Skim reading all this, it looks like a one way ticket with the burn. Is there a visibility of the volume that has converted? Is there a ticker to show any forced price differential?
Omni’s been written off so many times, I’m likely to stick with it but nice idea to have an option so that those with ETH can buy-in.
I wonder we could do with more abcs for those clueless about ETH - being sure which token is which etc, given this is not the same as Bitcoin. Also, OP is repeating statements that it would be better for Maidsafe to do for providing assurance that the swap will be honored so long as the total ETH matches still the total Omni burnt.
If too many are issued ( doubt it will happen).
The erc pool will need to be refactored to compensate.
No other fair way…
Unless they get honoured, but im doubting that .
Hopefully who ever is responsible for the swap would take the hit and not ms HQ.
You cant do a job, f it up , then say you deal with the consequences.
But im not privy to the contract details agreed upon.
Has Maidsafe said this publicly yet? perhaps I missed it elsewhere but it was not confirmed in the update as I had expected today.
I hope that I have missed it somewhere as official word from the team that they will accept eMaid is important.
Definitely couldn’t have made that announcement today if this wasn’t the case.
Fair enough, a comment in a thread is not quite like saying so in the an update but at least it is something.
Kind of a big deal to be acknowledged in that manner.
On further thought, is every comment in a thread on this forum by Maidsafe employees to be considered official policy, obviously not.
@JimCollinson seeing as it was you who made the comment do you think we could get something a little more official?
I am sorry for being “that guy” but I feel that this is far too big a change in how things work to be noted in a comment.
Anyone have experience on how long KYC takes to come back? I’m used to automated KYC, so the fact that I’ve not been approved after several hours is an unusual experience for me.
If you’re converting less than 15K CHF, you should receive KYC confirmation in ~30 min or less. Check your spam folder for a confirmation email. If you’re converting more than that, then you’ll be prompted to set up a video call. You’ll also receive a confirmation email on next steps shortly after you’ve scheduled your call.
It’s been approximately 4 hours thus far, with no approval. I have the message “Waiting for Altcoinomy review” on my status page.
You can connect with Altcoinomy directly on this:
For any question not answered in the FAQ above, please contact us
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That’s fine, thanks. I just wanted to get others’ experience before I contacted them to make sure that it was outside the norm and something that I should follow up on.
Here is a better link
Well done to all involved
This looks pretty official to me, even if it’s just a link to another thread.
Congratulations for this achievement!
There have been questions regarding possible tax liability due to the MAID/eMAID conversion process, and of course this very much depends on what tax jurisdiction you are in.
I can give an informed personal opinion regarding New Zealand, due to my extensive experience with the New Zealand IRD, with regards to my bitcoin holdings. It’s likely that similar countries - the UK and Australia - have similar tax rulings regards crypto.
What I learned from this “taxing” experience was that any “disposal” of a crypto asset was a taxable event - which includes selling for fiat, trading for another crypto, spending and gifting.
When considering the conversion of Omni MAID to eMAID, one thing seems clear to me, that it is not “disposal” at all. What is happening is simply the transfer of a specific crypto (MAID) from one technically-defined platform to another.
In both cases MAID and eMAID maintain all their essential characteristics - same price, same total supply, and same convertibility to the Safe Token in the future.
I believe that proceeding with this conversion is not a taxable “disposal” of MAID as per the NZ IRD rules.
Of course, this would need to be confirmed by such tax authorities as they can be quite arbitrary, but there’s a good case for no tax liability in New Zealand at least.
I notice on there that it seems to saying that eMAID has 18 decimal places.
Omni MAID was set up with no decimals on the Omni protocol and the 1:1 swap will be straight forward with 1 SNT per MAID. Is the swap using eMAID to include decimals and will SNT have 18 decimals or 9 or ???. If SNT has less than 18 decimal places then I see an issue due to rounding, if SNT has 18 or more places then no issue.
When the swap to SNT happens, what is the official word on the 1:1 swap and 18 decimal places?
This to my mind is one of the all important factors, in the uk at least.
And they are very unlikely to do so, they are independent coins on independent markets with a independent price.
Even if the price were matched at one pont, would they stay matched precisely for long enough for you to dispose of x no of coin ? Probably not imo. ( the odds are really against it )
So , yeah i think that should change the sentiment to your statement and possibly your tax implication.
If its not taxable in the uk ill be very surprised.
I don’t see how the price could vary that much, as that would represent an arbitrage opportunity that would likely equalise the price again.
Even if there was a price difference, it would be relatively minor and entail a much smaller tax obligation than paying it on any capital gains on the original MAID since first purchased.