Fxc -> amp

[robr]

Flexa (https://flexa.network/) have switched from their FXC token to one called AMP. See here for some more details: https://amptoken.org/faq/.

We’ve effectively got until the end of the month to migrate our tokens - after that we won’t be able to stake the tokens, just migrate them, or I guess sell them.

Currently CoinTracker retrieves a different AMP token’s price which messes up the totals (I think it’s the Ampleforth token, which is really called AMPL rather than AMP, but which is found in pairs like AMPUSD). That’s not totally surprising since no exchange currently lists the relevant AMP. I’ve migrated my FXC holdings to AMP this morning and I give support permission to look at my data to see what the migration looks like. There are a couple of manual transactions related to staking (the tokens for staking are sent to Flexa’s “Capacity” wallet, which I’ve represented as an “Other transaction”).

This is all just to record the issue for now. I hope that once the markets start dealing with AMP instead of FXC then the maths will add up again. For today I’ve got a huge (mythical) boost to my theoretical return due to the erroneous symbology.

[Chandan]

Hi @robr,

Thanks for flagging. For now, until AMP is listed on exchanges, could you add a custom currency for AMP? And then make sure to edit the relevant transactions to select the custom currency you added (vs. Ampleforth).

[robr]

Hi @Chandan and thanks for getting back to me.

Everything’s working well now: the symbology has been updated and I’ve switched back from my custom AMP to the real one.

One remaining problem is the huge tax hit I’ll have to explain to my accountant, unless you can mark the FXC -> AMP migration as a replacement rather than a trade. My understanding is that there shouldn’t be a tax event for operations like this since it was a 1:1 replacement.

Thanks, Rob

[Chandan]

Hi @robr,

Makes sense. We’ll work on a coin swap solution for FXC —> AMP and let you know as soon as this is available.