Many community members are probably curious about what eMAID means for exchanges. In order to ensure consistency across Omni MAID and eMAID, the working team is collaborating with MaidSafe on a CEX and DEX strategy along with associated steps (e.g. listing on CoinMarketCap). More on this plan will be shared with the official eMAID announcement.
In the interim, we ask people to refrain from taking any actions related to listing (e.g. creating pools on DEX, listing on CoinMarketCap, etc.) without input from MaidSafe and the eMAID working team. The goal is to keep things simple and clear. For example, in addition to sharing tools to easily monitor the amount of minted eMAID vs burnt Omni MAID, we will also be sharing tools indicating pools of legitimate eMAID. More to come!
I just want to add that from a tax point of view, if eMAID is not traded on an exchange (CEX or DEX) and there is no price for the token, then for the most people there should be no tax event for the transition from OMNI to ERC20 tokens.
Therefore, although anyone can add the token to a DEX, I would like to join @Sotros25 request and call on everyone to abstain for do it in the first few weeks.
We are once again in awe of the community getting whole thing together.
It’s great to give people the option to utilise another protocol for their MaidSafeCoin holdings. Firstly because it should make their existing MaidSafeCoin more usable (more wallet options, yay!) and also in time different places for trading too.
Ultimately, eMAID and MAID represent the very same asset, MaidSafeCoin, which enables the holder the same access to Safe Network Tokens after the Network is launched as always, regardless of whether they hold their MaidSafeCoin in the Omni protocol (MAID) or ERC20 (eMAID).
It’s for this reason we’d like to make sure that any services that allow access to, or surface information about either MAID or eMAID make it clear that they represent the same asset, with the same entitlements.
This is really important, particularly as it allows consumers better awareness of when they are getting the real deal MaidSafeCoin, and when they might not be. We’ll do that by providing a consistent set of branding, descriptions, and other metadata—so keep an eye on this thread for coordination of all that.
And thanks again to you all for making this happen: what a great community led endeavour!
I apprecIate you dont pay taxes till exchange to fiat, howevere, i think thats wrong IMO…
In my mind thats still a taxable event, but its creating a cap loss not a gain .
However, im not an accountant, and its a special case as they are basically the same thing in a different wrapper.
Edit.
Well worth investigation, as if you need to claim a loss and dont youll end up possibly being taxed on the full sale amount later on when sold, as your buy in cost was zero.
Depends on jurisdiction, in UK exchanging one cryptocurrency for another is a taxable event, you don’t have to be exiting to fiat.
It’s arguable that conversion to eMAID should not be taxable but this needs to be tested and confirmed. I don’t think UK tax authorities like to tell people in advance what they’ll do unless they happen to be extremely wealthy or connected so it may come down to doing a small conversion and then asking for a ruling.
I thought that was what i said lol, dimitar doesnt pay till fiat exchange, but not the greatest advice for anyone who does.
Especially if you do wind up being dbl taxed due to not claiming the loss ( if its even applicable in this scenario).
This has changed since last year. Currently, the interpretation of the tax authorities in Bulgaria is that if you bought a crypto for example 100 $ and sell it for 101 you owe tax on 1 if it is in the same year, if it is for next year you owe tax on 101 (ie. the acquisition price for the next year is not transferred).
On the other hand, if you burn a token, the selling price is 0 and there is no tax, and if you acquire another token from airdrop, for example, which is not traded, ie. 0 is the price at the time of acquisition again you do not owe tax.
The eMAID option (regarding KYC) goes against the core principle of Maidsafe IMO. The whole reason Maidsafe exists is because it believes in a completely private digital persona, able to navigate the digital world without fear of reprisal or recognition. There had to be better options available that did not require KYC to be enforced. My guess is this is why there are so little MAID being converted to eMAID.
Transferring funds from A to B basically always requires KYC when third parties are involved. I know they’ve looked at options where no KYC was required, but this would’ve made things a lot more difficult.
Now I think it’s fair you say KYC is against the projects believes, but I do think you fail to realise that a ton of people put even more effort into realising eMAID. A little less judgemental about the way they managed it would be appropriate in my opinion.
Transferring from MAID to eMAID is optional to begin with, feel free to stay at omni. If you like to have eMAID without KYC, sell of your MAID (what I expect some people are already doing) and buy back eMAID once available. And additionally, the project also believes in secure access for everyone (SAFE), purchasing MAID now is near impossible without KYC, eMAID will have tons of DEXs opportunities to allow people to buy and sell without third party and government interference.
Reason not many MAID is converted to eMAID is because there is a handfull group of people beta testing the progress at the moment. converting is not yet available to the public. Make sure you’re better informed next time
It’s completely optional and a temporary solution, so, not sure how it goes against core principles. If you can think of a way to bypass KYC in all these hawkish countries against crypto, than by all means, suggest it.
In principle, there is a new easy and proven way to achieve this (it has been tested by over 100k people with assets for over 1 billion dollars). It’s called Sacrifice. In short, people sacrifice their assets by sending them to the address of an anonymous person, and then these people receive airdrop to the addresses from which they send.
And who would we trust to do this? Certainly Maidsafe couldn’t, because I’m sure that would intersect with money laundering laws and bypassing KYC. Any citizen/company of any country requiring KYC would be in the same boat.
What you are saying is a valid concern. I follow with interest those 650 million in stablecoins that have been sacrificed. My guess is that there will be no problem, but time will tell. Almost 1 year has passed so far without any problems from the authorities.
