Flare airdrop of Spark tokens to XRP holders faq

[Teslaza]

Wow - firstly thank you so much for the comprehensive answer. It is much appreciated.
 

1 hour ago, BillyOckham said:

Hope this was helpful, not too boring, and not confusing.  Although I suspect it was at least the latter two.   

Had a good chuckle at that. Anything but boring, and I do get what you're saying for the most part - or so I'd like to believe 

Yes, I hear what you're saying in regards to the tokens not physically being in the wallet, just meant that I should see the totals reflecting on that address when the application does a lookup to the network - meaning I should know that I've "received" the tokens.

Ok cool, thanks for clarifying the fact that flare utilizes the same eth addressing standard although they are unrelated networks. Yes, so the address exist mathematically according to the network/blockchain protocol, and will start reflecting in the ledger records once it is interacted with for the lack of a better word.

I think my concern regarding separate devices stemmed from uncertainty about whether there was some way of detecting if addresses were generated from the same seed/phrases, and if it could somehow play a role in the address required for the messagekey, Clearly I was trying to overthink things - and with my limited knowledge on cryptography, I'd rather come ask the people that know way more about the tech than me.

Thanks again.

 

Edited December 9, 2020 by Teslaza

[cmbartley]

https://www.forbes.com/sites/shehanchandrasekera/2020/12/08/spark-token-airdrop-comes-with-a-tax-bill/

[BillyOckham]

1 hour ago, cmbartley said:

https://www.forbes.com/sites/shehanchandrasekera/2020/12/08/spark-token-airdrop-comes-with-a-tax-bill/

Thanks for that.  Good point.  I will add it into the faq.

[Kemper88]

I have a Ledger Nano S, and I recently used the instructions at https://flare.wietse.com to set things up.

But I think I might have done things incorrectly, when it comes to the ETH address part. For that, I simply logged into Ledger Live and downloaded the ETH app there and installed it onto my Ledger Nano device. I then followed the rest of the wietse directions.

And when I checked my public XRP address on Bithomp Exchange, it does show my correct zerps tally and the ETH address I created. But again, I'm starting to think I shouldn't have used the Ledger Live ETH app/wallet for this Spark drop. Or, is this in fact ok?

And if it's not ok, how do I undo this so that I'll be compliant for the snapshot and airdrop?

[Timfrogman]

I'm the new guy here where is the best place to buy XRP? I see coinbase has a pretty price for buying at there place. any kind words Id appreciate. Thanks,  also I have the Ledger Nano S to put it on. 

[cryptotrader7]

Nice thread.

I came across this article and found it interesting strategy to claim SPARK without diminishing the value of XRP if at all it crashes after the airdrop.

https://www.altcoinbuzz.io/cryptocurrency-news/product-release/get-spark-tokens-for-free-get-smart/

Now my question is.

1. Are only XRP holders gets the airdrop?

2. Will the above strategy work? Since my trading positions are open, during the snapshot, i am not sure if there will be XRP in my wallet. 

Can someone please clarify. 

[xrpscan]

On 12/8/2020 at 10:39 AM, BillyOckham said:

Hey does anyone know of a demo wallet that is set up for Flare so that I can use it in the explorer links to show how it should look?

Also what explorers do we want to link to.  I always use Bithomp...  but I know others exists and I’ve used them but can’t recall their links.

You may use AltCoinTrader's wallet for example purposes: https://xrpscan.com/account/r34mWrX3cZCZpJEsqe1F6PNotREXwj1f3r

I see you've already added XRPScan, thank you! Hello there, @Flintstone!

Edited December 9, 2020 by xrpscan

[BillyOckham]

1 hour ago, cryptotrader7 said:

Are only XRP holders gets the airdrop?

Yes apart from some allocated to the Flare team and founders etc.

 

1 hour ago, cryptotrader7 said:

Will the above strategy work? Since my trading positions are open, during the snapshot, i am not sure if there will be XRP in my wallet. 

 

Yeah it looks like it will work,  but it means you can only get 50% of your portfolio value as XRP.  Also it means that you are protected against XRP volatility but what about the portfolio you just sold to buy the XRP and also open the short contract?

You are not protected at all from the previous portfolio gaining in value and therefore reducing your amounts when you buy back in,  unless the author means a portfolio that only consisted of cash.  That would be nearly no-one.  It also means that if there is any good volatility in XRP you miss out on it, as well as the bad.

 

Lastly the author is totally discounting any exchange risk,  what are the fine print rules on that exchange?  Will they still exist in three years time when the last of your Spark are being allocated to you as per the extended distribution strategy?

 

 

[Malloy]

Thanks  @BillyOckham

One question for traders...how will the Spark token interact with the XRP network?

First... will the Spart token show in my wallet balance like XRP or USD.Bitstamp or EUR. GateHub?

Second... I understand the private exchange might creates pairs to trade against XRP or USD or else...but does the Spark token needs some sort of gateways to be traded on the XRP network? If so is there talk about it? The Flare team?

In short if I don't want to go through a private exchange to trade the Spark token is there a DEX solution?

 

Edited December 9, 2020 by Malloy

[BillyOckham]

2 hours ago, Malloy said:

One question for traders...how will the Spark token interact with the XRP network?

Those links I gave at the top of the faq in the top of this thread to the Flare doco explain it.  Perhaps most interesting to traders is this:   https://flare.ghost.io/closingthecircle/
(Trustless IOUs issued directly on XRPL for use in the DEX secured by a CDP on Flare)

 

2 hours ago, Malloy said:

First... will the Spart token show in my wallet balance like XRP or USD.Bitstamp or EUR. GateHub?

See that link to understand how IOUs could be created.  
 

2 hours ago, Malloy said:

Second... I understand the private exchange might creates pairs to trade against XRP or USD or else...but does the Spark token needs some sort of gateways to be traded on the XRP network? If so is there talk about it? The Flare team?

No.  The Flare network is XRPL aware and Flare smart contracts and oracles can see what happens on the XRPL and act accordingly.  Like say transferring redeemed FUSD to your Flare account because of trades that happened on the XRPL DEX.

Again that doco link has more details.  In particular look into FXRP.

https://flare.ghost.io/fxrp-walkthru/

 

[JASCoder]

16 hours ago, cmbartley said:

https://www.forbes.com/sites/shehanchandrasekera/2020/12/08/spark-token-airdrop-comes-with-a-tax-bill/

Just saw your post - thanks - I've started a thread for this topic, in hopes we'll collect more details on this specifically.
The piece in Forbes was a bit sparse on details - which is a bit frustrating.

Ref: 

 

[cryptokook]

Am I correct in my understanding that if I have my XRP on a ledger nano, it will be included in the snapshot on 12/12? I don't actually have to do anything to claim the spark tokens until June 2021 at the latest?

So having them on the ledger device automatically includes me in the airdrop and allows me the next 6 months to make the necessary changes. Appreciate any clarity in advance.

[BillyOckham]

16 minutes ago, cryptokook said:

Am I correct in my understanding that if I have my XRP on a ledger nano, it will be included in the snapshot on 12/12? I don't actually have to do anything to claim the spark tokens until June 2021 at the latest?

So having them on the ledger device automatically includes me in the airdrop and allows me the next 6 months to make the necessary changes. Appreciate any clarity in advance.

Absolutely correct.

The only complication is that there will be a second airdrop of a different token by a different mob that will be based on your Spark and that will need conversion during the week after this second token launches.  Likely to be one month after Flare launches.

I don’t know much about it yet.

So if you want to be in that second drop then you may need to act earlier than the final deadline in June next year.

[Steve1919]

Is this a one day only event.

So if i do not do the snap shot on the 12/12 i loose out?

[Flintstone]

1 hour ago, Steve1919 said:

Is this a one day only event.

So if i do not do the snap shot on the 12/12 i loose out?

It’s pretty much a 3 second event. If your XRP are not where they need to be when the snapshot occurs at 00:00 UTC on the twelfth, you will miss out.

Edited December 10, 2020 by Flintstone