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Is anyone else starting to become a bit excited?

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Comments

  • #1262
    Grumpypants
    Registered Users, Registered Users 2 Posts: 8,254 ✭✭✭Grumpypants


    hernie wrote: »
    Do you have to pay tax on crypto profits?

    You pay tax on all income. I think the first 1200 or so can be tax free but should still be declared. Profit above that would be taxed at normal rates.


  • #1263
    stockshares
    Registered Users, Registered Users 2 Posts: 2,760 ✭✭✭stockshares


    Truckermal wrote: »
    Any thoughts on slipping some profit into Matic? It's crashed hard and mainnet is due by the end of June...

    A month ago it was moving up and down daily and you could make some money but its stagnant now. I started to lose money on it so got out of it.

    Im far from an expert at this so dont just take my word for it. It could shoot up soon and you could miss out.

    One thing I've found is that when I chase or search for a pump I lose.


  • #1264
    grindle
    Registered Users, Registered Users 2 Posts: 6,026 ✭✭✭grindle


    stockshares wrote: »
    Thanks again, I had thought of XMR and Zcash before but I decided against them because I thought they were associated more with the Darknet, although any coin can be used on it including BTC.

    Initially I thought Eth would be a great option but there are many rivals to it now with newer tech and they don't rely on proof of work. I cant see how coins that require Mining can have a future with energy a global issue.

    I only got into LTC a month ago as a gamble when I heard about the halving but It looks like I got in too late.

    Can you explain why a Halving which reduces supply would result in the Coins price plummeting. I had thought that with the supply becoming scarcer that price would go up.

    Eth will be moving from PoW & it'll likely still be the largest smart contract platform by the time ETH 2.0 is fully rolled out (2021-2022-ish). Check the transactions for any competing chains ("[****coinname] block explorer"). There's no comparison in terms of what's being used.

    Long term a halving boosts price, but in crypto the hype for something like that generally gets shilled to bits well before it happens, there's a sell-off and then a consolidation period after that. YMMV


  • #1265
    Dades
    Moderators, Society & Culture Moderators Posts: 25,599 Mod ✭✭✭✭Dades


    Grumpypants wrote: »
    You pay tax on all income. I think the first 1200 or so can be tax free but should still be declared. Profit above that would be taxed at normal rates.
    I'd be curious to see an anonymous poll of people who owned crypto during a tax year, to see what percentage declared any activity to the Revenue.


  • #1266
    stockshares
    Registered Users, Registered Users 2 Posts: 2,760 ✭✭✭stockshares


    grindle wrote: »
    Eth will be moving from PoW & it'll likely still be the largest smart contract platform by the time ETH 2.0 is fully rolled out (2021-2022-ish). Check the transactions for any competing chains ("[****coinname] block explorer"). There's no comparison in terms of what's being used.

    Long term a halving boosts price, but in crypto the hype for something like that generally gets shilled to bits well before it happens, there's a sell-off and then a consolidation period after that. YMMV

    Given its widespread use why does it not attract the investors that BTC does. Surely big business see that it is more useful than BTC.


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  • #1267
    machiavellianme
    Registered Users, Registered Users 2 Posts: 13,652 ✭✭✭✭machiavellianme


    Dades wrote: »
    I'd be curious to see an anonymous poll of people who owned crypto during a tax year, to see what percentage declared any activity to the Revenue.

    I declared my profits for 2017 after disposing my BTC for alts. A huge mistake. Can I still declare losses for 2018?


  • #1268
    Grumpypants
    Registered Users, Registered Users 2 Posts: 8,254 ✭✭✭Grumpypants


    Dades wrote: »
    Grumpypants wrote: »
    You pay tax on all income. I think the first 1200 or so can be tax free but should still be declared. Profit above that would be taxed at normal rates.
    I'd be curious to see an anonymous poll of people who owned crypto during a tax year, to see what percentage declared any activity to the Revenue.

    100% hodl rate i'd say 😀


  • #1269
    grindle
    Registered Users, Registered Users 2 Posts: 6,026 ✭✭✭grindle


    Dades wrote: »
    I'd be curious to see an anonymous poll of people who owned crypto during a tax year, to see what percentage declared any activity to the Revenue.

    https://www.boards.ie/vbulletin/showthread.php?p=110536682


  • #1270
    Arrival
    Closed Accounts Posts: 779 ✭✭✭Arrival


    grindle wrote: »
    hernie wrote: »
    Do you have to pay tax on crypto profits?

    Yep, CGT. You get to make €1270 tax free, after that you pay 33% on profit.

    ****ing joke, don't know if I'll ever be able to think about these without getting angry


  • #1271
    grindle
    Registered Users, Registered Users 2 Posts: 6,026 ✭✭✭grindle


    stockshares wrote: »
    Given its widespread use why does it not attract the investors that BTC does. Surely big business see that it is more useful than BTC.

    Plenty of investors have heavy bags of ETH. It was a $15m cap ICO, it's not like the returns have been bad. It was $10 2.5 years ago.
    The vast majority of businesses piloting are either piloting using Ethereum or a private fork of it (so any article you read that mentions a blockchain solution, it's likely Ethereum because that company will want to hire/contract devs and devs are generally learning Solidity) but it needs to scale to become more useful on the public chain.
    Sharding will essentially divide the mainchain into hundreds of smaller chains allowing thousands of tx/s, but that's years out.

    Bitcoin has a 10 year history of price discovery and for the average rando crypto=Bitcoin, so that's what they buy. I'm foolish for not owning it in terms of money-go-up but I don't like the Core team's carry-on or roadmap, so I avoid it.
    Arrival wrote: »
    ****ing joke, don't know if I'll ever be able to think about these without getting angry

    Sher we're all mad for a ride, just not when it's the government lubing us up.


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  • #1272
    Arrival
    Closed Accounts Posts: 779 ✭✭✭Arrival


    grindle wrote: »
    stockshares wrote: »
    Given its widespread use why does it not attract the investors that BTC does. Surely big business see that it is more useful than BTC.

    Plenty of investors have heavy bags of ETH. It was a $15m cap ICO, it's not like the returns have been bad. It was $10 2.5 years ago.
    The vast majority of businesses piloting are either piloting using Ethereum or a private fork of it (so any article you read that mentions a blockchain solution, it's likely Ethereum because that company will want to hire/contract devs and devs are generally learning Solidity) but it needs to scale to become more useful on the public chain.
    Sharding will essentially divide the mainchain into hundreds of smaller chains allowing thousands of tx/s, but that's years out.

    Bitcoin has a 10 year history of price discovery and for the average rando crypto=Bitcoin, so that's what they buy. I'm foolish for not owning it in terms of money-go-up but I don't like the Core team's carry-on or roadmap, so I avoid it.
    Arrival wrote: »
    ****ing joke, don't know if I'll ever be able to think about these without getting angry

    Sher we're all mad for a ride, just not when it's the government lubing us up.

    With the risks a lot of us have taken with this, using our already taxed income, there really should be a special CGT rate established for crypto asset investments. There are many people making life changing money from this industry and it's thanks to them putting their neck out, this should be rewarded as they'll generate a lot more taxes than they ever would otherwise. Regardless of this, 33% is just a shameful rate anyway for any kind of ROI, who actually thought that was a good idea. A government should make investing an attractive thing for its people, instead we have people who wouldn't invest because of how much of a pain the taxing of returns are.


  • #1273
    q85dw7osi4lebg
    Closed Accounts Posts: 3,501 ✭✭✭q85dw7osi4lebg


    $13,000 on coinbase


  • #1274
    [Deleted User]
    Posts: 45,738 ✭✭✭✭ [Deleted User]


    13k...


  • #1275
    [Deleted User]
    Posts: 45,738 ✭✭✭✭ [Deleted User]


    This is Dec 2017 all over again


  • #1276
    stockshares
    Registered Users, Registered Users 2 Posts: 2,760 ✭✭✭stockshares


    grindle wrote: »
    Plenty of investors have heavy bags of ETH. It was a $15m cap ICO, it's not like the returns have been bad. It was $10 2.5 years ago.
    The vast majority of businesses piloting are either piloting using Ethereum or a private fork of it (so any article you read that mentions a blockchain solution, it's likely Ethereum because that company will want to hire/contract devs and devs are generally learning Solidity) but it needs to scale to become more useful on the public chain.
    Sharding will essentially divide the mainchain into hundreds of smaller chains allowing thousands of tx/s, but that's years out.

    Bitcoin has a 10 year history of price discovery and for the average rando crypto=Bitcoin, so that's what they buy. I'm foolish for not owning it in terms of money-go-up but I don't like the Core team's carry-on or roadmap, so I avoid it.



    Sher we're all mad for a ride, just not when it's the government lubing us up.

    Why is Eth behind with Sharding compared to Zilliqa who are using it now.
    https://cryptoticker.io/en/zilliqas-sharding-work/

    I watched their Zilliqa day live on YouTube and it was awful. Im just wondering how Vitalik can be behind these guys?


  • #1277
    [Deleted User]
    Posts: 9,005 ✭✭✭ [Deleted User]


    Arrival wrote: »
    With the risks a lot of us have taken with this, using our already taxed income, there really should be a special CGT rate established for crypto asset investments. There are many people making life changing money from this industry and it's thanks to them putting their neck out, this should be rewarded as they'll generate a lot more taxes than they ever would otherwise. Regardless of this, 33% is just a shameful rate anyway for any kind of ROI, who actually thought that was a good idea. A government should make investing an attractive thing for its people, instead we have people who wouldn't invest because of how much of a pain the taxing of returns are.

    What are you talking about? It's an income stream. Why shouldn't you pay tax on it? If I do a locum shift, I still have to pay tax at a higher rate than 33%


  • #1278
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    Deleted User wrote: »
    What are you talking about? It's an income stream. Why shouldn't you pay tax on it? If I do a locum shift, I still have to pay tax at a higher rate than 33%

    @Arrival: You can offset your losses against your earnings. Stick around long enough and dabble enough in crypto and you will have helpings of each!

    The other thing to bear in mind that paper gains remain paper gains. They don't become crystalised until you cash out. This is proving to be a very steep surge. I'm not sure if that's for the best (although right now, I'm not complaining).


  • #1279
    Dohnjoe
    Registered Users, Registered Users 2 Posts: 19,029 ✭✭✭✭Dohnjoe


    $13,500, the rise is steeper than late 2017 - has to be a serious "pop" soon


  • #1280
    vargoo
    Registered Users, Registered Users 2 Posts: 737 ✭✭✭vargoo


    RoboKlopp wrote: »
    This is Dec 2017 all over again

    Yea, 16 days to crash and burn last time. This will be all history 2.0 next week... curious to see what will differ, set your stop losses, this will fall in 3 seconds.


  • #1281
    [Deleted User]
    Posts: 45,738 ✭✭✭✭ [Deleted User]


    13500..


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  • #1282
    q85dw7osi4lebg
    Closed Accounts Posts: 3,501 ✭✭✭q85dw7osi4lebg


    Could see $15k today at this rate ha


  • #1283
    q85dw7osi4lebg
    Closed Accounts Posts: 3,501 ✭✭✭q85dw7osi4lebg


    Moving way too fast the dump will be enormous.


  • #1284
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    Dohnjoe wrote: »
    $13,500, the rise is steeper than late 2017 - has to be a serious "pop" soon

    And yet there hasn't been much in the way of retail fomo...


    Aren't we hitting major resistance and Fib. retracement level round about now?


  • #1285
    q85dw7osi4lebg
    Closed Accounts Posts: 3,501 ✭✭✭q85dw7osi4lebg


    makeorbrake wrote: »
    And yet there hasn't been much in the way of retail fomo...


    Aren't we hitting major resistance and Fib. retracement level round about now?

    13.5/13.6 next resistance but even at that it’s less than $10k was


  • #1286
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    Addison Fancy Macrame wrote: »
    13.5/13.6 next resistance but even at that it’s less than $10k was

    Well, there's resistance as one thing...but there's also a fib. retracement level there....but then, with this past while, any TA trading indicators seem to be out the window...


  • #1287
    grindle
    Registered Users, Registered Users 2 Posts: 6,026 ✭✭✭grindle


    stockshares wrote: »
    Why is Eth behind with Sharding compared to Zilliqa who are using it now.
    https://cryptoticker.io/en/zilliqas-sharding-work/

    I watched their Zilliqa day live on YouTube and it was awful. Im just wondering how Vitalik can be behind these guys?

    They released at different times - bootstrapping the network by mining made sense for ETH at the time. Now they have a live network and have had to figure out how to build 2.0 and migrate transactions without causing version 1 to be susceptible to attacks.

    ZIL doesn't have that albatross and is implementing a less difficult/more easily scaled form of sharding.
    If both networks were the same size then Ethereum's implementation would probably have higher latency but more security. As it stands it looks like it'll be much more well-distributed as a network so latency difference will be cancelled out by the sheer volume of nodes waiting for transactions. ZIL's blockchain would be slightly more expensive for node operators to maintain over time if transaction throughput was equal as every node has a complete copy of the chain.
    Vitalik is helpful to pretty much any team that furthers the ecosystem and has a boner for any novel ideas or implementations.
    Best not to get into the thinking that only one will win and the rest get wasted. They have different mindsets and trade-offs. There will be a lot of room for everybody, but one is likely to dominate and act as the most secure base layer which all others interact with.
    Deleted User wrote: »
    What are you talking about? It's an income stream. Why shouldn't you pay tax on it? If I do a locum shift, I still have to pay tax at a higher rate than 33%

    I think he's more annoyed about how high CGT is here - we're one of the highest rates in the world. People shouldn't be happy about getting fúcked with tax by people who tend to spend it like a busload of retarded kids brought to Smyths.
    Dohnjoe wrote: »
    $13,500, the rise is steeper than late 2017 - has to be a serious "pop" soon

    3Xnw7pv.gif


  • #1288
    Frozen Veg
    Registered Users, Registered Users 2 Posts: 513 ✭✭✭Frozen Veg


    RoboKlopp wrote: »
    This is Dec 2017 all over again

    Alt coins for more of a bull then.

    Which makes me believe this will not be a pump and dump for BTC.


  • #1289
    Arrival
    Closed Accounts Posts: 779 ✭✭✭Arrival


    Deleted User wrote: »
    Arrival wrote: »
    With the risks a lot of us have taken with this, using our already taxed income, there really should be a special CGT rate established for crypto asset investments. There are many people making life changing money from this industry and it's thanks to them putting their neck out, this should be rewarded as they'll generate a lot more taxes than they ever would otherwise. Regardless of this, 33% is just a shameful rate anyway for any kind of ROI, who actually thought that was a good idea. A government should make investing an attractive thing for its people, instead we have people who wouldn't invest because of how much of a pain the taxing of returns are.

    What are you talking about? It's an income stream. Why shouldn't you pay tax on it? If I do a locum shift, I still have to pay tax at a higher rate than 33%

    Lord above, can you point out in my posts where I said anything about not paying tax on this because I can't find it? Probably because I didn't and you're rattling off here from nothing. I'm talking about the rate of CGT, 33% is one of the highest rates in Europe.


  • #1290
    Blueshoe
    Banned (with Prison Access) Posts: 3,964 ✭✭✭Blueshoe


    vargoo wrote: »
    Yea, 16 days to crash and burn last time. This will be all history 2.0 next week... curious to see what will differ, set your stop losses, this will fall in 3 seconds.

    Reading up on how to do it lol. Fml


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  • #1291
    Frozen Veg
    Registered Users, Registered Users 2 Posts: 513 ✭✭✭Frozen Veg


    $30,000 is more likely than $3,000 by year end.


This discussion has been closed.
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