Jump to content

The Great Flare Voting F**k Up


Seoulite
 Share

Recommended Posts

9 minutes ago, brianwalden said:

Yes but the reason we're in this mess is because a lot of people would rather listen to so-called experts who think FLR is a stablecoin and there's no way the burn-to-buy strategy would ever work for the IRS. So my strategy was based on the worst case scenario.

Sure, but let's not forget this is a great mess to be in. 🤑 🤑 🤑

Link to comment
Share on other sites

13 minutes ago, brianwalden said:

Yes but the reason we're in this mess is because a lot of people would rather listen to so-called experts who think FLR is a stablecoin

Sure, we could've had a clear conversation with all the facts present at the time that the tax memo was ultimately to be released. But people couldn't wait for the facts to emerge, and here we are. I think the right time to have released the memo/distribution mechanics rundown was immediately after Hugo introduced the topic in that interview. But that doesn't give license for anybody to have formed a definitive opinion absent all of the facts.

16 minutes ago, brianwalden said:

here's no way the burn-to-buy strategy would ever work for the IRS.

We can't know that; this is brand new territory

Link to comment
Share on other sites

26 minutes ago, CountZerpula said:

We can't know that; this is brand new territory

I know this and so do you. The problem is letting idiots on social media influence your policy.

I don't even care how the distribution happens. I'll deal with it either way. But they really screwed the pooch in how they've gone about this.

Link to comment
Share on other sites

28 minutes ago, brianwalden said:

I know this and so do you. The problem is letting idiots on social media influence your policy.

I don't even care how the distribution happens. I'll deal with it either way. But they really screwed the pooch in how they've gone about this.

That’s one way to look at it. I see it as that they recognized the concern amongst the distribution recipients and facilitated a way to allow everybody involved to come to a resolution. The only bit of criticism I’ll offer is that I think they missed an opportunity to address the distribution mechanics around the time Hugo gave that last interview. It would’ve been timely to unveil the tax memo they received in order for each of us to weigh out whether or not it’s a viable strategy. But that’s just my take.

For my money, no big deal, because I was always happy to wait for whenever they’d release that info. I figured we were close, and we now had a bit more information to go on; so much the better. Since they first mentioned their tax memo last fall, I’ve given them the benefit of the doubt that it was sound, but ultimately need to see it for myself to come to my own conclusion.

In the interim, we have people everywhere that claim to have a ‘better’ strategy, meanwhile - how many of them knew about the forward contract component until Hugo mentioned it a few hours ago? Exactly zero, so how can anybody claim to have a ‘better’ solution if they had no way of knowing what Flare’s solution was? If there has been a main contributing factor in the confusion it’s been the collective rush to conclusion absent the facts. 

I think you and many others are severely overdramatizing this entire ordeal, but we can agree to disagree.
But also - we can vote :viannen_89:

Link to comment
Share on other sites

44 minutes ago, CountZerpula said:

I think you and many others are severely overdramatizing this entire ordeal, but we can agree to disagree.

I dunno; either it's a serious project which aims to eventually attract institutions and billions if not trillions of dollars in value, or it's not. Trust and stability are massive factors in this, especially in the early days. And while I agree that this has not changed much about my plans with Flare (except for derisking some IOUs) I don't think anyone could argue that this has been handled well. 

If proposing to change the token supply by 85% out of the blue is no big deal then I guess nothing is a big deal.

Link to comment
Share on other sites

Setting aside if these options are likely to benefit certain nationals only, I see the proposal of these options at this stage would negatively affect in terms of credibility and predictability of the project. The options include fundamental changes to the core elements including the total volume of airdrops to be given, which we believe as having been fixed already and just to be implemented, and in fact some may have embarked on concrete investment actions based on the plan. So, contrary to what the Flare Network intends to achieve by providing options, it may encourage much more investors to sell airdropped Spark tokens right away disliking a long waiting time and unpredictability.  

Moreover, we are not completely sure what the "governance vote" will really look like. Is it a totality of individual investors like us discussing here who have certain level of interest and understanding in the system, or is it rather a dominance of big exchanges who have been delegated votes? While the governance vote is generally taken positively as the symbol of decentralization and democracy, it also may have negative aspects of unpredictability and potential risk of being controlled by big institutional players.  

 

Link to comment
Share on other sites

3 hours ago, Seoulite said:

 I don't think anyone could argue that this has been handled well. 

If proposing to change the token supply by 85% out of the blue is no big deal then I guess nothing is a big deal.

Well, I think it's been handled pretty well overall. Minority opinion though it may be :D ... to your last point, no it didn't really strike me as being as huge a deal as others might see it. An act of governance can dissolve the Flare Foundation and force it to burn all of it's holdings if that's what FLR holders wish, so I just saw it as a choice put in front of us. 

All better now though :lol:

11 minutes ago, Ripley said:

Just saw it. Hugo said they still plan on releasing the memo so we’ll see whether the reaction was worth it. In any case, back to limbo until MainNet launch.

Happy that you got a reply on that one ... great question :drinks: 

Link to comment
Share on other sites

You have to respect a man who is willing to say he was wrong and change course. They could easily have been pig-headed about this, but thankfully they weren’t. The reaction on telegram is overwhelmingly positive.

IMO this increases the chance of selling at launch, but I was always expecting a dip at launch and I was preparing to buy it. I think it might be a little bigger now but that’s no bad thing. 

Link to comment
Share on other sites

So many people on Telegram/Discord seemed clueless about their own tax obligations. No understanding of the difference between income and capital gains. 

Most countries don’t tax airdrops only if they are truly airdropped. Explicitly claiming it as was needed for Flare, will likely annul that option. It’s just income now. 

While I hope this won’t happen, I suspect that several folks are in for a rude shock come tax season. They’ll blame Flare for their problems, of course. And the government. 

 

Link to comment
Share on other sites

So much for your optimism @Seoulite, i lurked a long time seeing you keep praising flare and now here we are, very similar to what EOS was back in the day, the most hyped up eth killer and biggest and longest ico in 2017 bull run, end up with governance issue with all the voting and whatnot. 

 

Link to comment
Share on other sites

1 minute ago, Parabolic said:

So much for your optimism @Seoulite, i lurked a long time seeing you keep praising flare and now here we are, very similar to what EOS was back in the day, the most hyped up eth killer and biggest and longest ico in 2017 bull run, end up with governance issue with all the voting and whatnot. 

 

See the end of this thread, the decision has been reversed, time to be optimistic again!

Link to comment
Share on other sites

 Share


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.