Buying bitcoins

DeSelby83

Aspiring wrote: »

ANS has gone above a tenner, nice one.

Ye, I just saw this, bought in back at $5 so nice to see my small investment double. I wonder will it continue to rise and become the 'Chinese Ethereum' like people are calling it?

TheJackAttack

Does anyone know how to claim BCC via mycelium wallet? How do I import my private key?

NomadicGray

TheJackAttack wrote: »

Does anyone know how to claim BCC via mycelium wallet? How do I import my private key?

I just went the Electron Cash route on a laptop that I have no Bitcoin connected to in any ways, people seem pretty suspicious of the program

Waiting for it to appear on Bittrex now.

https://bitcointalk.org/index.php?topic=2058473.0

Grumpypants

Ants closing in on $15. Just passed the double my money point.

McCrack

I think neo (ans) will hit 50 in the not so distant future

wally1990

McCrack wrote: »

I think neo (ans) will hit 50 in the not so distant future

I hope so I hold 304 ANS of it

Zascar

How do I buy ANS? I remember seeing a site where I can tade one coin for another. I have VERI and want to get rid of it..

Grumpypants

Zascar wrote: »

How do I buy ANS? I remember seeing a site where I can tade one coin for another. I have VERI and want to get rid of it..

I use Bittrex for ANS. You need bitcoin to buy them.

lawred2

wally1990 wrote: »

I hope so I hold 304 ANS of it

only 75 here

wally1990

While it sounds great I've an obligation to file a tax return and my accountant advised once I cash in and the value is realised I've to pay tax at 52% of my cash in amount

Aspiring

wally1990 wrote: »

While it sounds great I've an obligation to file a tax return and my accountant advised once I cash in and the value is realised I've to pay tax at 52% of my cash in amount

Why? Isn't capital gains tax 33% of profit on sale?

wally1990

Aspiring wrote: »

Why? Isn't capital gains tax 33% of profit on sale?

With ANTshares he said

And I quote

''We would need to see a breakdown of the trades involves and the frequency of the transactions so we can determine if this is a trade and subject to income tax or if its subject to capital gains tax and treated like the sale of shares.

I suggest keeping an excel file detailing the trades, date, costs price, sales price, costs associated with the trade etc.''


I followed up with a call and they said maybe 52% if income.


So maybe someone here could shed some light ?
i thought CGT too?!

DeSelby83

Just don't cash in. I reckon as crypto currencies gain a more mainstream acceptance in 5-10 years there will be a much clearer legal view on what tax to pay etc.

Not that I have anything to base this on but just a guess/hope

wally1990

DeSelby83 wrote: »

Just don't cash in. I reckon as crypto currencies gain a more mainstream acceptance in 5-10 years there will be a much clearer legal view on what tax to pay etc.

Not that I have anything to base this on but just a guess/hope

Well I don't plan to cash in this year anyway with ANS so maybe next year tho

nuac

wally1990 wrote: »

With ANTshares he said

And I quote

''We would need to see a breakdown of the trades involves and the frequency of the transactions so we can determine if this is a trade and subject to income tax or if its subject to capital gains tax and treated like the sale of shares.

I suggest keeping an excel file detailing the trades, date, costs price, sales price, costs associated with the trade etc.''


I followed up with a call and they said maybe 52% if income.


So maybe someone here could shed some light ?
i thought CGT too?!

I think you would have to be very substantially involved in trading those coins etc, compared to your normal day-job. The Revenue would have to show that it is a business rather than a peripheral activity

KilOit

wally1990 wrote: »

With ANTshares he said

And I quote

''We would need to see a breakdown of the trades involves and the frequency of the transactions so we can determine if this is a trade and subject to income tax or if its subject to capital gains tax and treated like the sale of shares.

I suggest keeping an excel file detailing the trades, date, costs price, sales price, costs associated with the trade etc.''


I followed up with a call and they said maybe 52% if income.


So maybe someone here could shed some light ?
i thought CGT too?!

Think i'll be waiting for few more years to decide on what to do with profits. 52% is nuts and keeping track of all these trades is even more nuts.
Hopefully the day will come where i wouldn't need to convert to fiat

lawred2

can't see how asset gains like that would be considered income?

wally1990

Well my day job is totally separate from this and in no way related or associated

I literally just read about coins/Cryto and bought 304 ANS as a hobby/investment and let it sit there

I don't Day trade or flip coins or whatever

I just bought once
Hope it goes up and sell with a profit

But that's what my accountant said to me , I would have thought 33% but he mentioning possibly 52% cause I will earn over €33,800 a year

nuac

Wally1990

Your gain on those assets should imho be taxed as a capital gain.

Many years ago in a previous boom I dabbled in Traded Options. Made and lost a few bob. It was more dabbling than an occupation. My accountant accepted that CGT would apply

wally1990

nuac wrote: »

Wally1990

Your gain on those assets should imho be taxed as a capital gain.

Many years ago in a previous boom I dabbled in Traded Options. Made and lost a few bob. It was more dabbling than an occupation. My accountant accepted that CGT would apply

I would hope so obviously as 33% is much better than taking up to a 52 % hit which is annoying as I want to be compliant and declare this income

Loads are telling me don't say anything cause it's a hobby etc but I don't want any possible trouble with the revenue if audited but it's kinda annoying because there is no clear direct tax law on cryptocurrency but rather 'non cash assets and shares etc so my accountant said it's taxable

Don't want to bash the country / government but imagine just investing as a hobby outside of paying my day wage up to 52% and being hit on this too( give me a break

Only a relief up to €1,270 (that gain is exempt) but Not worth talking about

....

Any other currencies are people investing in? Or looking at ?

NomadicGray

I havnt read this but remembered Noonan was asked about Bitcoin a few years back,
might be worth a read to you, i dont know

http://bitcoinsinireland.com/irish-legal-position-march14reddit/

jobless

wally1990 wrote: »

I would hope so obviously as 33% is much better than taking up to a 52 % hit which is annoying as I want to be compliant and declare this income

Loads are telling me don't say anything cause it's a hobby etc but I don't want any possible trouble with the revenue if audited but it's kinda annoying because there is no clear direct tax law on cryptocurrency but rather 'non cash assets and shares etc so my accountant said it's taxable

Don't want to bash the country / government but imagine just investing as a hobby outside of paying my day wage up to 52% and being hit on this too( give me a break

Only a relief up to €1,270 (that gain is exempt) but Not worth talking about

....

Any other currencies are people investing in? Or looking at ?

fcuk it man.... switch it all to monero and hide it.... no way they can audit that .... even with bitcoin they would need to be faily advanced to track the coins through the block chain!

jobless

wally1990 wrote: »

I hope so I hold 304 ANS of it

can you explain ANS to me?.... what does it do thats so different?...

I'm looking at lisk at the moment.... currently 2 dollars but lots of potential going forward... javascript on the blockchain with sidechains

lawred2

wally1990 wrote: »

Well my day job is totally separate from this and in no way related or associated

I literally just read about coins/Cryto and bought 304 ANS as a hobby/investment and let it sit there

I don't Day trade or flip coins or whatever

I just bought once
Hope it goes up and sell with a profit

But that's what my accountant said to me , I would have thought 33% but he mentioning possibly 52% cause I will earn over €33,800 a year

I'd get a new accountant

Grumpypants

Id never cash out crypro currency. Just swap it to bitcoin and spend it instead of spending your wages. Let your wages build in the bank then. You've already paid tax on those.

Dohnjoe

jobless wrote: »

can you explain ANS to me?.... what does it do thats so different?...

It seems to be simply down to the fact that it's the premier Chinese coin, so people feel it could explode

It's been labelled the "Chinese Ethereum"

nuac

Safer for a good night's sleep to declare any gains. CGT rates apply, imho

wally1990

Is anyone investing in any other currencies and if so why?

Grumpypants

wally1990 wrote: »

Is anyone investing in any other currencies and if so why?

Yip bitcoin, to buy things initially. Now i hold it along with bitcoin cash, ETH and Antshare as i think they are likely to keep growing.

Got some lumen for free, have GNO tokens left over from an early ico, and picked up 150 ripple for €22 on the off chance it does grow at some point.

wally1990

http://www.investopedia.com/news/morgan-stanley-exceo-launch-cryptocurrency-gamechanger/

Dohnjoe

wally1990 wrote: »

http://www.investopedia.com/news/morgan-stanley-exceo-launch-cryptocurrency-gamechanger/

Every new ICO promises to be a "game-changer"

In reality, it's typically just another niche idea that will usually make it's founders millions as people pile in "to get in early"

This one actually seems to capitalise on that, making it easier for joe public to pile in, ultimately doesn't matter if the coin is never used for any practical purpose (how many really are).. the fiat profits are real, and that's all that matters to most investors/speculators

wally1990

Dohnjoe wrote: »

Every new ICO promises to be a "game-changer"

In reality, it's typically just another niche idea that will usually make it's founders millions as people pile in "to get in early"

This one actually seems to capitalise on that, making it easier for joe public to pile in, ultimately doesn't matter if the coin is never used for any practical purpose (how many really are).. the fiat profits are real, and that's all that matters to most investors/speculators

Interesting viewpoint

jester77

Grumpypants wrote: »

Id never cash out crypro currency. Just swap it to bitcoin and spend it instead of spending your wages. Let your wages build in the bank then. You've already paid tax on those.

You still pay tax on any gains when 'swapping' to bitcoin or any other coin.

Profits should be taxed similar to shares.

NomadicGray

Ants up to 515k

makeorbrake

jester77 wrote: »

You still pay tax on any gains when 'swapping' to bitcoin or any other coin.

How is that audited exactly? You buy coin through an exchange - move them out to your own wallet - maybe buy other coins. In the case of bitcoin, there's a trail of sorts - maybe not so much in the case of other coins. Is this being pursued by Revenue? Who's to say you have not 'spent' those coins on goods/services?

If you were to cash back out via a regulated exchange, then any gain is far more visible. Beyond that, I'm intrigued as to how savvy systems are to deal with tracing down coins, etc. - and how do they establish who actually owns the coins if they bounce from one address to another - either in lump sum or in small transfers?

pro_gnostic_8

Grumpypants wrote: »

Id never cash out crypro currency. Just swap it to bitcoin and spend it instead of spending your wages. Let your wages build in the bank then. You've already paid tax on those.

The problem with this is that you are spending an asset that is increasing in value (Bitcoin), whilst you are saving an inflating currency ( fiat).
Why buy a Ford Fiesta with your bitcoin when you could buy a Ferrari next year for the same amount ?

pro_gnostic_8

jester77 wrote: »

You still pay tax on any gains when 'swapping' to bitcoin or any other coin.

I seriously doubt that this is the case.
It would be wildly unfeasible and nigh-impossible for Revenue to determine such "paper gains" unless and until the coin(s) are cashed out into tangible Fiat gains.

Dohnjoe

pro_gnostic_8 wrote: »

The problem with this is that you are spending an asset that is increasing in value (Bitcoin), whilst you are saving an inflating currency ( fiat).
Why buy a Ford Fiesta with your bitcoin when you could buy a Ferrari next year for the same amount ?

Yeah, people hoard a currency that increases in value, they don't spend it

Thargor

My ETH holding is back at 100% profits, really cant decide whether or not to dump it and wait for it to pull back or hold and see if it sets a new all time high, anybody here trading it?

makeorbrake

Thargor wrote: »

My ETH holding is back at 100% profits, really cant decide whether or not to dump it and wait for it to pull back or hold and see if it sets a new all time high, anybody here trading it?

1000%+ accumulation on BTC and continuing to hodl

adam88

First time poster here.

Last week I bought 250 $ of bitcoin through etoro. I've already made 49$ dollar profit on it lol.

Is there more "coins" or e-currency like this about. I'm wanting to play about with some spare funds I have floating about

wally1990

adam88 wrote: »

First time poster here.

Last week I bought 250 $ of bitcoin through etoro. I've already made 49$ dollar profit on it lol.

Is there more "coins" or e-currency like this about. I'm wanting to play about with some spare funds I have floating about

I'd recommend ANTshares and ant coin ,
There saying it could be huge in china in years to come
I bought 2k worth and my investment currently stands at 4K in the space of 5 weeks but it is a very volatile market so don't get carried away

ANTshares would be my recommendation for you to dabble in

machiavellianme

It's no longer called ANS on Bittrex. Changed to NEO overnight and sailed past $20.
It's unstoppable now

Grumpypants

It is testing new limits now, once it drops down in the next dip I'll pile in confident that once it has reached $20 it will do it again.

While bitcoin is up I'm using some of the extra spending power to grab up some long shot coins. Bought 500 Ripple and 1,000 Lumen. It was about €100. I'll just leave them and see what happens.

Doodee

Grumpypants wrote: »

It is testing new limits now, once it drops down in the next dip I'll pile in confident that once it has reached $20 it will do it again.

When's the next dip?  
XVG, Ark and IOTA are a few others.

Zascar

Wanted to get into ANS/NEO a few weeks ago, annoyed I didn't. Although going in now I'm sure it still has serious growth potential in the medium to long term. I'm buying to hold all my investments for that period. Here is an interesting piece on ANS/NEO: https://www.reddit.com/r/Antshares/comments/6iyjv9/why_i_bought_antshares_neo_at_25_cents_and_never/

Any other AltCoins you guys think has serious potential? I like TenX, EOS & Monero. Populos and Pivx have been recommended to me but I have yet to research them.

lawred2

machiavellianme wrote: »

It's no longer called ANS on Bittrex. Changed to NEO overnight and sailed past $20.
It's unstoppable now

I'm using folio app.. should I now change my ans holdings to neo? It makes about a 10% difference to my overall folio worth

adam88

wally1990 wrote: »

I'd recommend ANTshares and ant coin ,
There saying it could be huge in china in years to come
I bought 2k worth and my investment currently stands at 4K in the space of 5 weeks but it is a very volatile market so don't get carried away

ANTshares would be my recommendation for you to dabble in

Is ans the same as ant??

Dr.Winston O'Boogie

Have a situation with my wallet/bitcoin. Purchased two in 2014, backed up the dat file in about 4 different locations. Have since changed laptops, and managed to get the dat file into a new wallet on the new laptop (same wallet programme as on old laptop Bitcoin Core) so the 2 bitcoin are now appearing as the total I own. However I have just in the last 2 days noted the wallet is encrypted. I have no recollection of ever encrypting it, and all of my standard passwords I would use don't work. I've even run a few scripts to bang in as many variations of my password as possible but no joy. The whole thing is utterly baffling. If I password protected it I would have written it down in various places, like I do with every password I have and like I did with the dat file in backing it up in several different places.

This is obviously pretty bad news. I have an old version of the dat file, backed up the day after I first received the coins. Could I try upload this to a wallet and see if there is no encryption on that?