Bitcoin Thread

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phly said:
Paranoia is not even the issue. Just trying to find out what the average joe would turn to as a secure trustworthy wallet that will not only store their beloved crypto but support a variety of them too. None of them sound foolproof. Hardware can be lost, mobile ones can be malware ridden and paper ones... well the dog could eat that too as they commonly do with homework.
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Coinomi is a pretty good and trustworthy option. For security redundancy is the key. A paper backup is almost essential. A good option would be to write the seed on random pages in some books. Not apparent at a glance and should be pretty durable and provide means of tamper detection.
 
What trickery is this? I just noticed you can't deposit or withdraw alts from Valr. There is only a withdraw option but it's greyed out in any case.
 
Anyone have a link to the tax requirements for Crypto trading? I have seen it here somewhere, I just can't find it right now,
Thanks!
 
could hit 60k before our next dawn...
its going so virtical there's no point trying to buy and sell....hold on to your space suits...
btc60k1.jpg
 
Anyone know the answer to this: Under SARB's regulations, if I purchase BTC on Luno and then move it to my crypto wallet, does this form part of my foreign allowance? If not, at what point does it form part of the allowance?
 
chopsky said:
Anyone know the answer to this: Under SARB's regulations, if I purchase BTC on Luno and then move it to my crypto wallet, does this form part of my foreign allowance? If not, at what point does it form part of the allowance?
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Nope. BTC is treated as an asset, not a currency.
 
Swa said:
Nope. BTC is treated as an asset, not a currency.
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Irrelevant. Per SARB's website:

"Individuals may purchase crypto assets from abroad using their single discretionary allowance of up to R1 million and/or their individual foreign capital allowance of up to R10 million with a tax clearance certificate per calendar year."

Back to my Q, if I buy on Luno, which I do not believe is considered "purchasing crypto assets from abroad", and then move it to a wallet, does this constitute part of my allowance?

Thanks
 
chopsky said:
Irrelevant. Per SARB's website:

"Individuals may purchase crypto assets from abroad using their single discretionary allowance of up to R1 million and/or their individual foreign capital allowance of up to R10 million with a tax clearance certificate per calendar year."

Back to my Q, if I buy on Luno, which I do not believe is considered "purchasing crypto assets from abroad", and then move it to a wallet, does this constitute part of my allowance?

Thanks
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No you're buying from SA individuals. When you purchase on an international exchange you're doing a foreign transaction in foreign currency.
 
Watch for dump incoming shortly, maybe... could be a nice 52/53k'er long entry
 
Swa said:
No you're buying from SA individuals. When you purchase on an international exchange you're doing a foreign transaction in foreign currency.
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Right, but that still doesn't answer the rest of my question, re transferring to a wallet. Otherwise what is to stop people bypassing the SARB foreign allowance by purchasing on Luno, transferring to a wallet and taking their money overseas with them. Or is the answer, absolutely nothing?
 
chopsky said:
Right, but that still doesn't answer the rest of my question, re transferring to a wallet. Otherwise what is to stop people bypassing the SARB foreign allowance by purchasing on Luno, transferring to a wallet and taking their money overseas with them. Or is the answer, absolutely nothing?
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There's nothing stopping that. Technically a wallet is nothing, just information. When you transfer to a wallet and to an international exchange you are just transferring a digital asset. You can resell that asset just like when you buy a physical one and send it overseas and sell it to someone.
 
Thanks for the replies. A follow up dumb question then please...

If you don't hold sufficient enough to justify hardware backups. If Altcointrader is the smaller one then and Luno is the "safer" one, I presume it is not possible to transfer your coins (percentage of haha) from Altc to Luno for example?
 
Jackes1754 said:
Thanks for the replies. A follow up dumb question then please...

If you don't hold sufficient enough to justify hardware backups. If Altcointrader is the smaller one then and Luno is the "safer" one, I presume it is not possible to transfer your coins (percentage of haha) from Altc to Luno for example?
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Altcoin definitely is smaller than Luno, that doesn't necessarily mean "unsafe" though, size and safety are two different aspects.

It should certainly be possible to move your crypto from the one to the other, pretty much all exchanges allow that.
 
chopsky said:
Irrelevant. Per SARB's website:

"Individuals may purchase crypto assets from abroad using their single discretionary allowance of up to R1 million and/or their individual foreign capital allowance of up to R10 million with a tax clearance certificate per calendar year."

Back to my Q, if I buy on Luno, which I do not believe is considered "purchasing crypto assets from abroad", and then move it to a wallet, does this constitute part of my allowance?

Thanks
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I do recall at some point I read or heard that this was why Luno has customer "levels" and that because of this discretionary allowance different limits apply as they need to provide the documentation to SARB etc at different value points.

However I'm buggered to be able to find a source now.
 
Set up my account on Binance on the weekend. Sent some foreign currency to their exchange...hoping to buy some Polka Dot - a very promising alt-coin.
 
SauRoNZA said:
I do recall at some point I read or heard that this was why Luno has customer "levels" and that because of this discretionary allowance different limits apply as they need to provide the documentation to SARB etc at different value points.

However I'm buggered to be able to find a source now.
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Yes I do recall that as well. They used to limit to R1m, but can't find that anywhere either. Maybe it has changed with the regulations? Since SARB's regulations now stipulate "purchasing crypto from foreign exchanges".
 
It’s still a million.

Thinking it’s time to hold some cash on standby for when the current crazy spike inevitably pulls back a bit
 
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