Post BF Upgrade Feedback - Click Here

Remove this Banner Ad

Cryptocurrency mega-thread

🥰 Love BigFooty? Join now for free.

Duritz said:
Bullshit. Completely unmanageable and unenforceable. And not in keeping with current laws re trading on tthe traditional things like stocks.

Show me where it says you have to pay on every trade.
Click to expand...
I would also like to see the ATO legislation that states that this is the case. The US have definitely just implemented legislation that requires tax on every trade as of January 1st 2018, but I don't believe that Aus have followed suit yet. And with our tax year being July to Jun, the ATO would have had to have been world leading in regards to taxation of crypto, another reason why it's highly unlikely. As for unenforceable, apart from a couple of crypto's, it is actually possible for the government to retrace transactions and track the money to it's owner. That's how the block-chain works and why it is so good. The data is recorded forever. Sure it takes the use of super-computers to get that information, but with the amounts of money involved, I am sure the IRS will be going to those lengths. Which is why the current exchanges have such strict policies on the KYC component to meet government requirements. And why the decentralised exchanges are the next revolution.
 
NitroFan said:
Just a reminder that you have to pay taxes on crypto to crypto trades.
Click to expand...

First I'd heard of that. As pointed out, totally unmanageable and fact is ATO don't have much solid in place at the moment, just the broad strokes of capital gains tax, tax implications if you're utilising a trust, and, in plain writing on the ATO website, $10K/under online purchases from crypto gains are tax free. Livingroom Satoshi not only does BPAY, it does bank transfers too.... I know a few people who run their own businesses, I could use their services....

America are trying to do what you've suggested above, from what I can gather it's not going very well....
 
Last edited:
Pea Nut said:
I would also like to see the ATO legislation that states that this is the case. The US have definitely just implemented legislation that requires tax on every trade as of January 1st 2018, but I don't believe that Aus have followed suit yet. And with our tax year being July to Jun, the ATO would have had to have been world leading in regards to taxation of crypto, another reason why it's highly unlikely. As for unenforceable, apart from a couple of crypto's, it is actually possible for the government to retrace transactions and track the money to it's owner. That's how the block-chain works and why it is so good. The data is recorded forever. Sure it takes the use of super-computers to get that information, but with the amounts of money involved, I am sure the IRS will be going to those lengths. Which is why the current exchanges have such strict policies on the KYC component to meet government requirements. And why the decentralised exchanges are the next revolution.
Click to expand...

Good points.

However, I only ever sign up w/ my email (no ID) if I'm not going to withdraw fiat from an exchange. Which is 85% of them.
 

Log in to remove this Banner Ad

Pea Nut said:
Question, why do you want to move your BTC from BTCMarkets to Coinspot ?? You can't trade on Coinspot, and if you buy and sell on there to get into some alt coins you are going to get severely r*ped.
Click to expand...

That sounds less than pleasant.
 
PP34 said:
I think it’s best for people to get advice from an accountant or the ATO directly.

Better to be safe than sorry. Totally ignoring tax ramifications is pure stupidity.
Click to expand...

What? What?! There's at least half a dozen accountants and financial advisors posting in the last 2 pages of this thread alone.
 
YippeeYiYeo said:
Ok so after trying to read as much as possible at work it looks like the 27th Jan is when we can expect green. If the market cap still declines beyond then who knows where the support will be.
Click to expand...
I assume you are referring to the expiry of the next futures contract ?? I think it will be intriguing to watch the market movement of the next couple of days.
 
Whispers of the People's Bank of China partnering with Vechain. That would make VEN an absolute monster.
Im holding VEN and TRX and have learnt not to be influenced by these types of rumors but it should definitely be something thats on everyone's radar.
 
Cuzdup said:
Whispers of the People's Bank of China partnering with Vechain. That would make VEN an absolute monster.
Im holding VEN and TRX and have learnt not to be influenced by these types of rumors but it should definitely be something thats on everyone's radar.
Click to expand...

If they’re going to partner surely it’d be with wtc
 

Remove this Banner Ad

🥰 Love BigFooty? Join now for free.

Duritz said:
They’re better positioned to make deals with the likes of the bank of China and other Chinese government organisations
Click to expand...

Vechain did recently enter the Chinese banking sector signing up Fanghuwang which is a Chinese lending service. Seems Vechain is looking to cut into the Chinese financial sector. I may be wrong but i dont think WTC has made any inroads to Chinese banking so I'll lean toward VEN.
Its probably just a rumor but it at least VEN has made step in that direction
 
Cuzdup said:
Vechain did recently enter the Chinese banking sector signing up Fanghuwang which is a Chinese lending service. Seems Vechain is looking to cut into the Chinese financial sector. I may be wrong but i dont think WTC has made any inroads to Chinese banking so I'll lean toward VEN.
Its probably just a rumor but it at least VEN has made step in that direction
Click to expand...

If you speak against my Walt again I will end you.
 

Remove this Banner Ad

Remove this Banner Ad

🥰 Love BigFooty? Join now for free.

Back
Top Bottom