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Cryptocurrency mega-thread

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AjsGuns said:
How are you guys managing this for tax? I've been wanting to get in for a while, but from what I've been reading every coin trade needs to be recorded. For instance, even trading ETH for TRX is a "transaction". Seems like hodling would be ok, but day trading would be a nightmare at tax time.

What do you guys think about ICON (ICX)? haven't seen much chat about it here.
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That's in America. I may be wrong but I believe here in Australia you just need to know the total profit or loss at the eofy and if you didn't cash anything for fiat you don't need to report anything.
 
NitroFan said:
That's in America. I may be wrong but I believe here in Australia you just need to know the total profit or loss at the eofy.
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Cheers, I'm also still at University so receive youth allowance (well partial, not very much as I have a casual job as well). I'm assuming any "profit" would have to be reported to them as well, but only if I convert the crypto to FIAT?

Been flirting with the idea for months, might take the plunge.
 

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YippeeYiYeo said:
i know its a bit crass to discuss personal investment amounts as we all are in different financial positions, and instead talking in percentages would be better. How have you guys broken up your portfolio?

Im gearing towards having 75% being long-term hodls. XRP, DASH, Neo.
About another 20% being liquid trades where i can move funds around with news, rumours, developments, etc.
And for something a bit different, im going to use 5% on long shot speculative coins.

The 5% would be on those coins at <$0.01 I noticed that Ember coin go up over 100x on Boxing Day, and even just a $10 investment would yield $1000+ Those "shitcoins" outside the top 100 marketcap are the ones more likely to have those huge 10x gains in the short term, and i might as well throw a handful of darts at the board and hope to hit bullseye.
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I've got about 15% of my total net worth in crypto. Of that amount, 75% are long term holds which I've set & forget. The other 25% I'm experimenting with (day trading)
 
NitroFan said:
That's in America. I may be wrong but I believe here in Australia you just need to know the total profit or loss at the eofy.
Click to expand...

No it's the same here as in we are taxed on coin to coin trades...

America only just updated the loophole with Trumps Tax reform...

I went into this earlier in the thread...

Also, Its seems The Big 4 banks are uniting against Crypto with all Crypto transactions being Black Banned, reversed and fees charged for deposits and Withdrawals to Aus exchanges with Combank leading the charge after denying it...

BTCMarkets has been left stranded by endorsing some Poli to late only to have it bounce back to peoples accounts after crediting people their Crypto orders...

Looks like a bit of posturing going on and it stinks IMO

Screenshot_2017-12-28-21-56-03.png
 
WeetBixKid said:
what's the liquidity and fees like? seems like an easy arbitrage
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Depends what coin you are transferring to the other exchange. It can be anywhere from 30secs to an hour or longer; for me across the various coins I've sent it's usually 15-30mins. The fees for transferring can be pretty killer - esp BTC. It's expensive and takes a long time to transfer. LTC is one of the better ones to transfer and is low fee wise.

Arbitrage can be done if price discrepancy is large and the coin doesn't take forever to transfer. Otherwise I wouldn't do it, too much of a risk of the coin taking forever to come through or the fee eating into the margin if it drops as you wait for the transfer.
 
the PILL said:
Also, Its seems The Big 4 banks are uniting against Crypto with all Crypto transactions being Black Banned, reversed and fees charged for deposits and Withdrawals to Aus exchanges with Combank leading the charge after denying it...

View attachment 447785
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Would I be ok if I deposited with a debit card (issued by the commonwealth bank) into coinbase? as it is not an Aus Exchange?
 
the PILL said:
No it's the same here as in we are taxed on coin to coin trades...

America only just updated the loophole with Trumps Tax reform...

I went into this earlier in the thread...

Also, Its seems The Big 4 banks are uniting against Crypto with all Crypto transactions being Black Banned, reversed and fees charged for deposits and Withdrawals to Aus exchanges with Combank leading the charge after denying it...

BTCMarkets has been left stranded by endorsing some Poli to late only to have it bounce back to peoples accounts after crediting people their Crypto orders...

Looks like a bit of posturing going on and it stinks IMO

View attachment 447785
Click to expand...

This absolutely makes my blood boil.

Coinspot had a system where you could deposit cash at the newsagents.

Workarounds will be found.
 
the PILL said:
No it's the same here as in we are taxed on coin to coin trades...

America only just updated the loophole with Trumps Tax reform...

I went into this earlier in the thread...

Also, Its seems The Big 4 banks are uniting against Crypto with all Crypto transactions being Black Banned, reversed and fees charged for deposits and Withdrawals to Aus exchanges with Combank leading the charge after denying it...

BTCMarkets has been left stranded by endorsing some Poli to late only to have it bounce back to peoples accounts after crediting people their Crypto orders...

Looks like a bit of posturing going on and it stinks IMO

View attachment 447785
Click to expand...

Funny how the whole point of crypto is the ability to control your own money.
Here the banks are refusing to allow people to spend money as they want.
 

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the PILL said:
No it's the same here as in we are taxed on coin to coin trades...

America only just updated the loophole with Trumps Tax reform...

I went into this earlier in the thread...

Also, Its seems The Big 4 banks are uniting against Crypto with all Crypto transactions being Black Banned, reversed and fees charged for deposits and Withdrawals to Aus exchanges with Combank leading the charge after denying it...

BTCMarkets has been left stranded by endorsing some Poli to late only to have it bounce back to peoples accounts after crediting people their Crypto orders...

Looks like a bit of posturing going on and it stinks IMO
Click to expand...

How can the government enforce this? If you buy BTC from an australian exchange, send it to bittrex to trade it for altcoins, there's no record of any profits or losses. In other words if you're trading cryptocurrency on an offshore exchange then you're operating outside the bounds of the ATO's jurisdiction, so I don't see how they can tax you until you actually cash out...as you're then dealing with banks located in australia which the gov has oversight on.
 
the PILL said:
No it's the same here as in we are taxed on coin to coin trades...

America only just updated the loophole with Trumps Tax reform...

I went into this earlier in the thread...

Also, Its seems The Big 4 banks are uniting against Crypto with all Crypto transactions being Black Banned, reversed and fees charged for deposits and Withdrawals to Aus exchanges with Combank leading the charge after denying it...

BTCMarkets has been left stranded by endorsing some Poli to late only to have it bounce back to peoples accounts after crediting people their Crypto orders...

Looks like a bit of posturing going on and it stinks IMO

View attachment 447785
Click to expand...
Would have thought ACCC and APRA would have something to say about this
 
woota said:
How can the government enforce this? If you buy BTC from an australian exchange, send it to bittrex to trade it for altcoins, there's no record of any profits or losses. In other words if you're trading cryptocurrency on an offshore exchange then you're operating outside the bounds of the ATO's jurisdiction, so I don't see how they can tax you until you actually cash out...as you're then dealing with banks located in australia which the gov has oversight on.
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Thats exactly what i plan on doing, leaves as BTC, mysteriously comes back as something else
 

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What pisses me off about the tax department is that they go after Joe average who works their arse off. We are all taking varying degrees of risk in what we perceive as a once in a lifetime opportunity and putting lots of hours into this. Yet major companies like Apple can get a bunch of clever mathematicians to make their taxable income $1. Go after those crooks ffs and leave us small time players alone.
 
woota said:
How can the government enforce this? If you buy BTC from an australian exchange, send it to bittrex to trade it for altcoins, there's no record of any profits or losses. In other words if you're trading cryptocurrency on an offshore exchange then you're operating outside the bounds of the ATO's jurisdiction, so I don't see how they can tax you until you actually cash out...as you're then dealing with banks located in australia which the gov has oversight on.
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Its in the pipeline mate trust me...

There is ATO amendments coming soon for it as they dot and cross there "I's" & "Ts"...

Personaly I don't like it and will be hanging back on my returns until a few others with more complex situations are submitted...

I think what will happen is Australian Exchanges will be the hotspot as AUSTRAC are already watching them and unfortunately Terrorism is going to grant them the power to link things...

Do i like it, No... But if it causes an AUDIT for not declaring then watch out...

What I don't have any clarity on is what you mention... External exchanges but i don't think it will be wise to cross polinate ;) ;)

Interesting to note though... I delayed my tax returns for 2 years and got a strong letter lol... On calling the ATO about it i got the officer talking and he penny for penny told me every last little financial traction I'd made and I was a bit gobsmacked at what they already knew... High interest internet savings and interest paid, shares dividends , cash deposits (which i was under their flagging but they still knew from selling Turbo spares) and my defacto joint accounts...

It's BS that you even need Goup Certificates or Statements now... They can see it all and unfortunately Crypto may be like a red rag...
 
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YippeeYiYeo said:
i know its a bit crass to discuss personal investment amounts as we all are in different financial positions, and instead talking in percentages would be better. How have you guys broken up your portfolio?

Im gearing towards having 75% being long-term hodls. XRP, DASH, Neo.
About another 20% being liquid trades where i can move funds around with news, rumours, developments, etc.
And for something a bit different, im going to use 5% on long shot speculative coins.

The 5% would be on those coins at <$0.01 I noticed that Ember coin go up over 100x on Boxing Day, and even just a $10 investment would yield $1000+ Those "shitcoins" outside the top 100 marketcap are the ones more likely to have those huge 10x gains in the short term, and i might as well throw a handful of darts at the board and hope to hit bullseye.
Click to expand...

I am aiming for all hodls but may need to balance risk at some stage. My capital outlay is split as follows (rounded to whole numbers):

NEO - 26%
Bitcoin - 25%
Ether - 17%
Ripple - 9%
Modum - 6%
Litecoin - 6%
Power Ledger - 4%
Verge - 3%
Tron - 2%
Substratum - 1%

With market fluctuations, I am currently split as follows:
NEO - 25%
Bitcoin - 21%
Ripple - 18%
Ether - 16%
Modum - 8%
Litecoin - 4%
Power Ledger - 2%
Verge - 2%
Tron - 2%
Substratum - 2%

Overall 24.35% gain at this point (first purchase 6/12/17)
 
McAfee's shitcoin picks performance over the last 24 hours:

BURSTCOIN (-24.91%)
VERGE (-25.78%)
TRON (-6.31%)
HUMANIQ (-18.19%)
Redd Coin (-27.35%)
DigiByte (-15.63%)

The guy's an absolute genius pumping coins, cashing in and having suckers buy them on the assumption that McAfee is a crypto wizard (spoiler alert: he's not, he's just a very good salesman).

Additionally people are finally realising that BTC (-6.99%) will fail as South Korea announces anonymous currency won't be tolerated and all accounts will have to be KYC compliant in the future.

Keep dabbling if that's your thing but be prepared to get burned. I'm still holding 99.5% in XRP (13.62%) and it's still continuing to be good to me without having to check the market every 5 minutes to see if my shit coin portfolio has tanked.
 
ash_1050 said:
McAfee's shitcoin picks performance over the last 24 hours:

BURSTCOIN (-24.91%)
VERGE (-25.78%)
TRON (-6.31%)
HUMANIQ (-18.19%)
Redd Coin (-27.35%)
DigiByte (-15.63%)

The guy's an absolute genius pumping coins, cashing in and having suckers buy them on the assumption that McAfee is a crypto wizard (spoiler alert: he's not, he's just a very good salesman).

Additionally people are finally realising that BTC (-6.99%) will fail as South Korea announces anonymous currency won't be tolerated and all accounts will have to be KYC compliant in the future.

Keep dabbling if that's your thing but be prepared to get burned. I'm still holding 99.5% in XRP (13.62%) and it's still continuing to be good to me without having to check the market every 5 minutes to see if my shit coin portfolio has tanked.
Click to expand...
A bit early to say bitcoin will fail because the tech won't. Its already done amazingly better than what you ever thought it would. There'll be the big guys giving it an almighty shake to get the weak hands out for new year too.
 

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