The Bitcoin Thread

Status
Not open for further replies.
Not only that but XRP is pre-mined and totally made up. The company awarded itself X amount out of thin air...and the fact that its 1 company makes it shady. I've already begun selling my tokens.
 
BTC on Luno is not reacting much to movement in the USD price today. Moving up and down very slowly.
 
SaiyanZ said:
BTC on Luno is not reacting much to movement in the USD price today. Moving up and down very slowly.
Click to expand...
I suspect you were correct last time, traders are wary of the huge sell walls ahead
 
It tested $14k several times already in the last few hours and hasn't rebounded strongly. To me that is a sign that it's going to break through to $13.5k or lower shortly.
 
IT_Steven said:
Hear Ye! Hear Ye! The End is Nigh!

Abandon all hope ye who haveth entered crypto

Torment and despair surely awaits thee
Click to expand...

Hmmm, interesting. Does your definition of "torment and despair" include the Rand value of my crypto portfolio increasing more than 10-fold from October last year, to today? If so, then indeed, torment and despair has arrived :)
 
Voicy said:
Not only that but XRP is pre-mined and totally made up. The company awarded itself X amount out of thin air...and the fact that its 1 company makes it shady. I've already begun selling my tokens.
Click to expand...

Indeed, all true. I used the XRP pump though to grow my pile of Bitcoins HANDSOMELY - I sold all when it was high :). People get too emotionally invested in some of the crypto coins/projects. I just use them to increase my pile of Bitcoin :). Only BTC, ETH and BCH/BCC I would keep for long term. And I hate BCH/BCC, but it is a hedge against BTC.

Protect your investments, take profits and grow your BTC pile. Those are the rules I have been following, very successfully. Use it, don't use it.
 
OK, so back to some serious business:

Tax on your Crypto profits.

Has anybody been successful in getting anything from SARS on how crypto gets taxed? Is it taxed as Capital Gains? Or as income, at your income tax rate?

(yes, yes, the "I will never pay tax on my cryptoz!!!" sentiments are all over the place. But I would like to do it properly and not have sleepless nights regarding tax issues.)

Any advice would be much appreciated, or if someone can recommend a good tax adviser that is crypto-savvy in the Centurion/Pta East regions, that would be much appreciated. :)
 
balrog said:
Hmmm, interesting. Does your definition of "torment and despair" include the Rand value of my crypto portfolio increasing more than 10-fold from October last year, to today? If so, then indeed, torment and despair has arrived :)
Click to expand...

For new players it probably does. The guys who got in several months ago like you have made so much that a 50% drop now is still ok. For BTC specifically, there are plenty of people who can sell at above $10k and be ok with it because they still would have made so much. People who joined near the ATH have probably already sold for a loss and are making more losses trying to make it up. Looking at the BTC history, this downtrend can last a few months before hitting the ATH again.
 
Last edited:
balrog said:
OK, so back to some serious business:

Tax on your Crypto profits.

Has anybody been successful in getting anything from SARS on how crypto gets taxed? Is it taxed as Capital Gains? Or as income, at your income tax rate?

(yes, yes, the "I will never pay tax on my cryptoz!!!" sentiments are all over the place. But I would like to do it properly and not have sleepless nights regarding tax issues.)

Any advice would be much appreciated, or if someone can recommend a good tax adviser that is crypto-savvy in the Centurion/Pta East regions, that would be much appreciated. :)
Click to expand...

SARS' Randall Carollissen says its Capital Gains Tax. But sshhhh, don't tell him.
 
Why is ETH going up so nicely? I'm sad I have a few thousand rands invested there. Its been up around 50% in the last week.
 
rza said:
Why is ETH going up so nicely? I'm sad I have a few thousand rands invested there. Its been up around 50% in the last week.
Click to expand...

at his point its quicker and cheaper than bitcoin to use...so as people pull out of bitcoin they move money into ether.
 
*SynergyX* said:
at his point its quicker and cheaper than bitcoin to use...so as people pull out of bitcoin they move money into ether.
Click to expand...

I have about R15k to use, I'm thinking I should put R5k on ETH and R10k on BTC since its so cheap at the moment. Or perhaps I should just buy more ETH. I don't know.
 
Status
Not open for further replies.
Back
Top
Sign up to the MyBroadband newsletter
X