I wonder if anyone knows how things sit with Tether. They have tokens in many networks. When an owner transfers from one Tether blockchain to another, does he owe taxes?
Privacy. Security. Freedom
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Perhaps (and I feel flames already) only MAID token is allowed on clearnet exchanges. SNT stays on SN only. Smart-contract-bridge just puts SNT into your account on SN when you lock MAID into contract.
So only one coin being traded on clearnet exchanges.
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There would be value difference before and after Timestamp. The price should be close to zero.
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Different exchanges list different prices for shares in different protocol formats, all the time. On your tax forms Year1: 100 maid in account A. Year 2: 100 Maid in account B. Your taxable event occurs when you make a transaction to a different asset class. Year 3: 100000Eth.
But again, why does any of this this hold back ERC20 protocol support, anyway exactly? Those that have exotic transfer taxable events can stay in Omni.
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ā¦and why would you want to? Anything that increases the āEveryoneā is a win, right? Someone buying Maid is someone who might convert to SN Token and start participating. They are just getting in on the lease friction market available for them.
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I really donāt want to talk down on the effort people are taking here, but letās be honest. If our community would spend half the time they spend in this thread, talking to influencers, spreading the word, or setting up some additional liquidity on exchanges we would be on the moon by now.
Everyone in here is talking about stuff they donāt know enough of to come to any conclusion. However, after following this topic for the last 24 hours I think itās safe to say:
- People donāt support a mandatory swap, for various reasons
- If we decide to support both ERC20 and Omni, we risk low liquidity on both and risk pissing of the few exchanges we have
Bottom line, letās keep things the way they are and spend our and the teams (I know you guys are reading along ;p) energy elsewhere.
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This guide claims that converting ETH to cETH or aETH on the compound or aave DeFi platforms is a taxable event. Seems to me thatās just changing ETH to another format. Could be thereās more to it though. I donāt know enough details of these DeFi platforms to say if thereās something about them that causes cETH and aETH to be seen as a different asset class rather than a different format of ETH.
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On what do you base this statement? Literally every shitcoin in the ether network is flooded with liquidity. I have Storj tokens and I can immediately add them as a pair for trading ERC20 MAID / Storj in UniSwap?
And anyone who trades in Storj will go through my pair if the price is better, ie. there will be a lot of movement in both directionsā¦
Uniswap version 3 is coming soon and many centralized exchanges will cry:
https://www.thestreet.com/crypto/ethereum/decentralized-exchange-giant-uniswap-unveils-key-upgrade
Privacy. Security. Freedom
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Iām not discussing if ERC20 will have liquidity, Iām sure it will have liquidity.
But you risk (read: high probability) leaving behind an untradeable Omni asset. Then Uniswap might be free of charge (high transactions fees however until the next ETH update is here), but thinking there will be a CEX that all of the sudden will be listing us for free is an elusion.
I think we all agree on the fact that if we had the choice starting the project as Omni or ERC20, weād go for ERC20. But truth is, we didnāt have that choice, we have Omni now. And as much as I agree we could use a true DEX (I truly do), I think we should respect the fact that a ton of people took the effort to come on the forum and write about their concern for your proposal. Itās not just a handful of people, there are a ton.
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The problem is that Omni has a very reduced market vs ERC20: Everyone cannot participate. The only exchanges we have that are not regarded by the wider decentralised community as scams are Bittrex and OmniDex.
Agree with first point but that does not negate the poll result is overwhelming Yes, as it was last time this was discussed. That a minority do not agree is is not a reason to hold it back, especially when the main negative is highly questionable tax advice.
Second point is provable false and disingenuous: See links on Tauchain project experience. ERC20 reduces the exchanges maintenance and security risk. MaidSafeCoin is the last project standing on Omniā¦
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No one is forcing people who want to stay on Omni to switch to ERC20. My main view is that more people will have access to the token if we add ERC20 MAID and allow people who do not want to be locked in the OMNI safe passage to a better experience (unlike the wrapped token).
Privacy. Security. Freedom
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Poloniex are currently changing the underlying protocol for Tether away from Omni to ERC20, I keep getting warning emails for the $10 USDT that was left there from years ago and my last Maid purchase. It will be $10 USDT before, and $10 USDT after and that is how it is listed on the tax forms.
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This poll started with 95% voting yes, but that is because we have someone initiating the vote that is highly in favor of it. After several forum members got here explaining why they are against, this poll heavily shifted towards no.
Right now, this topic is not getting us anywhere. You got a obligation towards the Omni users, much more than you have an obligation of getting this coin accessible for everyone (that will come when the network launches anyway).
I would suggest anyone in favor of swapping to ERC20 to contact some exchanges and ask if they could provide us some information on the difference in cost, and how likely it is for them to list us. Iām pretty sure you guys will soon realize that this is going to be a dead end.
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Iām confused, Iāll admit Iāve never used uniswap, but my understanding is if you want to provide liquidity you must send your coins to a contract address.
How is it possible to do that and still have control of the pvt keys therefore reducing risk of loss?
No. More people came along to vote. There were 55 voters when I arrived and the vote was more in favor, and there are 70 now. Your being disingenuous again.
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You clearly donāt see that if half the people swap to ERC20 (without a way back), everyone sticking with Omni is unable to trade within half a year (I can assure you).
As much as I understand people wanting a tier 1 exchange, I recommend everyone to think twice about the impact youāre having on some Omni holders. I really do like democracy, but this really feels not ok.
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This is a community of holders, 94% of all tokens are not traded ā¦ Only 6% are on exchanges ā¦
Privacy. Security. Freedom
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Right - so where is all this new liquidity going to come from, with or without new/ERC20 exchanges?
From increased demand:
Privacy. Security. Freedom
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But not increased supply, presumably?