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FTSOs receiving and dumping FLR before TDE


Panopticon
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7 hours ago, Panopticon said:

So it appears they dumped at IOU prices rekting the IOU holders...good job!!!!

 

Wonder about the size of the stake that Bitrue had/has in Flare, or other way, how much FLR/SGB Bitrue received to open liquidity and wash trading.

Edited by xrp-nuke
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and wash trading

I don't think Bitrue was/is engaged in wash trading. Wash trading is to fake volume and volume wasn't significant at FLR/XRP and FLR/USDT pairs before TDE. Actually if they resorted to washtrading they could have avoided the price collapse (by faking buy operations during the first trading hours of TDE until the prices stabilize).

What they did is apparently to open FLR deposits to selected FTSO's operators BEFORE the general public, so they instrumented a "front running" vs. the general public.

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30 minutes ago, Montoya said:

How the hell could someone look at this and not see it was a bad idea? I think Flare has the potential to be an amazing protocol, but dear God do they need to hire someone with some business/management experience. 


Yes I agree.   There is no valid reason to pre-supply Flare UNLESS it is to allow front running.

If they were simply distributing then it could have happened in line with the rest of the distribution.

Flare deliberately allowed frontrunning the public.   Which incidentally is against their OWN interests.  I’ve seen a lot of poor messaging from Hugo but this goes beyond bad messaging.

Hopefully this is a minor blip in the long haul,   but it’s a bitter pill to swallow just at the moment.

 

Any thoughts @ftso_au?

 

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So, it's not their community manager (Tom T) banning for no reason. It's an official policy since Hugo himself acts like this. The user Hugo Philion blocked is the same that brought the issue of the 280K FLR "grants" to each FTSO and the frontrunning before TDE.

Hugo himself publicly thanked him.......but then blocked him. 100% hypocrite.

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Apparently there was major dumping prior even to the dumping of the FTSOs. Well the shady stuff by Hugo really seem to be mounting up.

For me it is a free ride at the moment since I do not think I will buy any FLR, but people who are thinking about investing should be really really cautious. It is not looking very good, hope I am wrong though.

 

Edited by Panopticon
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Now it's time to compare Hugo's action and the witch hunt against XRP snapshot recipients & FTSO's that don't want to reveal their identity to Hugo (ie remain decentralized from him) like for example Love FTSO

So the people who were going to "dump" at TDE according to him were XRP Snapshot recipients and "bad" FTSO's, but it turned out Flare and the "cool" FTSO's were the ones who dumped and BEFORE TDE.

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1 hour ago, Gringo said:

but it turned out Flare and the "cool" FTSO's were the ones who dumped and BEFORE TDE.


For clarity….    Not all, or even many, of the ‘cool’ (to use your term) FTSO’s dumped.  Only a small number broke the agreement, and it’s sounding as though they will be penalised.

It’s important to not use hyperbole and paint things worse than they actually are.  I agree with most of what you are saying, but I think you are taking the darkest possible view when it seems more Inexperience than malfeasance here in my opinion.

 

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For the record: Hugo and his Flare project is only relevant in the crypto-space because he sold the idea of F-XRP to Ripple and therefore he got the initial VC funding from XPRING (Ripples VC arm).

Ripple exchanged his community for a FLR airdrop FOR the community (not for Ripple). Hugo never delivered the F-XRP product so Ripple **divested** from Flare.

The general public still thinks Ripple is somewhat backing Flare but it is not true. The current VC funds backing Flare are the likes of TerraLuna's Do Kwon, etc. The way those VC funds plan to have something in exchange from their $$$$ investment is different than Ripple's plan. For example that remaining 85% of FLR that was intended for XRP snapshot recipients now will end up mostly in the hands of FLR whales.

So they blame the XRP community and they blame any FTSO that is not from Hugo's circle of friends as a "threat" to the Flare Ecosystem. But the actual threat is the deals they made and how they intend to repay them.

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49 minutes ago, Gringo said:

For example that remaining 85% of FLR that was intended for XRP snapshot recipients now will end up mostly in the hands of FLR whales.

How do you figure that?

 

3 hours ago, Gringo said:

FTSO's that don't want to reveal their identity to Hugo (ie remain decentralized from him) like for example Love FTSO


Do you have any relationship with them?  (I’m guessing you don’t,  but it was a question that needed to be asked)

 

 

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2 hours ago, BillyOckham said:

How do you figure that?

It obvious with any alike tokenomics BS nowadays 15% distributed, rest are exchanges/whales, on top of so called "hodlers" that naively believe that staking will help them somehow or they here for tech.

Really, what is the value of FLR or call it "usecase" 🤣

So far they did one thing very well created a lot of tokens and integrated to many exchanges with them holding vast majority of them.

Edited by xrp-nuke
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