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How to stay on the ball?

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  • 05-01-2018 7:15pm
    #1
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,542 Mod ✭✭✭✭


    Guys,

    With all the delays around account transfers between exchanges and Coinbase etc etc

    If you see something you want to buy straight away, how do you go about it?
    It takes a day to SEPA to Coinbase at the best of times, then it takes hours to transfer ETH from CB to an exchange before you can actually buy.

    So how do you guys stay on the ball and be able to buy there and then if required?


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    #2
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    Try not to use ETH for transferring between exchanges at the moment, the network is congested and will be until Casper arrives.

    Pick whichever coin has the fastest and lowest cost transactions and is on both exchanges.
    XRP, BCH, LTC.


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    #3
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,542 Mod ✭✭✭✭Gumbo


    grindle wrote: »
    Try not to use ETH for transferring between exchanges at the moment, the network is congested and will be until Casper arrives.

    Pick whichever coin has the fastest and lowest cost transactions and is on both exchanges.
    XRP, BCH, LTC.

    Agh I see.
    So my first dip was this week.

    I bought €50 worth of ETH on Coinbase.
    Transferred that to Binance and bought PPT (Populous).
    Have that sitting there. Will transfer to wallet once I know what I’m doing.


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    #4
    mik_da_man
    Hosted Moderators Posts: 9,929 ✭✭✭mik_da_man


    Very much of a noob but I've transferred a few quid into Coinbase.
    Bought some crypto there and then left some in my Eur wallet.
    I then would throw some of that into LTC and send to another exchange to buy something I'm interested in.


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    #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,542 Mod ✭✭✭✭Gumbo


    mik_da_man wrote: »
    Very much of a noob but I've transferred a few quid into Coinbase.
    Bought some crypto there and then left some in my Eur wallet.
    I then would throw some of that into LTC and send to another exchange to buy something I'm interested in.

    See that’s the thing. It takes an age to get the money fro Coinbase to the exchange that you can’t just act on it but I suppose keeping a small amount of euro in your CB account allows you to cut out the first process.


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    #6
    jon1981
    Registered Users Posts: 4,359 ✭✭✭jon1981


    kceire wrote: »
    See that’s the thing. It takes an age to get the money fro Coinbase to the exchange that you can’t just act on it but I suppose keeping a small amount of euro in your CB account allows you to cut out the first process.

    Even that won't help. When I saw an opportunity it over 14 hrs to send Ether to the exchange so i missed out. You need to keep BTC/Eth/LTC in wallets outside of CB to speed things up


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    #7
    FightingIrish
    Registered Users Posts: 99 ✭✭FightingIrish


    Total noob here, a friend recommended an app called ETORO to me, I installed, answered all questions etc and within a half hour I had bought XRP, very straightforward, what am I missing, I see people talking of wallets and binance etc and I'm stumped lol


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    #8
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    FightingIrish wrote: »
    Total noob here, a friend recommended an app called ETORO to me, I installed, answered all questions etc and within a half hour I had bought XRP, very straightforward, what am I missing, I see people talking of wallets and binance etc and I'm stumped lol

    You're buying a representative of a coin that tracks the price, no? Not the actual coin.
    Can you send that XRP to another exchange across the world to buy other cryptos with?


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    #9
    mik_da_man
    Hosted Moderators Posts: 9,929 ✭✭✭mik_da_man


    Not on etoro.
    Your just doing a bet basically.
    You never own the coins.

    And they charge 25 for every withdrawl....


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    #10
    al2009
    Registered Users Posts: 173 ✭✭al2009


    You're not buying the actual coin, only betting on fact it will rise/fall, easy to use though and a bit addictive!


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    #11
    lau1247
    Registered Users Posts: 2,129 ✭✭✭lau1247


    kceire wrote: »
    Guys,

    With all the delays around account transfers between exchanges and Coinbase etc etc

    If you see something you want to buy straight away, how do you go about it?
    It takes a day to SEPA to Coinbase at the best of times, then it takes hours to transfer ETH from CB to an exchange before you can actually buy.

    So how do you guys stay on the ball and be able to buy there and then if required?

    just started looking into this this week, i believe if you use credit/debit card, it is instant into CB but have some fees associated for the speed which is annoying

    Side question as a noob also on CGT tax, does selling/buying between one currency to another constitute as a disposal?? or does that only apply when withdrawing back to fiat money?

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



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    #12
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    lau1247 wrote: »
    Side question as a noob also on CGT tax, does selling/buying between one currency to another constitute as a disposal?? or does that only apply when withdrawing back to fiat money?
    The only currency that matters for tax is non-crypto. Gains can't be 'confirmed' until actually sitting in a bank account in euros/dollars etc.

    True for real life as well as taxes.


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    #13
    Nika Bolokov
    Registered Users Posts: 651 ✭✭✭Nika Bolokov


    lau1247 wrote: »
    just started looking into this this week, i believe if you use credit/debit card, it is instant into CB but have some fees associated for the speed which is annoying

    Side question as a noob also on CGT tax, does selling/buying between one currency to another constitute as a disposal?? or does that only apply when withdrawing back to fiat money?

    No as you have not made any money. All you have is the guy sitting in his pants in a basement somewhere telling you the lines of code you have handed over cash for are worth more than the lines of code written by the other guy in the basement in his pants.

    This stuff is not money.


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    #14
    EagererBeaver
    Registered Users Posts: 6,415 ✭✭✭EagererBeaver


    Lads, there is already a thread on tax but the last two statements are patently untrue.

    A liability arises on the gain or disposal of an asset. There is nothing to say "it doesn't count, it's not in Euros yet". Technically, every time you make a trade, a potential liability arises. What that means practically at this stage is anyone's guess.


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    #15
    jon1981
    Registered Users Posts: 4,359 ✭✭✭jon1981


    +1 that's my understanding too.


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    #16
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    EagererBeaver wrote: »
    What that means practically at this stage is anyone's guess.
    Practically it would be next to impossible to keep track of gains/losses on a sum of money being swapped through dozens of coins on a weekly or daily basis for an entire 12 months. Good luck with that!


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    #17
    jamesbondings
    Registered Users Posts: 2,201 ✭✭✭jamesbondings


    mik_da_man wrote: »
    Not on etoro.
    Your just doing a bet basically.
    You never own the coins.

    And they charge 25 for every withdrawl....

    Lad in work telling everyone in the office to use etoro..... Can you explain what it is if you don't actually buy a position? He is the type of person who will shut you down "matter of factly" if he thinks you are wrong.


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    #18
    garrettod
    Registered Users Posts: 2,423 ✭✭✭garrettod


    Hi,

    AFAIK, the obligation is on the individual to keep accurate records and be able to provide evidence to Revenue in support of their tax returns :)

    .. given the amount of activity with cryptos these days, some of the exchanges even reminding people to pay their taxes, I'd say a crack down by the various tax authorities will happen sooner or later.

    Anyway, as others have already mentioned, we have a tax thread so best we try and all stick to it so all info is in the one place etc.

    Thanks,

    G.



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    #19
    Blacktie.
    Registered Users Posts: 2,903 ✭✭✭Blacktie.


    Can we have one crypto thread that doesn't descend into a tax discussion please.


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    #20
    FightingIrish
    Registered Users Posts: 99 ✭✭FightingIrish


    al2009 wrote:
    You're not buying the actual coin, only betting on fact it will rise/fall, easy to use though and a bit addictive!


    So where do you go to buy actual coins? I'm lost lol


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    #21
    Pyro Boy
    Registered Users Posts: 498 ✭✭Pyro Boy


    A good app to keep an eye on your portfolio (and your profits) is Delta. I've tried blockfolio and it's good too but I think Delta is better.


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    #22
    JoseJones
    Registered Users Posts: 612 ✭✭✭JoseJones


    Does Delta back your portfolio up so that if you switch phone you can just log in without having to manually enter all your transactions again? Hate that about blockfolio.


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    #23
    Pyro Boy
    Registered Users Posts: 498 ✭✭Pyro Boy


    JoseJones wrote: »
    Does Delta back your portfolio up so that if you switch phone you can just log in without having to manually enter all your transactions again? Hate that about blockfolio.

    Yes you can :)


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    #24
    privateBeavis
    Registered Users Posts: 302 ✭✭privateBeavis


    Pyro Boy wrote: »
    A good app to keep an eye on your portfolio (and your profits) is Delta. I've tried blockfolio and it's good too but I think Delta is better.

    I use this one too it's good even though have to manually enter trades.
    I also use CoinTracking, can import trades from most of the exchanges and other reason I use it because can calculate and generate capital gains tax!
    Note. It's free up to 200 trades I only realised after started using it but I'm nowhere near the limit!
    I haven't tried blockfolio but guess it's similar to that.


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