Too much confusion over this XFLR (Poloniex) and FLR (Bitrue)
Let's finally clear this all up...
Flare Networks launches this quarter (very soon)
Their token is the Spark Token (FLR)
FLR tokens will be distributed (15% of total) as soon as the Flare Network launches. (~3% per month after that until 100%)
An airdrop was done in December, owners of XRP gained 1.0073 FLR tokens for each XRP they held in the necessary accounts.
XRP owners have itchy trigger fingers and wanted to trade FLR tokens even though none have been handed out yet.
Poloniex and Bitrue said, hey how about we give you "IOU's" to trade now, then when the actual FLR tokens are handed out we will give you 1 REAL FLR token for each 1 IOU token you own.
Now this is where people are confused.
(The too long but still read:
Spend $190 on Bitrue to get 100 real FLR (Total value of $190)
Spend $220 on Poloniex to get 100 real FLR and still have 567 XFLR leftover (Total value of $377.11))
Pay attention.
Bitrue said, we will only be getting 15% of the total FLR tokens at launch. So if you had 100 XRP you would get 15% of that (multiplied by 1.0073 technically, but let's just go with 1:1 for now) at launch.
Bitrue then handed out IOU's like this:
100 XRP = 15 FLR(IOU)
Poloniex said, we will give you 100% of the total FLR tokens at launch. So if you had 100 XRP you would get 15% of that at launch, then ~3% per month until you hit 100% of what's owed to you.
Poloniex then handed out IOU's like this:
100 XRP = 100 XFLR(IOU)
These IOU's are convertible into real FLR (spark) tokens after Flare Networks goes live.
Here is the next part where people get confused.
PAY CLOSER ATTENTION
(Pricing at time of writing) (**assume real FLR is the same price as FLR(IOU) from Bitrue, but could be anything really)
Buy 100 FLR(IOU) on Bitrue at $1.90
When Flare goes live, get 100 real FLR tokens
Every FLR(IOU) is converted to real FLR.
You now have 0 FLR(IOU) and have 100 real FLR.
Total Cost: $190
Total Value: FLR(IOU) + real FLR = 0 + $190 = $190
Congratulations you now own 100 real FLR and it only cost you $190.
Buy 100 XFLR(IOU) on Poloniex at $0.33
When Flare goes live, get 15 real FLR tokens (15% of the XFLR you own)
15% of XFLR(IOU) is converted to real FLR.
You now have 85 XFLR(IOU) and have 15 real FLR.
Total Cost: $33
Total Value: XFLR(IOU) (85) + real FLR (15) = $28.05 + $28.50 = $56.55
Congratulations you now own 15 real FLR and still have 85 XFLR and it only cost you $33.
Each month ~3% of the remaining XFLR will convert to real FLR until you have 0 XFLR remaining.
After 3-4 years, you have 100 FLR just like Bitrue.
Bitrue it cost you $190 for the convenience of getting it all at once
Poloniex it cost you $33 but you had to wait to get 100% of the real FLR
That's quite the premium you paid
So let's put it this way
You read all this and think, of course, I want it all at once and I'll pay the premium, screw waiting 3-4 years. I want 100 real FLR in my account as soon as the Flare Network launches.
Buy $220 of XFLR on Poloniex.
Get 667 XFLR
When the network launches, get 15% of 667, 100 real FLR tokens.
Have 567 XFLR left over that will give you ~3% more real FLR tokens per month until you have 667 real FLR tokens in 3-4 years.
Total Value = (567 x 0.33) + (100 x 1.90) = $377.11
Spend $190 on Bitrue to get 100 real FLR (Total value of $190)
Spend $220 on Poloniex to get 100 real FLR and still have 567 XFLR leftover (Total value of $377.11)
#easymoney
Let's finally clear this all up...
Flare Networks launches this quarter (very soon)
Their token is the Spark Token (FLR)
FLR tokens will be distributed (15% of total) as soon as the Flare Network launches. (~3% per month after that until 100%)
An airdrop was done in December, owners of XRP gained 1.0073 FLR tokens for each XRP they held in the necessary accounts.
XRP owners have itchy trigger fingers and wanted to trade FLR tokens even though none have been handed out yet.
Poloniex and Bitrue said, hey how about we give you "IOU's" to trade now, then when the actual FLR tokens are handed out we will give you 1 REAL FLR token for each 1 IOU token you own.
Now this is where people are confused.
(The too long but still read:
Spend $190 on Bitrue to get 100 real FLR (Total value of $190)
Spend $220 on Poloniex to get 100 real FLR and still have 567 XFLR leftover (Total value of $377.11))
Pay attention.
Bitrue said, we will only be getting 15% of the total FLR tokens at launch. So if you had 100 XRP you would get 15% of that (multiplied by 1.0073 technically, but let's just go with 1:1 for now) at launch.
Bitrue then handed out IOU's like this:
100 XRP = 15 FLR(IOU)
Poloniex said, we will give you 100% of the total FLR tokens at launch. So if you had 100 XRP you would get 15% of that at launch, then ~3% per month until you hit 100% of what's owed to you.
Poloniex then handed out IOU's like this:
100 XRP = 100 XFLR(IOU)
These IOU's are convertible into real FLR (spark) tokens after Flare Networks goes live.
Here is the next part where people get confused.
PAY CLOSER ATTENTION
(Pricing at time of writing) (**assume real FLR is the same price as FLR(IOU) from Bitrue, but could be anything really)
Buy 100 FLR(IOU) on Bitrue at $1.90
When Flare goes live, get 100 real FLR tokens
Every FLR(IOU) is converted to real FLR.
You now have 0 FLR(IOU) and have 100 real FLR.
Total Cost: $190
Total Value: FLR(IOU) + real FLR = 0 + $190 = $190
Congratulations you now own 100 real FLR and it only cost you $190.
Buy 100 XFLR(IOU) on Poloniex at $0.33
When Flare goes live, get 15 real FLR tokens (15% of the XFLR you own)
15% of XFLR(IOU) is converted to real FLR.
You now have 85 XFLR(IOU) and have 15 real FLR.
Total Cost: $33
Total Value: XFLR(IOU) (85) + real FLR (15) = $28.05 + $28.50 = $56.55
Congratulations you now own 15 real FLR and still have 85 XFLR and it only cost you $33.
Each month ~3% of the remaining XFLR will convert to real FLR until you have 0 XFLR remaining.
After 3-4 years, you have 100 FLR just like Bitrue.
Bitrue it cost you $190 for the convenience of getting it all at once
Poloniex it cost you $33 but you had to wait to get 100% of the real FLR
That's quite the premium you paid
So let's put it this way
You read all this and think, of course, I want it all at once and I'll pay the premium, screw waiting 3-4 years. I want 100 real FLR in my account as soon as the Flare Network launches.
Buy $220 of XFLR on Poloniex.
Get 667 XFLR
When the network launches, get 15% of 667, 100 real FLR tokens.
Have 567 XFLR left over that will give you ~3% more real FLR tokens per month until you have 667 real FLR tokens in 3-4 years.
Total Value = (567 x 0.33) + (100 x 1.90) = $377.11
Spend $190 on Bitrue to get 100 real FLR (Total value of $190)
Spend $220 on Poloniex to get 100 real FLR and still have 567 XFLR leftover (Total value of $377.11)
#easymoney
