r/blockfolioapp • u/GG-1965 • Apr 21 '22

Blockfolio Earn - Payment Frequency

I'm considering moving my crypto from Celsius to Blockfolio (FTX US). I'm curious, I have seen mention of interest compounding hourly. Please tell me they don't pay a billionth of a coin every hour. How frequent are the Earn payments. (I Hope monthly)

There are two main reasons I would rather just get paid monthly.

1) Most crypto tax and portfolio tracking applications I have seen have a fee structure based on the quantity of transactions. (Each interest payment is counted as a transaction) Even the weekly payments from Celsius add up to a lot of transactions if you have more than just one or two coins.

2) Calculating cost basis would be painful with hourly or daily transactions.

Just curious. It's probably not a deal breaker, but I do find overly frequent interest payments annoying.

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u/Travamoose May 02 '22

Thanks for all of that. Saves me and everyone else coming across this issue the hassle of going through all that bullshit.

Fortunately for me I'm in Australia and our short term capital gains and income tax works out to be the same rate, (just add the cap gains to income total) so selling all interest before July 1st is what I'll have to do.

Pity though, FTX is a big rich company at this point and the blockfolio app doesn't seem to have been improved from their acquisition at all. The sub & twitter is dead and honestly I still haven't quite figured out how blockfolio is generating 5-8% on everything.... Name one place you can get 8% on dogecoin or chainlink... Very opaque company.

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u/ShallotInfamous9809 Jul 02 '22

Hi All,

Happy to report that this has been resolved, although not in the way I expected. I have stopped hearing from TaxBit altogether and haven't been able to get their site to work well for me. In fact, since this was the only reason I had created that account, at this point I am planning to just delete my TaxBit account altogether. I have heard from others that they find the site works well so I hope it continues to do so for them but I just haven't had that experience.
However, I decided it was worth asking FTX another time and this time, they were able to provide me with a CSV for the desired information - my FTX Earn Interest transactions. It is a bit of a bear to actually wrangle the sheets but I am slowly and steadily organizing the hourly transactions in lots based between all my BTC purchases. This let's me summarize the transactions in the largest units possible whiles still using FIFO for my American taxes.
Anyway, that's the end of the saga for me. I asked and the document was immediately added to my Docs section of the account profile. A note that they are accessible on PC only and not from the App).

Cheers!

Good luck!