Crypto Bitcoin @ 10k...

I wonder how peoples are going to keep a track of their profits. The gov wants CGT on it.

 

Yes they do. They have a long long way to go regarding this aspect and to be honest that is what is so enticing about crypto the ability for it to be completely anonymous. How is the government going to track your gains if you dont sell on the exchanges?

Many ppl paying 0 CGT on these gains not only in AU but around the globe.

 

Whos bought into BCN? Flying now. LOL

Giddy up!!! Easy $10k-$20k to be made on this one. Long term also great potential.

 

Shame coin spot does not allow to deposit funds.

 

Other ways to get money in there. Do you have BTC Markets or Coin Loft? I just bought $5k worth of BTC and I am transferring that into Coinspot as we speak so I can buy some other alternate coins.

 

Thank you but wouldn't need it i guess as I just discovered this in coin spot.

'Please note: AUD Deposits have been suspended for our customers. However, due to your patience throughout the verification process, customers will be able to deposit up to $1,000 until we can re-enable AUD deposit'

Not sure if I am missing anything here where it says it has been suspended but again says can deposit up to $1000. Anyways it serves my purpose. Will be doing a small BPay transfer..

 

If you haven't sold you haven't gained - so no CGT. The gain isn't really a gain unless some coin was sold anyway. I was talking more of people who have made considerable monies (by buying low and selling high). Hopefully the exchanges are able to provide a statement before tax time.

 

I dont think you understand. Who says you need to sell on exchanges to turn the coins into real money? Common mate what is the fundamental driver for crypto? To get around the fact that banks control 99% of all finances. People are tired of it. Banks making billions and billions per quarter.

This is why its such a sensitive topic. The more cryptos get adopted the more control the global financial institutions lose especially the coins based upon privacy.

 

I have a deposit pending into BTC Markets, and have just been verified with Coinspot. Should be fun.

Is it as simple as buying Bitcoin within BTC markets, transferring across to Coinspot account and then buying a few alts to hold?

 

Yup.

 

I feel we might need to repeat the basics here: NEVER LEAVE YOUR COINS ON AN EXCHANGE! once you have made your trade get them out to your own wallet.
Leaving them in the exchange is like leaving a bundle of cash for someone to safekeep. You have no way of getting your coins back is the exchange disappears overnight or gets hacked. It has happened countless times and continues to happen.

 

+100. Ledger/Exodus/paper...

 

The cheapest way is to buy ethereum on BTCmarkets and transfer to Binance or Bittrex to buy alts (Etherum has lower fees, quicker confirm times than bitcoin at the moment)
Another cheap option is to buy using Coinbase (Low $250 limits and 3% fee but you get the much better price of USA exchanges), transfer to GDAX (same company - free transfers) and then to Binance or Bittrex.
Coinspot is way too expensive

 

While this makes sense, the downside to it is there are transfer fees. Unless you hold a big amount of coin, it's really not worth it sometimes.
If I had $50k of coin, sure.. but not $1500 worth.
Transfer fee out, transfer fee in.

 

I am not sure you realise that unless you own your private key you don’t actually own the coins.
Proceed at your own risk and accept that it could be gone any instant. Many MtGox users would be beating themselves up about leaving their coins in the exchange right now.

 

I completely understand that. Hence my comment on the AMOUNT of coin. The transfer fee is static, not a percentage.
$1500 is what I was willing to risk in crypto, so no point me sending it to a wallet, paying fees, holding, then paying fees to send it back.
IF the exchange/broker holding the wallets disappeared (unlikely) then sure I lose out.
If it doesn't disappear (most likely), then I would have wasted my coins to fees (I lose out).
Not doing anything will likely result in a no loss scenario.
It all depends on your risk tolerance. That $1500 I put in, was immediately 'dead to me'. I'll hold and check again in a year.

 

@eletronic_exp0430 Out of interest, where do you find your info regarding SAFEX updates?
There's so much junk out there when it comes to 'crypto news'.
I'd be intrigued to read more about the challenges and potential upside of these coins.
I currently have some play money on it's way into Trade Satoshi.

 

Sure, as long as you know what you are risking, that's up to you.
Just bear in mind that someone who would have applied that same mindset back in 2013 and left their coins in MtGox (perceived safe and worry free back then), would today not only be sitting on a loss of $1500 from their original investment, but rather a $30K-$50K loss today with Bitcoin's appreciation.That is an expensive price to pay to save on fees!
Also the exchange does not need to disappear for you to lose your funds, they can simply be hacked.
Depending on what crypto you are holding, the transfer fees can be minuscule.
But yeah, anyway as long as you know you don't have control of your coins on the exchange, it's up to you to run the risk

 

Remember however that this is the unregulated wild west. Crypto exchanges are unregulated and hacks resulting in theft of crypto occurs not uncommonly (it's the 21st century version of the stagecoach or bank hold up - thieves will go where the moolah is and exchanges are a juicy target), crypto transactions (including thefts) can't be reversed and there's definitely no government deposit guarantee.
In this sort of environment - not having the private keys to your crypto is a definite risk.
I find avoiding bitcoin and transacting in much lower fee crypto (Etherum, Litecoin, Dash, etc) is much better in lower transfer fees and faster confirmation times.

 

I got safex too.. keeping a keen eye on it. Reckon it will make me some good coin in the long run.
I read latest news generally off the forum and the community run 'safex news'

FORUM:
Safe Exchange Forum

NEWS:
Safex News - The World's First Community Safex News Network