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Mercurial89 said:
We have the ATO task force being set up as we speak.
Regulation is coming everywhere
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well this year i dont expect ill have to worry too much about the ATO as i think my profits will be modest. But if in 18 months time my portfolio gets huge (like mortgage payment huge) then ill be researching every possible way to get the money off the exchanges and into a safe in my house. Ill be damned if im the one taking a huge risk just for the tax office to steal 40% of income.

The ATO might be able to bring in laws that hold us accountable to aussie exchanges, but they shouldnt be able to know the goings on of Binance, Cryptopia, etc.

EDIT: looks like weve potentially reached the bottom. Some alts are even in the green for the 24hr change now.
 

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YippeeYiYeo said:
well this year i dont expect ill have to worry too much about the ATO as i think my profits will be modest. But if in 18 months time my portfolio gets huge (like mortgage payment huge) then ill be researching every possible way to get the money off the exchanges and into a safe in my house. Ill be damned if im the one taking a huge risk just for the tax office to steal 40% of income.
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The way I've seen it explained a few times is that as long as your money is in Bitcoin/Ether/crypto it hasn't become a taxable event yet. And that any purchases made with Bitcoin won't be subject to Capital Gains Tax as crypto isn't considered money.

So I don't see why we can't just go and buy property/cars/etc with Bitcoin and then sell them at a slight loss for cash shortly after. The tax office probably won't like it, but I just see that as being smart. Is it illegal to buy cars with crypto? No. Is it illegal to sell cars for cash? No.
 
KingNothing said:
The way I've seen it explained a few times is that as long as your money is in Bitcoin/Ether/crypto it hasn't become a taxable event yet. And that any purchases made with Bitcoin won't be subject to Capital Gains Tax as crypto isn't considered money.

So I don't see why we can't just go and buy property/cars/etc with Bitcoin and then sell them at a slight loss for cash shortly after. The tax office probably won't like it, but I just see that as being smart. Is it illegal to buy cars with crypto? No. Is it illegal to sell cars for cash? No.
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I don't know who you've been talking to but that's completely and utterly wrong and the ATO will come down on you like a ton of bricks for even having that thought.
 
prodigy said:
The Exodus Wallet exchange always seems to be down for the coins I want to exchange. EOS this time.


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I’ve never come across this...is it a case of you attempting to trade for the coin and it denying you or does it clearly state that you can’t trade for it prior to attempting the trade?
 
jezzajay said:
I’ve never come across this...is it a case of you attempting to trade for the coin and it denying you or does it clearly state that you can’t trade for it prior to attempting the trade?
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So if you go into it now, you will likely see that it won’t let you exchange for Golem, EOS and BAT. Those options will be greyed out and not clickable.


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prodigy said:
So if you go into it now, you will likely see that it won’t let you exchange for Golem, EOS and BAT. Those options will be greyed out and not clickable.


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Ok cool... I guess it would be similar to say Bittrex or Binance doing work on the coin wallet. Which I’ve seen on those platforms plenty of times.
 

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jezzajay said:
Ok cool... I guess it would be similar to say Bittrex or Binance doing work on the coin wallet. Which I’ve seen on those platforms plenty of times.
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EOS is right in the range where I want to buy, so it’s rather annoying.


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So im just waiting for my first deposit to go through which should be in the next day or 2, any advice on what to get on? the obvious thing short term is to get on coins that are under a dollar and watch it grow but from what i understand thats not always the way and you may be better of buying a couple of hundred less expensive coins rather than a few coins worth under a dollar.

Any advice is greatly appreciated, my brother has made 50k in under a month on coinspot so i think its my time to get on board.
 

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big_bazza said:
So im just waiting for my first deposit to go through which should be in the next day or 2, any advice on what to get on? the obvious thing short term is to get on coins that are under a dollar and watch it grow but from what i understand thats not always the way and you may be better of buying a couple of hundred less expensive coins rather than a few coins worth under a dollar.

Any advice is greatly appreciated, my brother has made 50k in under a month on coinspot so i think its my time to get on board.
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You are in for a world of pain with that attitude in my opinion. Especially with where the market is currently at. I would highly suggest doing plenty of reading and watching some good youtube channels. And be very cautious with your money. The market is very volatile and moves quickly. Which makes for very good opportunities to make money, but also very easy to lose money. Which many have experienced the last few days. Right through December basically every coin was skyrocketing and everything was rainbows and lolipops and this crypto game was a simple one. It really isn't, and there are plenty of external influences on the market. Read and learn as much as you can before jumping in in a big way.
 
Has anyone here genuinely shorted or margin traded crypto yet, and if so, how did you do ?? Market too volatile and too risky still ?? I just watched a youtube vid and there was talk of a guy losing 200K shorting Ripple. Surely if he was truly shorting Ripple in the last 24 hours he would have made a fortune. Do they actually mean margin trading when they say shorting ??

Edit: Or do they mean just selling the particular stock at the current price thinking it's going to continue to drop. ie. Panic selling ??
 
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Pea Nut said:
You are in for a world of pain with that attitude in my opinion. Especially with where the market is currently at. I would highly suggest doing plenty of reading and watching some good youtube channels. And be very cautious with your money. The market is very volatile and moves quickly. Which makes for very good opportunities to make money, but also very easy to lose money. Which many have experienced the last few days. Right through December basically every coin was skyrocketing and everything was rainbows and lolipops and this crypto game was a simple one. It really isn't, and there are plenty of external influences on the market. Read and learn as much as you can before jumping in in a big way.
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I have been reading lots/watching videos over the last few weeks but am only just starting to grasp the whole idea of cryptos, what advice would you give to a new comer like myself mate in terms of what coins to get on and whether to spread it over a few different ones or load up on a few of the more safe coins e.t.c

By the look of it with whats happened in Korea and the ATO looming large its a good time to buy now yeah? or will it continue to go down for the next few days and should i wait a bit before buying?
 
big_bazza said:
By the look of it with whats happened in Korea and the ATO looming large its a good time to buy now yeah? or will it continue to go down for the next few days and should i wait a bit before buying?
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The ATO should have no effect on your crypto at all. If you hold it for less than 12 months it's treated as personal income and you need to pay CGT on it the same as regular income. If you hold for more than 12 months the same applies but you get a 50% discount.

As to when to buy it's like throwing darts at a dartboard, now is as good a time as any. Just don't tip in any more than you're willing to lose or any amount that will keep you up at night with worry. Also I'd strongly advise [edit] not [/edit] going into debt in order to fund your new crypto habit.
 
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big_bazza said:
I have been reading lots/watching videos over the last few weeks but am only just starting to grasp the whole idea of cryptos, what advice would you give to a new comer like myself mate in terms of what coins to get on and whether to spread it over a few different ones or load up on a few of the more safe coins e.t.c

By the look of it with whats happened in Korea and the ATO looming large its a good time to buy now yeah? or will it continue to go down for the next few days and should i wait a bit before buying?
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It's good to hear that you have been educating yourself in the crypto world first. There is a lot of absolutely terrible advice out there, especially on youtube, but the more you watch and read, the easier it is to differentiate. Some general advice that I would give is that you need a level of diversification. Don't just load up on 1 coin purely on hype thinking you will make 50 grand in the next 30 days. Depending on how much you were thinking of investing, look to spread it across 4-5 coins/tokens. As for what is going to happen in the coming days/weeks, that's a huge unknown. I'm not sure myself what moves if any I will make, but am tempted to buy. One great lesson that you can learn from the past couple of days and not have it cost you a cent, is do not buy at the top of a peak. One thing that is very evident in the crypto world at the moment is emotions and feelings are driving people's decision making. FOMO is one acronym that you will see thrown around a lot and means Fear Of Missing Out. With all the hype that exists around crypto currently on every social media platform, it's probably playing a huge part in driving up coin pricing, and why many coins are over-valued. Also, just based on your first post I would suggest that you have a clear understanding of market cap, circulating supply, and check out the website and read the white paper of each potential investment option.
 

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