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New, Long, Very Detailed Hugo Interview


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3 minutes ago, BillyOckham said:

Thank you sir!   First time I’ve got an answer to that.

I will call my lambo dealer for an appointment on May27th.

Oh and, perhaps not unrelated, thanks for the Flare info.  :JC_doubleup:

I mean, if I were you I would just go all in in with your down payment now. Why wait when that moon is a sure thing?

Edited by brianwalden
Oops, there I go spreading FUD again.
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Listening now. This is the interview I caught the end of yesterday when he talked about exchange listings. 

Near the beginning he says he is aware of wallets that are being created that will handle all the delegation of your votes, and also your F-asset rewards right there in the wallet. What we expected, just need to see the details of those wallets now.

Will add comments as I listen if there's anything that stands out. 

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Ok this is exactly what Hugo says about tax (around 1 hour 10 minutes into the vid):

first he caveats a lot that this is absolutely NOT TAX ADVICE

"We have spoken to a really really really highbrow tax lawyer from Harvard. He's written a memo for us. There's a specific way that you receive the flare distribution, so you receive 15% at zero, and that genuinely is delivered at zero cost. If you want the other 85%, you will be burning some of your spark tokens, not many, not much, they don't have any value, in order to receive that. And that is considered a 'payment', in order to receive the remaining 85%. You've paid for those tokens, basically, at day one, at basically zero value. So that means that you can then, well according to the memo (and again this not tax advice, etc etc etc), essentially that absolves you from, basically you would still be receiving tokens, and you would still essentially be taxable on them, but your basis for the tax is zero. And so you would obviously pay a capital gains tax when you sell them, and that's the same with any asset. 

The IOUs are not anything to do with it. You can't use an IOU as a basis to say there's a price. That would be like saying the derivatives market for the SNP500 in December 2021, that's the price of the SNP500 now, it's just incorrect. [...] So they are delivered at zero value. 

You'll have to burn some spark tokens, but it's not going to be hefty (british translation: a lot, heavy).

Don't quote me on it, we need to release whatever we can release, properly. I simply say that the tax burden is gonna be zero or minimal, rather than trying to give a mechanic on it."

Edited by Seoulite
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Listening to it now. Some notable points I've picked out of it so far:

"Wanchain is laughable".

Flare is based upon the DAI model.

Network likely to go live end of June, but waiting on security assessment so timeline could slip.

For minting F-assets, the agents will be in a market, so the lowest fees will be consumed first. Hopefully in time an equilibrium between minting demand and collateral supply will be reached and fees will stabilise.

Hugo does not expect the SEC vs Ripple case to have any effect on the Flare network.

A lot of crap is being written about Flare in the crypto media, yet not one journalist has approached them for an interview.

Edited by PunishmentOfLuxury
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