Redemption Release

Service: Narrative

jason-leung-Xaanw0s0pMk-unsplashThe Redemption Release was successfully rolled out today.  The HQ Blog post on How to Redeem Rewards is on the platform.

This release includes:

  • Ability to Redeem your NRVE credits 
  • Email address security upgrade - users will now need to verify both old and new email address before email address change becomes effective.  This verifies that the user is indeed in control of both accounts.
  • Locking in NRVE price at the start of an auction (opening bid).  USD equivalent will be shown. More on this here.
  • Bug fixes

You will find a lot of new FAQs on this site here -  most of them in the rewards section.

Photo by Jason Leung on Unsplash

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Michael FarrisColleen RyerVico BiscottiSlazDrixx MadisonUD IbekweGosia RokickaSerroc

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Onlinedollars posted:

Great. Just saw that it takes 48 hours for it to be redeemed after update. Thanks.

That is the hold on the NEO Address update.

Onlinedollars posted:

This is great but seems hard. Are points here also to be redeemed?

This is a the community support site which is separate from Narrative. You can only earn points on the Narrative Platform for redemption.

MOLLY O posted:
Onlinedollars posted:

This is great but seems hard. Are points here also to be redeemed?

This is a the community support site which is separate from Narrative. You can only earn points on the Narrative Platform for redemption.

But the FAQ seems to say otherwise. So points here can’t be redeemed why then the request to insert an address to receive rewards?

Onlinedollars posted:
MOLLY O posted:
Onlinedollars posted:

This is great but seems hard. Are points here also to be redeemed?

This is a the community support site which is separate from Narrative. You can only earn points on the Narrative Platform for redemption.

But the FAQ seems to say otherwise. So points here can’t be redeemed why then the request to insert an address to receive rewards?

Trying to help you here.. what FAQ are you talking about. Can you provide the link?

MOLLY O posted:
Onlinedollars posted:
MOLLY O posted:
Onlinedollars posted:

This is great but seems hard. Are points here also to be redeemed?

This is a the community support site which is separate from Narrative. You can only earn points on the Narrative Platform for redemption.

But the FAQ seems to say otherwise. So points here can’t be redeemed why then the request to insert an address to receive rewards?

Trying to help you here.. what FAQ are you talking about. Can you provide the link?

Maybe he speaks about the "old" rewards for Alpha and Beta promotion here on the community board? A NEO address was needed to redeem these as well.

Onlinedollars posted:
MOLLY O posted:
Onlinedollars posted:

This is great but seems hard. Are points here also to be redeemed?

This is a the community support site which is separate from Narrative. You can only earn points on the Narrative Platform for redemption.

But the FAQ seems to say otherwise. So points here can’t be redeemed why then the request to insert an address to receive rewards?

That was for the Community participation rewards program during alpha, which ended after the beta released. It basically rewarded those who participated on this Community site before Narrative got into public beta. While it’s not harmful to enter a NEO address on this site at this time, I don’t think the team will do another program like that.

Serroc posted:

Is there any down side to just leaving my NRVE in my Manage Profile Rewards area? 

There's only a nebulous risk of Narrative locking down your ability to redeem your rewards, but if such a thing were to start happening to people who weren't plagiarizing things or whatnot, the token would quickly lose its value anyways. So it should be safe to keep it in your Narrative account until you decide to redeem it.

Although, on the flip side - I don't remember where you live - but in the US, you have to claim as income the value of the cryptocurrency at the time you receive it. If the value goes down, not transferring it to your wallet now will work in your favor. However, if the value of NRVE goes up significantly before you redeem it, you'd have to claim a higher amount of income based on the fiat value at the time of redemption.

I redeemed enough to pay for niches I'd bid on, but I've still got the rest in my Narrative account. If the price drops significantly, I'll probably redeem more. 

Although, on the flip side - I don't remember where you live - but in the US, you have to claim as income the value of the cryptocurrency at the time you receive it. If the value goes down, not transferring it to your wallet now will work in your favor. However, if the value of NRVE goes up significantly before you redeem it, you'd have to claim a higher amount of income based on the fiat value at the time of redemption.

@Christina Gleason, I'm not sure this would be the correct application of the law. The "time you receive it" would be when it arrives in your Rewards account on the Narrative platform. As I understand it, redeeming your rewards is simply moving it to your off-site wallet, which is like moving money from one bank account to another.

In that case, when you convert your NRVE to another currency--be it USD or another crypto--that's the moment you'd claim your capital gains. So if the value has risen, you'd pay capital gains tax (short-term or long-term depending on how long you've held it). If the value has gone down since receiving it in your Narrative account, then you'd report it as a loss at the point of conversion.

I'm no tax lawyer or CPA, so this isn't tax advice, but that's my understanding of U.S. crypo tax law.

 

Thanks Guys, I'm in California (yes, it is like being in another country some days - since I grew up in the Boston area)...so I'll just leave my NRVE where it is for awhile, and check with our accountant (also known as my hubby). :-) 

I just didn't want to rush to move it into my wallet until I have a good place to convert it. I don't like Bilaxy, but since latoken doesn't work for US transactions it means I don't have a choice - yet. But if I wait, there may come a good competitor that exchanges NRVE for ETH or BIT or (gasp) fiat USD - since these exchanges are popping up all over.

I already did the "identify the wallet" action - so I should be okay down the road. 

Bilaxy seems to be the only reasonable game in town - but the KYC on crypto exchange isn't encouraging at all. And the stories I'm reading about the risks of leaving coin on the exchange while orders are filled are even less thrilling. The advice to get in and out quick is kind of hard to implement if we have to wait around for buyers or sellers. The option of redeeming directly to USD was a key reason I signed on. I really hope it's available really soon! @Serroc , would be interested to hear your 'advisors' opinion on at what point rewards become capital gains or losses 

@Colleen Ryer  My "advisor" is notoriously conservative (which offsets my nature of being a risk taker) - he will research this to within an inch of its life...lol. I'll share when he is done, you might want to go see a movie or build a castle until then, though.   :-D

Serroc posted:

@Colleen Ryer  My "advisor" is notoriously conservative (which offsets my nature of being a risk taker) - he will research this to within an inch of its life...lol. I'll share when he is done, you might want to go see a movie or build a castle until then, though.   :-D

Will do 

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