Crypto Bitcoin @ 10k...

Discussion in 'Other Asset Classes' started by hammer, 3rd Nov, 2017.

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  1. hammer

    hammer Well-Known Member

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    Holy Moly....

    upload_2017-11-3_11-47-4.png

    Tulips anyone?

    Is this starting to get to the point where it could put a dent in the economy?
     
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  2. chylld

    chylld Well-Known Member

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    BTC market cap currently $153b, seems large enough to do so.

    Bitcoin isn't the only coin doing well; $30k invested in Ethereum at the beginning of the year would be worth $1m now.

    Interesting to watch, hard to call an investment (I see it as gambling) but there are definitely people out there achieving things in crypto currency that take decades of blood sweat and tears the 'traditional' way.
     
  3. chylld

    chylld Well-Known Member

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    As I type this...

    ss (2017-11-03 at 01.36.15).png
     
  4. zed_kid

    zed_kid Well-Known Member

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    Is it easy to cash out of BTC? Or is it like online poker where its shady as when it comes time to cash out?
     
  5. Propagate

    Propagate Well-Known Member

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    Spewing.... I bought 4 BTC years ago for about $80 each. I had no idea how the wallets etc worked and before I could get them offline onto a paper wallet the exchange went tits up (Mt Gox.). That would have been the east $40k I'd ever see.

    I'd read heaps of speculation sites about there being no real potential upside cap, like the very real possibility of these things being worth a million bucks a piece once the mining stops and no more coins are created, so I bought in again as a "gamble". Bought 1 single BTC for $500 and have it sat in a safe place waiting for the day I can retire on it ;-)
     
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  6. chylld

    chylld Well-Known Member

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    Seems easy enough, though I've never tried selling before... CoinSpot just converts your BTC to AUD (2-3% fee) at the current market rate, and then you can withdraw AUD via EFT for free. Other exchanges work differently I think.
     
  7. hammer

    hammer Well-Known Member

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    The price doesn't tell the whole story either. All the recent forks have provided around a 10 percent bonus as well...
     
  8. chylld

    chylld Well-Known Member

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    I don't really understand forks, but they seem to be a good thing. Received an email from Independent Reserve about the upcoming Segwit2x fork which warned of some instability, but I don't intend to trade around this time so I'll sit back and relax...
     
  9. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Pretty sure you can trade it via CFD's.
     
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  10. Ouchmyknees

    Ouchmyknees Well-Known Member

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  11. hammer

    hammer Well-Known Member

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    Yup Speculate on the speculative! With LEVERAGE! That'd be nuts! No one would EVER do that!

    .....right?


    ..........

    Oh boy....

    Plus500 | Cryptocurrencies | Bitcoin | BTCUSD
     
  12. chylld

    chylld Well-Known Member

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    Yep checked with my accountant before I started dabbling. Also, if you "invest" from a borrowing the interest incurred is deducted from the capital gain when calculating CGT. The interest isn't deductible on an ongoing basis however (like it would be with income-producing assets.)

    (If what I said sounds wrong, please correct me - I'm all ears)
     
  13. Ouchmyknees

    Ouchmyknees Well-Known Member

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    Interesting. I think this depends on how ATO classify bitcoin, as a currency or as an investment. If the later the interest should be deductible.
     
  14. larrylarry

    larrylarry Well-Known Member

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    The november fork is coming...
     
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  15. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    They classify it as a barter arrangement with exchange of rights. Depending on the party the gain or loss may be revenue or capital account however their ppaer on such products oversimplifies that view and says CGT...But if you trade bitcoin you may hold them on revenue NOT CGT account.

    The ATO’s view is that Bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes

    Tax treatment of crypto-currencies in Australia - specifically bitcoin
     
  16. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Haha - you can actually control risk to a much greater extent with CFD's via guaranteed stops. Not sure if they're available on bitcoin, but in theory, CFD's aren't as horrendous as they're cracked up to be in the hands of someone who knows how to use them to their advantage.
     
  17. chylld

    chylld Well-Known Member

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  18. KinG3o0o

    KinG3o0o Well-Known Member

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    btw i have 15 bitcoins. anyone can tell me how i convert bitcoin to cash in australia ? there is no legit way of converting bitcoin to cash without going via the stock market style. which means i am trusting some dude(exchange) with $150k aud lolx.
     
    Last edited: 3rd Nov, 2017
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  19. hammer

    hammer Well-Known Member

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    Coinspot.com.au
     
  20. KinG3o0o

    KinG3o0o Well-Known Member

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    @5k limit per order.. i will create 30 orders.. highly inefficient for a super high tech currency -.-.