Let's talk about Cryptocurrencies

[karl262]

The squid rugpull was impressive.

$2800 to 0.000001 in less than 5 mins.

Can you imagine all the paper billionaires quitting jobs, leaving wives, putting deposits on cars...

Then they try to sell.

[Reggie28]

My brother has been bragging about crypto gains for the last while, sending screenshots of things going up 125% in 24 hours type of deal. Today I kind of laid it on the rug, he is up 30% in the last year. Nice return, but my main stock account is up by more than that. I think he gets blinded by the gains and refuses to sell.

Is the trick to small crypto to sell when you see a rapid acceleration in the growth rate and get out before it comes crashing down?

Can you invest in TFSA, LIRA, RRSP accounts? If it is all unregistered, there are tax complications. I haven’t done my homework, but there are lots of smart crypto people around here.

[Krovikan]

Originally Posted by Reggie28

Can you invest in TFSA, LIRA, RRSP accounts? If it is all unregistered, there are tax complications. I haven’t done my homework, but there are lots of smart crypto people around here.

Crypto transactions are considered barter transactions according to the CRA, which means that you can not trade them in your TSFA, LIRA, RRSP, or other registered accounts. However, you can trade companies and other investment vehicles that hold crypto assets. The catch is that it has to be on specific exchanges, and those exchanges don't approve listings of anything but the big currencies Eth and Bitcoin right now.

You could invest in cryptocurrency mining companies as well, or Neo has approved companies that are cryptocurrency technology companies.

So yes, there are some pretty severe tax consequences to cryptocurrency trading, and you need to track the highest market value at the time of the transaction. The good news is barter transactions are considered capital gain income instead of straight income.

CRA has a really good guide on cryptocurrency taxing:

https://www.canada.ca/en/revenue-age...cy-guide.html:

[Fuzz]

I've got a little bit of BTCC.B.TO in my RRSP. They also have ETH, I think.


https://www.purposeinvest.com/funds/purpose-bitcoin-etf


Easy way to get in if you just want to have a bit in your sheltered accounts.

[dino7c]

Originally Posted by Fuzz

I've got a little bit of BTCC.B.TO in my RRSP. They also have ETH, I think.


https://www.purposeinvest.com/funds/purpose-bitcoin-etf


Easy way to get in if you just want to have a bit in your sheltered accounts.

The fact that you have invested in BTC is a good sign IMO

[Fuzz]

Originally Posted by dino7c

The fact that you have invested in BTC is a good sign IMO

Gambled in it, not invested.

[Winsor_Pilates]

Originally Posted by Fuzz

I've got a little bit of BTCC.B.TO in my RRSP. They also have ETH, I think.


https://www.purposeinvest.com/funds/purpose-bitcoin-etf


Easy way to get in if you just want to have a bit in your sheltered accounts.

Has the performance of the ETF mirrored actual BTC directly?
I'm curious how these ETFs work

[Fuzz]

Originally Posted by Winsor_Pilates

Has the performance of the ETF mirrored actual BTC directly?
I'm curious how these ETFs work

Yes, they actually buy coins. The faq on my link explains most of it.

[indes]

Originally Posted by Reggie28

My brother has been bragging about crypto gains for the last while, sending screenshots of things going up 125% in 24 hours type of deal. Today I kind of laid it on the rug, he is up 30% in the last year. Nice return, but my main stock account is up by more than that. I think he gets blinded by the gains and refuses to sell.

Is the trick to small crypto to sell when you see a rapid acceleration in the growth rate and get out before it comes crashing down?

Can you invest in TFSA, LIRA, RRSP accounts? If it is all unregistered, there are tax complications. I haven’t done my homework, but there are lots of smart crypto people around here.

Pretty much. I follow a guy Kevin Cage on Discord and his entire theory to making wealth in the crypto market is to buy at a low fibonacci and then take profits around 40% gains and around 50-60% gains.

Then move into another asset. It's all about patience and the willingness to actually sell. I've just started a few weeks ago on there and only hit one trade with him so far (Filecoin, sold 50% at 40% profit and 50% at 60% profit).

[dino7c]

Originally Posted by Fuzz

Gambled in it, not invested.

Well based on your takes earlier in this thread its a very good sign for me people like you are putting money in. Call it whatever you want.

The harshest critics are starting to come around

[Azure]

Originally Posted by dino7c

Well based on your takes earlier in this thread its a very good sign for me people like you are putting money in. Call it whatever you want.

The harshest critics are starting to come around

This thread will be quite hilarious in 5-10 years when you come back and realize people like Fuzz were so far off their rocker its not even funny.

"Bitcoin has no purpose."

Bank it.

[jammies]

This thread will be hilarious in 5-10 years, yes, but not because crypto wins out.

[chemgear]

Originally Posted by 1_Flames_Fan

What happened to my 48000% profit on Squid coin.... Who woulda thunk it?

https://gizmodo.com/squid-game-crypt...1-m-1847972824


The anonymous hucksters behind a Squid Game cryptocurrency have officially pulled the rug on the project, making off with an estimated $3.38 million. Remember on Friday morning when Gizmodo told you it was an obvious scam? It was only obvious because investors could purchase the crypto but couldn’t sell it. But plenty of people didn’t get the warning in time.

[topfiverecords]

With no one being able to sell, how does the price crash?

How is the price set to begin with for something that’s not being traded on an exchange?

[Krovikan]

Originally Posted by topfiverecords

With no one being able to sell, how does the price crash?

How is the price set to begin with for something that’s not being traded on an exchange?

It is sold on two exchanges, pancake swap and Dodo BSC, if you click on markets it'll give you the exact exchanges and pairs it's sold on.

From what I've heard, your not able to sell on pancake swap, and your not able to withdraw from Dodo BSC. Though I've never dealt with either exhange, so just going based on what is reported.

My assumption with pancake swap stuff is one of two scenarios. They've frozen the two pairs they have due to the scam, which would be prudent, they'd probably follow up with a delisting. Or they are involved and have locked the public out of selling and only allow them to buy. Then they are selling off their listing fee of coins they got, or maybe letting Squid Games sell their coins.

Dodo BSC, any exhange that doesn't let you withdraw your coins seems sketchy to me.

Sent from my Pixel 5 using Tapatalk

[dino7c]

Originally Posted by jammies

This thread will be hilarious in 5-10 years, yes, but not because crypto wins out.

This thread is already hilarious

Peak bubble was like $3000 remember?

Can't wait for the

"Its only worth 900k not a million like you said moron" posts in here

[topfiverecords]

Originally Posted by Krovikan

It is sold on two exchanges, pancake swap and Dodo BSC, if you click on markets it'll give you the exact exchanges and pairs it's sold on.

From what I've heard, your not able to sell on pancake swap, and your not able to withdraw from Dodo BSC. Though I've never dealt with either exhange, so just going based on what is reported.

My assumption with pancake swap stuff is one of two scenarios. They've frozen the two pairs they have due to the scam, which would be prudent, they'd probably follow up with a delisting. Or they are involved and have locked the public out of selling and only allow them to buy. Then they are selling off their listing fee of coins they got, or maybe letting Squid Games sell their coins.

Dodo BSC, any exhange that doesn't let you withdraw your coins seems sketchy to me.

Sent from my Pixel 5 using Tapatalk

Never done a trade on Pancakeswap but have poked around out of curiosity. Always appears to give you a market rate for the swap of a pair but I’ve never seen an order book or anything similar on there to drive or explain the conversion rate. Seems like the swap is to a liquidity pool which makes sense, but then curious what decides the current amount.

[topfiverecords]

Originally Posted by dino7c

This thread is already hilarious

Peak bubble was like $3000 remember?

Can't wait for the

"Its only worth 900k not a million like you said moron" posts in here

Why don’t you sell some and go buy a private island.

[Azure]

Originally Posted by jammies

This thread will be hilarious in 5-10 years, yes, but not because crypto wins out.

Win out at what? Indication is crypto is going to become a major part of the financial system in the coming years. I honestly think you have to be pretty stupid to not see that.

But will it replace the US dollar? Replace gold? I doubt it. But anyone who thinks there isn't a very tangible use for something like Bitcoin or Ethereum is not approaching this from an informed opinion.

[jammies]

I've already made my arguments why private crypto "currency" is destined to fail due to not being fit to purpose as currency, and I don't care to repeat myself ad infinitum to convince those who are incapable of being convinced. So we will see what happens long-term and leave it at that, I'll be childishly gloating if I am correct and I'm sure there'll be childish gloating the other way if I'm not.