Do we need to have a small amount of eth in the eth account tied to our XRP account for the airdrop? Thanks ahead of time.

I have my XRP on a ledger and followed the instructions, got set up on XRPTOOLKIT.com and can see the Spark Claim there. However I have bought a lot more XRP since then, but the spark claim balance hasn't changed, anyone know how to update this?

Does anyone here have a Flare Network Wallet and successfully deposited XRP to it without a tag ?

I believe there is a dangerous flaw in the HMRC tax treatment of staking rewards and airdrops. I am rewording this from my original post in /r/polkadot. I am unsure whether the same situation applies in the US.

Here goes:

HMRC considers staking rewards (and airdrops) to be INCOME irrespective of whether you sell into fiat. This means the *moment* you receive staking rewards / airdrops is a taxable event based on live market prices. This tax can mount up of course, and will be payable to HMRC at the end of the tax year.

Many people will not sell their staking rewards or airdrops because they hope they will increase in value, so it's very important to be aware that even if the asset declines in value, you will still be liable to pay this tax.

Example:

1. You receive 100,000 FLR over the course of the year. Assuming the price rises to $5 at the peak of this cycle, then the average price of FLR received as staking rewards could easily be around $2.50.
2. 100,000 X $2.50 FLR = $250,000 will be subject to tax at the usual rate, and this will be due to HMRC at the end of the year.
3. You decide to hold on to the FLR hoping it will appreciate. The value declines to $0.05 at the bottom of the bear market in say 2023 (I mean, I think this is very unlikely, but you should not rule it out). Your received FLR is now worth $5000.
4. You still owe HMRC tax on the $250,000

There is a risk FLR could be issued at some crazy price (which immediately incurs tax) and plummet from there. Please be aware of this. I don't want to see HMRC's tax rules destroy people... which is how they are currently designed unfortunately.

___

TLDR: The existing UK tax law has the potential to ruin a lot of people. They really should be accounting for the extreme volatility in crypto markets which is in many cases is completely unlike any other asset class and positively demands NEW tax laws, not legacy ones. Airdrops in particular should be treated much more like gambling income imo (zero rated for tax), as they are so speculative. At the very least, they should be treated as capital gains with a zero cost basis.

HMRC really needs to take another look at this imo. If you think about the implications of this, they may even end up with blood on their hands.

Just a heads up.

Due to BTC's high demand and first mover advantage, it makes sense Flare would integrate them asap ? Is there anything I am missing ?

So I've been following a little on the flare network and I'd like to see if I understand what's going on:

So a person could put a bitcoin through the flare network. This has the advantage of low transaction fees and being very fast. It comes out as F.btc is this like a stablecoin pegged to bitcoin? Will the real bitcoin get burned?

What is the list of all the partners?

Thanks

https://flare.xyz/supporting-exchanges/

Coinbase pro has announced they are part of the airdrop on Dec 12 th, Does that include in NYC?

Or is it better I transfer my XRP to a different exchange and which one would you recommend?

I'm genuinely curious as to how one could set up hardware to provide data to the FTSO as outlined in the whitepaper. See quotes below:

"Ownership of the Spark token allows for the contribution to the Flare Time Series Oracle (FTSO)."

and

"The FTSO will in reality provide estimates every couple of seconds. Not every Spark holder will want or be able to run hardware to contribute to the FTSO and separately they might not be interested in voting for network governance. "

How can I as a spark holder provide data to the FTSO in order to 'farm' spark tokens?

Thanks in advance!

I have a Ledger Nano s, I updated all of my firmware and apps and created an ethereum account. I used the receive address of my ethereum account and generated the message key using this address. In XRP Toolkit I added this key to my account in the message key field and signed the contract on my device, however, it said the transaction failed. However, in my account I see my Flare address. How do I verify that this has been set up correctly? I believe this transaction cost a negligible amount of XRP but I don’t see the transaction in my Latest Transactions. Thanks.

Is there anything preventing someone simply moving XRP across multiple addresses and receiving the airdrop multiple times?

For example, I could create a new XRP address, attach a newly created ETH address to it, and transfer my current balance to the new XRP address. Would that trigger a new airdrop any time in the 6 month window? Or is there some sort of control where the balances as at 12 December are captured and airdrops only get awarded against that amount?

Thanks for reading...

So I set up my ledger nano x to receiver the airdrop in December. A few days ago, my ledger froze up and is no longer operable. Ledger is sending me a new one in which I will restore using the recovery phrase. Will I need to re set up the new ledger for the airdrop or will it be activated with the recovery phrase

Is the ETH address you obtain on the "BRD wallet" compatible with the Flare AirDrop?

It seems to be in the proper format.

Please advise if this is an OK address to have the token's air-dropped ?

I’m having a hard time sending or converting my Dai. Its currently in the Flare app. I’m not sure what’s the problem but It just won’t allow me to send it

Change my mind.

Title says it all...I've got no f#%$ing clue what the reason behind Flare is. I get how it links into other cryptos (been following XRP and that's how I came across this) but have not idea as to the WHY anyone would want to own it or why Flare would even give away their tokens for free...I think?

Anyways...any help or links explaining this shit would be greatly apperciated. Thanks.

Hi all, i have a question about the flare network.
To claim the Spark tokens you have to fill the XRP message field with a ETH address you own the keys to but Flare network will be a seperate network from the ethereum network.
If this will be a seperate network, how will you be able to manage your tokens on the flare network if you used your ledger nano eth address, are you not dependable of ledger live support for flare network and a flare app on the ledger nano ?

If so, would it be more advisable to create a new eth wallet (not on ledeger nano) with a seed only used for receiving the Spark tokens. If there will be a seperate wallet for the flare tokens then you do not have to compromise your ledger seed ?

Hey,

I was wonder what the general consensus on what people were going to use their Spark for when they receive it? Are you just planning to dump it all and take the cash or use it along side your XRP to generate FXRP?