AVAX Price Oracle not available in September 2020

Accointing Support Bug Report (Fehlermeldung)
#1

AVAX received with the Genesis Block on September 10th, 2020, are currently priced at 7.01 USD by Accointing. This is off by an order of magnitude. The coins were distributed in their ICO for 0.33 USD to 0.85 USD or given for community services [0,1].

The first available price for AVAX from oracles like CMC and CoinGecko is from about two weeks later, September 22nd, and is $5.23 and $5.28 respectively [2,3]. It seems Accointing is referring to those prices two weeks after the start and is then doing some averaging magic across low-high-close prices.

I don’t feel this is the right way to go about it. Is there a way to adjust the price for a particular deposit event while maintaining its classification as ‘bounty’?

Thank you

[0] Avalanche AVAX ICO (Token Sale) Review And AVAX Token Analysis | CryptoRank.io
[1] https://icodrops.com/avalanche/
[2] Avalanche USD Historical Data | CoinGecko
[3] Avalanche price today, AVAX to USD live, marketcap and chart | CoinMarketCap

#2

Maybe relevant: Manual entry of tokens (those not listed on CoinmarketCap) - #96 by Matt

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#3

We are still seeing some users that have transactions that are affected by the CMC price situation. This applies to all transactions that were executed while CMC was delivering the wrong prices. The price chart & history is already fixed, the affected users will need to switch their country twice (to a country of a different currency and then back to their currency), this will trigger a fresh fetch of the prices.
Here is an example:

If it is still off, you can do an OTC trade to set the cost basis correctly: Over-The-Counter (OTC) Transactions - The Hub: Crypto and Bitcoin Tax Blog | ACCOINTING.com

#4

Dear @Matt

not sure if you read the post. This is not related to an CMC outage, they simply don’t provide the price feed for time periods prior to 22-10-2020.

I can surely work around it with the OTC setting as you proposed, so thank you for that. However, it turns my classification from ‘bounty’ to OTC. Is that an issue with tax authorities? An OTC might (regulatory wise) be something differen than an OTC, maybe not now but in the future…

Thank you for any further help on this

#5

Good point, that is something to think about moving forward, luckily I believe they are taxed the same:
I would leave a comment that it is a bounty in that case, if it was a non-taxable transaction then we would need to think of a workaround.
Here is how you are taxed per classification: https://hub.accointing.com/?s=Specific+tax+classifications&id=3300&post_type=post

I think all this should be solved when we add Manual entry of tokens: Manual entry of tokens (those not listed on CoinmarketCap)

1 Like
#6

Solution :point_up_2:
Thank you!

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#7

My pleasure!