Cryptocurrency mega-thread

[Evolved1]

Closely watching BTC, ETH, ADA and DOT.

What are we thinking is a good point in the dip to jump on these?

Stagger buys between 38 and 43k for BTC. NFI about the others.

Technical analysis is pretty easy in its most simple form. Find points where price action stayed flat for periods of time and you have points of support/resistance.

See how the price bounced off the last line. You can use the same process with any chart.

I don't expect that level to hold, but you never know in this game.

 

[maryjames]

Buy orders set between 43.5k and 38k. If 38k doesn't hold, I'll cry.

Everything is seriously good right now. What I find for myself in crypto I only remember the pumps.. lol
When you look back over let’s say last two months has been massive dips. It’s like they never happen when it all goes back up.

 

[maryjames]

Closely watching BTC, ETH, ADA and DOT.

What are we thinking is a good point in the dip to jump on these?

Ada looks strong as f.

 

[Evolved1]

Everything is seriously good right now. What I find for myself in crypto I only remember the pumps.. lol
When you look back over let’s say last two months has been massive dips. It’s like they never happen when it all goes back up.

I'm far more conservative than you. 2018-2020 must have given me PTSD

 

[maryjames]

I'm far more conservative than you. 2018-2020 must have given me PTSD

I changed my game plan up and going stronghold with moments of trading.

Fun fact if put 1,000 into bitcoin 10 years ago you be worth 230 million give or take.

Makes me hold thinking that.

 

[Shaxx Attaxx]

Ada looks strong as f.

Im just going to hold it. Stocked up earlier today so I’ll sit on it for the long term.

 

[maryjames]

Im just going to hold it. Stocked up earlier today so I’ll sit on it for the long term.

Could be epic.

 

[Evolved1]

I changed my game plan up and going stronghold with moments of trading.

Fun fact if put 1,000 into bitcoin 10 years ago you be worth 230 million give or take.

Makes me hold thinking that.

My 2017 portfolio was worth 30 BTC during shitcoin season. That's a not so fun fact.

I'll roll the dice if we hit 40k. BTC is undervalued even at 45k USD imo.

 

[Indyoz]

Just increased my eth position with profits from Matic, these dips are delicious.

 

[ash_1050]

I changed my game plan up and going stronghold with moments of trading.

What are you using to keep track of all the CGT events from trading?

 

[maryjames]

What are you using to keep track of all the CGT events from trading?

Shows history where I trade

Or move to Portugal where they don’t tax you. Lol

 

[ash_1050]

Shows history where I trade

Or move to Portugal where they don’t tax you. Lol

More specifically how are you figuring out and recording how much of a CGT gain or loss you made each trade you make? Or is that a case of waiting until tax time?

 

[burge13]

More specifically how are you figuring out and recording how much of a CGT gain or loss you made each trade you make? Or is that a case of waiting until tax time?

Downloading your trading history won't give AUD figures will it? It'll give BTC P&L? ETH bought at x.xx BTC and sold at x.xx BTC

So unless you keep a log of BTC prices as at each trade, it'll be a bitch to do at tax time. Best to keep a sheet with AUD figures as you go

That said unless you've made a big amount of money, I wouldn't bother even declaring it tbh. ATO isn't chasing you up for a couple grand, isn't worth the man-hours

 

[ash_1050]

Downloading your trading history won't give AUD figures will it? It'll give BTC P&L? ETH bought at x.xx BTC and sold at x.xx BTC

So unless you keep a log of BTC prices as at each trade, it'll be a b*tch to do at tax time. Best to keep a sheet with AUD figures as you go

Yep, that's exactly this issue I had back in 2017, which is why I'm asking as it's a huge pain.

That said unless you've made a big amount of money, I wouldn't bother even declaring it tbh. ATO isn't chasing you up for a couple grand, isn't worth the man-hours

60% of the time it works every time. If, however, you do get picked up for non declared earnings from crypto expect to be 'randomly' audited every couple of years for the rest of your taxpaying years, as well as more scrutiny on any future tax returns. While it was much easier to get away with it in the early days the ATO has more data input sources from crypto exchanges than ever before.

 

[burge13]

Yep, that's exactly this issue I had back in 2017, which is why I'm asking as it's a huge pain.



60% of the time it works every time. If, however, you do get picked up for non declared earnings from crypto expect to be 'randomly' audited every couple of years for the rest of your taxpaying years, as well as more scrutiny on any future tax returns. While it was much easier to get away with it in the early days the ATO has more data input sources from crypto exchanges than ever before.

Some exchanges, at least Australian based will have your TFN? If so they'd only care about the deposit amount and withdrawn amount = profit/loss in AUD. What happens in between wouldn't be of too much consequence. I mean exchanges shut, get hacked, lost wallets etc are all inconsequential if you deposit $10k and withdraw $20k (and declare as much), why would they care about your eth/ada/bnb buys?

Probably worth just declaring that broader/simpler number rather than the micro transactions in between?

 

[ash_1050]

Some exchanges, at least Australian based will have your TFN? If so they'd only care about the deposit amount and withdrawn amount = profit/loss in AUD. What happens in between wouldn't be of too much consequence. I mean exchanges shut, get hacked, lost wallets etc are all inconsequential if you deposit $10k and withdraw $20k (and declare as much), why would they care about your eth/ada/bnb buys?

Probably worth just declaring that broader/simpler number rather than the micro transactions in between?

The ATO would disagree, each buy/sell is a capital gains events in the same way buying/selling shares is a capital gains event. Granted you're right that it really shouldn't matter too much either way, but I'd hate to see people getting pinged with huge tax debts because they didn't properly adhere to tax requirements.

 

[burge13]

The ATO would disagree, each buy/sell is a capital gains events in the same way buying/selling shares is a capital gains event. Granted you're right that it really shouldn't matter too much either way, but I'd hate to see people getting pinged with huge tax debts because they didn't properly adhere to tax requirements.

I just don't think that's practical of the ATO tbh

Deposit 10k into BTCMarkets with TFN lodged, transfer to an exchange and use for 3 months then it goes bust/exit scams. Your history is gone but you've just moved 12k somewhere else then back to BTCMarkets to withdraw. They 'should' only care about the 2k profit logically

Those scams/exchanges shutting seem to happen less now so maybe it's easier, but I remember having trouble with Cryptopia and HitBTC in the space of a few months. If the ATO wanted that info, it's gone. Nothing you can do about it but I can get the overall profit/loss which is all that needs to be taxed

 

[maryjames]

More specifically how are you figuring out and recording how much of a CGT gain or loss you made each trade you make? Or is that a case of waiting until tax time?

Waiting til tax time.

 

[Shaxx Attaxx]

You’re assuming I’m making a profit

 

[maryjames]

Let’s see if eth follows on and continues to copy bitcoins 2017 run

 

[wadistance]

I thought you only need to declare if you convert back into fiat?

Keep it all in BTC ans find vendors that will accept that as payment


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[nut]

I thought you only need to declare if you convert back into fiat?

Keep it all in BTC ans find vendors that will accept that as payment


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buy a Tesla

 

[Gigantic]

I thought you only need to declare if you convert back into fiat?


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The ATO is pretty clear that's not the case

Crypto asset investments | Australian Taxation Office

How to treat investments in crypto assets (also called crypto or cryptocurrency) for tax purposes in Australia.

www.ato.gov.au

Trading one crypto into another will attract a CGT event

 

[Igloo]

I started in crypto after the last financial year ended, so haven't had to deal with the tax yet. I have a couple of things that i've held the entire time, then a couple that i've bought a few times before selling a partial amount of my total. How would you calculate tax in that case?
For example:
Buy @ .5
Buy @ .6
Buy @ .7
Sell 50% @ .8

 

[maryjames]

Ethereum on track.