When chains fork, and free coins are distributed, they come at 0 cost.
When sold, thats a profit and taxable.
In the UK thats how it is.
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In your case, then there will be no problem to generate your own ers20Maid against a bitcoin signature? Or I am mistaken?
You are mistaken.
If there is any change in price between buying the erc20 and selling to get SC then that has to be recorded and it is taxable. It still have to appear in any report on buying/selling
Converting the omni token to SC is not taxable as the MAID was simply a placeholder, a token for the real thing. Thus cannot be a price anything.
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It could cause big problems for us.
Say maid is worth $1, change it to erc that is tradeable and spikes in price to $2.
We then swap that $2 erc to safe coin that has settled at $1.50.
I would owe tax of $0.5 on every safecoin I had received.
So would need to sell 33.333 % of my coins to pay the tax.
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But you do not buying it? You sign a I_own_this_MAID message and make a new Erc20Maid using the eth smart contact?
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If it changes in value. (Upward)
Its a taxable event.
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In which variant of changing MAID to safecoin will you not be taxed then?
That is the question.
And with every country different hard to say.
I guess a date set to be able to exchange.
Snapshot taken, maid is no longer tradeable.
Safecoin issued, trading can start on safecoin.
So maybe we need to not be able to trade for 24 hrs.
It won’t please everyone, some people will miss that date .
Why it needs discussion.
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The question is, will the exchanges help list a coin that is truly anonymous? They may not want to 
If the safecoin is put into the coin balances on the same day as snapshot for each address that has MAID then it is easy to state that is the day of conversion. Just because you have not handed over your signed message does not change the fact the conversion happened without price change. No trading while sc balances are set up. Basically those sc coin balances are being held in trust for you
So whether you have to declare the conversion from MAID to SC a sell/buy “trade” or a simple redemption of the token, it won’t matter since there was zero price change.
Going via another coin means there is that disconnect, no tax system would see the MAID as a token anymore and they have to be recorded as sell/buy transactions for each step. That would happen for any tax system that uses the trader system for account tax
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Looks like your option is better than, Rob. An erc20Maid receiving tool can always be made later to receive safecoin in other Safe networks for Maid holders. The only ones who will be forked out will be those who kept their MAID in the exchanges…
Another important thing. We’ll probably have Omni Dex for Maid by the end of the year. There is no way to stop trade there, so maybe people in trader system countries will be forked up with an extra tax anyway…
Forks in this network is nothing like a fork in a blockchain. Technically there is no such thing in the network. You are not forking anything.
The software though can be forked in its development and then a network built around it. But there is no fork in the network.
Someone starting a new network
- has no data initially
- farmers have to come to it
- you need to issue coins and perhaps use the MAID which MaidSafe sold to develop the network. So morally I think thats wrong. but technically its not
- you need to have a good reason to start a new network since you are competing with an established base of data that people spent good “money” to store. Why spend it again to store onto a new competing network
Now there are some edge cases where if
- the SAFE network is new, a competing one may get somewhere.
- a business or government want to keep all data within their computer network.
- a specialised network dealing with a specific thing
Now the idea of a farmer sharing their vault is a neat idea on the surface, but the fact the vault does not choose its XOR address means that it would live in different areas of each network, so in reality the “shared” vault would not exist and just be 2 separate vaults
Also if you just store the data from the SAFE network into the new network, you could only get the public data. Now people spent good money to store that and then you put it on your network. What gain is there for the alternative network, it just pays out for people to farm it and never received income from storing the data from the SAFE network.
So in my view the idea of competing networks is interesting and a nice talking point, but practically its like what someone else said, where is the alternative www internet? There isn’t one and for good reason.
EDIT: What will happen is forks in the software development and some people will use the forked code, but it will use the SAFE network. Such forks may be done to provide the user with additional status information, or perhaps a tweak for certain hardware architecture, and so on
So the coins will reside in a BTC address and the cutoff date well known so people would be stupid to try and trade up to the last second, DEX or not. Only a trading exchange could continue since the people are trading balances not actual coins in BTC addresses. THe trading exchange would simply change the name of the coin and have a period where deposits/withdrawals cannot happen while they switch over to a safewallet
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Other anonymous coins are listed, zcash to name one.
To date the main reason given for not listing is lack of product.
You could be correct though.
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Excuse me, Rob. In this context, I used fork as another bad word. I have in mind that the exchange will keep the old Maid and give the new Safecoin to the people. Thus, all future safecoins from other networks will be received by the exchange and not by the people who kept their money in the exchange…
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Still too dangerous for an exchange to do that. They now have to follow financial rules and that would be printing money in its worse form. No they will simply have a new coin and ignore the omni MAID since its dead
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This will be the best option. Unless the exchange moves to a country where these rules do not apply …
If someone were to clone the code and start a new network, they would need to issue their own coin and try to list it on an exchange under a different name.
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They will have their own coin. The point is that in my opinion it is very likely that they will want to give from their coin, which is free for them, to people who have money, ie. those who keep Maid in their wallets. We know from bitcoin forks that this is a good strategy…
When they fork they have no choice but to.
The coins are on the new chain.
Clone is entirely different, but some may choose to yes.
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