Crypto Bitcoin @ 10k...

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

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  1. chylld

    chylld Well-Known Member

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    You would have to have a few lugnuts loose to think this was 'investing'. The solution is to treat it as a hobby (mining) or a gamble (trading) and treat any upfront capital as money already lost. Within those boundaries you can have some fun :)
     
    Sackie, sharon, Gockie and 1 other person like this.
  2. Guest

    Guest Guest

    Rules are here: Tax treatment of crypto-currencies in Australia - specifically bitcoin

    I wouldn't think buying shares with Bitcoin would be considered 'goods and services' for the purpose of personal transactions. Also personal transactions avoiding CGT are limited to $10,000. They might not catch you, but don't count on it, lots of data matching these days...
     
  3. Blacky

    Blacky Well-Known Member

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    I fixed that for you
     
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  4. Silverson

    Silverson Well-Known Member

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    Haha yep!
    It really is just a gamble, I remember my neighbour drilling me to setup afew rigs with him to mine Bitcoin and I was so against it, I had afew of them on a hard drive with him that toasted itself, after that happened I thought no one in their right mind would invest in this (was about 2011) now every time I think of having a punt I just think of the Buffet quote and also can't help but feel this could be dot.com bust ver.2 in a way
     
  5. chylld

    chylld Well-Known Member

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    I think there was another Buffett quote that read something like "of the $x billion we have invested in the stock market, none of it is invested in bitcoin". Assuming he was talking about BRK.

    Thing is, his risk appetite and portfolio priority are going to be totally different to a young investor seeking an extra bit of growth, who has the time to correct any mistakes and no customers to appease other than themselves. Similar themes on PC with some seasoned investors recommending only the safest yield-focused stocks because that's what is most valuable at this stage of their investment journeys.

    On a side note, Litecoin and Monero rallied a bit recently, up about 12% and 18% respectively on last week. Bitcoin seems to be settling at just under $10k.
     
  6. larrylarry

    larrylarry Well-Known Member

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    Bitcoin cash is the thing now. I am hodling bitcoin and Eth atm.
     
  7. chylld

    chylld Well-Known Member

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    Yeah after Bitcoin's segwit2x hard fork was cancelled, people flocked over to Bitcoin Cash. It reached $3k at one point, but now seems to be bouncing around $1.5-2k. I bought it at $550 :)

    Just got this doodad yesterday, been having fun setting it up and getting my coins off the exchange.

    ss (2017-11-14 at 09.31.15).jpg
     
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  8. hammer

    hammer Well-Known Member

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    How do you keep up with forks if your coins are not on the exchange? Do you still get the new coins?
     
  9. chylld

    chylld Well-Known Member

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    Yes your current holding of forked coins entitles you to claim the split coin, provided you acquired the main coin before the fork. The split coins are automatically attributed to the same private key as the main coin.

    e.g. on my Ledger hardware wallet I can choose between "Main" or "Split" BCH (effectively 2 separate accounts) the former using the same keys as the BTC wallet.

    You can also use software wallets like Electrum to access the forked coins you're entitled to (assuming the wallet supports those currencies).
     
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  10. larrylarry

    larrylarry Well-Known Member

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    my coins are on coinbase...wondering if I should get a hard wallet like yours.
     
  11. hammer

    hammer Well-Known Member

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    Mine too, but waiting till Jan 1 so I can access BCH
     
  12. chylld

    chylld Well-Known Member

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    I'm still a crypto newbie... but the general advice seemed to be to use exchanges to buy coins, and then transfer them off the exchange to some form of private wallet where you hold the keys.

    A few of my friends in the same situation are anticipating a big sell-off of BCH as soon as CoinBase users get access to their BCH on Jan 1. Might re-balance my portfolio before this.
     
  13. larrylarry

    larrylarry Well-Known Member

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    I dont know why it is taking Coinbase so long. We should get new BCH in January 2018. Lots of pump and dump at the moment.
     
  14. hammer

    hammer Well-Known Member

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    The moment I get my bch Coinbase is gone. Never again.
     
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  15. larrylarry

    larrylarry Well-Known Member

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    I have signed up with coinspot and coinjar.
     
  16. hammer

    hammer Well-Known Member

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    Yup.
    An exchange can't survive without trust. I suspect that Coinbase has blown it. I'll be getting my coin out of there the second I can.
     
  17. larrylarry

    larrylarry Well-Known Member

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  18. chylld

    chylld Well-Known Member

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    Darren likes this.
  19. larrylarry

    larrylarry Well-Known Member

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    HODL both I reckon. Did you use shapeshift to convert BTC to BCH?
     
  20. chylld

    chylld Well-Known Member

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    I agree, holding both. I bought both directly from the exchange (CoinSpot) recently, well after the fork.
     

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