Let's talk about Cryptocurrencies - Page 40 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Table 5 · 02-03-2021, 04:54 PM

Just curious, what crypto exchange platforms are you guys using?

I currently have Bitbuy and Coinberry, which have been pretty good, I just don't like the limited amount of coins they trade (plus Coinberry seems to have a pretty high premium). I like Binance, but funding from a Canadian account seems to be problematic.

Curious what others use? I'd love to be able to have access to more alt coins.

accord1999 · 02-03-2021, 05:01 PM

Quote:

Originally Posted by worth

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

The easiest method IMO is to record the C$ value of the various cryptocurrencies at the time of the transaction. So a transaction to use BTC to buy ETH, would be recorded as BTC->C$->ETH. In that way you keep track the cost base in C$ of your crypto holdings.

For a few trades, this could be done manually but if you trade a lot it could be a lot of hassle though. There are programs that can automate a lot of the work like koinly.

accord1999 · 02-03-2021, 05:04 PM

Quote:

Originally Posted by Table 5

I like Binance, but funding from a Canadian account seems to be problematic.

For an exchange like Binance, the best funding option is probably to buy a liquid crypto with many trading pairs like BTC or ETH from acquaintances, or sites like ShakePay or Newton that you can easily fund with INTERAC etransfers, then transfer the BTC/ETH to Binance.

worth · 02-03-2021, 05:06 PM

Quote:

Originally Posted by Table 5

Just curious, what crypto exchange platforms are you guys using?

I currently have Bitbuy and Coinberry, which have been pretty good, I just don't like the limited amount of coins they trade (plus Coinberry seems to have a pretty high premium). I like Binance, but funding from a Canadian account seems to be problematic.

Curious what others use? I'd love to be able to have access to more alt coins.

I am using Shakepay to etransfer funds from my bank to purchase BTC. Then you can transfer the BTC from Shakepay to Binance or any other exchange to purchase whatever you want.

dino7c · 02-04-2021, 10:55 PM

Quote:

Originally Posted by Raekwon

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.

The way money is being printed I am more bullish than ever. Many of the worlds largest companies are buying as much BTC as they can get their hands on as the USD becomes worth less everyday.

Azure · 02-05-2021, 10:06 AM

I just don't see the doom and gloom around the USD.

People look at the stimulus and all the money being printed, but they don't understand how big the USD is, and how much is bought and sold with it.

IMO I think you would need complete world unrest and civil war in multiple 1st world countries before it would devalue to the point where it would be a concern.

I am bullish on BTC as well, but because of the technology, and where fintech is going.

Anyone that runs a business and deals with currency, exchanges fees, credit card fees, etc, etc knows there is room for disruption in the space.

Table 5 · 02-05-2021, 10:16 AM

One of the most sobering stats I've heard is that something like 21-23% of all US Currency was printed in 2020 alone. So almost a quarter of all the money that's out there was "minted" in the last year (and I doubt it's slowed down much going into 2021). The chart below is for the US, but pretty much every relevant central bank has been doing something similar I'm sure.

Spoiler!

Personally, it's seeing charts like that that makes me a bear not only on the USD, but in FIAT currency in general. You don't have to be a Wharton grad to understand what's going to happen to the value of your cash savings when so much money is being pumped into the system.

Now I don't necessarily think crypto is the only answer to counter this type of devaluation, but I do think it's part of the answer.

Azure · 02-05-2021, 04:13 PM

I just don't see the USD being devalued because I don't know what will replace it.

I agree that the amount being printed is a big concern, but at some point that is also going to equal unmitigated growth in the economy.

Pumping $1.9 trillion in stimulus into the economy is going to be insane.

dino7c · 02-06-2021, 11:54 AM

It's not about replacing it, it's about storing your wealth in something that doesn't lose value daily.

Table 5 · 02-08-2021, 06:12 AM

SEC filing shows that Tesla bought $1.5B in Bitcoin. Here comes another wave up.

PsYcNeT · 02-08-2021, 08:01 AM

With the current jump/hold on Ethereum and spike in Ravencoin, I've turned 3 of my units (3080, 2080 and 1080) into passive miners (memory upclocked, GPU downclocked, all undervolted by 30%).

Curious to see how all this shakes out over the next few months but grateful to have the extra heat in my basement this week.

dino7c · 02-08-2021, 11:17 AM

Tesla buys 1.5B of BTC today...price now just under 55k Canadian

Don't say I didn't warn you.

Yoho · 02-08-2021, 04:45 PM

https://twitter.com/user/status/1358920387707428868

1_Flames_Fan · 02-09-2021, 02:46 PM

$60K Cdn bitcoin. Makes me sad cause if I were a bit smarter awhile back I would have set myself and my family up for life. Congrats to all the bitcoin millionaires ��

worth · 02-09-2021, 03:16 PM

You can get in now. There are plenty of projects that are going to give you a nice return in the long run. Don't always have to chase the pumps. Just put in what you can and check back in a few years.

Swift · 02-09-2021, 03:25 PM

I remember a buddy wondering out loud on whether he should put money in bitcoin when it was about $10,000 and we all told him he would be crazy to do it

I'm not making that mistake now. I've started putting money into Ethereum. It was $1400 last week when I made that decision but jumped to $2200 this week by the time I had my money ready. I'll keep throwing spare money at it every now and then and hope that it explodes in a few years.

I have little experience in this stuff so don't take my word as meaning anything. I just fancy a bit of a gamble.

DownhillGoat · 02-09-2021, 03:32 PM

Quote:

Originally Posted by Swift

I'm not making that mistake now. I've started putting money into Ethereum. It was $1400 last week when I made that decision but jumped to $2200 this week by the time I had my money ready. I'll keep throwing spare money at it every now and then and hope that it explodes in a few years.

I have little experience in this stuff so don't take my word as meaning anything. I just fancy a bit of a gamble.

What are you using to buy Ethereum? I'm getting kind of bored without being able to play craps during the lockdown.

Swift · 02-09-2021, 03:46 PM

Wealthsimple Crypto - download the app, add funds, a few days later you're good to go. They only have Ethereum and Bitcoin on there.

worth · 02-09-2021, 03:47 PM

Shakepay is great to purchase eth and btc in canada

DownhillGoat · 02-09-2021, 03:51 PM

Thanks! I'll look at those. I was also looking at bitbuy.ca, seems fairly legit.