When a user imports private keys, it does not produce a transaction ID similar to the way splitting coins provides a transaction(s) to complete the spitting process.
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For example, a user needs to download the new ARDR wallet and import the private key to access the new tokens. Token holders can use the same method to claim ARDR and IGNIS tokens described above. Bitcoin (BTC) and Bitcoin Cash (BCH) share the same DNA after the chain-split, and BTC private keys enable the token holder to “acquire” BCH by importing those same keys into a new Bitcoin Cash wallet. Acquiring the ability to transfer, sell, exchange, or otherwise dispose of these tokens is similar to some methods for acquiring chain-split coins. 63–225, is not the only method of exercising dominion and control however, by selling the taxpayer made it plainly evident that he was able to, and, in fact, did exercise dominion and control…” 28Ĭlaiming these airdrops is substantially different from token standard airdrops.
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“The dominion and control doctrine applies to rights and property received, but not paid for, by a taxpayer, including unsolicited property such as free samples and security purchase rights,” explains Jim Calvin, Global Tax Leader, Deloitte, and further, “A sale of rights, as in Rev. An OMG token sale could reflect acceptance and exercising dominion and control. The user has possession but hasn’t necessarily accepted the coins as her own, therefore acceptance could be selling the tokens at a later time when they have value. Most of the time, the tokens are worthless, and there is no active trading market. At the time of the airdrop, the user can transfer, sell, exchange, or otherwise dispose of the tokens. Token standard airdrops are akin to getting unsolicited property, free book samples, or soap samples in your mailbox, except in the case of crypto, the user may have NO idea the OMG airdrop existed.
8 Coin Center explains it like this, “A better term for a blockchain fork that leads to two divergent cryptocurrencies would be a contentious fork…In a contentious fork, both networks recognize these pre-fork balances as valid so, in that sense, a user of the pre-fork chain will, by no action of her own, “have” tokens on both networks post-split. Chain-split coins always exist on a 1:1 basis. Every ETH token holder who controlled their private keys before the split is entitled to the same number of tokens on the new chain.
7The minority miners continued mining the original chain, Ethereum, with native token ETH, which “branched” into Ethereum Classic with native token ETC effectuating the chain-split on July 20, 2016. A small group of dissenting miners was steadfast in believing “Code is Law” and blockchain immutability shouldn’t be compromised at any cost. 6The Ethereum community chose to roll back the blockchain via hard fork to “reverse the theft” and get the ETH back. The DAO was a decentralized investment fund of sorts built with Ethereum however, a hacker drained $50MM in June 2016 from a record-setting $150MM ICO at the time.
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