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The Litecoin Thread

traveller0101

Who here is holding some Litecoin?

What are your expectations, hopes and fears for the future?

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Elemonator

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

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

fran426ft

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

Elemonator

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

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

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.

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

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

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

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

Big wall at 300, so close though

Wombatman

"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

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

Just hit 300

GreeBo

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

312.98 now

Wombatman

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

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

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

Sorry Greebo

€313.16

grindle

3putt wrote: »

Sorry Greebo

€313.16

You mean €340?

:pac:

GreeBo

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

grindle wrote: »

You mean €340?

:pac:

No, €350

privateBeavis

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

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

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

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

Just sold half my holdings at €340 on gdax.

banie01

€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

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

Wombatman wrote: »

Just sold half my holdings at €340 on gdax.

chicken :P

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