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Non Footy Chat Thread II

hindy111

Immortal
Messages
41,694
On October 9 I posted this.

The price today is $0.00005388. A 35% gain.

Did anyone listen?

Nobody seems to give a f**k. Most are busy worrying about other shit. I'm not in a position to have another worry to add to my list at this point. Perhaps one day.
 

hindy111

Immortal
Messages
41,694
I put all my money on black at the casino and got a 100% gain. Probably should've told you guys in advance.

I've seen Mik walk into Casino and lay 50 on red and get up then lay 100 on red get up the 200 on black and get up. By end of night he is broke and drunk.
 

emjaycee

Coach
Messages
10,393
On October 9 I posted this.

The price today is $0.00005388. A 35% gain.

Did anyone listen?
How do I take my money back out?
I am looking at a wallet like Coinspot to put some spare $ into and to buy and sell crypto for some fun, but I might want my money back someday. Is it easy to cash out?
 

Gary Gutful

Immortal
Messages
43,267
How do I take my money back out?
Season 9 Lol GIF by The Office
 

strider

Post Whore
Messages
72,493
Very. It’s linked to your bank account.
Selling is just the simple opposite of buying.

The potentially difficult bit comes at tax time. You need to calculate CGT. If your buys/sells are extremely simple then its likely not a problem, but when you do many buys n sells it can get a bit complex. There are online sites to help and a tax person who has knowledge might be useful if your transactions are more complex.

And australian exchanges DO report your crypto dealings to the ATO, so dont think you can get away with not declaring it.
 

hindy111

Immortal
Messages
41,694
Selling is just the simple opposite of buying.

The potentially difficult bit comes at tax time. You need to calculate CGT. If your buys/sells are extremely simple then its likely not a problem, but when you do many buys n sells it can get a bit complex. There are online sites to help and a tax person who has knowledge might be useful if your transactions are more complex

What if you just pocket it would anyone know?
 

Gronk

Moderator
Staff member
Messages
61,270
Selling is just the simple opposite of buying.

The potentially difficult bit comes at tax time. You need to calculate CGT. If your buys/sells are extremely simple then its likely not a problem, but when you do many buys n sells it can get a bit complex. There are online sites to help and a tax person who has knowledge might be useful if your transactions are more complex.

And australian exchanges DO report your crypto dealings to the ATO, so dont think you can get away with not declaring it.
Which makes me question (again) the benefits of crypto trading. If you are in a top tax bracket you're getting slugged 40-45%.

So a tip might be to put your bitcoin in a trust and distribute profits to your student children's names to take advantage of tax free thresholds.

YRMV
 

strider

Post Whore
Messages
72,493
You got analed by the tax man
no - I read about CGT before hand and knew it was a thing .... I had hardly any last financial year.

however ... people should be aware of it - and realise it is going to be a thing if your crypto investment skyrockets and you decide to cash it in.

CGT has rules that if you keep it for more then 12 months you get a 50% reduction ..... thats cool if you wanna buy and hold for a long time. But you then also have to have an understanding of how crypto markets work and realise that there is an extremely good chance it will have large "corrections/pull backs" .... so if you are going to hold for a long time, make sure you have the nerve to watch all your profit dissappear and trust it will come back better many months from when it pulls back
 

strider

Post Whore
Messages
72,493
if you wanna do crypto then this is a helpful page to have a read of to understand tax implications

it is from koinly, a site that helps calculate your capital gain (for a small fee of course)

 

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