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I have one on my LR as well, but the guy at the LFS told me it was some type of coral and would die off and that it wouldn't have survived the 'curing' process.
It never grew in the 3-4 months I've had it in my tank. Also, it used to be fuzzy, now it has partially lost its fuzziness.
I'd be interested to know if you have better success with yours than I did with mine. (I just love proving those guys at the LFS wrong.)