The Bitcoin Thread

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*SynergyX*

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rza said:
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.
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would wait and see if BTC goes back to 11k dollars.... thats when we will have a better idea of where its going.
 
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balrog

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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.
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There is a ETH hard fork on the 19th of Jan - people are stocking up on ETH to get free coins. Just be careful, with these things, there is sometimes a big dump before the event... trade with caution, this is NOT trading advice.
 
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rza

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*SynergyX* said:
would wait and see if BTC goes back to 11k dollars.... thats when we will have a better idea of where its going.
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I'm one of those who bought BTC at R303k so you can imagine my anguish at the current price. I want to start buying more every month, especially at this low price. But you are right, the price might go even lower as it was in December, so its worth waiting. But I think it will start picking up end of January when people start having cash again.
 
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balrog

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rza said:
SARS' Randall Carollissen says its Capital Gains Tax. But sshhhh, don't tell him.
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According to the definitions in the article, most of us will get taxed at or income tax rate and NOT Capital Gains. I would most definitely prefer Capital Gains, as it is less. So if there is a tax adviser/auditor that can assist to motivate for my BTC profits to be taxed under capital Gains, I would like to talk to him :)
 
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rza

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balrog said:
There is a ETH hard fork on the 19th of Jan - people are stocking up on ETH to get free coins. Just be careful, with these things, there is sometimes a big dump before the event... trade with caution, this is NOT trading advice.
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Will Luno give people the fork?
 
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saturnz

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rza said:
SARS' Randall Carollissen says its Capital Gains Tax. But sshhhh, don't tell him.
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I can't believe he is still with SARS, I worked with him for about a year, I have him on my CV as a reference.
 
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MrGray

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balrog said:
According to the definitions in the article, most of us will get taxed out or income tax rate and NOT Capital Gains. I would most definitely prefer Capital Gains, as it is less. So if there is a tax adviser/auditor that can assist to motivate for my BTC profits to be taxed under capital Gains, I would like to talk to him :)
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I don't see why a gain would be taxed at income tax rates unless you were frequently cashing out for income. I believe the SARS guy actually said they consider it the same as Krugerrands - i.e. capital gains for the casual investor. I know auditors tend to err on the side of caution, but this is probably new to them as well.
 
HunterNW

HunterNW

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So my opinion on BTC / Crypto tax:
Fckem. You take the risk, you spend time researching, thinking, contemplating, and all these fcknuts who battle to read or speak want to jump on the wagon and have their share ... just to pi$$ it out.

I work, pay my tax - get almost buggerall for that money - Leave my Crypto.

Edit: Same goes for my bonus. Geeeeez, who worked their but off to earn that bonus.. SARS ? Fckem.
 
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balrog

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HunterNW said:
So my opinion on BTC / Crypto tax:
Fckem. You take the risk, you spend time researching, thinking, contemplating, and all these fcknuts who battle to read or speak want to jump on the wagon and have their share ... just to pi$$ it out.

I work, pay my tax - get almost buggerall for that money - Leave my Crypto.

Edit: Same goes for my bonus. Geeeeez, who worked their but off to earn that bonus.. SARS ? Fckem.
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I wholeheartedly agree with you - but on the flip side, I want to stay out of jail - they got us by the short and curlies :(

What would be great, is if they institute a new tax for crypto-profits, which is the same as Capital Gains tax. I will pay the 16-18% with a smile. Its the 40%+ tax rate that is really a bitter pill to swallow. I think they will make more tax money charging a lower rate, since people will then willingly declare their crypto profits. Having it at the same rate as your normal income tax rate is just forcing people to NOT want to pay tax. They make their 14% VAT out of you as well when you spend the profits. So they really should look into this - but does SARS have the mental capacity to see sense in this?
 
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broadone

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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 :)
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Which coins do you have besides BTC and ETH?
 
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broadone

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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. :)
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Capital gains tax when you withdraw to ZAR, see attachment ;)
 

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balrog

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broadone said:
Which coins do you have besides BTC and ETH?
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I have had a lot of different coins, the ones that originally got me on my feet was the WAVES ICO. Bought on ICO and between 19k and 36k satoshi. Sold around 200k sats. Then invested the profits in a multitude of other coins. Made some nice profits on XRP/Ripple recently. Currently my best coins are DeepOnions (deeponions.org) - get them for free every Friday and they have gone from around 7k sats to currently 120k sats each. Also parking MNX (Minexcoin.com and minexbank.com) on which I currently get 3.3% interest per week (you can also do daily, monthly and annual parkings). They went up from around $4.8 to currently around $22. Then CVC profits. My Blockfolio has around 12 coins I currently hold - Edgeless and Funfair I think will do well. Also been buying some Electroneum. Some coins I just flip quickly for BTC profits, others which I think are good long term projects, I will hold.
 
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IT_Steven

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HunterNW said:
So my opinion on BTC / Crypto tax:
Fckem. You take the risk, you spend time researching, thinking, contemplating, and all these fcknuts who battle to read or speak want to jump on the wagon and have their share ... just to pi$$ it out.

I work, pay my tax - get almost buggerall for that money - Leave my Crypto.

Edit: Same goes for my bonus. Geeeeez, who worked their but off to earn that bonus.. SARS ? Fckem.
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I think those parasites should realize that there will be capital losses as well in crypto which one could offset against other gains I believe.
 
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