Cryptocurrencies.. whos in it?

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vlad01
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Re: Cryptocurrencies.. whos in it?

Post by vlad01 »

I never bothered mining since electricity costs in Vic outweigh the profitability around 30c/KWh here so its a killer.

Instead I purchased some bitcoin, moved it to a hardware wallet and sat on it. Profits were magnitudes more than mining with no capital outlay apart from the wallet.

Also have few k I trade in which currently I have in litecoin. Plan to sell that once it gets over 500 and buy ETC (Etherium classic) as those will go ASIC in the not to distant future if not already. Litecoin did the same mid last year. Once the ASIC take over the prices go up significantly.

Only regrets is not getting any late 2016 when I was seriously looking to buy a good amount but I was hung on which market place and the whole wallet thing. If I had of just done it, I would have almost a house already with the profits lol

I concur on the GPU prices, they are fucked.

The hell I'm paying 1500 for a outdated 1080 Ti
Last edited by vlad01 on Wed Jan 10, 2018 7:14 pm, edited 1 time in total.
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Re: Cryptocurrencies.. whos in it?

Post by vlad01 »

pman92 wrote:First heard about bitcoin in 2014 or 2015. Read a bit about it from time to time but never did anything. Finally bought some bitcoin in feb 2017. Turned out to be the perfect time to buy, so far have 1500% return in not even a year.

Im waiting until feb to pull some out with the capital gains tax 50% discount. Then I will simply have profits in.

Best thing I did was not invest more than I was willing to loose. Even though Its currently valued so much more I dont think I would be completely devestated if it all crashed tomorrow.

Ive changed more than half the BTC I started with into altcoins over the year. Some have done alot better, some worse. But on average the have averaged out to pretty much match bitcoins gain.

Also will have some Tezo's if the project ever launches.

Store all mine on a ledger hardware wallet

How does this capital gains tax work? for the life of me I could not find a figure, even on ATO's site.
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Re: Cryptocurrencies.. whos in it?

Post by pman92 »

https://www.ato.gov.au/General/Gen/Tax- ... y-bitcoin/

They have recently updated the ATO page.
But essentially I beleive its 35% of the profit, unless you have held for over 12 months in which case only half of that (17.5%).

The way the page used to be worded was kind of open to interpretation. It doesn't seem to really give any information now.
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Re: Cryptocurrencies.. whos in it?

Post by pman92 »

https://www.businessinsider.com.au/bitc ... 8-1-2018-1

"In addition to following the money trail, the ATO is also seeking advice on how they will tax cryptocurrency transactions and determine tax liabilities, a tax specialist told the AFR."

So I dont think they even know yet. Maybe why they took the confusing open to interpretation info off their webpage...
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Re: Cryptocurrencies.. whos in it?

Post by vlad01 »

pman92 wrote:https://www.ato.gov.au/General/Gen/Tax- ... y-bitcoin/

They have recently updated the ATO page.
But essentially I beleive its 35% of the profit, unless you have held for over 12 months in which case only half of that (17.5%).

The way the page used to be worded was kind of open to interpretation. It doesn't seem to really give any information now.

So more than 12 months or less than?
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Re: Cryptocurrencies.. whos in it?

Post by pman92 »

-Hold for less than 12 months: pay 35% of profit
-Hold for more than 12 months: pay 17.5% of profit
-Buy something less than $10,000 directly with bitcoin without converting to AUD or an altcoin first and pay no tax at all


https://www.reddit.com/r/BitcoinAUS/com ... egathread/
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Re: Cryptocurrencies.. whos in it?

Post by vlad01 »

So what happens to trading back and forth but not withdrawing any of it for more than 12 months?
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Re: Cryptocurrencies.. whos in it?

Post by The1 »

Training between coins isn't Fiat money so they wouldn't care I think. When I read it I took it as <$10k they don't care. I'd also like to know if they did investigate apart from a market how would they know the money is yours
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Re: Cryptocurrencies.. whos in it?

Post by vlad01 »

Good point, I currently trade with a pissy 3k but I do sell back to AUD and buy back in at the right times, have not done coin to coin trades yet as usually you loose out profit not waiting for the correct timing.

What I hold is a lot more though and I have done thus far no trading with it.
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Re: Cryptocurrencies.. whos in it?

Post by The1 »

That's pretty much what I have been doing, day trading and rolling the profits back in so it keeps multiplying itself, I'm just doing small fluctuation trades when I have time which is pretty safe, I only started with $500, it's fairly easy to make $50 - $100 a day on that. Eventually there maybe enough for me to skim a few k off the top now and again. The rest is long term and if it ever makes decent money I'll deal with it then lol
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