Are we excited yet?

Donald Trump

https://www.boards.ie/discussion/comment/118361691#Comment_118361691

I never mentioned leverage at all.

Suppose you have 1 BTC worth 100k today and some lender gave you a loan of 20k. You give that lender your 1 BTC as collateral. If it took a nosedive, then it would be likely that that lender would trigger liquidating at least some of your BTC well above a price of 20k. For example, if it drops below 40k then they might automatically liquidate some so that what you owe stays under 50% of the remaining assets (with the added pain of triggering CGT for some people at this lower level). For such a volatile asset, there would need to be a big buffer built into it.

A margin call is fine if you have the money to put into it. My only point was that some people don't understand how it works and can be surprised if they are closed out. I never said that you didn't know how it works.

HGVRHKYY

https://www.boards.ie/discussion/comment/118360707#Comment_118360707

But you'd then still be resident and subject to the ridiculous tax setup here on investments forever. Better off long-term making the short-term sacrifice and becoming domiciled somewhere where you can grow that even further over time without being essentially punished with disgracefully high and punitive taxes, just look at the state of taxes on ETFs/indexes here. Would allow you to grow it to true generational wealth and ensure even your great grandchildren are sorted. Takes 3 or 4 years to become non-resident/non domiciled and you'd most likely be able to enjoy a nicer quality of life depending on where you go. Visit home a few times a year then whenever you want without a care in the world

Wouldn't need to hoard it all before doing this either. Sell enough to fund the above and enjoy yourself in the process, wouldn't need to work

Donald Trump

https://www.boards.ie/discussion/comment/118362727#Comment_118362727

I'm not directing this at you but what I don't understand is people bragging about how lucky, or smart, they have been in terms of getting a massive life-changing-never-have-to-work-again-windfall, but then moan about having to pay tax on it as if they can't afford it. CGT is less than what people pay on what they earn in a job. If you make your money, you should pay your tax. What's the big issue?

If someone in a very well-paid government quango job was moaning about having to pay about 50% tax on their 250k-a-year salary you'd right feel like telling them to f$ck off away with their whinging.

Markus Antonius

https://www.boards.ie/discussion/comment/118362969#Comment_118362969

The big issue is that people are taking big financial risks only to have a third of their profits plundered by a government that p!ss it away carelessly. The bigger disgruntlement in Ireland is with the ridiculous and measly allowance that hasn't changed since the 90s and is completely disproportionate to other countries (eg. UK tax free allowance = £12,300). The government have zero forward thinking and don't see the bigger picture when it comes to accumulation of wealth.

I don't think anyone in this thread would tell anyone earning 250k a year to f$ck off. If you are earning 250k then you are more than likely in a high-stress job, expending disproportionate hours of your life a week earning it. I wouldn't hold it against anyone being disgruntled at having half of their salary stripped away.

Donald Trump

https://www.boards.ie/discussion/comment/118363064#Comment_118363064

Ah will ya stop moaning. Why would ya be whinging about the difference between a 3k allowance and a 12,300 allowance if you are after coming into in to multiples of 6 figures.

I'd say now that if Paul Reid (or Micheal Martin) gave an interview tomorrow moaning about having to pay over so much money in salary tax, that they wouldn't get too much sympathy 🤣

This thread has killed my excitement, today

Markus Antonius

https://www.boards.ie/discussion/comment/118363110#Comment_118363110

Who's coming into multiples of 6 figure profits? The majority here in all likelihood are 4-5 figure profits with the exception of some early adopters (who took on so much risk that you could hardly call it an investment). Why do the irish government care if I come into a 1000 euro profit or a 10,000 profit? That difference in the allowance clearly is a massive money maker for them, and the fact that you don't see an issue with this shows what kind of politics/economy you support.

HGVRHKYY

https://www.boards.ie/discussion/comment/118362969#Comment_118362969

The big issue is the fact that the majority of us have already been taxed on our salaries, and then taxed out the hole in every possible way, and the country overall is expensive as ****. So if you manage to still save and spend a lot of time researching how best to invest your money, you shouldn't have a third of your reward taken away after that risk which you took - without you taking that risk, the government would've gotten ZERO extra tax from you, so it's sickening that they feel entitled to a third of it on the flip side. And what do we even get for the taxes here? **** healthcare system, **** housing crisis with rents and property prices at astronomical prices (with our taxes contributing towards that with HAP), **** roads in general, VRT, terrible public transport and infrastructure, badly developed cities which are borderline unliveable compared with many others in Europe. You're excluded from basically every social benefit as well unless you're earning very little; the people paying the lowest into the system get everything (60% of social housing tenants are getting their income solely from jobseekers). Our CGT rate is one of the highest in the world, and the threshold is insulting, and then you have the deemed disposal rule as well which was incepted by complete smooth brains. The list goes on, I'm sure others have other issues that make them feel similarly

The Scandinavian countries have high taxes and CGT as well, but at least there's some element of value for that tax money there. The average age people move out of home there is <20, for example. Ireland is so incompetent and half arsed in so many ways, it feels like a raw deal. We don't even have an ISA similar to the UK, it's a pathetic country for individuals actually trying to get themselves further ahead of things like inflation and rising cost of living

CGT accounts for less than 2% of the exchequer each year, by the way. Very little in the grand scheme of things, even though it's such a ridiculous rate. I think if they actually set the taxes up to encourage more wealth growth, they could potentially take in more taxes; long-term, however, I think the benefit would be the increasing amount of people with more disposable income who would be in better positions to start their own businesses which are even more beneficial for the country

Donald Trump

https://www.boards.ie/discussion/comment/118364220#Comment_118364220

Ah will you get over yourself.

wotzgoingon

https://www.boards.ie/discussion/comment/118364220#Comment_118364220

You're right. Fúck this shít I'm becoming a heroin addict. Make things easier in the long run.

HGVRHKYY

https://www.boards.ie/discussion/comment/118364269#Comment_118364269

So you ask what the big issue is, get actual answers and then reply with that type of useless ****. Well done, that is impressively moronic, you'd literally add more value here by not replying at all

HGVRHKYY

https://www.boards.ie/discussion/comment/118364344#Comment_118364344

Yes, that's exactly what I was alluding to in my post, nothing gets by you!

wotzgoingon

https://www.boards.ie/discussion/comment/118364435#Comment_118364435

I was only taking the piss. I agree with your post.

ScissorPaperRock

https://www.boards.ie/discussion/comment/118364269#Comment_118364269

Strong argument...

Shedite27

https://www.boards.ie/discussion/comment/118364220#Comment_118364220

As soon as someone mentions "Scandanavia" they've lost the argument

cnocbui

https://www.boards.ie/discussion/comment/118360829#Comment_118360829

https://www.boards.ie/discussion/comment/118364269#Comment_118364269

Says the person suggesting I need to heed their advice or that of a day trader. Heed your own advice.

deadduck

might be time to agree to disagree on the whole Tax/CGT stuff, I don’t think it’s ‘exciting’ anyone in a positive way…

Donald Trump

https://www.boards.ie/discussion/comment/118365409#Comment_118365409

It's your money dude. Do what you like.

The other poster just went on a generic rant moaning and bitching about "de gubbermint" and Scandinavia. Which I found to be quite funny tbh 🤣

Grumpypants

No one likes paying tax. But we live in a premium location and premium locations are expensive. There are lots of cheaper places and tax havens but there is a reason you don't live there.

cnocbui

https://www.boards.ie/discussion/comment/118365543#Comment_118365543

Gee, that's big of you to give me permission, not that I think I need it or your 'advice'.

HGVRHKYY

https://www.boards.ie/discussion/comment/118364687#Comment_118364687

Great input, thanks for the in-depth analysis

massdebater

What coins are people excited for in the new year?

I think 2022 will be a big year for Eth and some of the L2s. Earlier in the year, I was all about the alternative L1s, the likes of SOL, AVAX, DOT, ALGO, ADA etc but, with the Eth scaling roadmap looking much clearer now, I've taken profits from most of them to gather more Eth.

Aside from that, the Terra ecosystem is brilliant to use and LUNA has been flying as a result. I'm excited to see what it does, although cautious to see how the system handles such fast growth, especially with Anchor and stablecoin staking there.

Also bullish on CRO, as more casual people get involved with crypto.

What about the rest of you?

HGVRHKYY

https://www.boards.ie/discussion/comment/118365847#Comment_118365847

A lot of hype for Matic and LRC, and they probably will do really well and contribute to the ETH network, but I think Starkware and zkSync seem like they'll be just as important for contributing to scaling. Not sure when their tokens will be available though, Starkware is already valued at a couple billion too

antimatterx

https://www.boards.ie/discussion/comment/118365847#Comment_118365847

Still bullish on ETH. I'll probably never sell my bag. I'm going to keep buying.

Other than that I have decent amount of DOT, LRC and ALGO. Polkadot Parachain technology is game changing, although it might take longer than 2022. I'm going to keep buying.

I have some AVAX and MANA, but I plan to sell it once I reach profit targets.

el Fenomeno

It's been a long time since I've bought/sold any crypto.

If I want to send €100 worth of bitcoin to someone, I would have previously bought it on Coinbase and just sent it from my Coinbase wallet to whatever their wallet is. Is this still the easiest way?

What are transaction fees like this way, or what would the total cost to me be for the above?

Is Revolut any good? ie. Could you send to someone's non-Revolut wallet?

antimatterx

https://www.boards.ie/discussion/comment/118366306#Comment_118366306

Coinbase Pro is probably the cheapest imo. Although it doesn't have all the coins that regular Coinbase has.

Revolut is grand for throwing small change into. It has high fees and you want withdraw your keys, so I wouldn't use it for more than change in your Revolut account.

antimatterx

Back $51K.

fritzelly

https://www.boards.ie/discussion/comment/118367373#Comment_118367373

Not seeing that anywhere...yet

antimatterx

https://www.boards.ie/discussion/comment/118367384#Comment_118367384

Sorry, meant $50K. I jumped the gun with 51

antimatterx

Now it's $51K