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@ -16,10 +16,12 @@ Make sure you read up on [the tax effects of
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cryptocurrencies](https://skat.dk/borger/aktier-og-andre-vaerdipapirer/skat-paa-krypto-kend-reglerne-saa-du-undgaar-et-skattesmaek)
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yourself.
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This article is written by me personally, and is not authored or authorized by Partisia or Partisia Blockchain Foundation.
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## Overview
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Assuming a scenario where you want to sell your MPC tokens ASAP for money
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in the bank, you are probably looking on a flow of:
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Assuming a scenario where you want to sell your MPC tokens ASAP for fiat
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currency in the bank, you are probably looking on a flow of:
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1. MPC Tokens are moved to your MPC account.
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2. Transfer MPC tokens to Exchange A (Kucoin or gate.io)
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@ -29,17 +31,18 @@ in the bank, you are probably looking on a flow of:
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6. Withdraw fiat to bank account.
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Most steps above occur within exchanges and financial institutes, but step
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2 happens directly on Partisia Blockchain, which requires BYOC
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(Bring-Your-Own-Coin) for transferring MPC tokens. There exists several BYOC,
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2 happens directly on Partisia Blockchain, which requires [BYOC
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(Bring-Your-Own-Coin)](https://partisiablockchain.gitlab.io/documentation/pbc-fundamentals/byoc/introduction-to-byoc.html) for transferring MPC tokens. There exists several BYOC,
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all of which must be transferred from another blockchain, with the easiest to
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acquire being MATIC, the native coin of Polygon Proof-of-Stake. I recommend
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acquire being [MATIC](https://coinmarketcap.com/currencies/polygon/), the native coin of Polygon Proof-of-Stake. I recommend
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buying enough to cover your entire token grant period:
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1. Buy BYOC through exchange or payments processor. Around 40-50 USD worth
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1. Buy [BYOC](https://partisiablockchain.gitlab.io/documentation/pbc-fundamentals/byoc/introduction-to-byoc.html) through exchange or payments processor. Around 40-50 USD worth
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should be enough for the entire period.
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2. Transfer to MetaMask-accessible account.
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3. Deposit into your MPC account using the Browser's built-in BYOC bridging
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page.
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2. Transfer to [MetaMask](https://metamask.io/)-accessible account. This can
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be either a Ledger Hardware Wallet account visible to [MetaMask](https://metamask.io/), or a [MetaMask](https://metamask.io/)-native account (though I do not recommend the last option, see next section.)
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3. Deposit into your MPC account using the [Browser's built-in BYOC bridging
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page](https://browser.partisiablockchain.com/assets?tab=coins).
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## Setting up accounts
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@ -54,7 +57,7 @@ There are three primary ways for setting up accounts:
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3. Using a private key. Not easy, but can be made somewhat secure.
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These accounts will be used for receiving MPC tokens, transferring them, and
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acquiring BYOC.
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acquiring [BYOC](https://partisiablockchain.gitlab.io/documentation/pbc-fundamentals/byoc/introduction-to-byoc.html).
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I will only be covering Ledger, as that is what I will be using.
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@ -72,8 +75,7 @@ Setup guide:
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4. Install [MetaMask for Chrome](https://metamask.io/).
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5. [Connect MetaMask to your Ledger](https://support.ledger.com/hc/en-us/articles/4404366864657-Connect-your-Ledger-to-MetaMask?docs=true).
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You are now ready for using your Ledger Hardware Wallet for acquiring BYOC and
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for transferring MPC Tokens.
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You are now ready for using your Ledger Hardware Wallet for acquiring [BYOC](https://partisiablockchain.gitlab.io/documentation/pbc-fundamentals/byoc/introduction-to-byoc.html) and for transferring MPC Tokens.
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## Selecting exchanges
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@ -172,6 +174,8 @@ Contrast with a theoretic value of `10000 MPC * (0.4 USDT/MPC) * (0.91 USDT/€)
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## Discussion: Letting it ride
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This section assumes the second tax interpretation above, and makes the case that you should prioritize your personal financial situation over HODLing.
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It might be tempting to letting your MPC possessions "ride", e.g. paying off
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your tax burden by selling half, and keeping the rest in MPC. While this is
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definitely a possibility, you should not be blinded by greed or by emotional
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@ -185,12 +189,14 @@ and you should consider the consequences of this.
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3. If you have already decided to invest, consider that there might be other
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investments which have better characteristics. Crypto investment can be
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rough.
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4. From a [diversification point of view](https://en.wikipedia.org/wiki/Diversification_(finance))
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4. Consider this scenario: Instead of getting MPC tokens, you got the
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equivalent amount in fiat currency. Would you in that case choose to invest in MPC tokens?
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5. From a [diversification point of view](https://en.wikipedia.org/wiki/Diversification_(finance))
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consider that you are possibly possessing an incredibly lopsided portfolio,
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due to the MPC grant.
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5. Also regarding diversification: You are already heavily invested in the
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6. Also regarding diversification: You are already heavily invested in the
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well-being of Partisia and Partisia Blockchain, due to working there.
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The price of MPC and the financial situation of Partisia will most likely
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The price of MPC and the financial situation of Partisia is likely to
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correlate.
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