Bitcoin Thread

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Speedster said:
Jonny is also able to write off the loss of R990 000 against other gains.
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But what if Jonny never invested again after the bad experience, he never actually made any profit from trading, since he put in 10k and cashed out 10k.. all did was incur a hefty tax bill of R178,200 which financially crippled him and put him off trading for good.
 
dsi said:
But what if Jonny never invested again after the bad experience, he never actually made any profit from trading, since he put in 10k and cashed out 10k.. all did was incur a hefty tax bill of R178,200 which financially crippled him and put him off trading for good.
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Then Jonny is pretty SOL. He should've sold his ETH before it lost all its value.

EDIT: For clarity, this is no different to Jonny having bought a bunch of Naspers, sold it to buy Sasol and then lost everything.
 
Speedster said:
Then Jonny is pretty SOL. He should've sold his ETH before it lost all its value.

EDIT: For clarity, this is no different to Jonny having bought a bunch of Naspers, sold it to buy Sasol and then lost everything.
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But the big difference is you can't swap Naspers shares for Sasol shares on the JSE. The taxable event makes sense because first you have to sell the Naspers shares into rand before you can buy the Sasol shares. So a profit is realised in rand. With a crypto to crypto exchange, the value is transferred from one asset to another.
 
dsi said:
But the big difference is you can't swap Naspers shares for Sasol shares on the JSE. The taxable event makes sense because first you have to sell the Naspers shares into rand before you can buy the Sasol shares.
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No difference. You had one asset which you changed out for another. How does selling to ZAR first or not change anything? The end result is identical.
 
dsi said:
But what if Jonny never invested again after the bad experience, he never actually made any profit from trading, since he put in 10k and cashed out 10k.. all did was incur a hefty tax bill of R178,200 which financially crippled him and put him off trading for good.
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Also, Jonny should be ok. He's had taxable income of at least R1.6m before the capital gain was added, so he's hardly hard up.
 
Speedster said:
No difference. You had one asset which you changed out for another. How does selling to ZAR first or not change anything? The end result is identical.
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Because if you sell to rand first you're realising a gain in rand which is taxable. If you swap an asset for another at the same value, then where is the gain in rand.. it seems to me you just holding something of the same value but have not realised any gain in rand yet.
 
GAD said:
How do I get funds to Binance if they do not accept my bank card....

Buy crypto on Luno and send to Binance...what are the cheapest fees...I know Eth transaction fees are crazy.

Ive done all the verifications on Binance but cannot make a deposit with Zar fiat.

The Alt coin forum is not very active so I thought I might get better advice from the big guns here.
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XRP
 
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dsi said:
Because if you sell to rand first you're realising a gain in rand which is taxable. If you swap an asset for another at the same value, then where is the gain in rand.. it seems to me you just holding something of the same value but have not realised any gain in rand yet.
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You've realised a gain - and the gain is standardised to Rand. Otherwise we can all just return to a barter economy and claim it should all be tax exempt.
 
When you trade btc to eth and trigger the taxable event just sell a portion of the eth to zar and settle your tax bill...

I have said it before and will say it again.

Get a compotent tax advisor pay your dues or evade and suffer a potential 200% penalty. Your call...

We can have this argument over and over again doesn't change the way things stand at this point.
 
Guys if I want to move some liquidity between centralised exchanges, what assets are you using? BTC? LTC? XRP?

I need to wean myself off ERC20 before things get out of hand.
 
PseuDohNom said:
Guys if I want to move some liquidity between centralised exchanges, what assets are you using? BTC? LTC? XRP?

I need to wean myself off ERC20 before things get out of hand.
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For international exchanges, $SOL. Solana is way faster and cheaper to send than even $XRP. Otherwise $XRP if $SOL is not listed and you need funds in a hurry.
 
Sensorei said:
For international exchanges, $SOL. Solana is way faster and cheaper to send than even $XRP. Otherwise $XRP if $SOL is not listed and you need funds in a hurry.
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Used matic in the past also worked well. For Luno XRP is the best as it is around R3 to send R10k . Just stay away from Eth those gas fees are ridiculous
 
L-Dog said:
Used matic in the past also worked well. For Luno XRP is the best as it is around R3 to send R10k . Just stay away from Eth those gas fees are ridiculous
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How's the XRP liquidity on Luno these days?
 

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Anyone know of a foreign exchange I can buy crypto on directly?

Coinbase has a cap of 50 euro or something, which is too small
 
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