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Cryptocurrency mega-thread

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I downloaded Brave a while back but haven't used it yet.

I like the look of BAT, has it just had a correction?
 

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Cuzdup said:
Im om both. Verge is really starting to piss me off though. They need to drop Wraith today! Sick of looking at Github, Reddit and Twitter
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As soon as thy missed the Wraith deadline I jumped off verge, knowing I could buy back cheaper if I wished.

Threw it all in on TRX instead at .04US and she’s pushing .09US right now so I’m ****ing stoked. Also cut cos that’s another one I was eyeing off at .0002 but I just never got around to getting any!
 
DarkSaint said:
When it drops, when are you thinking of cashing out, or you will hold.
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Im cashing out i think unless its overwhelmingly loved. Ill try to ride the initial bump for as long as i can but really want yo jump off this coin.

Tron on the other hand im in love with. Been on that simce .04 and slowly adding more and more to it.
 
KingNothing said:
As soon as thy missed the Wraith deadline I jumped off verge, knowing I could buy back cheaper if I wished.

Threw it all in on TRX instead at .04US and she’s pushing .09US right now so I’m ******* stoked. Also cut cos that’s another one I was eyeing off at .0002 but I just never got around to getting any!
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Im just refusing to take a loss on Verge but im a bit shitty im not deeper into TRX.
 
Cuzdup said:
Im just refusing to take a loss on Verge but im a bit shitty im not deeper into TRX.
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What's your rationale for not taking a loss on Verge? There's nothing wrong with taking a loss. The way I see it especially the crypto world you can make back your loss in a day or even hours. There's endless opportunities to make your money back and more; whereas holding Verge you're just waiting for some good news to eventually come out or for some rumours to stir. I don't think there's a whole lot on the agenda for them now and there's no big potential announcements or news I'm aware of that will bring the attention back to it. It was a classic pump the rumours and sell the 'news' which wasn't even delivered properly. We're seeing attention shifting towards Tron now, and briefly people were frothing for XRP. When people are flocking towards one particular coin and it's hitting ATHs IMO that's when you need to tread carefully.
 
BPay payments taking longer because of the public holiday period?

Made one on 30th December and it still hasn't been credited through on BTCMarkets.

Edit: Ok, just checked their twitter. They've apparently got a massive backlog of deposits to approve.
 

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YippeeYiYeo said:
so the December 22nd huge correction happened around 650b market cap. Were now at an ATH of nearly 680. Wouldnt be surprised to wake up tomorrow to a sea of red.
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Are you going to move some profits into Tether?

I’m hoping that with Christmas and NYE over we might see a decent run. Wouldn’t be surprised if it tanks from here, though.
 
Yellow Feathers said:
Are you going to move some profits into Tether?

I’m hoping that with Christmas and NYE over we might see a decent run. Wouldn’t be surprised if it tanks from here, though.
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nah im just waiting with extra cash in AU on the sidelines at BTCmarkets. The pattern https://coinmarketcap.com/charts/ seems to be market growth for 24-48 hours then 50b pullback the next day.

Disclaimer: whenever i try to predict the market im usually wrong :p
 
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YippeeYiYeo said:
nah im just waiting with extra cash in AU on the sidelines at BTCmarkets. The pattern https://coinmarketcap.com/charts/ seems to be market growth for 24-48 hours then 50b pullback the next day.

Disclaimer: whenever i try to predict the market im usually wrong :p
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May mean that new accounts (or more importantly deposits) are finally starting to be approved in large numbers. New inflow of cash, so total market cap lifts, rather than the choking around 600B that has been happening
 
3socks said:
May mean that new accounts (or more importantly deposits) are finally starting to be approved in large numbers. New inflow of cash, so total market cap lifts, rather than the choking around 600B that has been happening
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Yep this would have a big factor in things. The more fresh money that comes in the higher the prices will rush with buying momentum. Unfortunately IMO it brings a large correction much closer on the time horizon.
 

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I'm going to try day trading with a low risk amount. To avoid any tax implications, am I right in saying tax won't come in to play it if I'm only dealing in crypto?

Eg. Deposit $500, buy X-cyrpto wait for it to get to $750, exchange $250 worth of X-crypto for Y-Crypto so I now have $500 worth of X and $250 worth of Y.
Would that work? Is that a stupid strategy?
 
juss said:
I'm going to try day trading with a low risk amount. To avoid any tax implications, am I right in saying tax won't come in to play it if I'm only dealing in crypto?

Eg. Deposit $500, buy X-cyrpto wait for it to get to $750, exchange $250 worth of X-crypto for Y-Crypto so I now have $500 worth of X and $250 worth of Y.
Would that work? Is that a stupid strategy?
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What do you mean by “work”?

If you mean will you make money, then yes. If you can pick the ones that will rise and then trade for profit then go for it.

If you mean will this somehow allow you to avoid paying tax on part or all of your trades then the answer probably depends on a few things;
1. Does the exchange you’re using keep records that may be audited by the ATO in the future? If they have a transaction history feature and have an ABN then I’d say yes and yes.
2. Will the ATO audit you? Maybe not, particularly if it’s relatively small figures. But be aware that where $AUD and Aussie bank accounts are involved they have visibility. And I’m certain they have the ability to filter on money going in/out of the crypto exchange sites to/from Aussie bank accounts. And no doubt it will be an area they will be cracking down hard on - with the power to go back and audit previous years too.

Your bank keeps records.
The exchanges keep records.
Many cryptos are public ledgers.

I’d suggest it’ll be cheaper in the long term to just pay your tax or find legal ways to reduce how much tax you do need to pay.
 
3socks said:
700b total market cap any minute now :D
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Another day in crypto where my portfolio has risen in value and earnt me 3x more than my day job :) However i dont like to mention those red days hehe.

Noticed a few people talking about how to reduce tax on their crypto earnings when the time comes. I hope to God i have that problem 18-24 months from now. Its a good problem to have. Until then i wont worry about it and just focus on increasing my profits.
 
3socks said:
700b total market cap any minute now :D
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I predicted earlier today with another group page that we will hit 1 trillion by the end of this month....giddyup!!! Hope I'm right!
Love days like today with the market...reminds me i got into this nice and early... Only way is up from here!!!
 

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