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That is Cyanobacteria, red slime algae. It is caused by nutrient-rich water. You need to figure out where they are coming from... too much feeding, not enough water changes, insufficient skimming, source water, overstocking, etc.
Well, kinda bad. It's a sign of poor water quality, and can overtake a tank, if left unchecked. It comes from excessive amounts of dissolved organics in the water. It can blanket corals and kill them. Normally it comes from overfeeding, overstocking, or not enough water changes. Or a combination of these.
How long has the tank been set up?
Reef or FOWLR?
Do you run a skimmer?
Oohhh i see.. its been running for over a year... its a fowlf with only 4 little coral frags... i do have a skimmer... i think i might b over feeding and not enogh water change... should i do water change more often and cut down on feeding?..