Let's talk about Cryptocurrencies

[GirlySports]

one day! I just need Doge coin to get to 10 cents!

[dobbles]

Saw a headline last night that bitcoin dropped below $30k yesterday. Whats the play here?!?!?! Do we get out now before it totally tanks or bulk up ready for the next wave!?!?!?!?!?

[Krovikan]

Originally Posted by dobbles

Saw a headline last night that bitcoin dropped below $30k yesterday. Whats the play here?!?!?! Do we get out now before it totally tanks or bulk up ready for the next wave!?!?!?!?!?

I personally have been selling my Cryptocurrency stock market plays since it started breaking 12k. I only have 1/6 of my positions left.

It's back above 30k at 32k this morning, but it seems to have stalled out. If it stalls here (30-40k) for another month, based on history I would expect it to crash. But this could be just the secondary coins catching up to Bitcoin because Bitcoin ran off and the BTC valuation of secondary coins became absurd.

Edit: I should note, ETCH was trading at 2x assets, so I had to accelerate my plans to sell because even it was priced according to Bitcoin being at 80k, I personally thought if it reaches that level we would see a quick crash like when it hit 21k last runup.

[Fuzz]

I just got a call from what sounded like a very noisy call centre trying to tell me about crypto currency. I hung up before he got anywhere. So, uh, bubble?

[JohnnyB]

Originally Posted by dobbles

Saw a headline last night that bitcoin dropped below $30k yesterday. Whats the play here?!?!?! Do we get out now before it totally tanks or bulk up ready for the next wave!?!?!?!?!?

I'm more confident in btc and crypto markets now than I ever have been before. I won't claim to know the future though. It's still a relatively high-risk space.

[karl262]

Go Doge Go! Lol

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[JohnnyB]

Originally Posted by GirlySports

one day! I just need Doge coin to get to 10 cents!

Your doge coin dreams of riches are all coming true. Hope you don't hodl!

[karl262]

The subreddits are hilarious right now.

"DOGE TO $100!!!"


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[GirlySports]

Originally Posted by JohnnyB

Your doge coin dreams of riches are all coming true. Hope you don't hodl!

WOO!

I keep moving my floor to sell up and yes DOGE to $100!

[dino7c]

Originally Posted by GirlySports

WOO!

I keep moving my floor to sell up and yes DOGE to $100!

Don't forget to sell


Buy Bitcoin and Ethereum


I hope you did this, Ethereum is having a really good week

[worth]

Does anyone have experience with taxation on crypto? I know if you purchase and hold, it's not taxed. When you sell or transfer between crypto then that can be taxed. Just wondering what the best way is to collect this info and provide it to an accountant.

[dino7c]

Originally Posted by worth

Does anyone have experience with taxation on crypto? I know if you purchase and hold, it's not taxed. When you sell or transfer between crypto then that can be taxed. Just wondering what the best way is to collect this info and provide it to an accountant.

Why would a transfer between be taxed?

[worth]

I was trying to research this and found the following:

Trading one cryptocurrency for another (eg. BTC → ETH)

An exchange of crypto aka crypto-to-crypto trade is treated the same way as a sale. Exchanging one cryptocurrency for another is considered as disposal of one CGT asset and acquisition of another. It simply means you are receiving property instead of money upon selling your cryptocurrency. The sales price, in this case, would be the market value of the crypto you receive. If, for some reason, it can't be valued, you will have to consider the market value of the crypto you sold at the time of the transaction.

EXAMPLE
Let's say Sienna purchased 0.1 Bitcoin for CA$1000 in August 2017. In November 2017, she exchanged 0.05 Bitcoin for 2.1 Ether. On the date of the transaction, the market value of 2.1 ether was CA$1500. This means her capital gains would come to CA$1000 as the cost basis would be CA$500. Once again, 50% of the total gains or CA$500 would be added to her taxable income and she would have to pay tax as per her income tax slab.

https://koinly.io/guides/crypto-tax-canada/

In my particular case I'm using an exchange to purchase BTC, and I want to take this and use a different exchange to purchase a different coin. I'm just wondering how others handle this from a tax perspective. Or if one day I cash out, what people have found the best way to get the info needed to fulfill tax obligations.

[dino7c]

Originally Posted by Fuzz

I just got a call from what sounded like a very noisy call centre trying to tell me about crypto currency. I hung up before he got anywhere. So, uh, bubble?

nope just another one of your posts on here that won't age well

[JohnnyB]

Originally Posted by worth

I was trying to research this and found the following:


https://koinly.io/guides/crypto-tax-canada/

In my particular case I'm using an exchange to purchase BTC, and I want to take this and use a different exchange to purchase a different coin. I'm just wondering how others handle this from a tax perspective. Or if one day I cash out, what people have found the best way to get the info needed to fulfill tax obligations.

Yep, any time you trade one token for another is seen as a capital gain if the value of the first has increased.

[worth]

so how do you capture that capital gain and submit with taxes?

[GirlySports]

How would it be captured on the other side? What is being sent to CRA to match you? There's no T5.

[Krovikan]

CRA actually has a good article on cryptocurrency; for purposes of coin to coin, barter rules apply. Which counts as capital gains or losses.
https://www.canada.ca/en/revenue-age...ncy-guide.html

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[Raekwon]

Originally Posted by dino7c

nope just another one of your posts on here that won't age well

Well congrats to you for holding out in a crypto market, I can't believe its still going up and I still won't step into that market as it scares me too much. I always believed in BTC but not like this, I could have never imagined and I still think there has to be a crash but damn. up 130% in a week and still climbing scares me just thinking about it. Easy for some of you guys to recommend buying because you have gained so much but recommending someone to jump in now? that's bold.

[Table 5]

It doesn't get the hype of Bitcoin, or uh, Dogecoin...but Ethereum been making a slow and steady climb as well. Reached a new ATH again, now over $1600 USD.