Are we excited yet?

Brusna

https://www.boards.ie/discussion/comment/122122700#Comment_122122700

That’s a good way to look at it in fairness. €50 at 12/1 is a nice bet.

byrne249

Not long now. Let's all give thanks that we pray at the alter of the asinine that we all have the paradoxical cynical foresight to have believed this thing has one more cycle in it, and let's squeeze the blood of this giant ephemeral stone one last time. I for one am feeling excited this fine day. Call it a sixth sense

Potatoeman

https://www.boards.ie/discussion/comment/122142420#Comment_122142420

..

dirk_dangler

Oh Yeah I'm excited now.

US Government turns positive on crypto the same day as the DTCC report

Blackrock not actually buying BTC but shorting the **** out of it with help of Coinbase, all that BTC is fake dollar volume

BTC is the distraction, Chainlink is gonna suck up all the value in blockchain and real world finance

If you don't see what is happening and are not rotating the lions share of your crypto into Chainlink you ain't gonna make it

endainoz

Alts picking up alright, they all should get a rise once more rotate out of BTC. 2021 seems to be repeating itself.

erlichbachman

So this was planned all along, satoshi created Bitcoin as a distraction, we adopted Bitcoin, but really it was all just a ploy so that we couldn’t see what was really happening

🤔

dirk_dangler

https://www.boards.ie/discussion/comment/122149990#Comment_122149990

Would seem to me real change is happening behind the scenes, Fiat is in a pickle and nations are stacking gold and silver, is BTC just a distraction to keep the public away from gold and silver?

Blackrock not really buying BTC, but are in cahoots with Coinbase to short BTC with "paper BTC" they don't hold the real thing

Meanwhile SWIFT, The DTCC and Wall street banks partnered up and using Chainlink, while the public buys a bit of BTC and sh1tcoins, large amounts of $LINK are released by Chainlink and gobbled up instantly yet price does not pump😏

Chainlink has multiple partnerships with massive implications, just one of these partnerships would make any other crypto moon, yet not Chainlink, very strange, could it be the price is being suppressed…………….until its not and boom! Moon shot.

endainoz

https://www.boards.ie/discussion/comment/122150972#Comment_122150972

Your argument for chain link could easily apply to xrp aswell. It will also have legal clarity before anything else.

byrne249

There is something out there!

Actually, I don't need to believe, I'm certain of another free 100%. No need to gamble on alts

Potatoeman

https://www.boards.ie/discussion/comment/122150972#Comment_122150972

It’s not a grand conspiracy, every nation state is printing and spending too much money. That borrowed money has interest attached and it’s compounding. This leads to inflation as any asset you sell in worth more than the cash you are getting that is devaluing. Cash and bonds are bleeding value so people look to other assets to park their cash in. Crypto is a volatile asset any uncertainty and the market reacts.

The crypto market is still up, it’s just not up as much as people were expecting but that’s the reality of volatile assets. The ETF’s can also buy off chain and take days to buy which means they have the ability to influence the market to their advantage. Large BTC holders will also look to offload to buy the ETFs as it’s easier to mind and transfer to family through inheritance.

erlichbachman

Thats much more like it, positioned nicely now for BTC to blast through the ath - 100k here we come

mulbot

Anyone know how to deal with CGT if I only want to take some profit, let's say a simple example, if I'd put 1000 in crypto, let's say it's now 5000,but I want to take 1500, with the allowance I think e1240 or so, how is this dealt with for tax input, then in another 2 months I want to take more out? I understand the process if I was to cash out completely, just a bit unsure of the above scenario. Thanks

antimatterx

https://www.boards.ie/discussion/comment/122166613#Comment_122166613

It's based on first in, first out. The first x number of tokens you buy are deemed to be the ones sold.

Let's make it really simple. You bought 1000 coins at €1 each. They have now 5X and are worth €5 each.

At €5 a coin:

300 tokens = €1500

Cost of 300 tokens = €300

Capital Gain = €1200

Less Tax credit of €1270

Tax due = €0.

mulbot

https://www.boards.ie/discussion/comment/122166688#Comment_122166688

OK thanks. So then, if I sold another say, 300 tokens a month later with the same numbers as above, then I presume I can't deduct the exemption as it has already been used?

Grumpypants

Yeah it's the total for that year. You declare it regardless even if you are under the 1270 you just don't pay anything.

But if you sold 1270 in March you wouldn't pay tax on that first batch.

But if you another 1000 in August. You would pay CGT on that second 1000 and so on.

If you sold 1270 once a year for 5 years you wouldn't pay any tax on it.

HGVRHKYY

https://www.boards.ie/discussion/comment/122166688#Comment_122166688

What about when you've bought fractions of a coin multiple times due to dollar cost averaging so the amount of coin and individual buys changes a lot

For example:

0.134 bought for €150

0.24 bought for €200

0.35 bought for €250

Peregrinus

https://www.boards.ie/discussion/comment/122168393#Comment_122168393

Not a problem — the FIFO rule applies as normal. Suppose you bought the coins in your example in the order that you set them ouot. Then you sell 0.3 of a coin. You'll be taken to have sold the 0.134 that you bought at €150, and the balance, 0.166, out of the 0.24 that you bought at €200, and your loss or gain will be calculated accordingly.

cnocbui

https://www.boards.ie/discussion/comment/122152655#Comment_122152655

I don't understand your reasoning. I would consider it far easier to pass on my wallet to my descendents than empty it to buy ETF's and pass on those instead. It's far more financially efficient, avoiding multiple fee attracting transactions.

You can't buy BTC off-chain. The only place BTC actually resides is on the chain. If you mean't peer to peer instead of via an exchange, then that of course is possible.

bleaks

https://www.boards.ie/discussion/comment/122167814#Comment_122167814

As a subsequent point, you can offset any closed positions you made a loss on (let's say for sh*tcoins) in any given year against your profit on good coins… so let's say you take the hit of a -500 loss on your sh*tcoin, and make 1770 profit on a good coin, your 1270 overall gain will balance as tax free under the threshold.

I have heard, though I'm not 100% sure about this, you can carry a loss on closed positions from a previous year into the current year to further offset against your gains in the current/next year. Anyone know if this is correct?

Potatoeman

https://www.boards.ie/discussion/comment/122168548#Comment_122168548

It’s larger holders. They would prefer the asset managed by the ETF for simplicity, less chance of theft or errors happening. You might be comportable but many are not.

I said off chain but ment OTC.

cnocbui

https://www.boards.ie/discussion/comment/122168917#Comment_122168917

You can carry forward capital losses to latter years and use them to offset later capital gains:

Allowable losses that exceed the chargeable gain

You might have losses that you cannot use because:

they are more than gains made by you in the same tax year

you did not make any gains in the same tax year.

Carry forward capital losses

You will be able to carry forward the losses. This means you can use
them against capital gain you make in later years. You need to include
the carried-forward loss in your calculation of CGT for the later year.
You also enter the carried-forward loss on the CGT return form for the
later year.

https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/if-you-make-a-loss.aspx

There is an exception, which is ETF's, which in a typical Irish mind-fu​ck, is treated differently, unlike any other country.

Whether or not you make a capital gain on ETF's, every 8 years you will be taxed on the deemed theoretical gain you might have made if you had sold them. And as if that weren't financial insanity enough, if you then make an actual loss, not only won't you get the tax back, you wont even be able to offset the loss against capital gains in any class of asset.

In case you are unaware, this is not normal and does not happen in sane countries. There is a special level in hell reserved for the ar​sehole civil servants in Finance and Revenue who dreamed up this shi​tbaggery and managed to sell it to the stupid politicians.

Ekerot

I'm investing heavily in MAGA coin fir the remainder of this USA election, I could easily see it riding the trump wave over the next few months.

cnocbui

After a long search of the depths of my soul, I have failed to find any legitimate basis on which to wish you luck.

Ekerot

What's wrong with my reasoning? I've already made back x5 my money investing in MAGA since the New Year.

Peregrinus

But who would wish to profit from so base a transaction?

Ekerot

I don't know, is it really any worse then the long investments here people made on Cryptos with the face of a Dog on it?

silliussoddius

https://www.boards.ie/discussion/comment/122210623#Comment_122210623

Separating morons from their money, less to spend on guns.

Potatoeman

https://www.boards.ie/discussion/comment/122210083#Comment_122210083

I wouldn’t invest heavily in a sh*t coin. There are too many rugs in the space. That could pump with the election but it could also be a different one.

Sono

I have a small bit invested in crypto, considering how volatile the whole market is, I don't know how people sleep at night when it could all go pear shaped over night, maybe I am too risk averse but I would struggle a lot in my head with big money invested.

HGVRHKYY

https://www.boards.ie/discussion/comment/122221363#Comment_122221363

It's a lot easier when you get in during market cycle bottoms and everything is up multiple times your initial

erlichbachman

https://www.boards.ie/discussion/comment/122221363#Comment_122221363

Its a volatile asset class, returns can be big, and losses too, so never put in more than you can afford to lose (excluding BTC to some extent).

Crypto market is cyclical, the real money is made buying at the bottom and selling during the bull market cycle. During last bottom, BTC was circa 15k, ETH 800, SOL 10 bucks, ADA 24c

Never put more into Memecoins than you are willing to lose on a greyhound race.

https://www.boards.ie/discussion/comment/122221363#Comment_122221363

A lot of people have **** it money that they throw into Crypto. If it all goes pear shaped so be it.

Never put money into an investment you aren't prepared to make a massive loss on, or even lose it all.

Or even worse, borrow money/use credit card to buy crypto.

HGVRHKYY

It's not crypto but it feels like something people into crypto would be interested in, but who's following the GameStop drama and the updates from Roaring kitty aka DeepFuckingValue? It really feels like everything is coming true, after everyone making fun of it all and dismissing it without understanding

A fairly regular guy has essentially traded his way from $50k to half a billion $ net worth in 3 years, and is likely going higher. All against hedge funds trying to short the company to death. Easily one of the greatest trading stories in history, it's just unbelievable.

endainoz

https://www.boards.ie/discussion/comment/122228885#Comment_122228885

Yeah I've been following it, no interest in actually owning any meme stock but it's a fun story to follow. He's doing a live stream today, looking forward to the madness it will bring.

HGVRHKYY

https://www.boards.ie/discussion/comment/122229287#Comment_122229287

I still own a small few that I've held since 2021 purely as a "what if" bet, so it's very entertaining seeing all of this unfold. All the people on Reddit who were laughed at for their crazy theories are being proven right in the end.

erlichbachman

It might be good for the pocket to follow Roaring Kitty but I just tuned in to the stream for 5 mins there and my god he's difficult to listen to, could be that he's watching what he says after threats from the SEC, but I couldn't listen to him for very long.

el diablo

https://www.boards.ie/discussion/comment/122210623#Comment_122210623

Is this a case of advanced-stage TDS or a hatred for meme coins? Or both? 😉

https://www.boards.ie/discussion/comment/122210083#Comment_122210083

cnocbui

https://www.boards.ie/discussion/comment/122233196#Comment_122233196

It's a hatred of Trump and everything to do with him. No idea what TDS is supposed to mean.

el diablo

Trump Derangement Syndrome.

byrne249

https://www.boards.ie/discussion/comment/122234492#Comment_122234492

Going to steal this! Viscerally hating strangers can't possibly be a peaceful existence. Not convinced his attempt to gain the BTC/Libertarian vote is going to get him very far, they are libertarians after all. Not sure it does anything for BTC either

Potatoeman

https://www.boards.ie/discussion/comment/122251110#Comment_122251110

The democrats have nailed their colours to the mast on this, Gary Gensler head of the SEC and Elizabeth Warren have gone after the crypto industry consistently. Trump was against it during the last election but flipped as he (or his advisors) realised it’s a big issue for young voters.

erlichbachman

Absolutely, Gensler is a puppet, the attack on crypto is from the very top level, get them out, get the Donald back in, stone mad as he is he will also end the Ukraine war in 5 mins

erlichbachman

Alts performing appallingly of late, very tempted to dump them all and put it all into Ondo

Potatoeman

https://www.boards.ie/discussion/comment/122251571#Comment_122251571

14% circulating supply.

silliussoddius

https://www.boards.ie/discussion/comment/122251562#Comment_122251562

And maybe when he is in we can launch a "peace plan" coin and cash in.

antimatterx

Some good accumulation prices for alts if you time horizon is the next 1-2 years I think.

Render, Ondo (my best alt of all time, first bought at 0.20), AIOZ, Matic, Link look attractive. These will be my main cycle holds.

I have smaller bags of Aero, Velo, ADA, LRC, Beam, Pepe. I should probably get rid of LRC and ADA. The sunk cost fallacy is real here.

antimatterx

Nice rise already. Especially on Render, Ondo and BEAM.

bleaks

How are we feeling? Seems to be a strong correlation between the unfortunate likelihood of Trump getting in and crypto going up. Alts are still way down from a couple of months ago though, but might creep back up.

antimatterx

https://www.boards.ie/discussion/comment/122391430#Comment_122391430

Great. Got into some alts at good prices. My Sol is up 20% in two weeks.

Potatoeman

Two weeks before the Mt Gox assets start being sent out. So expect sell pressure.