Cryptocurrency mega-thread

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Evolved1 said:
The longer I spend in this space, the more I realise that the primary purpose of blockchain and crypto is to get rich. We're not playing the high road here, nor are we better than the banks and politicians.

The vast majority of us just want to dump our bags at the top and get out.
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I didn't know there was any other reason to invest than to hope to get rich....

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I know it’s been discussed on here previously but can you please tell me a trusted tool (spreadsheet type) to now go back and record all my trades so as to report for tax purposes. I haven’t bothered previously but will for this return. I just learned also that you get a 50% capital gains tax discount on coin trades for coins you have held for 12 months and longer. Any other advice is welcome. It’s gonna be a big s**t task to start today. The platform I use is CoinSpot
 
Raisedeyebrow said:
I know it’s been discussed on here previously but can you please tell me a trusted tool (spreadsheet type) to now go back and record all my trades so as to report for tax purposes. I haven’t bothered previously but will for this return. I just learned also that you get a 50% capital gains tax discount on coin trades for coins you have held for 12 months and longer. Any other advice is welcome. It’s gonna be a big sh*t task to start today. The platform I use is CoinSpot
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Crypto Tax Calculator is the platform I use. Australian website and partnered with Swyftx. Just need to download the csv file from Coinspot for the last financial year and then upload to crypto tax, they will then work out the tax implications and allow you to generate a report for the tax agent.
 
BACCS said:
There has been a lot of ‘one last bounces’ lately… a golden cross within a bull cycle has historically led to continued bullish price action.
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That's not quite right. There have been 7 GCs in the past, 3 times it has gone up and 4 times down. Of course this also depends on the timeframe you read it within. It's also debatable if we are in a bull cycle. I hope we are, obviously.

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BACCS said:
Crypto Tax Calculator is the platform I use. Australian website and partnered with Swyftx. Just need to download the csv file from Coinspot for the last financial year and then upload to crypto tax, they will then work out the tax implications and allow you to generate a report for the tax agent.
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Screw tax, if you make enough just move to another country, like Portugal who don't tax you on crypto gains. Let's face it, pretty much every other country on earth has more freedom than Australia these days.
 
The Dice Man said:
That's not quite right. There have been 7 GCs in the past, 3 times it has gone up and 4 times down. Of course this also depends on the timeframe you read it within. It's also debatable if we are in a bull cycle. I hope we are, obviously.

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This is a bull cycle, there are a multitude of indicators that are clear we are in a bull market. Anyone telling you this is a bear market are likely hoping that because they missed the last major dip.

Ignoring the one very early in the life of BTC, the rest have been during the bear market; there was also one just before the pandemic crash, an obvious outlier. The rest have led to a bull market.
 
BACCS said:
Any reason you’re using it over TradingView?
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I've only used Trading View once and found it really slow on my computer, bear in mind we only get 2mbs on our internet here. Can you link it to your accounts... Such as Binance? I can trade directly through Coinpanel from my binance account. My 30day trial ends soon so maybe I will have a look then.
 
The Dice Man said:
It's also debatable if we are in a bull cycle. I hope we are, obviously.
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Both the crypto market and BTC got within a couple percent of moving back into bear market territory but staved it off at the last minute. Still a bull market using the commonly accepted metric of 20% from peak/trough.
 
BACCS said:
Crypto Tax Calculator is the platform I use. Australian website and partnered with Swyftx. Just need to download the csv file from Coinspot for the last financial year and then upload to crypto tax, they will then work out the tax implications and allow you to generate a report for the tax agent.
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Looked into it and you have to pay a bit for this. It’s $49 for 100 transactions. Guess I might have to. This expense could be a tax deduction in itself as a cost of managing tax affairs.
 
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The Dice Man said:
I've only used Trading View once and found it really slow on my computer, bear in mind we only get 2mbs on our internet here. Can you link it to your accounts... Such as Binance? I can trade directly through Coinpanel from my binance account. My 30day trial ends soon so maybe I will have a look then.
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I’m not sure you can trade through it, but honestly have never tried so it’s worth looking into. It’s the most widely used chart platform for crypto.

Wow that internet is slow! Why can’t they get faster speeds over your part of the world?
 
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