Cryptocurrency mega-thread

[maryjames]

It’s here. I’m calling it. This is the big dive.

It’s been called.

Now it’s about to go back up.

 

[Pea Nut]

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

Whilst I know that it's only a rumour at this stage, it's moves like this and the development from the likes of NEO etc that will see the Chinese government forced to backflip on their decision to ban crypto exchanges and crypto trading. Which will only be a good thing for the rest of the world.

 

[Cuzdup]

Whilst I know that it's only a rumour at this stage, it's moves like this and the development from the likes of NEO etc that will see the Chinese government forced to backflip on their decision to ban crypto exchanges and crypto trading. Which will only be a good thing for the rest of the world.

Yeah hopefully they back flip on the exchange situation. I do get the sense they may eventually but it is pretty obvious that crypto tech is highly regarded and backed by chinese officials.

 

[Theseventhhamster]

~80% of my money is in WTC and VEN. I didn't know I had to pick a side.

 

[big_bazza]

Have been watching ripple for over a week now and i have a very itchy trigger finger, i cant imagine it going down much more surely but i am no guru and am fairly new to this whole crypto game. Whats everyones thoughts on Ripples future and do you think its a good time to buy it at roughly $1.60 per coin?

 

[Pea Nut]

Have been watching ripple for over a week now and i have a very itchy trigger finger, i cant imagine it going down much more surely but i am no guru and am fairly new to this whole crypto game. Whats everyones thoughts on Ripples future and do you think its a good time to buy it at roughly $1.60 per coin?

I've been pretty blunt with my thoughts on Ripple in this thread. I won't be going anywhere near it. I think there are better opportunities that exist. Although I think you would be well advised to sit back and just watch over the next couple of days.

 

[big_bazza]

I've been pretty blunt with my thoughts on Ripple in this thread. I won't be going anywhere near it. I think there are better opportunities that exist. Although I think you would be well advised to sit back and just watch over the next couple of days.

Ok thanks for your input mate, can i ask what scares you off ripple exactly? atm im tossing up between XRP, POWR, QSP, GAME and LBC. I might go for 2 or 3 but atm im really not sure where to invest.

 

[skipper kelly]

https://www.ato.gov.au/General/Gen/...rrencies-in-Australia---specifically-bitcoin/

 

[free at last]

Ok thanks for your input mate, can i ask what scares you off ripple exactly? atm im tossing up between XRP, POWR, QSP, GAME and LBC. I might go for 2 or 3 but atm im really not sure where to invest.

I don't reckon you can go wrong with buying ETH....imo

 

[free at last]

Ok thanks for your input mate, can i ask what scares you off ripple exactly? atm im tossing up between XRP, POWR, QSP, GAME and LBC. I might go for 2 or 3 but atm im really not sure where to invest.

ICX could have a big year in 2018 too...

 

[WeetBixKid]

**** regulation chatter etc this is the real FUD, if the soccer mum's are in it's nearly time for me to be out

http://cryptomoms.com/index.html

 

[Angus Young]

We have Green lights

 

[Duritz]

https://www.ato.gov.au/General/Gen/...rrencies-in-Australia---specifically-bitcoin/

I read that as meaning if you are speculating on cryptos and you make a profit, you must declare the profit annually and you’ll be subject to tax on that. Not each individual transaction.

 

[cryptor]

Have been watching ripple for over a week now and i have a very itchy trigger finger, i cant imagine it going down much more surely but i am no guru and am fairly new to this whole crypto game. Whats everyones thoughts on Ripples future and do you think its a good time to buy it at roughly $1.60 per coin?

I reckon it’s a good pick for a long term (few years) investment. Has a professional team, growing list of many partners with real world trials going, a legitimate reason for having a coin/token, and a clear use case for the masses right now (fast, secure and cheap transactions internationally).

There are a lot of coins though with about a billion being released every month as the userbase grows. This likely means that the price won’t grow anywhere near as quickly as other cryptos. So if it’s huge gains in a short period that you’re after then it’s likely not the coin for you.

 

[maryjames]

What a week of discounts..

 

[Cuzdup]

Have been watching ripple for over a week now and i have a very itchy trigger finger, i cant imagine it going down much more surely but i am no guru and am fairly new to this whole crypto game. Whats everyones thoughts on Ripples future and do you think its a good time to buy it at roughly $1.60 per coin?

Did you end up getting on XRP? Ripple is a solid coin man, follow your own instincts. There is so much FUD surrounding some very promising coins and you really need to dismiss the noise.
I dont even HODL ripple but i do think it has a bright future.

 

[Mercurial89]

For holders of QSP they have opened up the Proof of Caring portal for their next airdrop.


For those that don't hold QSP, they basically audit ICO's for security flaws etc. As a benefit to holders they obtain some tokens from those they audit and airdrop them to holders of QSP that keep their coins in a wallet (not exchange) and can show they contribute to the community.

Interesting coin and though I don't own too many I like what they are doing by providing a service to help secure the crypto currency space. These are the types of projects that probably need to exist if we are ever to go full mainstream.

Their reddit has plenty of info also so check it out here.
https://www.reddit.com/r/Quantstamp/

 

[skipper kelly]

I read that as meaning if you are speculating on cryptos and you make a profit, you must declare the profit annually and you’ll be subject to tax on that. Not each individual transaction.

That's how I read it also. Any profit is assessable income.

 

[free at last]

I read that as meaning if you are speculating on cryptos and you make a profit, you must declare the profit annually and you’ll be subject to tax on that. Not each individual transaction.

So wouldn't the profit be calculated if and when you convert the crypto back to AUD?

 

[free at last]

That's how I read it also. Any profit is assessable income.

So crypto is liable to being double taxed? Whilst being crypto & subject to CGT once you convert to AUD?

 

[skipper kelly]

So crypto is liable to being double taxed? Whilst being crypto & subject to CGT once you convert to AUD?

I don't know mate.

 

[Duritz]

So crypto is liable to being double taxed? Whilst being crypto & subject to CGT once you convert to AUD?

Not how I read it. Essentially treated the same as stock speculation is how I read it

 

[woota]

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.

This is what I'm inclined to believe. How is the government supposed to enforce taxes on coin-to-coin trades when they take place on offshore exchanges? I'm talking about using fiat currency to buy BTC/ETH on an aussie exchange like BTC Markets, and send it to an offshore exchange to buy altcoins which then get put straight into cold storage. As far as the government is concerned, the crypto has disappeared once it's left BTC Markets and lands on an offshore exchange as it's then outside the ATO's jurisdiction.

 

[skipper kelly]

Here's some more explanations

https://community.ato.gov.au/t5/General-tax-questions/How-to-declare-Bitcoin/td-p/980

 

[woota]

There seem to be a few who don't want to hear it. I think those people are just waiting to hear what they want to hear. Something like there's no tax because it's considered gambling. Or that because it's not regulated the ATO won't ever know they made money on it.

It's not that I don't want to hear it, it's the fact that the ATOs own website has such a nebulous explanation regarding taxation of cryptocurrency that seems to be open to interpretation; there is nothing that clearly or explicitly states that you're required to pay taxes from profits made on coin-to-coin crypto trades. As I said before, I'm more inclined to believe that taxing coin-to-coin trades is unenforceable due to the reasons I outlined in my last post.