Do you hold enough CC to cash out and live off for the rest of your life?

Worztron · 06-01-2022 3:37pm #1

Hi.

I guess the trick was to get in early. Or are you waiting for the value of e.g. BTC to skyrocket, then sell it to have a comfortable life?

Thanks.

banie01 · 06-01-2022 3:43pm

https://www.boards.ie/discussion/2058226252/do-you-hold-enough-cc-to-cash-out-and-live-off-for-the-rest-of-your-life

Nice try Mr Revenue Inspector 😜

How about you go 1st!

Seriously though? My trade vol last year was approx $3million on just Binance 😮 Which honestly shocked me and my bank account when CGT time came around.

My overall trade volume across all exchanged was closer to $4million.

My actual bag? A rather small % of that total. Up until yesterday? HODLlng would certainly have given me both a far better gain, and, a zero tax bill.

Worztron · 06-01-2022 4:00pm

https://www.boards.ie/discussion/comment/118427479#Comment_118427479

"My overall trade volume across all exchanged was closer to $4million."

Hi.

4m - wow! How does trade volume equate to converting it into actual cash? I'm a bit lost in the trading game.

banie01 · 06-01-2022 4:07pm

Trade volume = the aggregate total of buys/sells. It sounds impressive as a total, but aside from the taxman? It's really just a dick measuring number IMO.

I can have $1000 USD, buy $1000 in ETH and trade back to USD when ETH hits $1200. That gives a total of 2 trades, and $200 profit, but on the volume? It comes in at $3200. Think of volume as the running cumulative total of your trades. It's the running total of your buys + sells. It doesn't even come close to being an indicator of value or profit tbh.

A quick example of why the volume doesn't matter is if you are swing trading. Lots of orders and trades but very little profit that quickly grows your volume but not your capital.