The Bitcoin Thread

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Luno 24hr volume is 1048 @ 1% fees = 10BTC or ~ZAR1.2M daily

That's only on the South Africa exchange. They must be laughing
 
Even though the USD price has gone up there are a bunch of people trying to sell large amounts on Luno no matter what. So no point in buying now as the Luno market will go the wrong way for a while as they will push the price down.
 
SaiyanZ said:
Even though the USD price has gone up there are a bunch of people trying to sell large amounts on Luno no matter what. So no point in buying now as the Luno market will go the wrong way for a while as they will push the price down.
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And also because Voicy bought BTC, now the price MUST come down. :o
 
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SaiyanZ said:
No trading happening for a few hours unless there is a decent shift in the USD price. Take the afternoon off.
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This isn't some rainbow and unicorn fairy tale land... my slaves never* get time off or sleep

*unless eskom decides otherwise
 
SaiyanZ said:
Not sure whether true or not but it went over $8000 yesterday before this "news".
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What I find funny is how alot of the traditionally 'reputable' sources are spewing nonsense... including the finance houses. They really don't understand the animal that is Crypto it seems.
 
Things are oddly quite on Luno today. Even though the USD price has been moving around by +/-$100 at times, the price on Luno has been stuck around the R118k mark.
 
matthurley said:
Hi all

I've been advised by a pretty high-ranking lawyer (from a top legal firm) that if you sell more than R1m of BTC, you're liable for VAT. This it not on your profits, but on the actual sale amount.

Can anyone provide info on this other than just conjecture? Obviously we all want to believe otherwise, but if this is true, then it's potentially a huge risk.

My thinking is this could be applied based on your usage of BTC:

  • If you're using it as a payment mechanism, then I'd expect VAT wouldn't apply
  • If you're buying and selling (hodling or trading) in SA, then possibly VAT wouldn't apply
  • If you've acquired the BTC overseas, and sold it locally, then this is possibly the most at risk option
F
Please share your thoughts (hopefully based on professional opinion)
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I don’t think this is correct. At least not if you bought and sold BTC in your private capacity, and not trading frequently enough for it to be considered a business activity. At most you should be liable for CGT, in the same way that if you buy and sell a holiday home, you don’t have to pay VAT, just the CGT.
 
How to prove what you did in your our private capacity? Maybe you sold your boat or caravan using btc.
 
kab123 said:
How to prove what you did in your our private capacity? Maybe you sold your boat or caravan using btc.
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Thats for you to prove. If it ends up in your bank account they could ask questions. Just declare it. Dont be a leech.
 
garp said:
I don’t think this is correct. At least not if you bought and sold BTC in your private capacity, and not trading frequently enough for it to be considered a business activity. At most you should be liable for CGT, in the same way that if you buy and sell a holiday home, you don’t have to pay VAT, just the CGT.
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If you're trading short term it will be taxed as income not as cgt.

I don't think the VAT will be valid... The normal law is that vat applies when your revenue exceeds R1m. But that can't apply to trading, forex or other.
 
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