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Are Flare/Songbird rewards a scam?


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10 hours ago, jbjnr said:

The very first thing you see on the flare homepage is "Unlocking value". What they don't say is "By locking up 2.5x the amount you free". We are not in disagreement about enabling dumb chains, but the unlocking value is the first thing you see and the first thing hugo talks about when justifying flare.

I think it is unreasonable to except an advertising slogan to give the entire story. Remember Google's was 'don't be evil'. 

Seriously though, it means 'Unlocking value on those chains where the value is currently dormant'. It also means 'creating bridges and a network of networks so that value can move in ways that it couldn't before'. The value you are locking up is FLR, which was intended to be locked up. FLR has three functions: FTSO delegation, transaction fees, and collateral for F-assets. FLR is not intended to be flying around all over the place like XRP. Flare is the base, everything else flies around and through it. Furthermore, the FLR that is locked up is instantly released once the F-asset is removed, so it is a far more dynamic form of 'locking up' that say, AVAX, where you can sign up for a 6 months lock and that's it, your tokens might as well be on Mars. 

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12 hours ago, Kiwi said:

Is my product made out of thin air since it is a clone of XRPL?

If yes, how is that any different than songbird and FN?

Actually this was one of my first thoughts about SGB too: that they just created a bunch of value out of thin air. 

But now we have a clear difference between SGB and FLR. SGB is a live testnet, a wild-west version of Flare with different governance rules, different supply, a different use case. FLR is the 'institutional grade' network of networks smart contract platform. Everything that happens on FLR will certainly not happen on SGB, and everything on SGB might not even happen on FLR. Over time they will diverge more and more. Not financial advice, but for me I personally have bought SGB tokens because I think it represents a similar (although riskier) value proposition to FLR. Songbird has a purpose, and it is fulfilling that right now: testing ground for Flare. If that whole FTSO rewards delegation thing had gone completely Pete Tong* then we would be talking about how useful Songbird is and thank god this didn't happen on the mainnet launch. But because things are so smooth, it's not obvious why Songbird was needed at all.

*wrong (Cockney rhyming slang)

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1 hour ago, Seoulite said:

 But because things are so smooth, it's not obvious why Songbird was needed at all.

I haven't played with it.  Something about searching around internet forums for FAQ's and swapping this into that and... dunno, but not dumbed down enough for me to play.  Maybe I've missed out - but that's okay.  I put a premium on time / severely dislike closed source wallets / won't install random shit into my phone (in fact, kind of dislike not being able to use a laptop/desktop for a lot of things, lately, as I don't have tiny hands and there's a 50 digit code involved in seemingly every step of every operation) / barely even bothered claiming flare due largely to having to stare at hexadecimal again for the first time in years.  Long story short:  It's all about interface, now...

Maybe I'm just stupid and lazy.  I guess some people could think that.  That's okay.  Now, dumb it down like your IQ was normal and you'll have a much bigger market share, says the grey-bearded moron. :)  (Also known as "your customer.")

Not everyone's a nerd.  Some people got tired of it or grew up or never were one in the first place.  They get to play, too.

 

Edited by NightJanitor
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45 minutes ago, NightJanitor said:

I haven't played with it.  Something about searching around internet forums for FAQ's and swapping this into that and... dunno, but not dumbed down enough for me to play.  Maybe I've missed out - but that's okay.  I put a premium on time / severely dislike closed source wallets / won't install random shit into my phone (in fact, kind of dislike not being able to use a laptop/desktop for a lot of things, lately, as I don't have tiny hands and there's a 50 digit code involved in seemingly every step of every operation) / barely even bothered claiming flare due largely to having to stare at hexadecimal again for the first time in years.  Long story short:  It's all about interface, now...

Maybe I'm just stupid and lazy.  I guess some people could think that.  That's okay.  Now, dumb it down like your IQ was normal and you'll have a much bigger market share, says the grey-bearded moron. :)  (Also known as "your customer.")

Not everyone's a nerd.  Some people got tired of it or grew up or never were one in the first place.  They get to play, too.

 

I meant more in terms of the network operation has been smooth so far, and the tokenomics are working more or less as intended. But yes, totally agree that the UI for a lot of this is still not great, but I expect it to keep getting better and better. Bifrost has been good at updating and responding to feedback, but if you don’t like a closed wallet then yeah…

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my 2 cents

litecoins original utility fell off (asic resistance) it survived by changing it's utility to being a bitcoin test bed.

SGB is a coin made made from thin air in a sense but it's not the same as a useless fork, it has an active development team whereas a copy of XRPL may or may not. Stellar is a fork, it has an active team :beee: We won't get into that lol

rewards on some other chains.

oraichain staking 29%
becco swap yield farming 10-200%
klayswap yield farming 0.5-1,000%
mdex liquidity pool 10-300%
pancakeswap liquidity pool 10-250%
burger swap (before the hack) 15-1800%

I consider songbird to be high for staking but low for crypto rewards in general. Staking rewards may go down, but exfi will have it's own rewards. Markets tend to even out the apy's as people withdraw from lower apy pools and move to higher ones.

It seems too good to be true doesn't it ? :P

Why is it so high? Most crypto currencies are locked in centralized exchanges. Institutions such as grey scale are holding, they don't farm. Then there's lending apps ect. 

Why do some do some people make millions of USD per year while others make a minimum wage? In a sense it has little to do with the USD but rather the USD ecosystem. It's a massive world and you guys happen to be at a central focal point of modern day finance. To you it seems to good to be true but 99.99% of the population couldn't be bothered even if you told them they could double their money in a year with 100% apy. Go ahead and try. Tell all your friends to buy SGB and stake it and see how many will listen. 

Welcome to defi :D 

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