Micah Fraim, CPA

Crypto and NFT obsessed CPA. Bestselling author featured in Nasdaq, Forbes, and Money

[Micah Fraim, CPA @FraimCPA]

Well @BitBenderBrink called it. Gala now has YET ANOTHER lawsuit brewing because they changed the node rewards without a vote. Super disappointing that this was the project that originally made me fall in love with crypto. https://t.co/2Rvk9I0hc0

[Jason Brink aka BitBender @BitBenderBrink]

That’s the right question. The most important thing is not to act alone. We are all in this together. We need to organize. Gala’s own agreement that people bought the nodes under says that major changes must be voted on by the node network. No such vote happened.

This puts us in a situation where we kinda need to DO something to help protect the ecosystem. I don't WANT to be writing tweets like this, but if I just sit back and say nothing people think I am ok with it when I definately am not.

[Micah Fraim, CPA @FraimCPA]

@BitBenderBrink @shimigamiZach How do we claim part of the @DGramNetwork tokens?

[Jason Brink aka BitBender @BitBenderBrink]

In the face of some recent $GALA announcements, I have a message for every node operator:

You are not "parasites." You are the lifeblood of the systems you support. You are the heartbeat that keeps the networks alive. You are the ones who stepped up when no one else believed it would work and added your energy, passion and resources to the project. I will never turn my back on that.

Others may try to forget. They may try to rewrite history to fit another narrative. None of that changes the truth of what you were promised as Founders of the ecosystem.

Know this! Without you, there is no decentralization. Without distributed governance and a plan to advance decentralization, there is no future.

Consensus is not just a word...it is a pact. It is a sacred agreement that what we build, we build together.

Without consensus, there is nothing.
Without consensus, all chains are dead.

So hold the line. You matter to me. You always have and you always will.

[Jason Brink aka BitBender @BitBenderBrink]

I fully agree that Gala needs to protect itself, but the whole debate centers on what that means.

Which is why I am doing all of this. If I didn't care, I wouldn't say anything.

These were the terms that people were under when they bought the nodes.

https://t.co/8DUXgup6nm (Ironically, the only place I could find this was the SEC website as someone was apparently considering buying BGP in 2021).

You will notice that section 8 is specifically structured around these types of ecosystem changes. Doing this without an actual governance vote opens Gala up to a whole pile of negative consequences.

"The User specifically understands that there may come a time when GALA proposes an amendment that is not in or in direct opposition to the User’s best interests, financial or otherwise (including, but not limited to a change in the distribution calculation), and the User has no legal recourse against GALA should any Proposed Amendment be approved and implemented through the Governance Vote. The User’s only recourse is to vote against said Proposed Amendment."

What this means is that if there is NOT a governance vote, then Gala is not protected from the limitations on recourse as stipulated in the terms of service. I am sure you have seen the rooms full of node operators talking about how this opens Gala up to Breach of Contract, Misrepresentation Claims, or even potentially being forced to refund users. Hundreds of millions is not an amount that I think anyone would be happy having to refund.

In my opinion, the best way that Gala can protect itself, is by honoring it's commitments to the community that has supported it for so long. I imagine this whole staking thing is designed to protect the token price by limiting selling pressure, and I get that. However, this snap mandate goes against everything that the company should stand for.

I even sent an email in to Eric and Mark, giving them another option that would not have this immediate gut-punch reaction but that would still result in the same thing in the end. But they have decided not to do that and instead made a unilateral mandate. That's not the way to do it and supporting it is the wrong thing to do. It is massively inconvenient for me to come out and say all of this shit, but I don't really have an option.

I know that from your position and the position of many at Gala, I am this guy who left the company and is now on the outside throwing darts. I am not. I am desperately trying to protect the company I spent almost half a decade dedicating my life to from making what I think is a potentially terminal error that will result in insanely negative consequences for the company and the broader ecosystem.

[TheGreatGala @TheGreatOGala]

Gala wants to limit sell pressure ?
Founder node owners voted to implement a cumulative point system for earnings, with minting penalties for this purpose years ago, reducing circulating supply and strongly discouraging selling.
It was also encouraging decentralization by not having a single entity owning hundreds, if not thousands of Gala Founders nodes.

https://t.co/0tpREEWOvW

The million $GALA staking @Benefactor0101 wants to implement wont do anything onfuture selling pressure, but it temporary increases buying pressure.
Why ? Whales will fill their bags in order to benefit from significant higher distribution, they won't need to hold their earnings as already sitting on a huge amount of gala tokens.
Gala total supply is close to 45b, max supply is set at 50B.
Once total supply gets closer to max (give it 2-3 years) whales will urge to dump their bags as they wont be earning enough anymore, and will anticipate dumping of other whales. It will be a massive crash.
This goes against decentralization and web3 values,
And goes against the community who been supporting the ecosystem for years.

Not saying I couldn't be wrong here,
But there's enough room to debate and consider reviewing/explaining purposes of this new implementation, that seem to only benefit wealthy people and insiders.
It is also scary to know Gala can adjust whatever and whenever they want their tokenomic policies.

[Micah Fraim, CPA @FraimCPA]

@united No, I just keep getting automated emails telling me that the item still has not been found. Which makes no sense when the bag reference number was on the original ticket, which we filed as we were running to the connecting flight, while the stroller was still on the first flight

[Micah Fraim, CPA @FraimCPA]

@united our first flight was delayed and we were going to miss our connecting flight, so we had to leave a checked stroller on the plane. While STILL IN THE AIRPORT I opened a claim with United telling them with the baggage tag number. A month later it is still "lost"?

[Jason Brink aka BitBender @BitBenderBrink]

Continuing a bit of a thread about @GoGalaMusic, a critical part of the $GALA ecosystem, this is something that is SUPER important.

This is the USD value per stream over the last week (>$.10!!!), in $MUSIC...compare that to other platforms.

We are redefining an industry.

[Micah Fraim, CPA @FraimCPA]

We have the first #IRS comments on #NFT #taxation! Its our first look at the methodology the IRS intends to use, but it still leaves a lot of questions unanswered: https://t.co/zsIKoZAO3S #NFTs #cryptocurrency #CryptoTax #CryptoNews

[Jason Brink aka BitBender @BitBenderBrink]

Ok, so while I am getting spicy today, I want to drop oooooone more thing.

If you send in an email with a list of addresses saying you are personally multiaccounting, there isn't much we can do other than act on it.

Getting pissed about it later is silly.

[Micah Fraim, CPA @FraimCPA]

Talking with @MitchWilderAds about some new #tax legislation that can save #business owners HUGE amounts of #money: https://t.co/g3Dyp4jitH

[Micah Fraim, CPA @FraimCPA]

Is talking about your past accomplishments and glory days an effective marketing strategy? When does this help and when does it hurt? And to what extent should these past events dominate your CURRENT discussions? https://t.co/JNuJgdgu4N

[Micah Fraim, CPA @FraimCPA]

@FinancialInept1 Just finished listening. Great episode - she's always fantastic

[Micah Fraim, CPA @FraimCPA]

#Crypto bros like to say that you can write off worthless #tokens and #nfts without disposing of them. That's only true in very limited circumstances. The IRS issued additional guidance on what you can and cannot write off: https://t.co/puhwyc2oyx #cryptocurrency #CryptoTaxes

[Micah Fraim, CPA @FraimCPA]

If you're planning on donating any #crypto, make sure to read this first. This #IRS requirement for #appraisals is going to catch a lot of investors by surprise: https://t.co/ZFwmwKH3b2 #cryptotax #cryptodonations #charity #taxdeductions

[Micah Fraim, CPA @FraimCPA]

Talked more about #crypto #taxes with @markfidelman on the #cryptonized podcast this week! https://t.co/jbUhWF8E8W #cryptotax #NFT #cryptomarket #NFTtax #cryptocurrency

[Future Signal Podcast @futuresignalxyz]

Ep. 52 is LIVE on #crypto taxes ⬇️

https://t.co/ZYrNgHri6r

[Micah Fraim, CPA @FraimCPA]

#Crypto investors were hoping the Jarrett lawsuit against the #IRS would provide clarity on how #staking income should be taxed. Why was the case dismissed and where does this leave #investors? https://t.co/qBwVJl0g3W #cryptotax #StakingRewards #stakingcrypto #cryptocurrency

[Micah Fraim, CPA @FraimCPA]

#FTX failure could qualify specific #PonziScheme #tax deductions. But what about #Voyager and #CelsiusNetwork? https://t.co/Sfd60G3d5h #BlockFi #Gemini #cryptotax #crypto #ftxbankruptcy #SBF #FTXCRASH #ponzi