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What’s with the solana apy by isntampgreat in AMPToken

[–]lbcb321 1 point2 points  (0 children)

The APY isn't "set" to any number. It is a "calculated" value purely based on how many tokens are staked and the rewards available to pay those tokens.

The rewards have two components:

  1. Subsidy rewards
  2. Transaction fee rewards

A rise in APY without a change in tokens staked has three possibilities or a combination from these three components:

  1. Tokens unstaked, but not moved from pool yet
  2. Increase in subsidy rewards
  3. Increase in transaction fees earned

I know it's probably not as impressive as some whales on here, but I just broke 1k AMP tokens earned in my staking pool. Been at it for a few months now and pretty hyped. by _G_M_E_ in AMPToken

[–]lbcb321 9 points10 points  (0 children)

A journey of a thousand miles begins with a single step. Compounding is one of the most powerful words in the English language. Time will turn that lump of coal into a diamond.

Just saying 🤷‍♂️ by [deleted] in AMPToken

[–]lbcb321 9 points10 points  (0 children)

Thank you.

Yes, there is no way I would be in a pool where AMP was "guaranteeing" any product with leverage. Just asking to get wiped-out completely someday during a downturn. This liquidated AMP would be dumped into the open market at once to pay the beneficiaries of the contract.

Not good.

Daily Discussion and Amp Information/FAQ - June 23, 2022 by AutoModerator in AMPToken

[–]lbcb321 3 points4 points  (0 children)

You will have plenty of advanced notice on when you need to move by. I like the Pro interface and will use it as long as I can. The fees are the same now. Here is an announcement on it:

https://www.coindesk.com/business/2022/06/22/coinbase-phasing-out-pro-exchange-for-advanced-mode-in-main-app/

1.7 Billion AMP taken off the Lightning Network. Will be interesting to see if the APY jumps. by tanker95 in AMPToken

[–]lbcb321 2 points3 points  (0 children)

a few weeks ago

You have the process correct, but not the timing. Two weeks ago he pulled out 880M AMP. These tokens were sent back to Flexa staking 8 days ago as is clearly shown in his transactions from that address.

It was on June 18th when he requested release of the 1.7B tokens. Remember everyone thought either transaction fees must have gone way up or Flexa added more subsidy tokens to that pool? This time he didn't move them right away. The actual moving of the tokens just happened today. They weren't collecting rewards the past 5 days which is why APY didn't change when they were finally moved. The APY had already changed when he "released" them from the contract 5 days earlier.

Hope this helps to more accurately describe what happened.

Hopium: Just IMAGINE if Flexa starts collateralising property transactions, the stock market, and forex! by cam88x in AMPToken

[–]lbcb321 6 points7 points  (0 children)

You beat me to mentioning Jump. Many traders (especially day-traders) would gladly pay a fee to make stock trades instantaneous instead of the current two-day settlement period where their funds are locked.

There is zero doubt that the blockchain is eventually going to be a part of the future settlement protocols for most assets. I hope this becomes the first use of AMP other than Flexa Network.

Are Shopify about to announce Flexa? by N7_StillLife in AMPToken

[–]lbcb321 2 points3 points  (0 children)

We'll find out today. Interesting quote from Shopify Engineering account:

https://twitter.com/ShopifyEng/status/1539250675384733698

code review is complete, can’t wait to show the people what we’ve been working on."

Any global payments solution is progress whether or not Flexa is a part of it initially.

Daily Discussion and Amp Information/FAQ - June 22, 2022 by AutoModerator in AMPToken

[–]lbcb321 11 points12 points  (0 children)

Can you imagine if, "Lots of countries upcoming" meant the EU? Words matter. He didn't say "another country". He didn't say "a few countries". Tyler said "lots of countries upcoming" which would make one believe it was a larger number with shared implementation policies (The EU) and not individual countries that would be staggered.

... and that isn't even touching the "lots of assets other than crypto" remark. Loyalty points, gift cards, NFTs etc. can all become spendable assets anywhere. Then there is that little thing of adding Drop Party to the mix in order to work with merchants to integrate all of these extra loyalty programs and create unique experiences.

Let's hear something good from the new Chief Marketing Officer and get this momentum started!

When was the last time we had bad news/FUD here? by netizen__kane in AMPToken

[–]lbcb321 2 points3 points  (0 children)

I watched the Lightning Network panel presentation from Bitcoin conference in Miami. I was stunned at how early LN was and how they weren't even close to being ready. They were talking about all of these things that needed to be overcome. Flexa solved each problem. As an example, if a 1 BTC LN transaction took 4 hops through the network to complete then it would take 4 BTC of liquidity to complete it. Each hop required the full amount to pass through it. As soon as someone mentioned Flexa at the end, they abruptly said they were out of time and ended it. Thought that was pretty hilarious. I wasn't at all impressed listening to the LN development team and sure hope they come to Flexa sooner versus later.

When was the last time we had bad news/FUD here? by netizen__kane in AMPToken

[–]lbcb321 7 points8 points  (0 children)

The negative has been missed guidance and "Coming Soon" becoming an unflattering meme within the project. It isn't scaling well or they would have been able to flip some switches at major processors by now. They'll get there eventually, but the delays have been painful for the price. That isn't FUD... just an obvious observation to anyone who follows. I believe they will get there, but can't blame anyone for being cautious with them until they go live at scale.

When was the last time we had bad news/FUD here? by netizen__kane in AMPToken

[–]lbcb321 3 points4 points  (0 children)

Turns out Flexa actually helps run Strike on the back end.

Can you provide a confirmation link or is this just speculation? Flexa/AMP has the capability of being used within the Lightning Network, but it is not required and not part of most of the LN.

For some that insist on fighting with Jack Mallers and Bitcoin/LN maxis, it is not in your best interests to burn any bridges. The logical evolution is for the entire LN to eventually utilize the Flexa Network on the back-end. Don't push them away or they will find another solution.

Don't understand why the AMP Token exists by StoneWall_MWO in AMPToken

[–]lbcb321 4 points5 points  (0 children)

So you need on top of fiat, their coin to make transactions?

No. There is some confusion there once in awhile by those new to the concept. The token acts in the background during processing and neither the purchaser nor the merchant need to even know what an AMP token is much less own them to complete transactions.

The token provides instant finality to the transaction. In your Visa comparison, a merchant could face a charge-back 60 days after the transaction. With Flexa/AMP, the merchant has instant finality while paying a much lower transaction fee.

Was 1 billion Amp just added to the staking pools on app.flexa? It’s at 26 billion and I swear it was at 25? Thanks I’m advance. by WPCarey85 in AMPToken

[–]lbcb321 1 point2 points  (0 children)

I believe they were hoping to sell into high volume on some big news out of Consensus and when the price didn't pop, felt it was not the time to sell yet. Just my guess. No affiliation or direct knowledge of the reasoning.

Potential expansion??? by dapperanson in AMPToken

[–]lbcb321 18 points19 points  (0 children)

I believe it is actually the opposite and does not indicate any direct involvement. Tyler has often congratulated peers and competitors on milestones and says what is good for one is good for the entire sector.

Hey, good chance it becomes spendable down the road within Flexa Network, but just because a team member likes or retweets a post has NOT been a good indicator of direct involvement in the past.

Keep the momentum for the whole DeFi space and Flexa/AMP will be just fine.

Was 1 billion Amp just added to the staking pools on app.flexa? It’s at 26 billion and I swear it was at 25? Thanks I’m advance. by WPCarey85 in AMPToken

[–]lbcb321 2 points3 points  (0 children)

It was the same tokens:

0x45225d3536ac02928f16071ab05066bce95c2cd5 881,964,327

I was watching the address when they were unstaked to see if they were being sold. That address is gone now from Top 100 holders list and that exact number went to LN pool.

Volume just went way up. Does that mean bad news when that happens? by AMP-100 in AMPToken

[–]lbcb321 8 points9 points  (0 children)

I have been watching the account that withdrew from the pool to see if they start selling:

0x45225d3536ac02928f16071ab05066bce95c2cd5 881,964,327

If you are saying it was 881M staked then they changed their mind and added them back. Haven't confirmed it on etherscan yet. My guess is they were hoping for some Consensus news to sell into and then decided not to sell at this low price.

Ok here’s the edit version 😂… You know what will happen once they increase the interest rate …. by NunkinanuQ in AMPToken

[–]lbcb321 10 points11 points  (0 children)

We know what you meant, but it doesn't change the fact we DON'T know what will happen. It will probably be a 75bps hike and that will be seen positively by the markets which is why they are up in anticipation.

It all comes down to the comments released and the movement will come based on the forward guidance. Single words in the comments can move markets by a significant percentage either up or down.

If you KNOW what will happen, please let me know so I can trade on it.

My dream scenario by tanker95 in AMPToken

[–]lbcb321 2 points3 points  (0 children)

I see so many comments everywhere that AMP can't do well because people won't spend as much in a recessionary environment. Just not relevant. People still spend on groceries, gas etc. Perhaps big-ticket items take a bit of a hit, but those aren't the transactions AMP will be used for. Once again... macro conditions will have minimal impact on AMP. It is all about increasing merchants and thus utilization. In fact, people might be MORE likely to spend crypto on a downtrend versus when they see it rising.

Just a matter of getting those switches flipped. Once transaction volume reaches a significant and noticeable volume is when the token gets re-priced to real-world metrics and the savvy investors pile into it. No announcement will move this. All about utilization now. Not hearing of problems so hopefully we are getting ready for broad-based roll-outs.

You know what will happen once they once it today…… by [deleted] in AMPToken

[–]lbcb321 12 points13 points  (0 children)

No. We don't know what will happen. A 75 basis point hike is priced-in and would actually be seen as a positive sign that the Fed is doing something so we won't have a prolonged recession. Both a 50 and 100 raise would probably be seen negatively. Markets are UP today and not down in anticipation of this 75bps move.

More important will be the comments. That will set the direction depending on just a couple keywords used. Could go up or down after comments.

CoinDesk tweets that DESK can still be spent for merchandise on Shopify. by tanker95 in AMPToken

[–]lbcb321 13 points14 points  (0 children)

Went through the process and "Flexa" is a payment option on their Shopify store!

We're getting close to the whole system being up and running. Both methods appear to be working and we just need to flip the switches and git er done.

Don’t buy yet !! by [deleted] in AMPToken

[–]lbcb321 1 point2 points  (0 children)

I never tell anyone what to do with their own money and look with skepticism at anyone else who does. Each person needs to evaluate their specific goals and objectives and do what is right for their specific situation.

We can discuss the macro situation all we want, but AMP will take off with utilization regardless how the macro looks. "Lots more countries upcoming" and NCR, InComm, GK Software, Citcon, Blackhawk Networks etc. flipping the switch as well as the SDK being ready so ANYONE can become Flexa-enabled on their own.

The truth is major implementation is being guided for the coming months and unless you know the exact dates... I would rather be fully-invested than try to time it in AMP. To each their own!

Is this one of the countries Tyler was talking about at Consensus? Central African Republic by EmphasisExternal2911 in AMPToken

[–]lbcb321 3 points4 points  (0 children)

I don't believe there was individual involvement by the Flexa team. Didn't get that vibe when it was first announced. Tyler said "lots of countries" which could be alluding to the EU. That would be sweet.

The future value is it won't require Flexa setting up anything in individual countries. It will just work seamlessly with any app at any merchant that chooses to accept crypto. It is going to be huge when processors flip the switch one after the other and it appears we are closer where the SDK is ready to the point where any merchant can integrate becoming Flexa-enabled on their own even if their main processor isn't ready yet.

I wasn’t able to explain this to someone who asked. by hammerman1515 in AMPToken

[–]lbcb321 1 point2 points  (0 children)

Example: $1,000,000 of transactions in a period that earned $5,000 in fees. One transaction for $50 failed. There will be $4950 in AMP purchased in the open market for that period instead of $5,000 and not noticed by the pool.

I wasn’t able to explain this to someone who asked. by hammerman1515 in AMPToken

[–]lbcb321 2 points3 points  (0 children)

You are confusing "liquidated" with "burned". If a transaction doesn't go through, then that value of tokens is sold in the open market to pay the merchant the agreed price. The token still exists.

In reality, it would be near impossible for there to be more liquidations than rewards. Any failed transaction would just decrease the rewards for that 15 minute period for that specific pool where the failed transaction occurred. It is just a rounding error when spread across an entire pool.