The Bitcoin Thread

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Archer said:
Are you speculating on the value of an asset? Sounds like shares to me... Are you creating value with some arbitrary process? Sounds like an income to me... Now prove to SARS which one it is to minimize tax, otherwise I would expect them to simply slap you with whichever gives them the most money
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So are you saying if you can prove you bought low and sold high, SARS would only hit with capital gains tax?
 
You guys need to consider adding ZCash as well. I hear some good things about it, ironically I have no spare to cash to pump into it now, so the only option is to mine like a mofo!
 
Alexcon said:
So are you saying if you can prove you bought low and sold high, SARS would only hit with capital gains tax?
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CGT only applies to assets held for longer than 2 or 3 years... ;) So yes, if you held it long enough CGT would apply. But just like shares if you trade actively they treat it as normal income once you sell the shares.
 
If I wanted to start buying BTC, do I just sign up with Luno and start buying?
 
jacosmit said:
Yes, but read up alot.
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Thanks, I'm not sure which sources to read up from though. Each source will give info to suit their agenda, not giving the pitfalls so to speak. So, you read up on Luno for example, it's easy to get started and jump right in. Basically, all I understand is that the bottom could fall out tomorrow, so don't put money in you can't afford to lose.
 
A good point to start is this thread and the parent thread it came from. Luno have a lot of good articles. Then there are links to articles posted in this thread (and it's origin thread).

I also found good to reading at www.cryptocompare.com and 99bitcoins.us (Nice training videos).
 
jacosmit said:
A good point to start is this thread and the parent thread it came from. Luno have a lot of good articles. Then there are links to articles posted in this thread (and it's origin thread).

I also found good to reading at www.cryptocompare.com and 99bitcoins.us (Nice training videos).
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Reading up is important, don't let the profits (or rather promises of. Profits) cloud your vision
 
I have never used the 'simple' exchanges, today since I didn't want to move too much to Bittrex I decided to exchange through ShapeShift on Exodus, but it is taking forever since this morning. How long does ShapeShift take to exchange BTC to ETH?
 
Was less than an hour for me this morning. GF just used shapeshift 5 minutes ago...will see
 
Hamster said:
Was less than an hour for me this morning. GF just used shapeshift 5 minutes ago...will see
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My Pending Confirmations are done, but it is stuck on Awaiting Exchange. My BTC has already moved out of my wallet to the ShapeShift address. I don't want to bother the devs until there is a real issue to be concerned about, many are trading for ETH today.
 
I submitted a support ticket with ShapeShift, another person I know made an similar exchange a couple of minutes ago and it already went through. I don't think that I will use ShapeShift again. Awaiting on their response.
 
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