Moving forward with the temperature check, this poll/post was created to follow the steps needed to potentially bring this to on chain voting.
With this vote, we are trying to decide whether or not transfer tax should be turned off for the benefit of long term investors who want to safely keep their crypto, without having to pay a tax in & out.
After thinking it over, I decided to vote against removal of the transfer tax. I feel it does open up the possibility of enabling taxless transfers onto exchanges that would not benefit the SLP. If that is clarified, I would change my vote to yes on removal of the transfer tax.
It would. I think that possibility is open for any token in the crypto space.
The reason I still feel this is needed is the long term investors who want to keep their tokens safe trump those other scenarios because the people come first. Atleast, that’s what I think BSL is about.
There is still a buy/sell tax to fill the SLP. There is also CEX fees to fill up the SLP aswell. Many alternatives that once volume picks up & CEX is live, will solve.
Since the sentiment around some is the fear of people not contributing to the SLP, we can just keep things as they are.
Here’s a scenario, I once paid 7k for 1mill in BSL.
Fast forward to put BSL in my cold wallet I need to pay 1.5 mill in taxes. How does that sound? Dreadful if you ask me.
It would make sense though if the team kept the token recovery system alive and improve on that feature, but I’ve been told by core that they may be planning to not offer token recovery anymore after Kates fiasco.
All in all it is what it is. Was just hoping we would get a win for the long holders who don’t want to risk getting hacked from hot wallets.
I agree. I would like to have a pro / con list of this. If there is a risk of people manipulating to get around paying sell taxes then need to understand that more. I am all for doing what is right for the everyone and do not believe we should get taxed for transfers but need to understand the risks better before agreeing to it fully. Then we need to understand if there is a way the team can put in controls to mitigate those risks. Can we maybe get a pro/con list going and then validate them with the team to make sure we have that appropriate documented and then maybe see if there is ideas to mitigate the risks through technology, controls or processes. @Aibbon - I appreciate you taking the initiative on bring this up to the community just not sure if we are fully their yet in understanding to vote on it.
To this I would say, I don’t think there are alternatives or ways to mitigate the risks because since BSL is on other CEXs, there really is no way other than hypothetically pulling BSL OFF those CEX they listed on. But that wouldn’t be fair to the investors of those CEXs, right?
If BSL was only available through uni & pancake, we wouldn’t have to worry about this. Since if you wanted to sell, the only way you could is through these swaps. Now you have to pay the tax.
Also, if there was some possible way I’m certain core would have allowed their investors somehow to keep their crypto safely without having to pay the tax.
Seems like an oversight by core but we will see what happens. If they can figure out a way, that’s cool. But unfortunately it looks like the way they did this, it wasn’t thought of ahead of time or if it was, they felt their people should take the hit.