers. That would easily explain why they like to remain anonymous. I am happy and excited that finally we see projects and developers from ethereum jumping on board of XRP ledger types of protocols.

 

finally we xrp hodlers have developers jumping onboard of the XRP bandwaggon and associated protocols and are concerned about initial trivial matters . Maybe just wait patiently and see what comes out and what the developers provide?

 

we can much later examine in detail their motives.

These are assumptions. Anyone can copy and paste eth projects over to flare. 

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2 hours ago, Pablo said:

I'm with @kanaas on this one - go in with zero trust and see if the project earns it.

If anyone has been watching DeFi projects this year where about 90-95% turned out to be scams despite plenty of community support and celebrity endorsement, you'd have to approach these anon projects on Flare with the same level of scepticism.

Also, we're going to see a lot of DeFi projects cloned from ETH. Some will be exciting (I'm hoping for a well designed clone of Uniswap). Many will not - they'll be there to milk the XRP community (many of whom may be experiencing DeFi for the first time).

I can't agree with this idea - if the project is not able to withstand scrutiny of their motives when money is involved then we have to assume their motives are not sound.

i would agree to that if they would request individuals to put in first their money to pre-fund their project but that is not the case. We can all judge their motives, but this project will be "financed" from an airdrop on top of an airdrop.

i agree everyone should have their due diligence and be careful with their money. But this project is no different than others, including scrutiny from exchanges. 

 

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1 hour ago, jargoman said:

These are assumptions. Anyone can copy and paste eth projects over to flare. 

the assumptions I made are no different than the assumptions everyone is coming up here. If something, without information, we are all guessing/assuming here. I just have a different guessing than yours, but that does not make me it less valid than yours; the same applies to you and everyone else.

 

If you ask me, would i put my fiat/xrp blindy to them? hell no. 

but do i give them an initial "pass" to remain anonymous, develop their ecosystem, and patiently await for more news? hell yes. There is nothign to loose for now. Also - again - every xrp holder will receive an airdrop on top of an airdrop. so what do you have initially to loose, even if they have bad intentions? you loose an aidroped-airdroped token.

Edited by buh
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If it makes any difference, while Flare Finance has no affiliation with Ripple/subsidiaries or Flare, Flare is at least this comfortable with the team. In addition, I doubt they would continually retweet statements from Flare Finance if they thought there was anything untoward at play. Nonetheless - DYOR

I can only echo @KarmaCoverage in saying that the team have been very open and engaging. I’m happy to judge the project on it’s merits in the interim before the team reveals itself, but that’s just me.

 

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6 hours ago, CountZerpula said:

If it makes any difference, while Flare Finance has no affiliation with Ripple/subsidiaries or Flare, Flare is at least this comfortable with the team. In addition, I doubt they would continually retweet statements from Flare Finance if they thought there was anything untoward at play. Nonetheless - DYOR

 

The naming is confusing, at first glance you'd think one was a subsidiary of the other, sneaky. Like making a project called Ripple Defi, but it's not run by Ripple at all.

Even Flare threw in the boiler plate CYA clause in there, so they'll have to earn my trust.  We all know what happened with Chef Sushi-face, even if he did give it back (after some moral dilemma). The Anon Chef turns out to be the co-founder of Band protocol, like, you can't make this stuff up.

I remain Kiyosaki skeptical until evidence proves otherwise. All I want to know is, where is the yield coming from? And who's the counterparty, if there is one?

 

Prince really tried to sugar coat arbitrage here, dancing around it with word salad, but that's their basic business model, as explained. When market pricing inefficiency approaches zero, eating away at your yield, then what?

Kiyosaki asks him point-blank: 'Where are you getting your 8% ROI from, for your investors?', and also implies Prince has to be getting something like 15% upfront to be profitable. 15% gross seems like a tall order to keep up sustainably, especially on arbitrage.

Same thing with farming; if farmers think they can farm 1,170% APY until forever, I got some chef-sushi for 'em.  It's good while it lasts, but that's just it, it doesn't last.

Vitalik himself said DeFi tokenomics is become like the Fed's moneyprinter, "Brrrrrrrrrrrrrrrrrrrr". Cash and dash...

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On 10/27/2020 at 7:57 AM, Pablo said:

Also, we're going to see a lot of DeFi projects cloned from ETH. Some will be exciting (I'm hoping for a well designed clone of Uniswap). Many will not - they'll be there to milk the XRP community (many of whom may be experiencing DeFi for the first time).

How straightforward is it to clone existing projects over onto Flare versus creating it again from scratch, or for example, recreating it in a competing chsin like Tezos? 

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On 10/26/2020 at 1:47 PM, strikerjax said:

I tried to discuss that on the discord channel and the guy wasn't too keen on going public. Got defensive by saying that there are teams which went public with their identities and still scammed. 

Hi, I'm from the team. KarmaCoverage mentioned that we should have a representative join to answer any questions and concerns. 

I'll check in every few days to respond as necessary. 

For people concerned that we may exit scam or rug pull and somehow disappear cause we're anonymous, it would be fairly simple for either the Canadian or US Govenment  to track most of us down given all they need to do is send a message to Discord and get them to pull our pinned messages from the #team-random private chat or just pull the emails connected to our banking information (home address, same phone number, postal code) to directly locate our residences as the domains were purchased with our accounts. We will also be required to go public to form a foundation in the event that we receive funding of any kind.

There are many legitimate reasons to go public but also many reasons to remain "annonymous".  After much deliberation we've decided to remain annonymous as even if we show our faces we will still need to make the codebase public and conduct security audits.

If there are trust worthy XRP community members capable of auditing our work we'd welcome you to look over our codebase.

Someone on Twitter suggested we submit to the XRPL Foundation. Not sure if they'll audit though if you have a direct contact we'd welcome an introduction we will also inquire about an introduction with the Flare Network team.


We are here to build on Flare Network to enhance it's utility and will continue to release Dev Tools to make the Network more inviting for Devs.
If any Devs are looking for a block explorer (flarescan.org search works on mobile will push updates to explorer soon) we've also built a RestAPI (RestFlare) contact for access. Still upgrading as well.

Besides the work on establishing basic Dev Tools we've been testing on Ropsten Testnet (Eth Testnet accessible through Metamask) and are nearly ready to deploy onto Coston (expecting an update to Coston this this month first).

Lastly, we've elected to do an airdrop instead of a pre sale due to potential legality issues and will make no promises of work beyond launching our initial products as advised to avoid a breach of the Howey Test. 

I am curious how people think they will be scammed from an airdrop? How exactly would it work given you hold the keys and coins are dispersed to the snapshot address?
Can you not simply swap your XRP to a new ledger address before claiming with an empty address? This would be the most risk free method of claiming any snapshot/airdrop. (Community Suggestion) 

The first scam immitation page popped up today for Flare Network so we'd like to reiterate the following:

We will never ask for any holders of $FLR or $XRP (or any for that matter) to provide us with private keys, payments, or personal information to receive this airdrop.

4.52 USD for a 3.76 USD transaction... ETH is begging for disruption.

 

 2106742960_Screenshotfrom2020-11-0222-22-38.png.5b49039922d8e1f1a96281c946cfffb8.png

 

Edited by Delvin
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On 10/27/2020 at 9:30 PM, thetamind said:

I'm completely confused... Can someone tell me what I'm supposed to do to collect these airdrops?

Just seach "flare spark token airdrop" in the search bar and a bunch of threads will come up.

Flare Networks is going to take a snapshot of the XRP ledger (all the balances) on Dec. 12th, and distribute Spark tokens, at least 1:1, to XRP addresses that are set up correctly.

You'll need to have an Ethereum-formatted address and put that address into the MessageKey field (like a Post-It note for the address) in the address(es) you hold.

A few options:

If you're technically savy you can do it yourself through a personal XRPL server, or if you have a Ledger Nano, there's a procedure to attach your Ethereum-format address to your XRP address. Search "Wieste Wind / Flare / airdrop" and the thread should come up.

If you're on an exchange that is participating in the airdrop, I guess they'll collect the tokens for you and distribute them to you.  Probably the least desirable choice since you have to trust they'll distribute them correctly / if your exchange isn't participating, you'd have to move your XRP to one that is.

Hope that helps some.

 

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On 10/27/2020 at 7:57 PM, strikerjax said:

Recently harvest.finance got hacked/got played by a skilled Defi farmer.

 

Mannnn, Is this what the FXRP ecosystem is going to become? You can't have $24 million dollar flash 'losses', mature market participants won't tolerate things like that. To be fair, it doesn't seem like a hack in the nefarious interpretation of the word, all the trades were above board; I'd call it more of an exploit. It's not like they stole the private keys by way of email phishing, etc.

Look at these proprietors just begging for their money back when they get got. 100k bounty on a $24,000,000 loss? Really? Heck, the hacker/trader could double that 10x over to keep people quiet.

This kinda thing wouldn't go over well with someone like Fidelity, they manage trillions for investors.  They'd get crucified if something like this happened to them.  "Sorry guys, someone just drained your entire pension fund in 7 minutes, but don't worry, we'll put a bounty out on his head. But we also plan to ask them nicely to give it back...."

oops.png.fe5957dd003110a1440c03a537352fa2.png

Binance did the same thing when they got hacked for $70 mill or whatever it was, trynna hire Boba Fett to track down the perp. :vampire:

 

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56 minutes ago, jetbrzzz said:

Mannnn, Is this what the FXRP ecosystem is going to become? You can't have $24 million dollar flash 'losses', mature market participants won't tolerate things like that. To be fair, it doesn't seem like a hack in the nefarious interpretation of the word, all the trades were above board; I'd call it more of an exploit. It's not like they stole the private keys by way of email phishing, etc.

Look at these proprietors just begging for their money back when they get got. 100k bounty on a $24,000,000 loss? Really? Heck, the hacker/trader could double that 10x over to keep people quiet.

This kinda thing wouldn't go over well with someone like Fidelity, they manage trillions for investors.  They'd get crucified if something like this happened to them.  "Sorry guys, someone just drained your entire pension fund in 7 minutes, but don't worry, we'll put a bounty out on his head. But we also plan to ask them nicely to give it back...."

oops.png.fe5957dd003110a1440c03a537352fa2.png

Binance did the same thing when they got hacked for $70 mill or whatever it was, trynna hire Boba Fett to track down the perp. :vampire:

 

Right now it's wild west. 

The tech is fairly new and that's why the code is not bulletproof. As it matures it will be more solid. There are already good alternatives to write solid smart contracts. As new dev talent comes into the space products will be much better. 

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