Non Footy Chat Thread II

[I'm a loser baby...]

Star Trek Voyager. She's not much for conversation but still impressive.

 

[I'm a loser baby...]

Just bought my first Bitcoin. Finally I feel alive!

 

[strider]

So whats the tax situation? Just like any other investments?

 

[Gronk]

So whats the tax situation? Just like any other investments?

I would think that there is no CGT bc you are just buying some currency and you are not acting as an enterprise.

 

[I'm a loser baby...]

The place I used had a reminder to remember to pay your tax, which I inferred to mean you needn't bother as it's untraceable.

 

[Gary Gutful]

Good luck trying to get it past this guy.

 

[I'm a loser baby...]

@Noise if you're sick of waiting you can open an account with Coinbase which will verify you within a few hours, then you can transfer your Bitcoin to coinspot, which allows you to buy a much larger variety of coins (although it cost me about $15 to transfer $125 worth of Bitcoin, not sure if flat fee or %) even before being verified.

 

[Noise]

@Noise if you're sick of waiting you can open an account with Coinbase which will verify you within a few hours, then you can transfer your Bitcoin to coinspot, which allows you to buy a much larger variety of coins (although it cost me about $15 to transfer $125 worth of Bitcoin, not sure if flat fee or %) even before being verified.

Legend! Do they let you transfer from Aussie banks too?

 

[I'm a loser baby...]

Legend! Do they let you transfer from Aussie banks too?

From your card yes. Other ways I believe so but takes longer. Card was instant but max $250 per day, which was fine for me.

 

[I'm a loser baby...]

I've only lost $5 so far. Best investment of my life.

 

[Gronk]

@Noise if you're sick of waiting you can open an account with Coinbase which will verify you within a few hours, then you can transfer your Bitcoin to coinspot, which allows you to buy a much larger variety of coins (although it cost me about $15 to transfer $125 worth of Bitcoin, not sure if flat fee or %) even before being verified.

I read about a few traders / sites / miners / apps (???) who were accused of manipulating the market by delaying buy / sell requests. Not sure if true, but you are essentially trading in uncharted unregulated waters with no regulation overseeing trading. Not cool when you have an urgent sell request in a falling market or trying to buy in a rising market.

No comfort like you would get with Commodity Futures Trading Commission (CFTC) in the USA or Australian Security Exchange (ASX) in Australia policing the streets. The reason why these bodies were created was to avoid shenanigans. Fun fact.

 

[I'm a loser baby...]

I read about a few traders / sites / miners / apps (???) who were accused of manipulating the market by delaying buy / sell requests. Not sure if true, but you are essentially trading in uncharted unregulated waters with no regulation overseeing trading. Not cool when you have an urgent sell request in a falling market or trying to buy in a rising market.

No comfort like you would get with Commodity Futures Trading Commission (CFTC) in the USA or Australian Security Exchange (ASX) in Australia policing the streets. The reason why these bodies were created was to avoid shenanigans. Fun fact.

I'm only doing it with play money. So far the trades (Bitcoin to other coins) have been very fast. I dunno if that changes if you increase the amount. I expect so but not sure by how much. I believe coinspot (Avengers recommendation) is legitimate but I'm also aware that we're in the Wild West here.

 

[Gronk]

Fkn harsh TBH.

 

[Poupou Escobar]

If you can't do the time don't do the crime.

 

[I'm a loser baby...]

What percentage of the profits do they keep?

 

[Chipmunk]

The place I used had a reminder to remember to pay your tax, which I inferred to mean you needn't bother as it's untraceable.

How did you pay for your bitcoin?

 

[84 Baby]

So whats the tax situation? Just like any other investments?

I would think that there is no CGT bc you are just buying some currency and you are not acting as an enterprise.

ATO have said they are going to treat them as likely CGT assets (that’ll get challenged at some point). If you use them in business, you must account for them. How they are going to trace that is anyone’s guess. Depends on type of business I guess. On personal level means when you cash in they could hit you up. They can track large or strange deposits. If you use the money to pay for personal use assets or expenses for less than $10k than it’s tax exempt. But practically you have to pay with bitcoin, not transfer to AUD then spend. Again probably will get challenged at some point

 

[84 Baby]

How did you pay for your bitcoin?

From profits

Fkn harsh TBH.

 

[Gronk]

Nah not really that cold in NYC.

Bryant Park fountain.

 

[I'm a loser baby...]

How did you pay for your bitcoin?

For the amount I've got I don't think it's an issue. And it got sent to another account anyway. I'll look at the tax implications when I become a millionaire, which should be any day now.