Opt In process information

I think that’s an important point, that’s why I’m opening a new topic.
It would also be important for the community to know whether the opt-in process for private wallets is completed before XYM is listed on an exchange?

@davidshaw
@DaveH

thx

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+1, no mather how accurate description for opt in is, people will still be confused. Your question is important to know and i hope that there will be detailed description for opt in process after opt in release.
Thank you

The Opt In process works as below (full guides will be produced in the near future, for when it opens):

  • Pre-Launch Opt In: Anyone who opts in before snapshot will receive xym at genesis/nemesis of Symbol
  • Snapshot: Balances of NIS1 will be snapshot at a specific block height
  • Genesis/Nemesis: Will occur at launch and release xym to holders that opted in pre-launch, they will receive the same amount of XYM as the amount of XEM they held at snapshot
  • Unclaimed Balances: Any balances of XEM at launch that were not opted in, will be held for up to 6 years to allow claims
  • Post Launch Opt In: Anyone who held XEM at snapshot and didn’t opt in pre-launch, will be able to claim their tokens from the unclaimed balances for up to 6 years

To the question of whether exchange will receive them to be able to list before general distribution? (I’m paraphrasing). The exchanges will have to opt in, he same as other holders, in order to receive their XYM. Therefore they will not hold any XYM before other holders.

It is up to the individual exchanges to decide how/when/if they opt in and/or distribute any xym tokens since they will control the keys to the accounts.

The question is generally asked so people can ascertain the value of the token at time it is distributed, given the token will not have been in existence until genesis/nemesis and all holders will receive it at the same time, it seems a reasonable assertion (and is the one I will be using personally with my accountant) to say that the token was of 0 value at the time you received it. I am not a tax advisor or lawyer (and all the usual disclaimers you would expect here) and people do need to check it for their own personal circumstances and locations.

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If i do Opt In on 7 september, It is possible to revert this transaction(and get XEM again) before snapshot?

Three points:

  1. It opens on 15th Sept now.

  2. If you opt in you keep your XEM…i.e. you dont need to get them again, you never lose them. Xem continues unchanged after Symbol launch

  3. If you opt in and then change your mind and dont want XYM, you cannot opt out. However, you will only get XYM if you hold XEM at the snapshot in December. So if you change your mind…open another nem nis1 account, dont opt it in and then move your xem to that account. That would effectively opt out

If you have any concerns…just dont opt in until closer to Dec. There is NO difference between opting in on day 1 and the last day of the opt in period. Both have the same effect.

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My XEMs are on NEM Wallet+ 1.0.72 mainet (111). Is It compatible to send my XEMs in the snapshot or do I have to do any updates? If It is compatible how do I send them to exchange for XYM? Can you guide me please. Thank you.

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Hi All,

I am a new member to the forum. However, I have held the XEM coins on an exchange for a couple years now. Looking over the forums it looks like there were opportunities to get CAT and SYM coins based on my current holdings. If I move the coins to a hard wallet am I still eligible?

Here you should be able to find the info you are looking for Opt-in Date Announcement

Out of curiosity are there any reasons that you would NOT want to opt-in?

Me personally? Not that I can think of.

Other people, more likely to be a case of when they want to receive tokens, or waiting to see how the market/values play out etc.

I know some jurisdictions its possible to optimise your tax by waiting a few weeks/months post launch, that kind of thing.

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Tax purposes. On the beginning of the year, you will have twice the tokens if you opt-in.

NEM team could postpone the Symbol launch by a few weeks so it will happen after January 1st. It would solve some problems and be less confusing.

I would recommend that since it’s already planned for December. Now if the launch was planned for August it was a different story.

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You have 6 years to opt in. No reason to delay main net launch. Anyone is able to claim their tokens in the year that is most suitable for them.
You will only have your $XYM before January 1st, if you specifically opt-in and claim them before then.

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I know this.

However, based on the signals I get, I think 33% of holders want them immediately at launch but don’t care much about the difference between December and January, 33% want them next year due to tax reasons, 33% are on the fence because they can’t predict if there will be a massive dump of XEM assets by the first group that will be more costly than the taxes they’d have to pay on double assets, and 1% want them only in the next 2 - 6 years. Shifting the launch by a few weeks would turn 4 groups into 2, and allow almost everyone to take action now rather than have pending tasks and stress about considerations.

Symbol has been postponed to the point where these complexities are hardly necessary, but now that the transition policy has been decided and a lot effort has been put in the system, it can’t look like it was only for a small group of institutional holders.

In story and script writing it’s called “Kill your darlings”.

This is all subjective and my opinion, but I just wanted to point out that “No reason to delay main net launch” is also an opinion, with which I disagree.

In Spain, if you receive the XYM at launch, the tax value is zero (since it is not yet listed on exchanges). If you do it later, the XYM you receive already have a market value, so you have to declare what you received and pay taxes … So it is very important when you receive the XYM

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