Buying bitcoins

It is bitcoin. It gives you the exchange rate between bitcoin and a range of different cryptos.

The One Doctor wrote: »

...when correction comes, it's going to be huge, perhaps 40 - 50%. Lots of new entrants are going to panic hard, which will unsettle the long term holders, who will decide that X profit is quite enough and will get out.

I pray you're right, but have my doubts - you think the total cap will drive down below $400b for Xmas?

That would be amazing.

Exchanges are warning that they're still struggling to activate all the new accounts, Bittrex has had to temporarily halt signups, still a lot of new money flowing in yet, thats what you need to be watching.

dinneenp wrote: »

Thanks.
When clicking on the 'BTC' section which I presumed would be bitcoin. I'll check 'USDT'- thanks.

Pa.

Careful, USDT is most definitely not a fiat currency, and is considered very shady by a lot of people at the moment.

Shauny2010 wrote: »

Moved all my Bitcoin onto the exchange this morning. Totally nerve racking waiting for it to show up. Transfering a few Bitcoin used to be a bit of fun, now it involves hundreds of thousands of euro. Not something I can sleep with anymore.

Welcome to my world! It would seem totally obscene to moan about this - and I accept that it's definitely a 1st world problem. However, I've been absolutely miserable over the weekend....I need time to move jurisdiction and cash out my chips. If anything happens between now and the end of March, I'm screwed.


I always believed in btc - and was happy to take the risk of what would have been a substantial hit. However, the 40% rise in one day - and rises since - are too much too soon.

I guess I just have to accept the fact that there's no point worrying about something outside my control (yes, i could cash out here - but i'm not paying 33% cgt - i'll suffer the consequences rather than to give those leeches a third!)

makeorbrake wrote: »

Welcome to my world! It would seem totally obscene to moan about this - and I accept that it's definitely a 1st world problem. However, I've been absolutely miserable over the weekend....I need time to move jurisdiction and cash out my chips. If anything happens between now and the end of March, I'm screwed.


I always believed in btc - and was happy to take the risk of what would have been a substantial hit. However, the 40% rise in one day - and rises since - are too much too soon.

I guess I just have to accept the fact that there's no point worrying about something outside my control (yes, i could cash out here - but i'm not paying 33% cgt - i'll suffer the consequences rather than to give those leeches a third!)

Why don't you just change to fiat and keep it on the exchange if you are worried about a market crash?


Fat cat bankers, leeches, the people on the ground, Irish water, etc etc
Got to love the justification people use for fraud, tax evasion, stealing, etc etc.

Hope you didn't ever switch between coins in the past, an audit would be fun.

GreeBo wrote: »

If the amount is that serious then even paying CGT will leave you with life changing amounts of money, and not have you on the run and looking over your shoulder for the rest of your life.

I'm not sure I get what you mean, I assume he's moving to somewhere where he doesn't pay CGT and as a result is not breaking any law. So no running or looking over his shoulder.

Just on that did I not see someone on here saying that you can open an New Zealand bank account online and that that was one of the countries where you don't pay CGT. Surely that would be a better bet in the meantime. Buy you more time as you could just send any fiat to there.

seannash wrote: »

Just on that did I not see someone on here saying that you can open an New Zealand bank account online and that that was one of the countries where you don't pay CGT. Surely that would be a better bet in the meantime. Buy you more time as you could just send any fiat to there.

Your liablity to CGT doesn't depend on where your bank account is, so much as on where you are.

Cnocbui's strategy of emigrating before realising your capital gain will generally work, subject to a couple of points:

1. If you wait until you have ceased to be ordinarily resident in Ireland (which will happen three years after you have ceased to be resident) it works on every level. Legally, you will have no liability to Irish CGT (unless the asset you are selling is something like land in Ireland, of course.)

2. If you emigrate and sell while still ordinarily resident in Ireland, then you may or may not have an Irish CGT liablity, depending on whether the country that you move to has a Double Taxation Agreement with Ireland and, if so, what it says about CGT.

3. If you emigrate and sell while still ordinarily resident in Ireland and there's no relavant DTA to relieve you, then you probably do have an Irish CGT liability. But in practice it's going to be difficult for the Revenue to know about it and, if they do, to enforce it (unless you still have assets in Ireland that they can chase). Countries don't enforce one another's tax debts and there is no prospect of being extradited for tax offences.

But, what is the point of having money, unless it enable you to live life as you wish to live it? Emigrating (when you wouldn't otherwise do so) to reduce your tax liabilities strikes me as a fairly extreme step - disrupting all your relationships and associations, living in a country you wouldn't otherwise choose to live in, etc, etc. Everyone has to make their own choice, I suppose, but in general I think you'd need to be saving an awful lot of money to justify making such a radical and disruptive change to your life purely to reduce a tax bill. When you look back over your life on your deathbed at the life choices you made and whether you lived the best life you could, it's very unlikely that the answer will depend on the extent to which you minimised your CGT liablities.

Benzino wrote: »

Will Revenue give you tax back on losses made in cryptocurrency?

No way. They will let you offset the losses against any future gains, so if you lose this year and win next year, next year your CGT will be on your gains minus your previous year/s losses. You can also deduct all exchange fees as costs.

Benzino wrote: »

Will Revenue give you tax back on losses made in cryptocurrency?

You can set your capital losses off against capital gains arising on other tranasactions, so as to reduce or eliminate your CGT on those transactions. If you don't have enough capital gains in the year in question, you can carry forward your unused losses and set them off against gains arising in future years.

It's analogous to the treatment of trading losses, basically. If your business makes a loss you can set that off against the profits of your other business. If you haven't got another business, then you can carry the loss forward and set it of against future profits that you (hopefully!) earn in your business.

cnocbui wrote: »

The OECD came up with the Common Reporting Standard (CRS), which will see most first world countries require banks to submit details of significant transactions on accounts held by people foreign resident, for tax purposes, to their local tax authorities, those in turn will share the information with their counterparts in the countries where the account holders are resident for tax purposes. Started September of this year but likely won't be fully implemented until 2018: https://en.wikipedia.org/wiki/Common_Reporting_Standard.

Thanks for that, good to know. Although it seems that if he were to do it next week nothing would be reported to the Irish government. Just guessing but when the CRS is enacted, they wouldn't be giving past records of transactions?

Dohnjoe wrote: »

Corporations, offshorers, politicians, rich people avoiding tax - "SCUM!"

Made a few bob with Bitcoin and avoiding taxes - "Taxes are too high, screw the revenue!"

I pay my taxes and think people should, however, successive Irish governments have behaved immorally in soliciting, enouraging and abetting a very large share of the entire world's tax avoidance, which is mostly perpetrated by US based multinationals. These companies have avoided billions, perhaps trillions in tax thanks to this countries actions. It's an amazing contrast to the massive penalties they think are just when applied to Individual tax payers in this country they consider to be avoiding tax.

The consequence of Ireland's policies is for the tax burden to be shifted to all other classes of taxpayer, according to the OECD, not just in Ireland, but throughout the world.

This country is still at it!

Malta was among the main opponents of a European Union bid to increase transparency on trusts and companies, for fear of a negative impact on its economy.

The MEP in charge of the issue, Dutch Green Judith Sargentini, is quoted as saying that Malta, the UK, Cyprus, Luxembourg and Ireland were among those opposing the changes. The final deal struck on Friday allows the authorities and "persons who can demonstrate a legitimate interest" to access data on the beneficial owners of trusts.

This country is scum. Bertie Ahern and his brown envelopes sets the standard for all to follow.

Has anyone invested in Ripple and if so how? Thanks

Thanks pope, what exchange do you use?