The Litecoin Thread

Elemonator · 12-12-2017 1:44pm

papu wrote: »

Depends where you trade, but you can usually generate a report and calculate your profits from that.

Thanks. I'd want to get on it quick, Litecoin has gained 15% in the past hour alone!

dan786 · 12-12-2017 1:45pm

Getting 1500 on investment of 600. Tempting. I only bought them on Thursday through Revolut. So no fees / tax concerns.

fran426ft · 12-12-2017 1:50pm

Just bought 2 for €241 each. Now I'm back in what's the bet the price will crash.

Elemonator · 12-12-2017 1:54pm

dan786 wrote: »

Getting 1500 on investment of 600. Tempting. I only bought them on Thursday through Revolut. So no fees / tax concerns.

May I ask how? Genuinely curious. Is it to do with Revolut cards?

GreeBo · 12-12-2017 1:57pm

SlowBlowin wrote: »

300 is being a big stubbon... seen 312 just now but its not breaking clear.

GDAX showing well over $300 with no upcoming sell walls...

dan786 · 12-12-2017 2:22pm

Elemonator wrote: »

May I ask how? Genuinely curious. Is it to do with Revolut cards?

What do you mean how? Revolut lets you exchange your money to Crypto. And then you can exchange them back to actual currency whenever you feel. Then make a withdrawal to your bank. They dont charge fees and it wont be taxed.

I topped up atleast 20k into my revolut in last 2 months so will just show it will just show in my bank as money back from Revolut.

Blacktie. · 12-12-2017 2:31pm

dan786 wrote: »

What do you mean how? Revolut lets you exchange your money to Crypto. And then you can exchange them back to actual currency whenever you feel. Then make a withdrawal to your bank. They dont charge fees and it wont be taxed.

I topped up atleast 20k into my revolut in last 2 months so will just show it will just show in my bank as money back from Revolut.

Yeah because you're meant to declare your taxes. Revolut isn't unique that it doesn't pay your taxes for you. No exchange does this. You're meant to declare and pay your 33% CGT.

papu · 12-12-2017 2:47pm

Blacktie. wrote: »

Yeah because you're meant to declare your taxes. Revolut isn't unique that it doesn't pay your taxes for you. No exchange does this. You're meant to declare and pay your 33% CGT.

I suggest people read up on this, if revenue catch you it wont be cheap.
The first €1,270 of taxable gains in a tax year are exempt from CGT.

NaiveMelodies · 12-12-2017 2:50pm

dan786 wrote: »

What do you mean how? Revolut lets you exchange your money to Crypto. And then you can exchange them back to actual currency whenever you feel. Then make a withdrawal to your bank. They dont charge fees and it wont be taxed.

I topped up atleast 20k into my revolut in last 2 months so will just show it will just show in my bank as money back from Revolut.

Not sure which is more astounding. This post or litecoins gains?

JaCrispy · 12-12-2017 2:51pm

JaCrispy wrote: »

For once, my timing was impeccable. Just put 80% of my portfolio in LTC at the start of the week. Cashed it all out this morning. Please some nice drops now over Christmas so I can go back in.

My timing doesn't look so "impeccable" now

papu · 12-12-2017 2:59pm

Big wall at 300, so close though

Wombatman · 12-12-2017 2:59pm

"Dublin property prices up by 86% since 2013"
https://www.irishtimes.com/business/economy/dublin-property-prices-up-by-86-since-2013-1.3324334

Big headline in the Irish Times just there

Here is one for you Irish Times.......

"Litecoin up 100% since...... am.... yesterday!"

papu · 12-12-2017 3:01pm

At this rate it's going to overtake ETH very very soon, and generate a whole lot of hype...

Just hit 300

GreeBo · 12-12-2017 3:02pm

papu wrote: »

Big wall at 300, so close though

Where are you seeing this wall?

Its blown through $300 long ago on GDAX for example

3putt · 12-12-2017 3:03pm

312.98 now

Wombatman · 12-12-2017 3:04pm

GreeBo wrote: »

Where are you seeing this wall?

Its blown through $300 long ago on GDAX for example

Just trying to break €300 on gdax.

privateBeavis · 12-12-2017 3:05pm

papu wrote: »

I suggest people read up on this, if revenue catch you it wont be cheap.
The first €1,270 of taxable gains in a tax year are exempt from CGT.

I was looking into this and it looks to me capital gain should be calculated every time you convert from one crypto to another not just converting back to Euro. I can't find anything definitive so should really ask an accountant I guess!

But I use cointracking (site/app) nice way to keep track of everything and view reports etc. can import all your trades from the different exchange reports etc.
Anyway they have a capital gain report generator where give you a good idea what it should be. If I can figure out the settings I might use that for my calculations.

I transferred some BTC to LTC on Sunday to try diversity a bit more before the futures trading, but if I sell back to something else then according to the calculations on that site I'd be over the threshold! So maybe I'll just hold until I figure out what I actually owe.

Also be aware of the payment dates: you're supposed to pay capital gains in the year you realised the gains and there are 2 payment times. Realized up to end Nov then you've to pay before end year and realized in Dec you have til end of Jan on next year.
(This is separate to filing the tax return which is end of the following year)

here's where I got the info:
link: https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/how-do-you-pay-and-file-cgt.aspx

.. but then again maybe I'm completely misunderstanding it??

GreeBo · 12-12-2017 3:05pm

Wombatman wrote: »

Just trying to break €300 on gdax.

Bah, currency symbols would make peoples posts a lot more meaningful!

If you (not you!) dont put them in, pretty much everyone is going to assume you are talking dollars.

also, its over €330 now on GDAX and no significant walls nearby...

3putt · 12-12-2017 3:08pm

Sorry Greebo

€313.16

grindle · 12-12-2017 3:11pm

3putt wrote: »

Sorry Greebo

€313.16

You mean €340?

:pac:

GreeBo · 12-12-2017 3:11pm

privateBeavis wrote: »

I was looking into this and it looks to me capital gain should be calculated every time you convert from one crypto to another not just converting back to Euro. I can't find anything definitive so should really ask an accountant I guess!

The gain/loss is realized once you dispose (i.e. convert to something else)

But its only due once per year.

As you said, Cointracking.info etc will calculated you end of year gain/loss.

However, I'm not sure what you need to do with unrealized gains/losses...

GreeBo · 12-12-2017 3:12pm

grindle wrote: »

You mean €340?

:pac:

No, €350

privateBeavis · 12-12-2017 3:17pm

GreeBo wrote: »

The gain/loss is realized once you dispose (i.e. convert to something else)

But its only due once per year.

As you said, Cointracking.info etc will calculated you end of year gain/loss.

However, I'm not sure what you need to do with unrealized gains/losses...

yes only once a year, but like myself a lot of people only just got into Crypto in last few months and I just assumed like tax returns you file and pay in the following year (ages away!) but not with CGT its payment is in the same year.
Especially if you've made some trades/profits in November that would push you over the threshold then the deadline is this Friday 15th Dec!

nothing to do with unrealized I guess.

benjamin d · 12-12-2017 3:21pm

I've never seen such wild fluctuations. €300 to 350 in about 2 minutes, then down to dip under 300 again a few minutes later and now bouncing around mid between on GDAX. Even Bitcoin's huge surge the other week wasn't that crazy.

Uncle Mclovin · 12-12-2017 3:22pm

Coinbase appears to be struggling with traffic.

I'm not able to see my coins at the moment. Anyone else experiencing the same. I didn't transfer to another wallet.

Gator · 12-12-2017 3:24pm

Uncle Mclovin wrote: »

Coinbase appears to be struggling with traffic.

I'm not able to see my coins at the moment. Anyone else experiencing the same. I didn't transfer to another wallet.

yup

Wombatman · 12-12-2017 3:26pm

Just sold half my holdings at €340 on gdax.

banie01 · 12-12-2017 3:28pm

€258 on Kraken and €334.90 on GDAX, heres hoping the LTC wallet queue is quick enough to allow a little bit of arbritrage

Elemonator · 12-12-2017 3:29pm

dan786 wrote: »

What do you mean how? Revolut lets you exchange your money to Crypto. And then you can exchange them back to actual currency whenever you feel. Then make a withdrawal to your bank. They dont charge fees and it wont be taxed.

I topped up atleast 20k into my revolut in last 2 months so will just show it will just show in my bank as money back from Revolut.

You are liable for 33% CGT tax.

Coinbase is down. I have been researching the CGT filings and if I cash some out now I have to pay by the end of the month and if I cash some out after January it is not to be declared until November next year correct?

GreeBo · 12-12-2017 3:30pm

Wombatman wrote: »

Just sold half my holdings at €340 on gdax.

chicken :P

contemplating what to put my sell order at...
Thinking $499 tbh

Harika · 12-12-2017 3:34pm

Uncle Mclovin wrote: »

Coinbase appears to be struggling with traffic.

I'm not able to see my coins at the moment. Anyone else experiencing the same. I didn't transfer to another wallet.

Yes just trying to sell mine. No chance to get into my account

The Megaphone · 12-12-2017 3:40pm

I'm saying it now - we'll top 450 tonight - where have I pulled this nugget of information from, well I just made it up - go currency speculation!

On a serious note, has anyone seen any patterns in day trading depending on the time of day here? It's breakfast time somewhere if you get me?

benjamin d · 12-12-2017 3:47pm

The Megaphone wrote: »

I'm saying it now - we'll top 450 tonight - where have I pulled this nugget of information from, well I just made it up - go currency speculation!

On a serious note, has anyone seen any patterns in day trading depending on the time of day here? It's breakfast time somewhere if you get me?

That mad dash coincided with 9am in the US. I feel like there's often a spike related to around the same time in Asia/Korea/China. It may mean nothing though and I'm seeing something that's not there.

Uncle Mclovin · 12-12-2017 4:02pm

Elemonator wrote: »

You are liable for 33% CGT tax.

Coinbase is down. I have been researching the CGT filings and if I cash some out now I have to pay by the end of the month and if I cash some out after January it is not to be declared until November next year correct?

If you cash out today you have to pay your CGT liability by 31 January 2018.

If you hold and sell in January 2018, CGT doesn't need to be paid until 15th December 2018.

Elemonator · 12-12-2017 4:06pm

Uncle Mclovin wrote: »

If you cash out today you have to pay your CGT liability by 31 January 2018.

If you hold and sell in January 2018, CGT doesn't need to be paid until 15th December 2018.

Thank you.

thunderdog · 12-12-2017 4:06pm

Uncle Mclovin wrote: »

If you cash out today you have to pay your CGT liability by 31 January 2018.

If you hold and sell in January 2018, CGT doesn't need to be paid until 15th December 2018.

Or alternatively cash out 1,270 now and the rest in 2018

GreeBo · 12-12-2017 4:13pm

thunderdog wrote: »

Or alternatively cash out 1,270 now and the rest in 2018

Someone listened, serious profit taking over the last hour or so.

Autochange · 12-12-2017 4:19pm

I don't get this. I bought 1 litecoin at 70 odd euro. The price coinbase are showing on the graph is 315 but my litecoin wallet on coinbase is showing 262 .

What am I missing?

Twiggy69 · 12-12-2017 4:24pm

It is a bit worrying that Coinbase is down... does it fold often due to high volumes???
Back to €299 on Gdax

GreeBo · 12-12-2017 4:37pm

Twiggy69 wrote: »

It is a bit worrying that Coinbase is down... does it fold often due to high volumes???
Back to €299 on Gdax

If its any consolation I cant get near Kraken either!

banie01 · 12-12-2017 4:40pm

Well that worked out nicely

Just bought LTC at €258.40 on Kraken, moved it to my coinbase account and deposited it on GDAX and sold for €320

The price had dropped to €282 on GDAX by the time the deposit hit the account but luckily there was a rally to €320 a few minutes ago.

Should the exchanges ever actually remain stable at peak demand there is huge scope for arbitrage, I just banked 25% on this transaction.

Ginger83 · 12-12-2017 4:51pm

banie01 wrote: »

Well that worked out nicely
Just bought LTC at €258.40 on Kraken, moved it to my coinbase account and deposited it on GDAX and sold for €320
The price had dropped to €282 on GDAX by the time the deposit hit the account but luckily there was a rally to €320 a few minutes ago.

Should the exchanges ever actually remain stable at peak demand there is huge scope for arbitrage, I just banked 25% on this transaction.

Very interesting read, i'd be interested in starting, no real experience but a few quid spare and aware its a gamble. Can i use Revolut?

Any advice/pointers?

GreeBo · 12-12-2017 5:12pm

banie01 wrote: »

Well that worked out nicely
Just bought LTC at €258.40 on Kraken, moved it to my coinbase account and deposited it on GDAX and sold for €320
The price had dropped to €282 on GDAX by the time the deposit hit the account but luckily there was a rally to €320 a few minutes ago.

Should the exchanges ever actually remain stable at peak demand there is huge scope for arbitrage, I just banked 25% on this transaction.

If they were stable then the arbitrage opportunity probably wouldnt exist...

banie01 · 12-12-2017 5:17pm

Ginger83 wrote: »

Very interesting read, i'd be interested in starting, no real experience but a few quid spare and aware its a gamble. Can i use Revolut?

Any advice/pointers?

You cant use Revolut to transfer Crypto to alternative address/exchange as yet so there is no scope for arbitrage between exchanges.
You can only Buy/Sell cryptomwithin the app and not via external exchanges.

Revolut is grand for buying crypto and moving gains back to Fiat, not so good for actually using crypto and transferring.

Regarding arbitrage itself, its high risk in particular where the exchanges tend to go down during peak periods.

With the number of crypto exchanges out there, there is always scope to purchase on 1 exchange and sell on another.
The risks are high.
1. there is always potential for transfer delay impacting on the trade, particularly with BTC.
2. The volatility in pricing can mean any potential gain between exchanges can be wiped out leaving you at a loss.
3. Transaction costs are always a concern.
4. The main risk in this at the moment IMO is Exchange volatility, too often it is impossible to access an exchange account to take full advantage.

Hope that at least helps give an idea of where to start.
Regarding advice on coins or investment, I'd never presume to offer advice on that. I'd always advise, read, research and second guess yourself

banie01 · 12-12-2017 5:22pm

GreeBo wrote: »

If they were stable then the arbitrage opportunity probably wouldnt exist...

It would depend on what "stability" means.
To my mind, its uptime and coping with peak demand.
In a market of hundreds of exchanges, price propogation isn't immediate and there is huge variation across the main markets even at times of low volatility.

my "Stability" comment isn't focused on core pricing but rather market access that can impede the ability to take advantage of the price variations

Ginger83 · 12-12-2017 5:24pm

banie01 wrote: »

You cant use Revolut to transfer Crypto to alternative address/exchange as yet so there is no scope for arbitrage between exchanges.
You can only Buy/Sell cryptomwithin the app and not via external exchanges.

Revolut is grand for buying crypto and moving gains back to Fiat, not so good for actually using crypto and transferring.

Regarding arbitrage itself, its high risk in particular where the exchanges tend to go down during peak periods.

With the number of crypto exchanges out there, there is always scope to purchase on 1 exchange and sell on another.
The risks are high.
1. there is always potential for transfer delay impacting on the trade, particularly with BTC.
2. The volatility in pricing can mean any potential gain between exchanges can be wiped out leaving you at a loss.
3. Transaction costs are always a concern.
4. The main risk in this at the moment IMO is Exchange volatility, too often it is impossible to access an exchange account to take full advantage.

Hope that at least helps give an idea of where to start.
Regarding advice on coins or investment, I'd never presume to offer advice on that. I'd always advise, read, research and second guess yourself

Thanks i might just use Revolut to dip my toes, buy a few coins and sit on them.

grindle · 12-12-2017 5:25pm

banie01 wrote: »

my "Stability" comment isn't focused on core pricing but rather market access that can impede the ability to take advantage of the price variations

You're not imagining the hedge fund market makers who'll be using bots spread across exchanges taking advantage of opportunities on every side.
Give it time, it'll happen.
There are a couple of small funds doing it now, but once Novogratz and his ilk really push in? If the exchanges can remain stable then prices will equalise across exchanges more and more as time passes.

banie01 · 12-12-2017 5:28pm

Ginger83 wrote: »

Thanks i might just use Revolut to dip my toes, buy a few coins and sit on them.

Holding is always a great way to go if you believe that past performance is an indicator.
I have some HODL myself and to this day kick myself for selling my original bitcoin at €500

I try and hold on to the fact that it was a 1000% gain at the time

but if i had it now...
I'd be in a lambo and up to my eyes in coke and hookers! :pac::pac:

The One Doctor · 12-12-2017 5:28pm

Nice pullback opportunities on Litecoin today. Going sideways now, perhaps headed for a dip. Thank you Litecoin for your volatility lately!

tacofries · 12-12-2017 5:30pm

Coinbase is acting very strange. It is displaying that my Euro wallet contains what I should have in Bitcoin, my bitcoin wallet contains what I should have in my euro wallet and also the litecoin price is displaying in euros although it has taken the dollar conversion rate i.e. it is saying that litecoin is worth €315 instead of $315. I am going to cash out when it lets me....

The Litecoin Thread

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