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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ripple CTO Advises Selling Flare (FLR) Tokens, Raises Serious Allegations

Jake Simmons
Jake Simmons
2 years ago
4 mins read
Ripple CTO Schwartz

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Ripple CTO David Schwartz voiced harsh criticism against the Flare Network in a series of tweets today. After more than two years following the snapshot for XRP holders, the project finally conducted its airdrop for the FLR token on Monday, January 9.

As NewsBTC reported, the FLR token already experienced a massive dump of more than 71% on Bitrue in the run-up to the airdrop, where the token could already be traded as IOU. After that, things didn’t get much better and FLR dropped even further, totaling a loss of 93% since Sunday, January 8. At press time, FLR was trading at $0.0437.

Thus, the FLR price is in no man’s land. The IOU on the token debuted back in January 2021 at Bitrue and started at a price of $0.0831. After that, the FLR token went up to $2.2472. At no point did FLR trade below its January 2021 debut price.

Ripple vs Flare: FLR USDT
FLR price since January 2021 | Source: FLRUSDT on TradingView.com

Ripple CTO Raises Harsh Allegations Against Flare Team

Via Twitter, Ripple’s chief technology officer wrote that the current rules for holding Flare for subsequent airdrops provide absolutely no incentive not to sell Flare now. “You lose *nothing* if you sell now,” Schwartz said.

He added that while it’s true that XRP holders miss out on subsequent airdrops, you don’t lose them. As the Ripple CTO explained, you can get 100% of their value if you sell your Flare, as the buyer can wrap the token and get the airdrops.

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In general, Schwartz considers the distribution of the airdrop “a very strange decision.” For a long time, the project advertised that XRP holders would receive the full amount of FLR tokens right away.

However, the team did not keep its promise. They declared that with the first airdrop, only 15% of the total amount of 1.0073 FLR will be distributed for each XRP. The remaining 85% of FLR tokens will be airdropped in 36 monthly installments, with the method of distribution still dependent on a community vote.

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Schwartz sees this as a breach of their commitment. “I want to be wrong, but I don’t see how,” the Ripple CTO said, following up with another serious allegation:

I feel bad saying this. I love the project and want the best for it and want to believe the best about it. But my honest opinion is that they leveraged the XRP community to grow and weakened their promises drastically when they felt they didn’t need it anymore.

While Schwartz qualified his statement in the following tweet when he wrote that this doesn’t mean they are “dishonest or that their project is bad,” he also said that XRP has evolved while the Flare Network team “failed to deliver on some promises” from the early days.

You can love Flare and love XRP too. It’s not one or the other. But I don’t have happy fuzzy feelings about how it went down.

Schwartz Advises To Sell The FLR Token (Later)

In response to a user’s follow-up question about whether it is now the best time to “take profits,” Schwartz replied:

I’m not saying people should sell. I’m just saying that they are acting irrationally if they don’t sell because they want the value of the remaining 85% of the airdrop. That’s just not rational.

Another user countered the argument by saying that FLR is already “worthless” after the massive crash, so owners of the token should rather wait. The Ripple CTO agreed, citing that “now is probably the worst time to sell. It would be kind of silly not to wait that out.”

Featured image from Forbes, Chart from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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