Are we excited yet?

Donald Trump

Bob24 wrote: »

Not really, you brought up the criminal aspect and I was just replying to your post explaining the clear difference between the crypto situation and what you are referring to.

All I am saying from the start is that a combination of regulatory guidelines and tax collection efforts implies some sort of acceptance. It is not just that governments are ramping up tax collection efforts, they are also clarifying and/or building a legal framework for those activities. If the plan was to ban them altogether, there would be no point in doing that.

Just look at my original post again. Focus on the highlighted bit please.

Donald Trump wrote: »

Tax recovery does not have to mean acceptance. And the regulation is just a way to facilitate tax recovery.



A different situation and motive, but look at the example of CAB closer to home. They will often stick criminals with tax bills. It doesn't mean they accept the crime. It is often just a way of hitting them somehow when they can't prove the actual crime. The regulation effect would be in the mandatory reporting by financial institutions, and businesses, of cash transactions over a certain limit for example.



Before anyone loses their shit, I'm not saying bitcoin is criminal. I am only saying that taxation does not always imply acceptance. It may well be being accepted. Just you can't say based off that alone.

You need to tell me the specific regulations because the concept of "regulation" on its own does not, without further specifics, mean that anything is being accepted and will be accepted in the future.


Note again. I am not saying it won't be accepted - just that someone would need to give me more details than saying - profits are going to be taxed and there will be regulations.

Donald Trump

Father Hernandez wrote: »

"Are we excited yet?"

This thread lately is certainly not getting me excited..

You might need one of your little statues Fr. Hernandez!

Mister Vain

Buy now or wait?

Bob24

Donald Trump wrote: »

You need to tell me the specific regulations because the concept of "regulation" on its own does not, without further specifics, mean that anything is being accepted and will be accepted in the future.

See one example amongst others for a legal and regulatory framework: https://adan.eu/en/article/french-regulatory-framework-markets-crypto-assets

Alongside specific taxation guidelines from government authorities: https://www.esilv.fr/en/cryptocurrencies-and-taxes-in-france-all-there-is-to-know/

I don't think a government would do this for something it doesn't see as legitimate/legal.

Donald Trump

Bob24 wrote: »

See one example amongst others for a legal and regulatory framework: https://adan.eu/en/article/french-regulatory-framework-markets-crypto-assets

Thanks. I will have a read of that later.

Bob24

Donald Trump wrote: »

Thanks. I will have a read of that later.

And I am not sure what I think of it, but France actually defined a specific framework for crypto trading whereby you only pay CGT when you are cashing out (meaning that even going from pure crypto to stable coins is not a taxable event).

Very advantageous for crypto traders, but the tax calculation is a pain as you need to keep track of all your cash entering and exiting crypto across all the platforms you are using, and do some complex pro-rated calculation when selling crypto for cash in order to apply the right amount of capital gains. IMO at least 90% of tax payers won't understand it and/or be able to do it properly on their own (good business opportunity for tax accountants and producers of tax calculation software though).

Basically it works similarly to what I understand of ISA accounts in the UK, except instead of having a single account with a custodian which keeps track of all the transactions and potential tax liabilities, the trader can use any platform they like (including multiple ones) and has to do the calculations themselves.

Af first I thought it would also be a pain for the government to keep track of this, but after thinking about it, it may actually be a smart way to do it. Since taxation occurs only when going from crypto to cash and only depends on the overall cash amount which has gone in and out (as opposed to any specifics of crypto transactions for us in Ireland), the government actually probably has rather good visibility on the relevant information: presumably they are aware of any large fiat transaction on the on-ramps of off-ramps (since those are the taxpayers' banks and financial institutions which already have a duty to report such transactions).

quinneerr

Crypto is all about the underdog making fabulous wealth, dating buxom models and living the life of Riley, will you stop posting bollox about tax and ruining everyones dreams of making it and living the good life.
We want exhilaration in here, not tax nerds breaking down the tax code, i will worry about the tax man when i have made millions in crypto and i'm trying to limit my tax payments, until then, let posters dream of the good life.

Give me your research on hidden gems, give me hope, take the tax talk to a tax forum.

HGVRHKYY

Anyone own Solana here? Planning on buying some when it's listed on CB Pro, hoping it doesn't rally too highly when it's listed or at least dips back down in the days after

SortingYouOut

HGVRHKYY wrote: »

Anyone own Solana here? Planning on buying some when it's listed on CB Pro, hoping it doesn't rally too highly when it's listed or at least dips back down in the days after

It's already listed on Binance, will a listing on Coinbase really have that much of an impact or do you believe in the coin itself?

SummerK

HGVRHKYY wrote: »

Anyone own Solana here? Planning on buying some when it's listed on CB Pro, hoping it doesn't rally too highly when it's listed or at least dips back down in the days after

I own like 25. Started buying when price was $35 or so. Good project for long term investment, but keep in mind that it has gone up a lot this year.
So keep an eye on the price and buy when there's a significant dip.

FileNotFound

SortingYouOut wrote: »

It's already listed on Binance, will a listing on Coinbase really have that much of an impact or do you believe in the coin itself?

Matic had a 30% rise when listed on CB so if anyone was thinking short term gain could be a good gamble

FileNotFound

HGVRHKYY wrote: »

Anyone own Solana here? Planning on buying some when it's listed on CB Pro, hoping it doesn't rally too highly when it's listed or at least dips back down in the days after

When is it due to be listed on CB if you don't mind me asking?

HGVRHKYY

SortingYouOut wrote: »

It's already listed on Binance, will a listing on Coinbase really have that much of an impact or do you believe in the coin itself?

I try to stick to buying crypto with € pairings for tax purposes. And yeah, crypto that's listed on CB usually pump at least a bit. But I'm only talking about that in the sense that I want to get in before it goes on a real rally, I think it'll potentially go another 5x during this cycle

HGVRHKYY

FileNotFound wrote: »

When is it due to be listed on CB if you don't mind me asking?

Monday

cnocbui

Father Hernandez wrote: »

"Are we excited yet?"

This thread lately is certainly not getting me excited..

You could collect stamps.

If i had any dry powder, I'd be excited.

Bob24

cnocbui wrote: »

You could collect stamps.

If i had any dry powder, I'd be excited.

Or pokemon cards :-)

They seem to get people excited: https://www.cbsnews.com/news/target-pokemon-cards/

Potatoeman

FileNotFound wrote: »

When is it due to be listed on CB if you don't mind me asking?

They usually pump before and just after the listing then drop after a few days or week. People buy speculating on the listing price pump then sell when it pumps so the price usually drops after that.

Suckit

HGVRHKYY wrote: »

Anyone own Solana here? Planning on buying some when it's listed on CB Pro, hoping it doesn't rally too highly when it's listed or at least dips back down in the days after

Same exact thing last week with ICP.

It did what was expected. Shot up and then dipped back down. I bought a bit, happy enough.

Timmaay

Father Hernandez wrote: »

"Are we excited yet?"

This thread lately is certainly not getting me excited..

Pages of absolute scutter. Someone drop me a pm when certain posters have given up and I don't need to skip by like 3 pages of rubbish before I get some productive posts.

My mate sold £140k worth of BTC a few weeks back, it's in his Natwest account and his accountant said his tax bill will be £22,500 on that sale due next April so it's not that bad tax wise in the UK. He works full time too.

Jafin

winstonia83 wrote: »

My mate sold £140k worth of BTC a few weeks back, it's in his Natwest account and his accountant said his tax bill will be £22,500 on that sale due next April so it's not that bad tax wise in the UK. He works full time too.

My friend who got me into crypto is in the UK too and their CGT is much more relaxed than ours. I think the tax free profit is either 20k or 40k, and the percentage is less than ours too.

FileNotFound

Jafin wrote: »

My friend who got me into crypto is in the UK too and their CGT is much more relaxed than ours. I think the tax free profit is either 20k or 40k, and the percentage is less than ours too.

I have a UK account, wonder would using it equate to offshore banking?


Also asked earlier but think it got swallowed by the chat that was happening.

For limit buys can i change to another coin other than BTC on binance. Changed EUR to USDT but seem to only be able to limit buy BTC

Mini drop happening atm

Jeff2

One hell of a dive now.

Bob24

FileNotFound wrote: »

I have a UK account, wonder would using it equate to offshore banking?

You are meant to inform revenue whenever you open an account abroad (not clear how it works if the account was opened while you were not a tax resident in Ireland though).

But besides this you can use it the same as an Irish account and it makes no difference to your tax liabilities (if you are receiving interests though you need to file a tax return as DIRT wouldn’t be applied by the U.K. bank).

FileNotFound

Bob24 wrote: »

You are meant to inform revenue whenever you open an account abroad (not clear how it works if the account was opened while you were not a tax resident in Ireland though).

But besides this you can use it the same as an Irish account and it makes no difference to your tax liabilities (if you are receiving interests though you need to file a tax return as DIRT wouldn’t be applied by the U.K. bank).

Opened a long time ago when i was a non tax payer here.

Jackben75

Solana - listing on coinbase pro, just to clarify that in case people think it is a full listing on coinbase

FileNotFound

Etherium gone sub 2k

FileNotFound

Jackben75 wrote: »

Solana - listing on coinbase pro, just to clarify that in case people think it is a full listing on coinbase

Less potential return so?

SummerK

Another round of sell off started..

Whelo79

FileNotFound wrote: »

Etherium gone sub 2k

Get out of here with your € speak.