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Cryptocurrency mega-thread

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Hit 6 figures today and havent put a dime in since June.

550b market cap and the amount of people talking about it makes me very nervous. There is no way the current level of real world use justifies even 10% of the current cap.

Thinking about cashing out but annoyed with the tax implications. If there was a government backed tether i would have already cashed out.
 
100action said:
Hit 6 figures today and havent put a dime in since June.

550b market cap and the amount of people talking about it makes me very nervous. There is no way the current level of real world use justifies even 10% of the current cap.

Thinking about cashing out but annoyed with the tax implications. If there was a government backed tether i would have already cashed out.
Click to expand...
So is it going to work like capital gains? Will you then have the exchange fees on top?
 

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hirdy_is_champ said:
So is it going to work like capital gains? Will you then have the exchange fees on top?
Click to expand...
There are 3 scenarios

None of it is tax deductible
-i.e. you bought cryptos with the sole intention of making money and held on to it less than year

50% tax deductible like capital gains
-i.e. you bought cryptos with the intention of using it for transactions (bills) but its increased substantially since you bought it and you've held it longer than 12 months.

No tax
-the crypto you bought was for a business venture/hobby but you decided not to get ahead with it. Usually only applicable for amounts under $10,000 AUD

There is no solid tax framework for cryptos, an accountant with a solid understanding of cryptos and securities would be golden IMO.
 
YippeeYiYeo said:
hope you guys on Verge got out close to the 0.09 height it reached earlier. Lost 50% of those gains since then.

Big day for most cryptos though
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Riding Verge till the end, portfolio up 15% across the weekend. Considering 40% of my portfolio is XRP and it was steady, that’s pretty damm good
 
Verge up 900% while I’ve waited on coinspot verification. That’s wrist slitting stuff right there!

TBH though I’m not really a day trader, I’m in this for hodling so wouldn’t maximised those gains from the pump and dump, but still!

Also, a couple of interesting XRP things I saw today were:

http://cryptobible.io/major-investment-ripple/

David Schwartz from Ripple:

Why would companies like Uber and AirBNB want to acquire XRP cheaply? Because if it’s a settlement currency in many corridors they need to make payments to, they can make their payments cheaply if they already have XRP. Instead of having to buy XRP from a market maker, they’ll already have it and only have to pay for the “from XRP” side of the payment.

So if Ripple is successful in positioning XRP as a settlement currency, even if FIs don’t hold XRP, companies that make lots of payments around the world would be incentivized to act as market makers to acquire XRP cheaply and then use that XRP to make outbound payments cheaply. This could be a significant source of demand.

Aaaaand of course now I can’t find the link, but Ripple have mostly focused on B2B solutions, however nextyear they’ll also be looking at putting more time into P2P solutions.
 
KingNothing said:
Verge up 900% while I’ve waited on coinspot verification. That’s wrist slitting stuff right there!

TBH though I’m not really a day trader, I’m in this for hodling so wouldn’t maximised those gains from the pump and dump, but still!

Also, a couple of interesting XRP things I saw today were:

http://cryptobible.io/major-investment-ripple/

David Schwartz from Ripple:

Why would companies like Uber and AirBNB want to acquire XRP cheaply? Because if it’s a settlement currency in many corridors they need to make payments to, they can make their payments cheaply if they already have XRP. Instead of having to buy XRP from a market maker, they’ll already have it and only have to pay for the “from XRP” side of the payment.

So if Ripple is successful in positioning XRP as a settlement currency, even if FIs don’t hold XRP, companies that make lots of payments around the world would be incentivized to act as market makers to acquire XRP cheaply and then use that XRP to make outbound payments cheaply. This could be a significant source of demand.

Aaaaand of course now I can’t find the link, but Ripple have mostly focused on B2B solutions, however nextyear they’ll also be looking at putting more time into P2P solutions.
Click to expand...
How long has it been when you tried to put verge in in coinspot? 900%. Dam.
 

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100action said:
There are 3 scenarios

None of it is tax deductible
-i.e. you bought cryptos with the sole intention of making money and held on to it less than year

50% tax deductible like capital gains
-i.e. you bought cryptos with the intention of using it for transactions (bills) but its increased substantially since you bought it and you've held it longer than 12 months.

No tax
-the crypto you bought was for a business venture/hobby but you decided not to get ahead with it. Usually only applicable for amounts under $10,000 AUD

There is no solid tax framework for cryptos, an accountant with a solid understanding of cryptos and securities would be golden IMO.
Click to expand...

So if the ATO classify holding a cryptocurrency as an asset which is subject CGT....You must be able to claim a loss if it eventuates from losing on a cryptocurrency?
 
YippeeYiYeo said:
is it just me or does Binance rape you with fees?
Click to expand...

I'm surprised the amount of $ lost transferring money around from currency to coin to exchange etc etc. It's significant. Got to be a better way of doing it than I am now.
 

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