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Hi, does anyone know how to calculate a UK CGT loss for shares in NAPS (assuming the way things ended up, we can claim a loss anyway) - apologies if I have missed an earlier post on this ... thanks
Hi jambore
Thanks for that...I missed your post.
Cheers Chris
Hi Chris
See my post a couple down, they have suspended the tokens for now
Has anyone received information about the value of the napster tokens?
I was under the impression that as of the 31st March the tokens will have a value .
Cheers Chris
A classic fob-off if ever there was. They may as well have added that they are stuck.
IMO our best bet would be if they re-winded back to de-listing and IPOed Napster, as they mentioned around that time.
After all, Jon V and co. have even more at stake in this than we do.
Thanks for that jambor.not sure as to what it means, but at least you've had a response. hopefully clarification will be provided in due course.
Got an email today from Napster! I’ve been chasing them for ages re my tokens and this was it!
We confirm receipt of your email. Please note that the Napster Innovation Foundation is currently paused with regard to processing Napster Network transactions while we work on a technical update. The Foundation will hold your request and process your transfer or respond to your request once we resume processing.
We expect to resume processing in Q2, 2024, and we appreciate your patience at this time.
Sincerely,
Napster Innovation Foundation
Does the length of SBF's jail sentence determine whether we crypto or not?
TBH Jambor I think ii can only act on the comms from Napster, who seem to have a haphazard way of going about things. i.e. they have advised HL holders of their allocation but not others like us.
Napster Inc seem to behave a bit like the old UK version. Presumably our (eventual) holding will include the existing streaming side of the business but I have not been able to find details of turnover, profit or even market share. And the metaverse didn't exactly hit the ground running with the talentless brat appearing to throw his toys out of the pram.
Interactive investor are driving me mad! I had such a big holding of Napster so really want to get these tokens in place as they are supposed to be able to be traded as of 2 weeks time! They can’t tell me anything apart from we’re still in discussions with Napster, as they were a year ago. So frustrating. Anyone else received any tokens through Brokers?
Very interesting glennstar
that is very much what i have been hoping would happen im with HL,but i imagine once a solution is proposed/adopted by one platform others will follow.
Tiny cash top up received today from Halifax. No mention of the tokens. In a separate exchange on their chatbot Halifax did suggest that they would getting a third party to receive and sell the tokens then pass the funds to them and onto my accountwhich will presumably happen after 31 March.
Likewise Jambor
Anyone else get a tiny cash top up today? Still nothing on tokens from II
Afternoon albert.sorry you have had a disappointing response.looks like the wait goes on for a proper substantive development.i will post anything i get from HL as and when.
Morning Italian
Had a reply from ii late yesterday p. m.
Just to tell me about lock down which obviously I already know.
Napster were quite curt with them saying they had other priorities and that the tokens would be issued by end of lock down.
I thanked ii for their trouble, but Napster don't come across as particularly pleasant or businesslike.
I don't believe this. They wait a whole week just to ask me what my message refers to.
Is anyone else having trouble with ii ?
Https://www.napster.com/us/wp-content/uploads/sites/5/2022/06/Napster-Litepaper-V1.pdf also if you are interested as to how you may be able to use the tokens you could read the napster 3.0 litepaper which explains the "vision" .the tokens won't be useable/tradeable until end of march(projected date ,so you need to follow the news for confirmation). no idea yet as to value,but there will be 10 billion issued. also ,as albert kindly point out,i have posted the text of the messages i have had from HL regarding how holders on that platform can access them.if,as sounds to be the case,you have the holdings on one of the trading platforms,you may ,of course,get detailed advice from you own platform provider. just to be clear,i am not offering any advice here and this is just my personal understanding of matters.the situation is not straightforward,so if in doubt,you my need to get professional advice.
Italian went into great detail about the tokens yesterday
Hi, sorry for what, no doubt, will be a very naive and arguably "stupid" question.
I have seen I have tokens in my HL account. Do they have any value atm?
What can I do with them, if anything?
Sorry for be thick.
Slightly tarnished by age, albert! or should that be burnished? hope you hear similar from II.
Thanks for all the trouble you've gone to Italian. You're a diamond.
TBH if ii come up with something like this I'd be happy (and pleasantly surprised).Like yourself, given the choice I'd rather stay on the broker's than going the Algorand route, which is too much into the unknown.
Here it is.had to post in two parts,as wouldn't copy the whole. ive also had another one about my sipp, explaining i can't withdraw them in specie, as would be in contravention of sipp rules. i'm probably going to wait to see what else HL say in due course. i really don't fancy getting involved with an algorand wallet, so i'm hoping they may be able to come up with a cash alternative once they become tradeable and have a value ascribed. bearing in mind there are 10 billion in issue i'm not getting too excited! hope this helps albert, at least until you get a reply from II
We are not able to provide any advice or instruction in relation to Algorand wallets, your transfer of the Napster Tokens to an Algorand wallet, or your use of an Algorand wallet which is at your own risk. We accept no liability in relation to any use of an Algorand wallet. Any instruction to transfer your Napster tokens must be given directly to HL; you cannot transfer your tokens by speaking directly to the Napster Innovation Foundation. In order to transfer tokens into an Algorand wallet we require you to confirm that you understand the following:
Hargreaves Lansdown cannot provide any advice or instruction in relation to Algorand wallets, your transfer of the Napster Tokens to an Algorand wallet, or your use of an Algorand wallet which is at your own risk. We accept no liability in relation to the use of an Algorand wallet.
You must only provide HL with your Algorand wallet address. You must not provide HL with your private key to your Algorand wallet address.
There is no way to recover your tokens if you lose your private key. HL will accept no liability for this risk.
The wallet address you provide must be an Algorand wallet address. If you provide a wallet address other than an Algorand wallet address, then your tokens may be lost and irrecoverable upon transfer. HL will accept no liability for this risk.
If you provide HL with an incorrect or incomplete wallet address, then your tokens may be lost and irrecoverable upon transfer. HL will accept no liability for this risk.
Hargreaves Lansdown shall not be liable for any loss of your tokens if you fail to follow the above instructions or correctly understand the highlighted risks.
If you decide to transfer your tokens Hargreaves Lansdown will no longer hold any responsibility for safeguarding these assets for you.
If you would still like to transfer your Napster Tokens into your own name then you will need to:
Confirm you have read and understand the transfer risks and warnings above.
Provide HL with your Algorand wallet address.
Send your instruction byThursday 21 March 2024 in writing. You can do this by post or by sending us a secure message via hl.co.uk/contact-us . Please note that we are not able to take these instructions by phone.
Should you have any queries relating to this message please do not hesitate to contact us.
Yours sincerely
Dominik Palejczuk
Corporate Actions
As part of the takeover of NM Inc (Napster Music Inc) by Algorand Holdco I Inc you received a payment of Napster Crypto Tokens (Napster Tokens).
Lock up period
The Napster Tokens were issued at the end of March 2023 and are being held by Napster Innovation Foundation, an organisation formed to distribute them. The Napster Tokens have an initial lock up period of 12 months from 31 March 2023, which means these tokens can’t be traded or valued right now. We are awaiting further information about options for how the Napster Tokens may be held or traded after the end of the lock up period and will update you when we have further information.
Holding Napster Tokens with Hargreaves Lansdown
As previously communicated, Hargreaves Lansdown cannot hold crypto tokens on our platform. The Napster Tokens recorded are therefore strictly for bookkeeping purposes, representing Napster Tokens held by the Napster Innovation Foundation. Napster Innovation Foundation is currently investigating options for token holders, including platforms like Hargreaves Lansdown that cannot hold the Napster Tokens.
We have updated your Stocks & Shares ISA to reflect that you are entitled to 123.34 new Napster Tokens for each NM Inc share held. We shall continue to maintain records of your entitlement to Napster Tokens and engage with the Napster Innovation Foundation to establish more information about how Napster Tokens may be held or traded after the end of the lock up period.
Important information for ISA holders
Under HMRC rules, these crypto tokens can’t be held in an ISA. As you hold these units in an ISA, they must be removed from it.
You need to transfer your units into a Fund & Share Account. If you already have an active Fund & Share Account you don’t need to do anything – we’ll automatically transfer your holding shortly after Thursday 21 March 2024. If you don’t currently have an active Fund & Share Account you can open one online at www.hl.co.uk or over the phone on 0117 900 9000.
If you don’t have an active Fund & Share Account open by Thursday 21 March 2024 we’ll place your shares into an inactive version, which you can then activate by following the same account opening procedure as above.
Holding Napster Tokens in an Algorand wallet
If you wish to hold your Napster Tokens directly, rather than via Hargreaves Lansdown, the Napster Foundation are now able to facilitate a transfer of the Napster Tokens into an Algorand wallet in your name should you wish to do so. An Algorand wallet would be provided by a third party, and if you wish to transfer to the Algorand wallet you should ensure that the wallet is suitable for you, that you understand the implications of the transfer and use of the Algorand wallet, and that you have read all relevant information and terms and conditions relating to the Algorand wallet.
We are not able to provide any advice or instruction in relation to Algorand wallets, your tra