{"id":9221,"date":"2022-03-12T12:15:30","date_gmt":"2022-03-12T12:15:30","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/polkadots-gavin-wood-under-fire-for-ukrainian-dot-donation-proposal\/"},"modified":"2022-03-12T12:15:32","modified_gmt":"2022-03-12T12:15:32","slug":"polkadots-gavin-wood-under-fire-for-ukrainian-dot-donation-proposal","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/polkadots-gavin-wood-under-fire-for-ukrainian-dot-donation-proposal\/","title":{"rendered":"Polkadot\u2019s Gavin Wood Under Fire For Ukrainian DOT Donation Proposal"},"content":{"rendered":"
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Gavin Wood. Source: a video screenshot, Polkadot \/ YouTube<\/figcaption><\/figure>\n

\u00a0<\/p>\n

Polkadot (DOT) creator Gavin Wood has found himself under fire from various crypto industry observers after pledging<\/a> he would donate USD 5m worth of crypto to Ukraine\u2019s fight against Russian military aggression, but only if the country\u2019s government posted an address in the blockchain\u2019s native token DOT.<\/p>\n

Wood\u2019s proposal has triggered numerous unfavorable comments, with renowned crypto sector commentator ‘grubl\u00e9s’ denouncing it as the \u201clowest rung of shitcoinery.\u201d<\/p>\n

\u201cIf you, nation literally getting surrounded by aggressors, promote my shitcoin, I’ll donate,\u201d the commenter ridiculed Woods\u2019 message in a tweet<\/a>.<\/p>\n

Another Twitter user, Shalom Afraimian, said<\/a> Poladot\u2019s founder was effectively attempting \u201cto buy an advertisement for [USD 5m]\u2026 low.\u201d<\/p>\n

Meanwhile, on Reddit, a user who goes by the name of Aldi Westside said they were ashamed to have persons like Gavin Wood in the crypto space.<\/p>\n

\u201cIf Gavin would really care about helping Ukraine, he could easily swap his DOTs to BTC, $, \u20ac or one of the many currencies Ukraine accepts for donations,\u201d Westside said.<\/p>\n

This said, some users, such as Sir_Baldington, offered another explanation of Woods\u2019 proposal, arguing that, as Woods lives in Germany, exchanging DOT into bitcoin (BTC) or other crypto would make the donation taxable income, potentially burdening him with major taxes.<\/p>\n

\u201cAt 5 million [dollars] that would be about 50% in taxes from the gains he made,\u201d according to the user.<\/p>\n

This explanation was undermined by another user, RayTrader03, who noted that, if Woods has held the crypto for more than a year, it could be assumed it would not be subject to a tax on capital gains in Germany, as it could be considered long-term crypto benefits.<\/p>\n

As of 12:26 UTC, DOT\u2019s price stood at USD 17, down 7% in a day and up nearly 1% in a week.<\/p>\n

____<\/p>\n

<\/strong>
– Crypto Donations to Ukraine Near USD 20M
– Crypto Companies Increasing Efforts To Help Ukrainians, Crypto.com and Blockchain.com Join In<\/p>\n

– Crypto Exchanges Soon Could Be Forced to Block Russian Users – Kraken CEO
– Traditional Markets, Crypto Trim Losses, Moscow Exchange Won’t Open Today as Kyiv and Moscow Start Talks<\/p>\n

– Polkadot Benefits from \u2018Shared Security\u2019 and \u2018Forkless Upgrades\u2019, One Major Threat Remains \u2013 CoinShares
– Polkadot, Terra, \u2018Most Promising\u2019 for 2022, Pantera\u2019s Morehead Says<\/p>\n<\/p><\/div>\n