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Cryptocurrency mega-thread

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The Dice Man said:
Holding and farming. But have to admit Im not following any news closely like I was in the past. Just sitting back patiently.
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Basically same as this. Still check my Merit Circle chats daily and quickly browse CT, but just patiently staking my MC/ETH LP and my unlocks should start happening when I think the market starts to pickup again in mid-late 2023. Keeping track of the macro as well, but still a long way to go there until the economy is healthier.
 
Bostonian said:
Sold a bunch of ETH at the 2k mark.

Bought most in the 1000-1100 region so will just hold that cash until it dumps back down to those levels again.
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Yep, definitely think a sub 1k ETH will be on offer again before end of year, maybe last chance at those levels.
 

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The star marks the spot in late 2018.

PURf4pXy
 
Before jumping in full bore into Koinly for my taxes, does anyone have any warnings or better recommendations? I need something that will calculate staking

Is Going down the route of using an API key all safe?
 
Ohh Ok said:
Before jumping in full bore into Koinly for my taxes, does anyone have any warnings or better recommendations? I need something that will calculate staking

Is Going down the route of using an API key all safe?
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I used Koinly and found it to be the best for staking and NFTs, used the API key and haven’t had issues. Would recommend reviewing some transactions manually as well if the number it calculates doesn’t seem quite right.
 
BACCS said:
I used Koinly and found it to be the best for staking and NFTs, used the API key and haven’t had issues. Would recommend reviewing some transactions manually as well if the number it calculates doesn’t seem quite right.
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Cheers mate, they look to be the best I've come across so far. Were able to get them to go back 5+ years too
 
Evolved1 said:
Ohh Ok

API keys have 'read only' access on the tax software I use. If Koinly is the same (and presumably it is), you're safe.
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I thought as much. I got spooked when I read in the Koinly T&Cs something along the lines of "We recommend you have trading and withdrawal permissions turned off"
 

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Ohh Ok said:
I thought as much. I got spooked when I read in the Koinly T&Cs something along the lines of "We recommend you have trading and withdrawal permissions turned off"
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That's interesting. At a guess, I'd say that's a legal disclaimer to protect Koinly in case you stuff things up or get scammed.

I've been using similar software for 5 years without issue and I haven't change any permissions.
 
Evolved1 said:
That's interesting. At a guess, I'd say that's a legal disclaimer to protect Koinly in case you stuff things up or get scammed.

I've been using similar software for 5 years without issue and I haven't change any permissions.
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Cheers mate. I gathered that would be the case. Such a pain in the ass getting all my staking reported and through tax and then some old transactions from 5 or so years ago.
 
Ohh Ok said:
Cheers mate. I gathered that would be the case. Such a pain in the ass getting all my staking reported and through tax and then some old transactions from 5 or so years ago.
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That sounds painful! Good luck mate.

The ATO has data from most exchanges which your accountant should have access to. If the two sets of numbers differ significantly, they may dispute your figures. Might be worthwhile to discuss with your accountant and see if they can pass on the ATO's numbers to compare yours against.
 
Evolved1 said:
That sounds painful! Good luck mate.

The ATO has data from most exchanges which your accountant should have access to. If the two sets of numbers differ significantly, they may dispute your figures. Might be worthwhile to discuss with your accountant and see if they can pass on the ATO's numbers to compare yours against.
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I wasn't aware of that. Once I get this first one out the way the rest will be easy. I've never had to worry about investments until this year.
 
Evolved1 said:
That sounds painful! Good luck mate.

The ATO has data from most exchanges which your accountant should have access to. If the two sets of numbers differ significantly, they may dispute your figures. Might be worthwhile to discuss with your accountant and see if they can pass on the ATO's numbers to compare yours against.
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For Australian exchanges (e.g. Independent reserve, Coinspot), I agree they would have access. But they wouldn't have access to data from overseas exchanges, such as Binance or FTX for example.
 
LongBombFromOutside50 said:
For Australian exchanges (e.g. Independent reserve, Coinspot), I agree they would have access. But they wouldn't have access to data from overseas exchanges, such as Binance or FTX for example.
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The ATO had accurate data from me in a year that I only used overseas exchanges. I can pretty much guarantee they get data from binance and FTX, two of the exchanges I use most.
 

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LongBombFromOutside50 said:
Interesting. So they had access to all of your trades on the exchange, and not just your deposits/withdrawals?
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Yeah, I think so. I still had plenty of crypto on exchanges at the time so they couldn't have been going solely by deposits and withdrawals. I tried to be naughty and gave my accountant a profit figure a tad lower than I should have, and they came back to me with the ATO's figure which matched what I got using tax software. This was 2020-21.

Bear in mind FTX and Binance want to comply with local tax laws to gain favor and access here. Decentralised exchanges are a different ball game.

I'm sure smarter people than me have found a way to work the system. Incorporating in a tax friendly nation and trading under that business is one way I've seen it done legally. That's what I'm considering now.
 
Kram said:
The ATO aren't stupid..
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They've caught up with tech and knowledge. It was easy to get around them 5 or so years ago unless you made large withdrawals that required an explanation.
 
Ohh Ok said:
Before jumping in full bore into Koinly for my taxes, does anyone have any warnings or better recommendations? I need something that will calculate staking

Is Going down the route of using an API key all safe?
Click to expand...
I tried Koinly with Kraken and Binance a few years and found that the API was fine. For Kraken it worked well, but not so good for Binance. Binance has a lot of products and tokens with rewards that are most paid daily and I had well over 8,000 transactions from memory. It probably has been improved, so worth trying.

I just keep an excel file with all of trades on it. Every time I make a trade, I record each trade and AUD/BUSD or USDT price, then update current holdings and save as a new file at the end of each month. I also have quite a few Eth and Tezos NFTs to make it more complicated. Having the data and USD and AUD average purchase price on hand is also useful. My accountant was happy with the file for both tax returns.
 

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