I expect the IRS is aware of this and is working hard on Chainalysis tools to figure it out. I try my best to make a good faith effort, but at the end of the day, I am certain that tens of millions of Americans are unintentionally misreporting their crypto taxes. Nobody knows definitively how it's supposed to work. I bet the vast majority of crypto-investing Americans fucked up their taxes last year. I'll think about adding a note somewhere that just states that the calculation only includes the cost to stake and doesn't include the fees that will be incurred when unstaking in the future.To be clear, I think you're right, but the real problem is that there's hardly a single person in this country that truly knows every detail of proper crypto tax reporting. The calculator is only meant to give a little perspective. In my opinion it would be less accurate, or at the very least misleading, to use current data, or guessing, to predict future unstaking fees.
Amp staking how to#
It calculates how to long to make up the cost to stake and the cost to stake is going from wallet to Flexa.Īs for unstaking fees, it is not possible for me to predict the values that go into the calculation for whenever someone decides to unstake, unless they wanted to unstake immediately. That is, however, the only cost to consider from the perspective of this calculator. That's a good idea though for another app or a later addition this app to add the option of comparing the difference between the two.Īs for the issue with gas fees, yes the calculation is only taking into consideration the gas fee to go from wallet to stake. Sure it's not helpful as a comparison calculator between staking on vs staking on an exchange but that's also not its purpose. I appreciate the feedback though I don't really agree that these issues make the calculator not helpful. In other words, between issue 1 and issue 2, the calculator isn’t helpful at all because it materially misrepresents the time necessary to break even on staking amp. Meaning, the current version of your calculator may be under projecting the staking break Even period by 50%. Instead, the break even is probably better benchmarked against something like lending the amp via Gemini earn.Īt current rates, this would dilute the APY by 1.78% while avoiding most gas fees.
Finally, for most people, the relevant break even calculation isn’t based on doing nothing with the amp at 0%.So it seems it’s substantially under projecting the break even period by only accounting for <1/3 of the actual gas costs. Then, the obvious gap would be the gas associated with all the steps to unstake from flexa, move it to flexa wallet, and send back to exchange. To be more accurate, there might be an option to include fees to go from an exchange to the wallet, and then to stake. It looks like it’s just projecting gas fees to stake from a flexa compatible wallet.Refresh the page to get fresh auto-generated numbers. Getting an accurate calculation for a real-time scenario is based on the current data for all three values at the same time. I didn't think it was useful to regenerate the fields individually since the numbers change so often. Lastly, I purposely didn't add a button to change the text fields back to the auto-generated numbers. The result box that pops up when you click 'Calculate How Long' now stays on the screen and the time will change automatically as numbers are changed in the text fields. I also added a loading bar to the auto-generated text fields to make it easier to tell if the numbers haven't loaded yet. Just click the pen icon on the right side of the text field. I updated the calculator so the individual auto-generated text fields (AMP price, gas fee, and ETH price) are now editable so you can play around with different scenarios.
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