Best crypto to sit on for a while

baalad

Gooey Looey wrote: »

That's exactly what we al are trying to figure! You could be liable to capital gains tax on any profit you turn back into cash. I don't know too many that have an exit strategy.

But with all due respect. Should that not be the first thing people figure out?

I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

Sorry for the negativity but im trying to be real here haha

Gooey Looey

baalad wrote: »

But with all due respect. Should that not be the first thing people figure out?

I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

Sorry for the negativity but im trying to be real here haha

If you have crypto you can cash out on any exchange get today's exchange rate. They're being bought and sold every day of the week. That's not the issue, the issue is cashing out without paying one third of it on capital gains tax.

baalad

Gooey Looey wrote: »

If you have crypto you can cash out on any exchange get today's exchange rate. They're being bought and sold every day of the week. That's not the issue, the issue is cashing out without paying one third of it on capital gains tax.

But you would stand to make more from selling your stake to a private buyer as oppose to an exchange. Exchange being safer though i guess.

But yeah how on earth do you make a profit if you pay capital gains tax. You would need to make huge money for it to be worth your while exiting surely.

Gooey Looey

baalad wrote: »

But you would stand to make more from selling your stake to a private buyer as oppose to an exchange. Exchange being safer though i guess.

But yeah how on earth do you make a profit if you pay capital gains tax. You would need to make huge money for it to be worth your while exiting surely.

Cheeses Christ no! Private buyer? That just sinks of scam! No way is trust anyone in today's world.

I plan to just spend mine!

baalad

Gooey Looey wrote: »

Cheeses Christ no! Private buyer? That just sinks of scam! No way is trust anyone in today's world.

I plan to just spend mine!

Inclined to agree but most investors that exited successfully sold there stake privately i believe.

Such a volatile market. Hard to know when to get out and when to hold. If the value is going up do you exit or take a chance and hope it continues to go up? You know what they say. What goes up must come down.

I find the whole thing fascinating but soooo risky hence why i will only invest a few hundred max until i learn more and more and get to grips with every little detail there is to know.

Gooey Looey

baalad wrote: »

Inclined to agree but most investors that exited successfully sold there stake privately i believe.

Such a volatile market. Hard to know when to get out and when to hold. If the value is going up do you exit or take a chance and hope it continues to go up? You know what they say. What goes up must come down.

I find the whole thing fascinating but soooo risky hence why i will only invest a few hundred max until i learn more and more and get to grips with every little detail there is to know.

You are trying to find certainty in crypto, you won't find any. It's volatile. It can pay much better than a day at the bookies, but it's risky!

grindle

baalad wrote: »

But you would stand to make more from selling your stake to a private buyer as oppose to an exchange. Exchange being safer though i guess.

You could sell €200k of BTC right this second and the price would drop by €20-€30 on a big exchange for a fraction of a second and hop up to a mid-point on the higher end between your start and end price as it gets arbitraged between exchanges. Silly move to dump it all in one go but that's the stage you've set.

CGT is high but if you have €100k starting capital and it gets to €101,270, everything above that amount you get to keep 66%. I'm perplexed as to how you think that isn't profitable. Maybe not enough profit for you to be worthwhile, but that just means you should wait.

e.g. €100k is now worth €200k
Let's say the exchange has bad price slippage, 1% for that amount. Very worst case you lose €970.
They have a 0.1% maker fee, works out to about €97.
CGT rips a third of your profit away.
You now have your starting capital of €100k and an added €65175.33 in pure profit. You're up over 65%, which is a crazy gain to solidify for what's probably a short-term trade. You'd have over €320k of pure profit if you bought on Paddy's day and sold now. You get to decide when it's worth exiting to you.

antgal23

baalad wrote: »

But with all due respect. Should that not be the first thing people figure out?

I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

Sorry for the negativity but im trying to be real here haha

Take Pedro for example

Spanish national who lives in Ireland. Has a Spanish bank account along with an Irish one - totally legit and works and pays taxes in Dublin.

Opens a Coinbase account using Irish documents but links Spanish account to fund and withdraw cash.

Illegal?

baalad

Another clueless question from me but how is CGT calculated? I understand you get taxed on the profit you made but how do they know how much you invested in order to calculate your profit? especially if you invest in small fractions.

I would be grateful if someone would give me a little lesson in how revenue calculates CGT as i assume i cannot invest 10,000 and make 30,000 and then be like "what you talking about, i only made 1,000 profit" lol

How do revenue know what you invested and how much you profited etc

Sorry if its a dumb question but i always told "if you don't ask, you don't learn"

Gooey Looey

baalad wrote: »

Another clueless question from me but how is CGT calculated? I understand you get taxed on the profit you made but how do they know how much you invested in order to calculate your profit? especially if you invest in small fractions.

I would be grateful if someone would give me a little lesson in how revenue calculates CGT as i assume i cannot invest 10,000 and make 30,000 and then be like "what you talking about, i only made 1,000 profit" lol

How do revenue know what you invested and how much you profited etc

Sorry if its a dumb question but i always told "if you don't ask, you don't learn"

See this thread
https://touch.boards.ie/thread/2058086623/3/#post115634016

Lex Luthor

baalad wrote: »

But with all due respect. Should that not be the first thing people figure out?

I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

Sorry for the negativity but im trying to be real here haha

same can be said for someone who bought at 2.5k
Why would anyone buy at 25k?
Its happening

if the price reaches 250k then someone is buying

why do you think you lose most of it exiting?

eg buy at 25k, sell at 50k.
25k gross profit

lets say worst case €50 in fees cashing out
you pay CGT on 24,950 less 1270
@ 33% this is approx 7.8k

Nett approx profit = 17k approx

I stand to be corrected on this

Lex Luthor

baalad wrote: »

Another clueless question from me but how is CGT calculated? I understand you get taxed on the profit you made but how do they know how much you invested in order to calculate your profit? especially if you invest in small fractions.

I would be grateful if someone would give me a little lesson in how revenue calculates CGT as i assume i cannot invest 10,000 and make 30,000 and then be like "what you talking about, i only made 1,000 profit" lol

How do revenue know what you invested and how much you profited etc

Sorry if its a dumb question but i always told "if you don't ask, you don't learn"

its your tax return

if they smell a rat you will get audited and have to show the transactions

I've seen it happen

baalad

Lex Luthor wrote: »

same can be said for someone who bought at 2.5k
Why would anyone buy at 25k?
Its happening

if the price reaches 250k then someone is buying

why do you think you lose most of it exiting?

eg buy at 25k, sell at 50k.
25k gross profit

lets say worst case €50 in fees cashing out
you pay CGT on 24,950 less 1270
@ 33% this is approx 7.8k

Nett approx profit = 17k approx

I stand to be corrected on this

Am i right in saying you only pay it on any gains above 1270? If i invested 1000 and that 1000 turned into 2270 over night and i cashed out. I would not pay CGT , is that correct?

grindle

baalad wrote: »

Am i right in saying you only pay it on any gains above 1270? If i invested 1000 and that 1000 turned into 2270 over night and i cashed out. I would not pay CGT , is that correct?

Yes.

But if you're getting into crypto and planning on only making 1270 profit in 2021... Oh, sweet summer child. Good luck.

baalad

grindle wrote: »

Yes.

But if you're getting into crypto and planning on only making 1270 profit in 2021... Oh, sweet summer child. Good luck.

Hahaha as long as 2021 is an improvement over 2020 then iam happy

grindle

baalad wrote: »

Hahaha as long as 2021 is an improvement over 2020 then iam happy

Four year cycle. Get out near the top of 2021 when you're happy.

I'm holding since 2016 and will keep buying and never selling for another 4-5 years. At least. Maybe 5-10 because I know it's a long game.

Might sell one Eth for the lolz at the end of 2021 for the lolz, buy an avalanche of scotch.

Lambasted

has anyone bought KIN? i cant find it on any of the main exchanges to buy?

Whelo79

Lambasted wrote: »

has anyone bought KIN? i cant find it on any of the main exchanges to buy?

I'm a long term holder of KIN. It is in the middle of a migration over to the Solano network at the minute. No exchanges will be trading it until the migration is complete.

Daithi40

Lambasted wrote: »

has anyone bought KIN? i cant find it on any of the main exchanges to buy?

Search for it on coinmarketcap and then you can click Market to see which exchanges it trades on

Bruno Mannheim

grindle wrote: »

Yes.

But if you're getting into crypto and planning on only making 1270 profit in 2021... Oh, sweet summer child. Good luck.

maybe every day

hurikane

hurikane wrote: »

$COVAL

+700%

Daithi40

hurikane wrote: »

+700%

Nice if you bought it at the price in Dec 2020, you'd still be waiting if you had bought at ATH, and prob for quite a while

but if you got it at that price, tidy profits

hurikane

Daithi40 wrote: »

Nice if you bought it at the price in Dec 2020, you'd still be waiting if you had bought at ATH, and prob for quite a while

but if you got it at that price, tidy profits

3000% up now