Crypto $$$ - Page 3

snap0964 · 23-12-2017, 08:17 PM

Quote:

Originally Posted by Iggle Piggle

Do you have to pay tax on crypto earnings like you would on earnings from ASX?

Quote:

Originally Posted by data_mine

the ATO website has guidance on it. best to speak to an accountant though.

A bit of light reading, just as a heads up for the Tax consideration.
https://www.ato.gov.au/General/Gen/T...cally-bitcoin/
https://community.ato.gov.au/t5/Gene...tcoin/td-p/980
Rough general rule of thumb is same for most investments, sell under 12 mths, declared as income after expenses taken out. Sell after 12 mths, classed as a capital gain, so you only have to declare half, after expenses taken out.
Interesting that after 01Jul17, no GST on crypto transactions - nice PITA to not deal with at the moment.

**aussiblue** · 21-12-2017, 12:49 AM

http://www.bbc.com/news/technology-42425857

Quote:

Bitcoin Cash deals frozen as insider trading is probed

One of the US's leading crypto-currency exchanges is carrying out an insider trading investigation. Coinbase fears its own workers may have exploited its move into Bitcoin Cash - a spin-off of the original Bitcoin. The San Francisco-based firm announced the move after Bitcoin Cash's price jumped. Coinbase began letting its users buy, sell, send and receive Bitcoin Cash on Tuesday in a surprise decision but has temporarily suspended trade. The company's chief executive intervened after several market watchers posted allegations of illegal activity on social media sites.

Brian Armstrong responded that he had repeatedly warned his staff not to disclose its launch plans to family or friends or to trade in the digital asset themselves.

"It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement," he wrote on the news site Medium. "If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action."

Bitcoin Cash - which is no more tangible than Bitcoin itself - came into being in August after several developers became frustrated at lengthening transaction times for the original crypto-currency. Bitcoin Cash addressed this problem by tweaking the underlying technology - the blockchain - to allow bigger chunks of data to be processed at a time.

Although there have been other Bitcoin splits before, this "fork" was unusual in that everyone who owned the original virtual currency was offered a matching sum of Bitcoin Cash. This effectively created money out of nothing. However, many exchanges, including Coinbase, initially refused to support the innovation, casting doubt on its prospects.

Price surge
Claims of insider dealing were not the only hitch that Coinbase experienced when it finally added support for the new asset. Trade of Bitcoin Cash was frozen just four minutes after it began on the firm's Global Digital Asset Exchange (Gdax) and existing orders were cancelled. The move seems to have been a reaction to an apparent price surge in Bitcoin Cash on the platform beyond its already elevated level elsewhere. When Coinbase launched Bitcoin Cash at 17:20 PST (01:20 BST) it was valued at about $3,500 (£2,612) per coin. At the time it suspended it, the company was quoting a price of about $8,500. It remains unclear whether or not this was a software glitch or if deals were really being made at this level. Coinbase has yet to give a full explanation but has said that it intends to reopen Bitcoin Cash order books later on Wednesday.

Bitcoin Cash is currently the world's third biggest crypto-currency with a total market capitalisation of about $59bn, according to Coinmarketcap. That compares with there being $77bn worth of Ethereum and $282bn worth of the original Bitcoin.

Outbackjack · 21-12-2017, 11:12 AM

It would seem that the predicted drop in value for bitcoin MAY have started. It has in the past bounced back after dips like this but that was always from a lower level. Can only be good for ripple. I feel very sorry for people that have sold their house etc to fund bitcoin purchases. But then again that would never be a smart decision to make.

**data_mine** · 21-12-2017, 12:31 PM

bitcoin has dropped many times before, and has so far without fail risen to new highs.

heck, this drop isn't even all that big (as a % of value), being about 10-15% drop (depending on exchange and fiat you compare to), previous drops have been 50%+.

It'll bounce back, I've no worry about that.

Only the skittish will lose out.

Lunch · 21-12-2017, 12:55 PM

Apparently bitcoins creator very recently cashed out, saying it was too risky, I’m sure he’ll be comfortable

**data_mine** · 21-12-2017, 02:47 PM

Quote:

Originally Posted by Lunch

Apparently bitcoins creator very recently cashed out, saying it was too risky, I’m sure he’ll be comfortable

Not the creator of bitcoin - no one know who that is, it was made under a pseudonym.

Bit the creator of a website talking about bitcoins. So hardly a big deal, but people blow it out of proportion.

Quote:

Originally Posted by Iggle Piggle

Do the stock traders also play with crypto these days, or do they think themselves 'above' it all or don't understand it enough to be involved? With some of the major swings it looks like there is potential for big gains (which I would have thought would have attracted them), but then that also means there is potential for massive losses.

A bit of all three, some trading firms allow it and actively participate, some explicitly ban it, others have no clue.

Iggle Piggle · 21-12-2017, 01:35 PM

Crypto sure is a lot different to the stock exchanges if that stuff is common and accepted - can you imagine the meltdown if a stock exchange was to drop 10-15%, let alone 50%?

Do the stock traders also play with crypto these days, or do they think themselves 'above' it all or don't understand it enough to be involved? With some of the major swings it looks like there is potential for big gains (which I would have thought would have attracted them), but then that also means there is potential for massive losses.

I decided to have a half-hearted shot at it, but nothing like the guys right into it in terms of amount invested and day-trading or minute trading. Took the wise advice earlier in this thread to only gamble what I am willing and able to lose...set up an account on BTC Market, grabbed 350 ripple at $1.03 AUD early this week, and will just hang on to it and simply check in monthly throughout next year to see where it is at and if anything has happened.

That's as far as I will ever go - no trading in and out of crypto on regular basis, no buying more of what I have. Only thing I will do from here (also suggested earlier) is, if it were to take off, sell enough to cover what I have invested.

If it turns to crap then all I have done is lost less than what I would spend across a Clipsal weekend...if it stays roughly where it is then I lose very little or lose nothing.

**GO FURTHER** · 21-12-2017, 01:44 PM

Quote:

Originally Posted by Iggle Piggle

Crypto sure is a lot different to the stock exchanges if that stuff is common and accepted - can you imagine the meltdown if a stock exchange was to drop 10-15%, let alone 50%?

Do the stock traders also play with crypto these days, or do they think themselves 'above' it all or don't understand it enough to be involved? With some of the major swings it looks like there is potential for big gains (which I would have thought would have attracted them), but then that also means there is potential for massive losses.

I decided to have a half-hearted shot at it, but nothing like the guys right into it in terms of amount invested and day-trading or minute trading. Took the wise advice earlier in this thread to only gamble what I am willing and able to lose...set up an account on BTC Market, grabbed 350 ripple at $1.03 AUD early this week, and will just hang on to it and simply check in monthly throughout next year to see where it is at and if anything has happened.

That's as far as I will ever go - no trading in and out of crypto on regular basis, no buying more of what I have. Only thing I will do from here (also suggested earlier) is, if it were to take off, sell enough to cover what I have invested.

If it turns to crap then all I have done is lost less than what I would spend across a Clipsal weekend...if it stays roughly where it is then I lose very little or lose nothing.

Yes, Bitcoin was just been accepted into the futures market by some Exchanges.
However, the problem with Bitcoin & altcoins is there is no formal control in place unlike share trading where everything is above board and regulated.

**PHATAL** · 21-12-2017, 01:44 PM

If I ever get approved I will be doing the same.

Sent from my SM-G935F using Tapatalk

Iggle Piggle · 21-12-2017, 01:55 PM

Weird reading about people taking so long to get approved. I entered basic details (email and password) then did a spam-bot thing where I had to pick squares that had vehicles in them.

Passed that, got sent an email to validate. Clicked the link to validate and it took me to a page to enter my personal details (name, date of birth, address, phone) then a further page for further validation. Entered only my SA driver's licence, was formally validated within 10 seconds and account created.

Deposited $400 into BTC Market account using POLi from my Bankwest account, which required entering a code sent to me via SMS...it took about 2-3 minutes for it to hit my BTC Market account.

Then I grabbed some Ripples. All up it took between 10-15 minutes from no account at all to an account with ripples in it.

**GO FURTHER** · 21-12-2017, 02:19 PM

There is a saying that once an investment opportunity such as a new technology goes mainstream and your grandfather understands and adopts it... The gold rush days and high returns are all but over.

It's like those that had the foresight to invest in the early days of Apple and Microsoft shares... 20 years later, those early adopters made a fortune, but much harder to see fast gains today.

Remember this 20 second scene from Forest Gump

Here's the thing with Bitcoin... Most keen investors would like to double their money before jumping ship..... The get rich quick types.
At the current price at circa AUD$21,000.... What are now the chances of it doubling to $42,000?

Maybe it will, maybe it won't, but in comparison to buying an upcoming altcoin like Ripple at only AUD$1 and early days, you are getting in at the ground floor level like backing Apple in the 80's.

There is far greater chance and probability that Ripple will easily double to $2 in the near future.

malazn mafia · 22-12-2017, 04:54 PM

Quote:

Originally Posted by Iggle Piggle

Weird reading about people taking so long to get approved. I entered basic details (email and password) then did a spam-bot thing where I had to pick squares that had vehicles in them.

Passed that, got sent an email to validate. Clicked the link to validate and it took me to a page to enter my personal details (name, date of birth, address, phone) then a further page for further validation. Entered only my SA driver's licence, was formally validated within 10 seconds and account created.

Deposited $400 into BTC Market account using POLi from my Bankwest account, which required entering a code sent to me via SMS...it took about 2-3 minutes for it to hit my BTC Market account.

Then I grabbed some Ripples. All up it took between 10-15 minutes from no account at all to an account with ripples in it.

Did you have to do the retarded selfie verification?

ford71V8 · 22-12-2017, 05:53 PM

Quote:

Originally Posted by malazn mafia

Did you have to do the retarded selfie verification?

He's post says he only entered in his SA license number, which is the only verification I needed to enter also

NTF6 · 22-12-2017, 06:03 PM

Quote:

Originally Posted by ford71V8

He's post says he only entered in his SA license number, which is the only verification I needed to enter also

I did drivers licence as well, it created my account but then said a letter with a validation code had been sent.

Sent from my iPad using Tapatalk

**PHATAL** · 22-12-2017, 06:04 PM

Quote:

Originally Posted by NTF6

I did drivers licence as well, it created my account but then said a letter with a validation code had been sent.

Sent from my iPad using Tapatalk

That hapoened to me on the first attempt.

Sent from my SM-G935F using Tapatalk

Iggle Piggle · 22-12-2017, 06:48 PM

Quote:

Originally Posted by malazn mafia

Did you have to do the retarded selfie verification?

Nope, just SA licence number (but I do look retarded in my licence photo).

There is another site I lookeed at - CoinSpot - that does ask for stupid photo of you holding sign, so did not go with them.

Even though I have bugger all compared to the real 'ballers', I'm considering name change to Ripple Piggle

Iggle Piggle · 21-12-2017, 02:27 PM

I did some solid research...Ripple's icon looks like my kid's fidget spinners, and it is the only one I can afford given I only ever plan on playing with a few hungy.

Like I said: SOLID research!

Iggle Piggle · 21-12-2017, 02:57 PM

Go to admit my previous flippant comment re my research was a joke.

Read up a little bit on Ripple and found what is possibly the good (intent/purpose for settlements and transactions, partnerships with AMEX, etc); the rumours (maybe being added to Coinbase, the pending announcement with two big companies one of which could be Amazon); and the possibly bad (their infrastructure could be adopted by financial institutions and used without Ripple's currency).

Then I accepted all that research is stuff I read on the net.

With the amount I am playing with I am not looking to do this for a living, not expecting to retire off it, and not going to hurt if I do my nuts on it...but still read up a bit anyway (enough to learn that what I intend to do is HODL).

**GO FURTHER** · 21-12-2017, 03:32 PM

Quote:

Originally Posted by Iggle Piggle

With the amount I am playing with I am not looking to do this for a living, not expecting to retire off it, and not going to hurt if I do my nuts on it...but still read up a bit anyway (enough to learn that what I intend to do is HODL).

If you invest say $10 a week ($520 a year) in Tattslotto, Powerball or the Pokies etc

Take that play money you are prepared to gamble and put it into Altcoins instead.

At the end of the year... You might well find you are well infront.

Outbackjack · 21-12-2017, 03:26 PM

Todays numbers show how volatile crypto's are. Ripple up 12.6% over the last 24 hours and still looks to be running. It will drop back but if I was serious trader I would be selling about now and hoping for a drop to re-invest.

Iggle Piggle · 21-12-2017, 03:55 PM

Quote:

Originally Posted by Outbackjack

Todays numbers show how volatile crypto's are. Ripple up 12.6% over the last 24 hours and still looks to be running. It will drop back but if I was serious trader I would be selling about now and hoping for a drop to re-invest.

Wow, I know with this stuff that gains can and often do go as fast as they come, but you made me look and DAMN! Got in only 3 days ago at $1.03, currently showing $1.24.

Just approve Phatal already you bastards.

**PHATAL** · 21-12-2017, 04:41 PM

Quote:

Originally Posted by Iggle Piggle

Wow, I know with this stuff that gains can and often do go as fast as they come, but you made me look and DAMN! Got in only 3 days ago at $1.03, currently showing $1.24.

Just approve Phatal already you bastards.

I wonder if it is because I used a gmail email account? Maybe it is viewed as dodgy. Might try another account and see what happens. Probably get two letters....

**data_mine** · 21-12-2017, 03:49 PM

and you have more of a say in what your investment will do than what the lotto balls, dogs or one armed bandit will do.

**PHATAL** · 21-12-2017, 03:50 PM

Ripple was back to $1.01 this morning now smashing $1.24.

So frustrating to watch whilst I wait for a letter.

Sent from my SM-G935F using Tapatalk

Outbackjack · 21-12-2017, 03:57 PM

Quote:

Originally Posted by PHATAL

Ripple was back to $1.01 this morning now smashing $1.24.

So frustrating to watch whilst I wait for a letter.

Sent from my SM-G935F using Tapatalk

Frustrating indeed.

Outbackjack · 21-12-2017, 04:01 PM

The CEO of ripple is making an announcement tomorrow our time. I dont know what it will be but my guess the current run is speculation of something good. When good announcement is made the run will step up possibly.

Sioso · 21-12-2017, 08:08 PM

Quote:

Originally Posted by Outbackjack

The CEO of ripple is making an announcement tomorrow our time. I dont know what it will be but my guess the current run is speculation of something good. When good announcement is made the run will step up possibly.

Where did you get that info?
I've subscribed to their updates but want to know where else I should be looking.
Thanks

Outbackjack · 21-12-2017, 08:46 PM

Quote:

Originally Posted by Sioso

Where did you get that info?
I've subscribed to their updates but want to know where else I should be looking.
Thanks

Youtube... also there are facebook groups...

Sioso · 21-12-2017, 09:25 PM

Quote:

Originally Posted by Outbackjack

Youtube... also there are facebook groups...

Thanks, I don't do Facebook but I've been searching tonight for any useful info I could find.

I did see some anonymous buyer purchased 900 million XRP on 16/12/17 at a cost of $700 million USD!
I'm guessing someone willing to invest that much into Ripple has a good idea of where its headed...........Let's hope so.

**GO FURTHER** · 21-12-2017, 09:40 PM

Quote:

Originally Posted by Sioso

Thanks, I don't do Facebook but I've been searching tonight for any useful info I could find.

I did see some anonymous buyer purchased 900 million XRP on 16/12/17 at a cost of $700 million USD!
I'm guessing someone willing to invest that much into Ripple has a good idea of where its headed...........Let's hope so.

As they say... Money makes money.

Woudn't it be nice to have such a large pot to play with.
He only needs to see XRP rise by 10% and he's made US$70 million !

Even 1% is a cool $7 million profit.