Are we excited yet?

HGVRHKYY

https://www.boards.ie/discussion/comment/122166688#Comment_122166688

What about when you've bought fractions of a coin multiple times due to dollar cost averaging so the amount of coin and individual buys changes a lot

For example:

0.134 bought for €150

0.24 bought for €200

0.35 bought for €250

Peregrinus

https://www.boards.ie/discussion/comment/122168393#Comment_122168393

Not a problem — the FIFO rule applies as normal. Suppose you bought the coins in your example in the order that you set them ouot. Then you sell 0.3 of a coin. You'll be taken to have sold the 0.134 that you bought at €150, and the balance, 0.166, out of the 0.24 that you bought at €200, and your loss or gain will be calculated accordingly.

cnocbui

https://www.boards.ie/discussion/comment/122152655#Comment_122152655

I don't understand your reasoning. I would consider it far easier to pass on my wallet to my descendents than empty it to buy ETF's and pass on those instead. It's far more financially efficient, avoiding multiple fee attracting transactions.

You can't buy BTC off-chain. The only place BTC actually resides is on the chain. If you mean't peer to peer instead of via an exchange, then that of course is possible.

bleaks

https://www.boards.ie/discussion/comment/122167814#Comment_122167814

As a subsequent point, you can offset any closed positions you made a loss on (let's say for sh*tcoins) in any given year against your profit on good coins… so let's say you take the hit of a -500 loss on your sh*tcoin, and make 1770 profit on a good coin, your 1270 overall gain will balance as tax free under the threshold.

I have heard, though I'm not 100% sure about this, you can carry a loss on closed positions from a previous year into the current year to further offset against your gains in the current/next year. Anyone know if this is correct?

Potatoeman

https://www.boards.ie/discussion/comment/122168548#Comment_122168548

It’s larger holders. They would prefer the asset managed by the ETF for simplicity, less chance of theft or errors happening. You might be comportable but many are not.

I said off chain but ment OTC.

cnocbui

https://www.boards.ie/discussion/comment/122168917#Comment_122168917

You can carry forward capital losses to latter years and use them to offset later capital gains:

Allowable losses that exceed the chargeable gain

You might have losses that you cannot use because:

they are more than gains made by you in the same tax year

you did not make any gains in the same tax year.

Carry forward capital losses

You will be able to carry forward the losses. This means you can use
them against capital gain you make in later years. You need to include
the carried-forward loss in your calculation of CGT for the later year.
You also enter the carried-forward loss on the CGT return form for the
later year.

https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/if-you-make-a-loss.aspx

There is an exception, which is ETF's, which in a typical Irish mind-fu​ck, is treated differently, unlike any other country.

Whether or not you make a capital gain on ETF's, every 8 years you will be taxed on the deemed theoretical gain you might have made if you had sold them. And as if that weren't financial insanity enough, if you then make an actual loss, not only won't you get the tax back, you wont even be able to offset the loss against capital gains in any class of asset.

In case you are unaware, this is not normal and does not happen in sane countries. There is a special level in hell reserved for the ar​sehole civil servants in Finance and Revenue who dreamed up this shi​tbaggery and managed to sell it to the stupid politicians.

Ekerot

I'm investing heavily in MAGA coin fir the remainder of this USA election, I could easily see it riding the trump wave over the next few months.

cnocbui

After a long search of the depths of my soul, I have failed to find any legitimate basis on which to wish you luck.

Ekerot

What's wrong with my reasoning? I've already made back x5 my money investing in MAGA since the New Year.

Peregrinus

But who would wish to profit from so base a transaction?

Ekerot

I don't know, is it really any worse then the long investments here people made on Cryptos with the face of a Dog on it?

silliussoddius

https://www.boards.ie/discussion/comment/122210623#Comment_122210623

Separating morons from their money, less to spend on guns.

Potatoeman

https://www.boards.ie/discussion/comment/122210083#Comment_122210083

I wouldn’t invest heavily in a sh*t coin. There are too many rugs in the space. That could pump with the election but it could also be a different one.

Sono

I have a small bit invested in crypto, considering how volatile the whole market is, I don't know how people sleep at night when it could all go pear shaped over night, maybe I am too risk averse but I would struggle a lot in my head with big money invested.

HGVRHKYY

https://www.boards.ie/discussion/comment/122221363#Comment_122221363

It's a lot easier when you get in during market cycle bottoms and everything is up multiple times your initial

erlichbachman

https://www.boards.ie/discussion/comment/122221363#Comment_122221363

Its a volatile asset class, returns can be big, and losses too, so never put in more than you can afford to lose (excluding BTC to some extent).

Crypto market is cyclical, the real money is made buying at the bottom and selling during the bull market cycle. During last bottom, BTC was circa 15k, ETH 800, SOL 10 bucks, ADA 24c

Never put more into Memecoins than you are willing to lose on a greyhound race.

https://www.boards.ie/discussion/comment/122221363#Comment_122221363

A lot of people have **** it money that they throw into Crypto. If it all goes pear shaped so be it.

Never put money into an investment you aren't prepared to make a massive loss on, or even lose it all.

Or even worse, borrow money/use credit card to buy crypto.

HGVRHKYY

It's not crypto but it feels like something people into crypto would be interested in, but who's following the GameStop drama and the updates from Roaring kitty aka DeepFuckingValue? It really feels like everything is coming true, after everyone making fun of it all and dismissing it without understanding

A fairly regular guy has essentially traded his way from $50k to half a billion $ net worth in 3 years, and is likely going higher. All against hedge funds trying to short the company to death. Easily one of the greatest trading stories in history, it's just unbelievable.

endainoz

https://www.boards.ie/discussion/comment/122228885#Comment_122228885

Yeah I've been following it, no interest in actually owning any meme stock but it's a fun story to follow. He's doing a live stream today, looking forward to the madness it will bring.

HGVRHKYY

https://www.boards.ie/discussion/comment/122229287#Comment_122229287

I still own a small few that I've held since 2021 purely as a "what if" bet, so it's very entertaining seeing all of this unfold. All the people on Reddit who were laughed at for their crazy theories are being proven right in the end.

erlichbachman

It might be good for the pocket to follow Roaring Kitty but I just tuned in to the stream for 5 mins there and my god he's difficult to listen to, could be that he's watching what he says after threats from the SEC, but I couldn't listen to him for very long.

el diablo

https://www.boards.ie/discussion/comment/122210623#Comment_122210623

Is this a case of advanced-stage TDS or a hatred for meme coins? Or both? 😉

https://www.boards.ie/discussion/comment/122210083#Comment_122210083

cnocbui

https://www.boards.ie/discussion/comment/122233196#Comment_122233196

It's a hatred of Trump and everything to do with him. No idea what TDS is supposed to mean.

el diablo

Trump Derangement Syndrome.

byrne249

https://www.boards.ie/discussion/comment/122234492#Comment_122234492

Going to steal this! Viscerally hating strangers can't possibly be a peaceful existence. Not convinced his attempt to gain the BTC/Libertarian vote is going to get him very far, they are libertarians after all. Not sure it does anything for BTC either

Potatoeman

https://www.boards.ie/discussion/comment/122251110#Comment_122251110

The democrats have nailed their colours to the mast on this, Gary Gensler head of the SEC and Elizabeth Warren have gone after the crypto industry consistently. Trump was against it during the last election but flipped as he (or his advisors) realised it’s a big issue for young voters.

erlichbachman

Absolutely, Gensler is a puppet, the attack on crypto is from the very top level, get them out, get the Donald back in, stone mad as he is he will also end the Ukraine war in 5 mins

erlichbachman

Alts performing appallingly of late, very tempted to dump them all and put it all into Ondo

Potatoeman

https://www.boards.ie/discussion/comment/122251571#Comment_122251571

14% circulating supply.

silliussoddius

https://www.boards.ie/discussion/comment/122251562#Comment_122251562

And maybe when he is in we can launch a "peace plan" coin and cash in.