The ETHW fork isn’t too hard for me to account for since it has its own ticker symbol on koinly. What is difficult is accounting for all the other ERC20’s that were forked.
For example, I had roughly 100 GRT worth roughly $0.10 a coin on ETH mainnet.
So I got 100 GRT copied in the ETH PoW Fork, and it is worth a drastically different price 1000x times lower at $0.00006828 a coin.
Is it just me or is koinly going to have to make a ticker symbol for every forked ERC20? GRTW… LINKW…SHIBW…etc…
Wouldn’t koinly software glitch out really bad if I mark the 100 GRT airdrop manually setting it’s lower worth. Then if I were to sell GRT on ETH mainnet for $.10, isn’t koinly going to think I just got 10,000% ROI in the matter of a few minutes?
What if I don’t set the airdrop worth manually and let is just find the value itself, then you would have the same problem in reverse. If you sold the GRT on ETH PoW, koinly would think you sold that GRT after -99% ROI since the price is 1000x less than on ETH mainnet. Two ticker symbols that are EXACTLY the same. Two drastically different prices.
If we just have to make do with the current ticker symbols, this could be an incredible tax harvesting situation, where I could “lose” a lot of money by selling forks of coins that are 1000x cheaper on ETH PoW.
Is LINK the same asset on ETH mainnet as LINK on ETH PoW from a regulatory stand point?
Also what adds to the complication is that there are no working stable coins on ETH PoW, so getting the fair market value requires three trades GRT → ETHW → USD.
I don’t think there is any precedence for this in the crypto. This is almost as if Bitcoin Cash did their fork, but the forked bitcoin cash had the same ticker symbol of BTC. Usually when forks happen a unique ticker symbol is created (BCH). This is not the case here. Koinly has it’s work cut out for it, because if these forks keep happening there’s going to be several versions of the same ticker, all on different networks, all with wildly different prices.
It’s so confusing that I’ve been contemplating to just keep all trades on ETH PoW, and simplify them all as me just earning ETHW. Seems like a lazy half-#[email protected] way but honestly it would lead to more accurate numbers.
Maybe I need to make custom tickers somehow?