Is anyone else starting to become a bit excited?

Whelo79 · 17-10-2020 07:11PM

Axion goes aprx x33 from here if this trend continues!

q85dw7osi4lebg · 17-10-2020 07:32PM

Bought a bucket more corn. Slow and steady wins the race.

Bitcoin is a marathon, not a sprint.

unkel · 17-10-2020 09:10PM

Addison Fancy Macrame wrote: »

Bought a bucket more corn.

Corn? For a moment you had me thinking there that you invested in some altcoin

q85dw7osi4lebg · 21-10-2020 10:13AM

Is that the end of sh1tcoin season for the next while? Nice to see BTC decoupling from S&P this past few trading days.

cnocbui · 21-10-2020 11:46AM

Wouldn't it be nice if for just once, after topping €10K, the whales didn't do a big dump?

stefanovich · 21-10-2020 11:48AM

What the feck happened to CRO?

cnocbui · 21-10-2020 12:26PM

stefanovich wrote: »

What the feck happened to CRO?

Some big fish decided it was time to leave the little fish hanging?

stefanovich · 21-10-2020 12:59PM

cnocbui wrote: »

Some big fish decided it was time to leave the little fish hanging?

I might be able to avoid CGT this year :pac:

Donegal1234 · 21-10-2020 01:01PM

Big news for crypto adoption with PayPal to allow purchases from early next year.

https://mobile.reuters.com/article/amp/idUSKBN2761MI

Bob24 · 21-10-2020 01:14PM

Donegal1234 wrote: »

Big news for crypto adoption with PayPal to allow purchases from early next year.

https://mobile.reuters.com/article/amp/idUSKBN2761MI

Hard not to feel bullish those days :-) (although it always makes me uneasy when I feel it is a no brainier!)

cnocbui · 21-10-2020 01:18PM

stefanovich wrote: »

I might be able to avoid CGT this year :pac:

I plan to emigrate and avoid it for all years.

stockshares · 21-10-2020 01:21PM

cnocbui wrote: »

I plan to emigrate and avoid it for all years.

Is there a recommended exit strategy? The CGT is severe.

Donegal1234 · 21-10-2020 01:23PM

stockshares wrote: »

Is there a recommended exit strategy? The CGT is severe.

One way Ticket to Portugal. No CGT on crypto.

Bob24 · 21-10-2020 01:24PM

stefanovich wrote: »

What the feck happened to CRO?

Still affected by the debacle of interest rate reduction on CRO deposits and the way is was announced.

CRO is fine but basically its utility is 100% driven by the benefits Crypto.com offers for CRO holders in their ecosystem, so any change in their terms of servie can massively impact the value.

grindle · 21-10-2020 01:25PM

stockshares wrote: »

Is there a recommended exit strategy? The CGT is severe.

Go live in Portugal for a couple of years.

Bob24 · 21-10-2020 01:28PM

Donegal1234 wrote: »

One way Ticket to Portugal. No CGT on crypto.

Out of interest: what is the trigger for not being liable for CGT in Ireland anymore and how long does it take? (I assume just the fact of moving or even starting employment abroad doesn't remove CGT liability in Ireland instantly - it would sound too easy)

Is it once a full calendar years has passed whereby you were outside of Ireland more than 50% of the time during that year?

cnocbui · 21-10-2020 01:34PM

stockshares wrote: »

Is there a recommended exit strategy? The CGT is severe.

Mine is dependant on sorting a typical Irish legal mess then I will sell up asap and then move to NZ.

CGT isn't the principal motivator, but Irish taxation in general is.

FFVII · 21-10-2020 01:40PM

Bob24 wrote: »

Out of interest: what is the trigger for not being liable for CGT in Ireland anymore and how long does it take? (I assume just the fact of moving or even starting employment abroad doesn't remove CGT liability in Ireland instantly - it would sound too easy)

Is it once a full calendar years has passed whereby you were outside of Ireland more than 50% of the time during that year?

50% i believe. Isint that what a certain someone did when selling their phone license.

cnocbui · 21-10-2020 01:42PM

Bob24 wrote: »

Out of interest: what is the trigger for not being liable for CGT in Ireland anymore and how long does it take? (I assume just the fact of moving or even starting employment there doesn't remove CGT liability in Ireland instantly - it would sound too easy)

Is it once a full calendar years has passed whereby you were outside of Ireland more than 50% of the time during that year?

It's 3 years that Revenue think they can lay claim to a capital gain on an asset acquired while living here, if you can believe that sh1t.

In practical terms, once you set foot in the other country you can give Revenue the finger and realise your capital gain as there is nothing they can do about it so long as you don't set foot in Ireland for 10 years. If you don't want them to know about it, you will have to wait until you can satisfy the requirements for opening local bank accounts with a local adddress, then Revenue will not know if you dispose of foreign asssets or crypto.

Gooey Looey · 21-10-2020 01:42PM

stefanovich wrote: »

What the feck happened to CRO?

Crypto.com is doing an utterly horrendous job at investor relations. Horrible. Couldn’t be much worse!

makeorbrake · 21-10-2020 01:52PM

Breaking...

Paypal to add crypto.

stefanovich · 21-10-2020 01:55PM

Gooey Looey wrote: »

Crypto.com is doing an utterly horrendous job at investor relations. Horrible. Couldn’t be much worse!

They need to stop with the bad surprises for sure!

Bob24 · 21-10-2020 01:59PM

makeorbrake wrote: »

Breaking...

Paypal to add crypto.

Link already shared a few posts ago ... but yes this could be pretty big! :-)

stockshares · 21-10-2020 02:01PM

cnocbui wrote: »

It's 3 years that Revenue think they can lay claim to a capital gain on an asset acquired while living here, if you can believe that sh1t.

In practical terms, once you set foot in the other country you can give Revenue the finger and realise your capital gain as there is nothing they can do about it so long as you don't set foot in Ireland for 10 years. If you don't want them to know about it, you will have to wait until you can satisfy the requirements for opening local bank accounts with a local adddress, then Revenue will not know if you dispose of foreign asssets or crypto.

So are you saying you need to move first and then you can cash out your Crupto into an Irish Bank Account?

Is the bank required to notify revenue of the lodgement?

Bob24 · 21-10-2020 02:05PM

stefanovich wrote: »

They need to stop with the bad surprises for sure!

I had left that aside in my thinking for now as I rather like what they have been doing, but TBH I have some reservations about the CEO.

He likes to introduce himself as a successful entrepreneur, but from what I can tell his last company which was indeed a reasonably successful Groupon clone in Asia did go bankrupt fairly shortly after he exited (i.e. if I get it right he wasn't in charge anymore so he could argue others made mistakes, but the timing of ihis departure raises questions). And he does seem to still be influenced by this type of promotional business he was running before, with constantly changing offers and trial and error in terms of what customers will accept.

Bob24 · 21-10-2020 02:09PM

cnocbui wrote: »

It's 3 years that Revenue think they can lay claim to a capital gain on an asset acquired while living here, if you can believe that sh1t.

In practical terms, once you set foot in the other country you can give Revenue the finger and realise your capital gain as there is nothing they can do about it so long as you don't set foot in Ireland for 10 years. If you don't want them to know about it, you will have to wait until you can satisfy the requirements for opening local bank accounts with a local adddress, then Revenue will not know if you dispose of foreign asssets or crypto.

Cheers, I didn't realise it was that long. 3 years is madness but I guess given or confiscatory CGT rate they have to do everything they can to prevent work-arounds as the temptation to use any available one is massive. It would be interesting to know how many people are leaving the country because of this.

cnocbui · 21-10-2020 02:34PM

stockshares wrote: »

So are you saying you need to move first and then you can cash out your Crupto into an Irish Bank Account?

Is the bank required to notify revenue of the lodgement?

No, I was assuming you would be cashing out to a foreign bank account. For instance, if you plan to emigrate to Australia, NZ and probably others, you can set up a bank account before you leave, which would have restrictions on withdrawals and other operating parameters until you can provide a confirmed local address, whereon the account gets regularised. This is so you can sell your house here and transfer your assets to the account before you leave.

That said, you probably could cash out to an Irish account so long as you are confident you could get the money transferred out and overseas before someone comes looking for their cut. I believe an Irish bank is obliged to report large incoming transactions to Revenue.

The reporting obligations under CRS are that if you have a foreign bank account, that bank is obliged to report large deposits to the country where the account holder has their residential address, but once the residential address changes and becomes a local address, then there are no CRS obligations, only local reporting obligations to that countries authorities. So if you have any intention of setting foot in Ireland within 10 years, then it would be wise to wait to cash out to a foreign account after the residential address of the account is no longer an Irish address.

stockshares · 21-10-2020 03:04PM

cnocbui wrote: »

That said, you probably could cash out to an Irish account so long as you are confident you could get the money transferred out and overseas before someone comes looking for their cut. I believe an Irish bank is obliged to report large incoming transactions to Revenue.
.

Thanks,

I would imagine that the Bank notifies Revenue immediately .

If someone does manage to transfer to the Foreign Bank before Revenue can claim the CGT would they still be liable for the CGT?

cnocbui · 21-10-2020 03:22PM

stockshares wrote: »

Thanks,

I would imagine that the Bank notifies Revenue immediately .

If someone does manage to transfer to the Foreign Bank before Revenue can claim the CGT would they still be liable for the CGT?

Yes, under Irish law.

My personal take on it is that you are only bound to obey the laws of the country you are physically present in. So while Irish law is you owe CGT for 3 years, it only applies and is relevant if you are physically in Ireland. If you are living in Singapore, it's the laws of Singapore you are obliged to follow and should follow.

Ireland can pass any law it likes, why not make it you owe CGT for life? But jurisdiction ends at the border, and that's what matters.

Of course none of this applies to the US, whose laws apply to everyone on the planet at all times.

q85dw7osi4lebg · 21-10-2020 03:33PM

Is anyone else starting to become a bit excited?

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