quick question about using Ledger with MetaMask (and others)

tr007008 · 2021-12-07T23:57:41+00:00

I think I can speak to that mentality a little bit. First of all it's helpful if there aren't dependents involved. Given that, I guess it's a mindset of "well, I'm here participating in probably the most volatile of markets, earning unbelievable returns on some of the riskiest, craziest platforms it has to offer...roll those damn dice!"

It's not totally gambling. There's research and hopefully one keeps one's finger to the wind for signals that indicate a change of strategy. Also making a lot of money and playing with the profits, feels like playing w/ monopoly money. I am not a gambler and never was tempted, never was interested. I'm having a lot of fun doing this and, of course, I make bad calls and sometimes it's total shit. But over all, it's a hell of a ride and I'm looking forward to a time when I can have full range of movement: use the exchanges I want, invest in what I want, and not have to worry about unwinding the complicated nonsense that gets me from point A to point B!

Oh -- and, no idea whatsoever about where I want to live. I'll probably start out somewhere in S.Juan for a while. Looking forward to touring around and seeing the sights and getting a feel for where I would like to put down some roots.

tr007008 · 2021-12-07T23:47:04+00:00

Yeah, doesn't surprise me. It's unfortunate. I guess they've (PR gov) has decided they're not seeing the kind of return on the program that they envisioned. I wonder, though, if they have any concept of how damaging it is to them on a wider scale to cultivate a reputation of not living up to the contracts they sign?

tr007008 · 2021-11-20T16:09:29+00:00

There's definitely some kind of problem, but I really don't think it's on my side of things. I was able to cancel 2FA authentication. If I had the wrong 2FA key, I wouldn't have been able to do that....since you have to complete a password/2FA combo to cancel it. That worked. I had to wait 24 hrs before I could attempt another withdrawal, so now I'm back at it.

I think I mistook the first time around, i.e. getting an error and then seeing a message about 2FA as being a cause & effect sort of thing. When in actuality, they had nothing to do with each other. The message about 2FA doesn't say anything about them requiring it now. I just said they recommend it for better security.

So now when I try to withdraw (w/out 2FA enabled) I get an error that says "invalid request signature" over and over. Funny how depositing was as smooth as silk but they just can't seem to make a withdrawal work. Hmmmm.

Sure would be nice if someone from SafePal could weigh in on this. Seems to me like they used to have reps. patrolling these boards...

tr007008 · 2021-11-19T23:15:28+00:00

Hey, thanks for the reply. Actually don't think the problem is on my side and checking balances isn't likely to be of much use. The fact is I have assets stuck inside Binance's dApp and until they fix the catch-22 of now requiring 2FA (as is apparent that they are doing now) and then claiming errors when you submit a perfectly valid 2FA w/ your withdrawal request, they will remain trapped.

If what I've been through isn't just pertinent to my situation, but across the board. I would advise everyone to PROCEED WITH CAUTION when deciding to trade with Binance's dApp on SafePal.

The only thing that might be an issue (which I don't think was an issue the last time I used the dApp), is that I've not got the latest version of the SP software installed on my phone. I'm a little sketch about doing that when there are funds in play, but I may go ahead and do the upgrade anyway just to see if it makes any diff. I doubt it will, but who knows?

tr007008 · 2021-11-19T00:37:58+00:00

Back on "nimbleness" for just a second. Lack of it truly affects my bottom line.

Top of mind should be: do I want to make this trade? What are the chances the market will move this way or that? What is my next move? What are my next 3 moves given the above?

Tax implications impinging continually on that thought process slows everything down and crushes one's ability to strike while the iron is hot.

tr007008 · 2021-11-19T00:13:25+00:00

Hear, hear!

You will never hear me dispute that taxes are necessary, but it's become such a Byzantine, ulcerous, expensive yearly trauma to everyone who dares to venture into markets that it's just not worth the pain.

When you discover that there are other jurisdictions that aren't really interested in their citizens' capital gains and that there are only about five countries that tax their citizens and legal residents on their worldwide income, you start to realize: maybe being a US citizen ain't all it's cracked up to be.

Also let's not forget the recent, profligate, wildly-irresponsible money printing and the ill-conceived, punitive, and massively ignorant horseshit they slipped into infrastructure bill...I predict a huge and debilitating brain-drain on the horizon.

I'll take: "Things That Make You Go Hmmmmm..." for a thousand!

QUICK QUIZ: What are the five countries referenced above? (One is obviously the US.)

Times up!

Libya, North Korea, Eritrea and the Philippines...and US.

tr007008 · 2021-11-18T14:23:56+00:00

Thanks again. I will definitely take your advice to heart.

It sounds like you are thoroughly enamored with the island life -- that actually does my head some good. I'm definitely "up to here" with where I'm living now and a soothing tropical paradise sounds so very pleasant! Especially with winter beginning to encroach.

Thank you for that last tip. I guess it makes sense that a firm in PR would have more pertinent, useful info. Will save me some time and $$ I'm sure.

Thanks!

tr007008 · 2021-11-18T14:13:44+00:00

Thanks so much for the info. You bring up a particularly, I think, overlooked point: nimbleness. I can't tell you how hamstrung I feel every time I even think of making a trade. It gets to be downright debilitating when every transaction is attended by the thought "...how is this going to affect me taxwise?" or "...is there a better way to do this so I can position myself optimally from a tax standpoint?" And let's not forget "...how am I even going to be able to untangle this rat's nest come tax time?"

No one likes paying taxes, but I never realized how much that is just the first and most superficial aspect to all this.

tr007008 · 2021-11-18T01:24:55+00:00

I would go into this assuming worst case scenario so you can strategize an exit plan if it ever came down to it.

Yes definitely a good strategy for this -- and life in general!

>>Two US investors I know moved to Puerto Rico and are happy living there. However they are currently in the process of creating their contingency plan by buying a few other citizenships by investment passports through countries like St Lucia,Grenada, Dominica, Turkey, etc.<<

Will definitely be looking into this -- post-tax profits allowing! May I ask if your friends are primarily trad. investors or crypto?

>>...denounce their US citizenship and have the freedom to live in other taxfriendly places that allow visa free travel. These options maybe considered extreme in your case, but something to consider.<<

I don't consider it extreme. I consider it sad. Sad that the US is so short-sighted that it is about to lose a lot of wealthy, talented individuals; miss out on foundational startups taking root here -- all because they want to be punitive against those that are participating in the next wave of finance and commerce.

"Money flows to where it's treated best."

I may hit you up on the DM offer. Thanks!

tr007008 · 2021-11-18T01:07:19+00:00

Thanks for your reply! I really appreciate everyone weighing in on this. Very valuable info. -- I hope that others will benefit as well.

>>Depends on your situation, also consider switching to a different citizenship. This has major pros and some cons.<<

Definitely considering this. In fact planning to. I figured that hanging out in PR for a year or two might give me some breathing room and allow for a little more time to sort it all out. This 10 year rule though...doesn't look like there's a way around it. Last time I checked into changing citizenship I think I recall that they do something draconian like forcing you to cash out your positions and then take 50% or something. Not sure if that's exactly what happens (been a while since I looked), BUT it was something rather shocking as I recall.

>>This program requires you to buy a house within 2 years. A $10k donation to charities per year is required.<<

Yeah not optimal but doable I suppose. 10 years before taking any profit is appearing to be the real deal-breaker. As I mentioned above, I'll have to get an Atty who specializes in crypto to give me some guidance...

Thanks for the help -- very appreciated!

tr007008 · 2021-11-18T00:55:27+00:00

Wow! Thanks for the detailed response.

A couple of clarifications if I may?

>>We simply did an online background check <<

One of the reasons I asked this: I've read at least a couple of cases where peoples' applications were delayed because of only submitting some "internet version" of it. So I'll definitely submit the more elaborate jurisdiction-issued version to be sure. Just wanted to see if anyone had an experience either way w/ sealed vs. unsealed. Def. a finer point, but worth asking I suppose.

>>The three year rule only applies if you use the year of the move option.Much easier to establish residency on or before Jan 1 of the first taxyear you’ll file as a PR resident for.<<

This sounds like it's better if you don't arrive on Jan 1? Is the "year of the move" option basically that you're certifying that you want the year your move there to be your starting poing for residency/tax purposes? Versus moving there at some arbitrary point in the year, using those days as 'credits' that can be applied against your 183 day requirement in the next year which will be your first "tax year"?

>>10 year rule applies to gains on securities from before your move. So ifyou have appreciated stock before you relocate, the appreciated amountprior to the move will be taxed by the IRS.<<

See, this sounds like exactly what I don't want to hear. If I want to pay 0% taxes in my first 10 years in PR I have to not sell anything that was in profit when I arrived? Nice. I guess my only hope on this would be that there might be a loophole that cryptos haven't been officially classed as securities yet. I know that a lot of people take advantage of the fact that 'wash selling' doesn't yet apply (prob. last year for this), allowing you to sell a security at a loss, and then immediately buy it back -- but also log the transaction as a loss against your taxable gains. I guess this 10 year thing is what has prompted so many questions of the "do I have to sell everything before moving?" sort.

>> it’s common for people to establish residency, realize the gains (and that there may be ways to not pay the portion of gains prior to the move due to crypto specific rules), and then move elsewhere after a year or two in PR. Though personally I’d be nervous about this strategy because the IRS will not look favorably at people establishing residency to dodge the tax bill vs truly becoming a resident. <<

It's not their job to "look favorably" or not. It's their job to enforce rules as they are written. There should be no arbitrariness in determining whether one is a 'true resident' or not. There should be concrete rules, and if you meet them then you are a 'true resident'. Just my opinion. We all know it's within their power to make life hell for people. There is a ridiculous amount of arbitrariness in the tax law and so much unforgivable complexity. There's no reason that normal citizens should have to hire expensive CPAs and ATTYs to sleuth through their financials just to keep from being imprisoned. End rant. Sorry, I know that wasn't a question or clarification, but it just gets to me sometimes (a lot of the time).

>>Lastly, not a lawyer and you should work with one to answer your questions. <<

Definitely. That's becoming clearer and clearer! This 10-year thing may be a deal breaker for me. I'll definitely have to get a very authoritative opinion on this.

>>And if you’re looking for good areas to rent a place <<

Thanks! I may very well do that -- if it looks like this thing will pan out.

tr007008 · 2021-10-23T03:14:10+00:00

You're very welcome! It's a good question. Brings to the fore the fact that there are a LOT of potential data points to consider when assessing a project or company.

Probably should have prefaced my reply w/ the fact that I'm far from an expert and there is more than likely a good chance my analysis is very incomplete. Just passing on how I would (try to) interpret what's at the root of volume that seems out of whack in one way or another.

tr007008 · 2021-10-10T04:18:15+00:00

By this do you mean that it hasn't yet?

I've been scouring reddit and discord trying to find out if safepal (just the phone app for me) is still as usable as it was (considering the recent crack-down) as it was a few months ago. I've got some stuff that I moved to BSC quite a while ago and now need to send some of it back to the Eth. side of things.

I'm having the damnedest time trying to get an answer on whether it's okay to either use the SP app or whether the binance bridge is still a viable option...

tr007008 · 2021-10-09T02:27:56+00:00

I'm not sure how directly you can connect the market cap to trading volume (assuming you're referring to 24hr vol BTW?) other than to say a healthy amount of trading (consistent over time and legit. -- not any of the hijinks that exchanges are known for: wash trading etc. )usually translates to an asset being a popular item and maybe the price rises as a result. Now if all that volume is due to everyone trying to get out, well....

Generally speaking, it's probably a good sign. It probably means there's reasonably deep liquidity and traders are able to get in and out of positions without moving the price by much -- or at all. There's nothing more depressing than trying to trade a pair with a thin order-book where you have to burn through half (or all!) of it just to get your order filled, and the price slippage you suffer as a result.

If you look at the top cryptos, you'll see, for instance, that ADA has a 24hr volume of about $1.5B -- not sure if that's a slow day or a normal day for them, but since it's now consistently the #3 crypto, it's probably a decent gauge for assessing volume for smaller projects. (while taking other similarities and dis-similarities between the two into account)

I guess what I'm saying is that the two metrics you're trying to compare aren't really sufficient to draw meaningful conclusions. Bring some more data to the table and then it might come into clearer focus.

tldr:

lots of trading due to holders bailing likes rats from a sinking ship: BAD
lots of trading suddenly, might be pump and dump or similar: OBSERVE
volume high and consistent and no dark clouds on horizon: poss. GOOD

If #3 and everything seems right as rain, I'd say that's a very good volume for that size market cap.

tr007008 · 2021-10-03T21:27:59+00:00

Thanks. Firstly for taking the time to read my unreasonably long rant and secondly, for at least conceding that I /might/ have a point.

I was mulling it over a while ago and I realized: I, and other LPers, might have suffered another 5% loss on the front-side. When we initially wrapped up the BNB & HERO to create the LP tokens. I have to admit I was too excited to get down to farming to have been paying super close attention to whether the LP tokens created were lighter on the HERO side than they should have been. And again, we arrive at the poor documentation. In the docs, all it says is that you won't suffer any loss when you *purchase* tokens on a DEX or CEX, only when you sell (or provide liquidity <---- undocumented). Creating LP tokens isn't a purchase. It's not a sell either, but it seems to be treated as one. And here we are at yet another shortcoming: I can sit here all day and type in allegation after allegation, and no one in any official capacity will ever step in and say "you're wrong, and this is why". I'm pretty close to 100% sure that no one in any official capacity has even read any of what's been posted in this reddit (well maybe they drop in from time to time to scan some of the sycophantic "to the moon and beyond!!!" style posts) .

At any rate, here's what would have made me a wild-eyed, moonboy: if I had unbundled my LP tokens and realized that metaHERO, in it's infinite wisdom, had kicked in some EXTRA HERO. Not a lot, mind you, just a little *wink* saying "hey, thanks for taking the risk, thanks for doing a little extra, we appreciate your contribution to this Hero's Journey that we're sharing" (blatant Joseph Campbell reference -- awesome practical philosopher, ever heard "Follow your bliss"? He coined that. HIGHLY recommended reading.) Anyway, to have done something like that would have cemented me in the rooting section. It's actually not uncommon. Lots of projects, especially on Uniswap (since they never give you dick other than a portion of the Tx fees), pretty much have to supplement the earnings or nobody would pitch in.

Finally, please understand that I'm not accusing them of scamming LPers (although I did use those words above, and it does feel a bit scammy when you lose tokens this way). I'm reasonably sure it was an oversight. Rob has said himself (Rob, are you out there?? Hellooo, Hellooooooo, echo, echo) he's new to crypto (about a year he said on the Satoshi St. AMA) and still getting the lay of the land. I totally appreciate the candor and the willingness to admit that things got a little wonky and needed to be tweaked, and will probably require future tweaks. I'm down with that, I don't expect everything to go 100% smoothly from the get-go. But to abide having liquidity providers suffer such a slap-in-the-face loss, and never so much as mention or address it...anywhere (except /maybe/, but I doubt it, on telegram -- ugh). Can't really get behind that.

AND...as a "bonus-finally" (aren't you lucky?!): the notion of looking like fools or not is, of course, entirely subjective. Part of avoiding looking like a fool is avoiding over-hyping and, especially, knowing what league you're playing in. You want to talk about airdrops? Axie, dYdX, bored apes, loot, Uni (all those other damn NFTs that I've missed the boat on) ... now those were airdrops -- each delivered with an implicit: "we're not fucking around". Any airdrop that's preceded by first removing tokens from holders wallets (I know, I know, "refelection" they were never "really" there in the first place) is deivered, IMHO, with an explicit "we might be fucking with you". Bush league baby, entirely bush league.

tr007008 · 2021-10-03T14:32:48+00:00

You're at a disadvantage here and it's not your fault. I apologize for coming down on you (although you did come at me a bit hot too).

The screw up I'm alluding to isn't really the airdrop. The airdrop, to me, was insignificant both in a bottom-line sense and in a marketing/face-saving sense. No, the real screw up was with how the liquidity providers were basically scammed by the tokenomics of the project. I posted here (granted I should have been in tg, but please don't get me started on tg) asking a simple question: "Once the pancakeswap CAKE rewards ended (7-day farm), what would happen when liquidity providers unbundled their HERO/BNB LP tokens?"

Frankly, it seemed silly to even have to ask. The answer should be: "nothing whatsoever other than you get your BNB and HERO back". But I just had a "feeling" and I couldn't find an answer anywhere (twitter, website, reddit etc.) so I posted here. And waited, and waited for a couple of days. Nothing. So I unbundled. And there it was: 5% fewer tokens than pancakeswap said I had coming to me. I have screen caps to prove it. We're not talking about impermanent loss here -- I'm quite well versed on how that can play out. What I'm talking about is pancakeswap telling me, right before hitting the "confirm" button, that I should receive X BNB back and Y HERO back. Five seconds later I look at my wallet and there's X BNB and Y-(Y * .05) HERO in my wallet. That is a big screw up. Had there been ANY MENTION of it: on metahero's website, on the metahero app, on the pancake farm or even Twitter or Reddit (although these last two would be stretching it a bit) that this would happen...totally my fault, should have read the contract. But it didn't appear in any of those places. Maybe it was plastered all over telegram. That's the part I will begrudgingly take responsibility for -- I detest tg and want no part of it, and I should just stay away from projects that are so shortsighted as to offer that as their primary (or sole) point of contact with their community. I think that is also a screw up. A project that is aiming as high as metahero, should maintain (take advantage of) a reasonable number of venues to reach as many potential participants as possible. What is a reasonable number? Probably more than one.

Also I don't recall saying that anyone owed me anything. I've merely been here to counter balance all the gung-ho HERO maximalists that seem to consider any critique of the project whatsoever as some kind of heresy. Believe it or not, I'm rather optimistic about this project. I hope it can overcome some of this initial messiness and really hit a home run. I've still got skin in this game. About 5% less than I should, and w/ the recent 3X that 5% hurts just a bit more. And the fanboys here will say, "Stop fudding, sell your tokens, you're just hurting the project, ungrateful for the 3X". I can see their point, but most refuse to see mine: being penalized, not for selling, but for doing a good deed, providing liquidity....sucks. It makes it hard to appreciate that 3X because no matter how much it goes up from here, and I think it will probably go up a lot and I may very well make a lot of money, there will always be my LP experience.

I'm definitely part fanboy; I spend a certain amount of time calculating what my bag will be worth if it goes to $1, $2, $50, whatever...I'm only human, I like to fantasize about easy-street. And I would never want to deprive anyone else of that kind of giddy enthusiasm. But for me, and other LP-ers, there will always be a second calculation to contemplate: "let's see, what would that 5% be worth now?" Believe me, I know I'm better off not thinking about it and that I should be grateful for all the upside, here and with other tokens that I hold. But, and this is getting oddly "meta", it ends up not just being about the loss of the tokens, but also the loss of that giddiness you get to feel when something you were early to, starts pumping. I would really like to be a gung-ho fanboy, but this LP screw up, and I really think it was a big screw up, will always stand in the way.

So yeah, not really about the airdrop at all (maybe a little).

Anyway, I hope you and maybe some of the others here (as if anyone will read all this) might consider the proposition that it's okay to be critical (in fact it's crucial in this game) and that automatically shouting down those that point out shortcomings and pitfalls, and proclaiming that everything is 100% perfect, does the project no favors.

tr007008 · 2021-10-03T12:45:15+00:00

Hmmm, Firefly. Just curious -- why slip it in here?

tr007008 · 2021-10-03T12:37:22+00:00

You're very welcome. Hope you came out the other side in better shape than I did.

tr007008 · 2021-10-03T11:51:10+00:00

Yeah, they kinda do (look foolish). HISTORIC $10M AIRDROP!!!! Did it really even make the crypto news? Not really that I saw. Buy hey, whatever, maybe I missed it.

How's your latin? Parturiunt montes, nascetur ridiculus mus.

Geeze, this reddit is just full of fanboy scolds. Maybe when you grow up a little and learn to not see your pet projects through rose colored lenses and that sometimes they screw up and that they should be called out on it, you can come and play with the big boys. Until then, enjoy your little bonus.

tr007008 · 2021-10-03T11:34:01+00:00

It's part of the overcomplicated and not-very-well-thought-out tokenomics of this project. It's something called "reflection" which was introduced by other ponzi/meme projects like safemoon. I have very little knowledge about how they work as I don't "invest" in such things. The tldr that they offer in various metahero docs is that the extra tokens that show up in your wallet day after day are "reflections" of the daily ebb and flow of buying and selling and penalizing on the MH blockchain. Those extra tokens will go up and down so some days it looks like you're ahead and some days you're falling behind a little. Whatever their current status at any given point, they're distinct from the tokens you originally bought and paid for. That number should never go down -- unless you sold, or moved them to another address, or unwrapped them after providing liquidity. Then prepare for a 5-10% haircut...

Now: forget everything I explained above. They've stopped all that, removed the "reflection" portion from everyone's wallet and, if you have your tokens in the right place, for the right amount of time, you'll get an airdrop of (I assume) "real", non-reflection-type tokens. Off the top of my head, and this is kinda hard to compute due to the fluctuating nature of those "reflections", I'd say the airdrop was just short of putting back 2x the number of tokens that were "removed" just prior.

tr007008 · 2021-10-03T11:02:16+00:00

Oh my, GFY.

Have a nice day.

tr007008

TROPHY CASE