How to handle ICOs?

There is a way to handle properly ICOs with pools ?

There is two kind of transactions in this kind of ICO:
(1) You send crypto to someone (one or several transactions)
(2) You receive crypto from someone (one or several transactions)

The (1) transactions are seen as payment or cashout.
The (2) transactions are seen as crypto deposit.

There is a way to link the crypto spent in the (1) transaction as a purchase of the crypto receives in the (2) transactions ? Maybe I miss something but it looks like the only feature missing in this awesome app.

Thanks and bye.

Hi, you can edit the second transaction to be a trade and set the left side to be same as the first transaction.

Thanks I will do that.

And what about the first transaction ? It’s still tagged as cashout.

No way to easily “bundle” all transactions involving a unique ICO ?

This is another way. I would be interested in Koinly’s view on the legalities of it.
Create a new wallet for the ICO, say “Coin XXX ICO Wallet”, and enter 3 transactions via csv

  1. Receipt of crypto on the date that you sent the ETH. For example 3 ETH
  2. Trade on a date between steps 1 and 3. I prefer the date of step 1 so that the cost base of the new coin is the same as the value of the ETH when you sent it… For example Send 3 ETH, Receive 100 XXX
  3. Send crypto on the date you received the new coin into your wallet. For example, 100 XXX

This results in one trade and 2 transfers (the send and receive should match up with the receipt and send in your normal wallet). The cost base is correct and it is easier to track the flow of crypto.

@Tomate The first transaction can be marked as Ignored (if it doesnt disappear automatically). If there was a long time difference between the sending and receiving transactions then you should also change the value of the new transaction to be market value of the ETH on the date you participated in the ICO. By default it will use the date at the time of the transaction.

@Mogli This would be a longer way of getting the same outcome, you wont have to set the market price manually this way though.

We are working on a feature that will allow you to select two transactions and turn them into an ICO or trade automatically.

1 Like

Hi Koinly

Any update on this feature please?

Thanks!

Yes please. That would be cool!