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Excellent write up about Flare Finance


WrathofKahneman
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25 minutes ago, FTSO_AU said:

Now known as FLR Finance. Is that a big enough name change? I wouldn't have thought

 

Was just about to post about the name change. I think it is a decent compromise. If flare didn’t want them using the flare name they should’ve stopped them in the beginning. You can’t blame small fish for wanting to hitch a ride on the big fish.

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4 hours ago, WrathofKahneman said:

@patty-xrp of The DeFi Standard did a great write-up of what has been transpiring with Flare Finance.  Regardless of your conclusions about the project, it's a great, documented resource you will want to read and discuss:

https://www.thedefistandard.com/posts/flare-finance-what-has-happened/

Not sure how I feel about all this. Reading Patty's article, it's clear he feels quite burned from his investments but also the flak he has taken from people because of his pushing of FF. For me this changes relatively little. 

It sounds like Patty put more funds in FF. Really the only people who have lost out from FF so far are people who have put in more capital. I have played with the ExFi funds and with some SGB funds. So basically it is all airdropped stuff that I got for free. He writes "I will not put any significant amount of capital on Flare Finance in the future until trust is rebuilt (if it even can be) and all the protocol level issues are fixed for a long enough period." IMO putting ANY new capital into FF was extremely risky, almost the highest kind of risk you can get in crypto which itself may be the riskiest asset class available. Patty is now uncomfortable with his risk profile and that's fair. The market is way down and if you are relying in any way on crypto for income then you are worrying.

But for me I am content to keep getting some SFIN, which I will just hold onto as a YOLO moonshot for later years.  If Flare/Songbird is halfway successful and FF still exists then money will find its way there eventually, I think. The only opportunity costs are the loss of some SGB rewards (which we may get back later) but unless you have a massive stack this is not really a big deal. I think later price appreciation will make up for those losses. Of course you could invest in other cryptos but that itself is no guarantee. 

So the ultimate question is will FF survive? I have no idea but my gut at the moment says yes, because the market will come back eventually, and SGB is still less than 1/3 launched, let alone Flare. These are 'darkest before the dawn' kinds of times I think. If world markets start crashing because of Ukraine and other commodity crises then money may well flow out of crypto, but as I said above unless you are relying on crypto for income then you needn't worry too much. If you are relying on crypto for your income then you were already living dangerously, and we shouldn't forget how experimental, early, risky, unregulated this all is.

Anyway that's my two cents. Litigation against founders or whatever doesn't bother me. At this point it seems like a lot of work to put into a scam. If it is a long con then it's a hell of a long con and I respect the hustle. I don't think  it is. But I could be wrong. Which is why I don't have 'significant capital' in FF.  

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