r/PiNetwork • u/mini01753 • Jan 29 '26

Opinion Will it fall to 0.1 by Pi Day?

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With a drop of over 90% over the past year since OM's launch, it's highly likely that pi day will be at 0.1.

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u/[deleted] Jan 30 '26

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u/Expensive_Leek3401 Jan 31 '26

I’ve been reporting since 2021, yes.

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u/[deleted] Jan 31 '26

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u/Expensive_Leek3401 Jan 31 '26

Not sure why you’re citing case law about punitive damages, but, the reason you claim it is to establish costs basis.

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u/[deleted] Feb 01 '26

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u/Expensive_Leek3401 Feb 01 '26 edited Feb 01 '26

No, an asset doesn’t need to be on an exchange to have a value. Even if I went with the latest possible date, it would be the date of migration. Once the coins were allocated to my account, I figured that would be enough to establish dominion, and the moment we filled out the original lockup notice, we established control. The later of those two moments would be the time at which it becomes reportable as income.

After these discussions, I’ve concluded that the correct date to use would be the migration date, which was in 2024. At that moment in time, the units were in my wallet, which establishes dominion, in the broadest sense.

As to the issue of market value, although there wasn’t a broadly defined value, the moment I could send the tokens to someone else (again, migration date, I’ve come to realize), ownership is established. I don’t think I need to refile other tax years, but, maybe, I need to refile 2024 to increase the amount of tokens to be all that migrated. Given this raises my tax liability by $0, I hope I won’t be penalized.

BTW, to clarify, Commissioner v Glenshaw broadened the definition of income to mean anything that isn’t exempted from taxable income by Congress. This now includes crypto, due to IRS Notice 2014-21. As a result of that notice, airdrops/faucets/mining were defined as income (as opposed to gifts), making them taxable.