Bitcoin Thread

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L10Yn said:
It's not really breaking the law if you don't actually convert it from crypto to fiat though and buy something with crypto, is it? I guess in this case it does actually do the conversion first.
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Good question - maybe someone that is more tax-savvy can enlighten us.
 
Swa said:
Incorrect. You still have to pay tax.
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Thor said:
You KYC'ed so tax will be paid.
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If I deposit ETH into their service and withdraw fiat locally from an ATM - how does SARS know about it?
They surely don't provide details of all transactions to the respective government tax authorities?

Or does every ATM withdrawal need to have a corresponding tax-trail?
What?
 
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SaiyanZ said:
Crypto seems to get more boring every week. Sideways for days.
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Market seems tired.
Sideways is boring but good to end the volatility.
If this is the bottom I'd be happy to sit through another week or two of this. Not sure that it is the bottom yet tho.
 
L10Yn said:
It's not really breaking the law if you don't actually convert it from crypto to fiat though and buy something with crypto, is it? I guess in this case it does actually do the conversion first.
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balrog said:
Good question - maybe someone that is more tax-savvy can enlighten us.
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SARS expect you to declare gifts at cash value, so I don't see why this would be any different. Point is it has value.
 
saor said:
If I deposit ETH into their service and withdraw fiat locally from an ATM - how does SARS know about it?
They surely don't provide details of all transactions to the respective government tax authorities?

Or does every ATM withdrawal need to have a corresponding tax-trail?
What?
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Right. No way they would know.
 
And both BTC tanks and the Rand strengthens...
 
L10Yn said:
It's not really breaking the law if you don't actually convert it from crypto to fiat though and buy something with crypto, is it? I guess in this case it does actually do the conversion first.
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balrog said:
Good question - maybe someone that is more tax-savvy can enlighten us.
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Shapeshifting counts as a disposal of crypto A and purchase of crypto B. It's just like exchanging shares in company A for shares in company B.

No idea where this odd idea comes from that this is somehow different.

Whether gov can enforce / detect that...well.
 
Again the price is retesting the lowest it's been this year - around $5880.
Next few days might give some indication as to whether this is the bottom (for now) or if it's still going down.

TEST.png
 
Swa said:
And both BTC tanks and the Rand strengthens...
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The Rand movement is not really affecting the BTC Luno price as much as expected though. When we went from R13.40 to R13.90 this week there wasn't a corresponding increase in the Luno price. Think it's because the Dollar is strengthening instead of the Rand weakening. So whilst a lot of BTC in the world is traded with Dollars, a large portion of it is not.

If the Rand were to move on its own then we should see the full impact hitting the Luno price.
 
Had to throw the short term $6600 target out the window with this last move down below $6000. $6400 looks more likely with this new fractal. Shorts are going up again so there is more chance of a squeeze now.

Vj2fisL3
 
Shorts have moved up nicely today so primed for a squeeze. About 4000 new contracts were opened in the last 24 hours after the price dropped to $5900. Amazing how people are eager to short after the price drops.

swB5ROuh


Edit: Squeeze just happened like the last time.

https://www.tradingview.com/chart/BTCUSD/dJxkpJwE-Possible-fractal-to-6400/

That worked out well. Target hit. Will wait to see what happens here for half a day or so.

5CAsxowL
 
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If daily price closes above this line...could possibly be the end of this channel.

CLOSE.png
 
saor said:
If daily price closes above this line...could possibly be the end of this channel.
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Looks like it's consolidating above for now. Though I expect some sideways now for a couple days whilst moving in the $6300 to $6600 range. That's just looking at which areas were retested after we broke out big in April.

gEPgGTCz



I took profit now from my buys at R87k a week ago. Reason is because I expect sideways and the price is holding a bit high right now because of initial FOMO. So there should be time to buy again. It also looked very weak a few days ago so I'd rather play a bit safe.
 
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SaiyanZ said:
I took profit now from my buys at R87k a week ago. Reason is because I expect sideways and the price is holding a bit high right now because of initial FOMO. So there should be time to buy again. It also looked very weak a few days ago so I'd rather play a bit safe.
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Yeah, possibly just wedge downwards for a while.
Be interesting to see if the price holds in this range.

wedge2.png
 
I think the key for a move up in the short term is holding above $6300 and getting a bit further away from it. Breaking it can trigger some selling and another downwards move.

dEFmBj3m
 
Bitcoin’s meteoric rise last year had many observers calling it one of the biggest speculative manias in history. The cryptocurrency’s 2018 crash may help cement its place in the bubble record books.

Down 70 percent from its December high after sliding for a fourth straight day on Friday, Bitcoin is getting ever-closer to matching the Nasdaq Composite Index’s 78 percent peak-to-trough plunge after the U.S. dot-com bubble burst. Hundreds of other virtual coins have all but gone to zero

Bitcoin declined as much as 4.2 percent to $5,791.19 on Friday, the lowest level since November, according to Bloomberg composite prices. It traded at $5,894 as of 6:22 a.m. in New York, down 59 percent for the year and heading for a second-quarter loss of 14 percent. Other coins including Ether and Litecoin also slumped, while the combined value of tokens tracked by CoinMarketCap.com declined to $236 billion. At the peak of crypto-mania, they were worth about $830 billion.

While it was difficult to find fresh catalysts for Bitcoin’s drop on Friday, hacks at two South Korean exchanges and a regulatory clampdown in Japan have weighed on sentiment in recent weeks. Regulators around the world have stepped up scrutiny of cryptocurrencies on concern that they’re a breeding ground for illicit activity including money laundering, market manipulation and fraud.

Lesser-known tokens have been hit the hardest. Dead Coins lists around 800 that are effectively worth nothing, while Coinopsy puts the tally at more than 1,000. Fewer than 4 percent of initial coin offerings raising from $50 million to $100 million were successful or promising, according to a March analysis from ICO advisory firm Satis Group.

Bitcoin may not go to zero, but it’s “very much” a bubble, Robert Shiller, the Nobel laureate economist whose warnings about dot-com mania proved prescient, said in an interview with Bloomberg Television’s Tom Keene on Tuesday. Last year’s Bitcoin surge was “not a rational response,” he said.
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Full article at https://mybroadband.co.za/news/cryptocurrency/266551-bitcoin-bloodbath-many-coins-drop-to-zero.html?
 
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