He specifically highlighted the absence of any associated airdrops, giveaways, or special offers connected to the court ruling.īecause of Ripple’s growing community, fraudsters often pose as the company’s website to spread news of fraudulent giveaways and airdrops. Schwartz warned that numerous fraudsters are capitalizing on the recent positive news to deceive and defraud unsuspecting individuals. However, as the hype surrounding XRP intensifies, Ripple’s Chief Technology Officer, David Schwartz, took to Twitter to caution investors against scammers seeking to exploit the situation. After being buried by regulatory uncertainty, the Ripple ecosystem has seen renewed interest and hope because to this rapid uptick. The token’s value increased from $0.47 to $0.82 in a single day, the largest one-day increase in the last year. The Ripple community has responded with increased vigor to this historic decision, driving up the price of XRP.Ī tremendous rise occurred in XRP after the court verdict on July 13, with its market price increasing by an astounding 70%. The Ripple ecosystem’s native cryptocurrency, XRP, was ruled not to be a security by the United States District Court for the Southern District of New York. Securities and Exchange Commission (SEC) for two years, Ripple Labs just won a major victory in court. Option 3 (retain the original plan), because it is the default setting, will be based on a simple majority >50% to pass.After fighting the U.S. Options 1 & 2 will be based on a super majority requiring >66% positive votes to pass. “Full governance proposals for these options will be drafted, including our view of the pros and cons, and released together with the legal memo upon which Option 1 will be based. ? $1500+ June 17, 2021įlare plans on putting the two options to a governance vote and include a draft with the startup’s own views and research. Option 2 is burning 85% (85B?) and distribute that 15% and that's it. (15% first month and every month 3% with total supply of 100B) So option 1 is just distribute $FLR like it was planned. The second option, called “Distribution Halt,” is to give XRP holders their first 15% airdrop, and then burn all remaining tokens, essentially giving users 100% of the supply after the first airdrop. With the “Buy Through Burn” route, users also have the option to burn a portion of their tokens in order to buy the remaining distribution. The first option, dubbed “Buy Through Burn,” is to go ahead with the original plan of giving every eligible user 15% of their claimable Spark tokens, and then distributing the remaining 85% in monthly 3% increments. Reacting to the tax implications, Flare Networks have decided to give XRP holders two options. “Specifically, there is a concern that due to the Spark token becoming priced subsequent to the launch of mainnet that the long-term distribution of 3% per month, but not the initial distribution of 15%, could be considered as income for tax purposes.” In a statement via a blog post, Flare says that the longer-term distributions may end up being a big tax concern. Flare’s original plan was to send eligible XRP holders 15% of their claimable Spark at once, and the remaining tokens on a monthly basis, completing the distribution in a minimum of 25 months and a maximum of 34 months.
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