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Best crypto to sit on for a while

  • 25-12-2020 3:00pm
    #1
    Registered Users, Registered Users 2 Posts: 221 ✭✭


    Hows things being buying crypto to hold for a few years. Mostly ethereum and ethereum classic.any others worth taking a punt on.


«1

Comments

  • Registered Users, Registered Users 2 Posts: 65,707 ✭✭✭✭unkel
    Chauffe, Marcel, chauffe!


    What's your aim? The bigger the coin, the less risk. Although everything in crypto is risky. The only coin less risky than Ethereum is Bitcoin itself. If you want more risk and potentially a bigger reward, look into other altcoins

    No matter what you do, I would only invest as much money as you are willing to completely lose (worst case scenario) without it having a big impact on your life.


  • Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭Lex Luthor


    My picks would be $ZIL, $DGB, $THETA/$TFUEL

    $ZIL staking if you want it as a long term has huge returns especially in the next 10 months while gZil is being offered aswell


  • Registered Users, Registered Users 2 Posts: 691 ✭✭✭jmlad2020


    Bitcoin, Ethereum and Monero are the less risky choices I'd say.


  • Registered Users, Registered Users 2 Posts: 221 ✭✭daveville30


    Have about 250 in crypto atm was going to keep buying until I have about 1000 and just sit and wait hope there is another bubble


  • Registered Users Posts: 140 ✭✭vmb


    USDT (just kidding)


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  • Registered Users, Registered Users 2 Posts: 24 Lexio7


    BTC, ETH, LINK, SNX

    The bulk of the portfolio is BTC


  • Closed Accounts Posts: 39 Dnxncofiruwvx


    jmlad2020 wrote: »
    Bitcoin, Ethereum and Monero are the less risky choices I'd say.

    Yeah pretty much this. Any of these coins are your best bet to maintain and grow wealth. At this point, probably ETH to get the best risk/ reward ratio.


  • Registered Users, Registered Users 2 Posts: 221 ✭✭daveville30


    That's what I was thinking if it went to 1500 like it did few years ago it be good payout only around 500ish now


  • Registered Users, Registered Users 2 Posts: 17,964 ✭✭✭✭Thargor


    ETH Classic is a dead duck imo but who knows anything.


  • Registered Users, Registered Users 2 Posts: 691 ✭✭✭hurikane


    $COVAL


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  • Registered Users, Registered Users 2 Posts: 36,404 ✭✭✭✭BorneTobyWilde


    I could never get my head around buying crypto currency. And if you ask someone they act all high and mighty like it's top secret.


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    I could never get my head around buying crypto currency. And if you ask someone they act all high and mighty like it's top secret.

    It's pretty easy these days, all the exchanges have apps you can do it all on your phone


  • Registered Users, Registered Users 2 Posts: 1,216 ✭✭✭Del Griffith


    ETH 2.0 is the obvious and clear answer for this situation.
    Stake on Kraken and forget.


  • Registered Users, Registered Users 2 Posts: 2,567 ✭✭✭Irish_rat


    I could never get my head around buying crypto currency. And if you ask someone they act all high and mighty like it's top secret.

    You can literally setup an account in minutes on coinbase with id and proof of address. Not rocket science.


  • Registered Users, Registered Users 2 Posts: 2,567 ✭✭✭Irish_rat


    Hows things being buying crypto to hold for a few years. Mostly ethereum and ethereum classic.any others worth taking a punt on.

    Dyor but my personal choices and portfolio:

    btc, eth, link, dot, ada, monero, theta. All are top 25 market cap as of now.

    Agreed on eth classic, would avoid.


  • Registered Users, Registered Users 2 Posts: 221 ✭✭daveville30


    Irish_rat wrote: »
    Dyor but my personal choices and portfolio:

    btc, eth, link, dot, ada, monero, theta. All are top 25 market cap as of now.

    Agreed on eth classic, would avoid.

    Chainlink


  • Registered Users, Registered Users 2 Posts: 24 Lexio7


    I could never get my head around buying crypto currency. And if you ask someone they act all high and mighty like it's top secret.

    It’s pretty straight forward once you are registered with an exchange and have made your 1st purchase.

    Most newbies will use Coinbase to get into the crypto space.

    Lots of good info on Reddit and no shortage of help websites when google searching


  • Registered Users, Registered Users 2 Posts: 691 ✭✭✭jmlad2020


    I could never get my head around buying crypto currency. And if you ask someone they act all high and mighty like it's top secret.

    Funny, buying shares is more complicated. Crypto is easy. You have just been asking some unhelpful prick


  • Registered Users, Registered Users 2 Posts: 36,404 ✭✭✭✭BorneTobyWilde


    It's pretty easy these days, all the exchanges have apps you can do it all on your phone
    Irish_rat wrote: »
    You can literally setup an account in minutes on coinbase with id and proof of address. Not rocket science.




    Ahh but then you heard 101 stories about how to store them? I would LOVE to get on the Crypto train, but I'll openly admit I know ZERO about it. And when you do read up on it, it's a sea of contradiction.

    Everyone disagrees on everything. There are no rules it seems.



    OKay less put 2k on the table. HELP.
    Where would be a good place to invest... Can PM me if need


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    Ahh but then you heard 101 stories about how to store them? I would LOVE to get on the Crypto train, but I'll openly admit I know ZERO about it. And when you do read up on it, it's a sea of contradiction.

    Everyone disagrees on everything. There are no rules it seems.



    OKay less put 2k on the table. HELP.
    Where would be a good place to invest... Can PM me if need

    Get the Crypto.com app, sign up and verify. Do a SEPA bank transfer of the 2k from your account, it will take a day or two for the first transfer. (Edit you can also just buy in the app with your visa card if you don't wish to bank transfer) Then buy Bitcoin (it would be wise to wait for the next time it drops, always buy in the dip) and then put it in Earn for 3 months to get a 6.5% APY return on it. Your return will be weekly in a crypto called CRO, convert it every so often into Bitcoin or else build up a pile and stake it to get a visa card that gives cashback. I myself have the indigo card for 3% cashback and free Netflix and Spotify

    Use my referral link https://crypto.com/app/kubfxnh2ax to sign up for Crypto.com and we both get $25 USD :)
    https://help.crypto.com/en/articles/3579328-the-crypto-com-app-user-guide
    https://help.crypto.com/en/articles/2996965-crypto-earn-how-does-it-work
    https://crypto.com/en/cards.html

    This gives you your initial investment and 3 months to figure things out. You can go for another 3 months or can transfer your bitcoin when your 3 months earn is up. I've moved mine to another app called Celsius as the rates are pretty similar but I still use crypto.com to buy, then transfer

    Join Celsius Network using my referral code 190386fd85 when signing up and earn $20 in BTC with your first transfer of $200 or more! #UnbankYourself

    https://celsiusnetwork.app.link/190386fd85


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  • Registered Users, Registered Users 2 Posts: 36,404 ✭✭✭✭BorneTobyWilde


    Get the Crypto.com app, sign up and verify. Do a SEPA bank transfer of the 2k from your account, it will take a day or two for the first transfer. (Edit you can also just buy in the app with your visa card if you don't wish to bank transfer) Then buy Bitcoin (it would be wise to wait for the next time it drops, always buy in the dip) and then put it in Earn for 3 months to get a 6.5% APY return on it. Your return will be weekly in a crypto called CRO, convert it every so often into Bitcoin or else build up a pile and stake it to get a visa card that gives cashback. I myself have the indigo card for 3% cashback and free Netflix and Spotify

    Use my referral link https://crypto.com/app/kubfxnh2ax to sign up for Crypto.com and we both get $25 USD :)
    https://help.crypto.com/en/articles/3579328-the-crypto-com-app-user-guide
    https://help.crypto.com/en/articles/2996965-crypto-earn-how-does-it-work
    https://crypto.com/en/cards.html

    This gives you your initial investment and 3 months to figure things out. You can go for another 3 months or can transfer your bitcoin when your 3 months earn is up. I've moved mine to another app called Celsius as the rates are pretty similar but I still use crypto.com to buy, then transfer

    Join Celsius Network using my referral code 190386fd85 when signing up and earn $20 in BTC with your first transfer of $200 or more! #UnbankYourself

    https://celsiusnetwork.app.link/190386fd85


    Is Bitcoin the wise choice when so high. I thought it would be best to buy some of the mentioned crypto mentioned in thread, as a shot to nothing, or potential huge gains.


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    Is Bitcoin the wise choice when so high. I thought it would be best to buy some of the mentioned crypto mentioned in thread, as a shot to nothing, or potential huge gains.

    A shot to nothing, you mean take a major gamble? I thought you wanted an investment? If you plan to keep for a few years then bitcoin is the one you can trust to go with. Everything is pumping at the moment because of Bitcoin.


  • Registered Users, Registered Users 2 Posts: 221 ✭✭daveville30


    I've swapped most of my coins for ethereum yesterday seems to be a wise decision portfolio is up 20 euro since last night


  • Registered Users, Registered Users 2 Posts: 2,567 ✭✭✭Irish_rat


    Ahh but then you heard 101 stories about how to store them? I would LOVE to get on the Crypto train, but I'll openly admit I know ZERO about it. And when you do read up on it, it's a sea of contradiction.

    Everyone disagrees on everything. There are no rules it seems.

    OKay less put 2k on the table. HELP.
    Where would be a good place to invest... Can PM me if need

    Open Coinbase app, take a photo of your id and 3 months statement of address.

    Buy about 20-50 quid a week on whatever you like, maybe eth. Don't worry about buying fractions it will all add up eventually.

    If you have a laptop download a node like Theta edge node and earn crypto for free by sharing your bandwidth and pc power. It's good to actually be involved in a project too, you learn a lot of in-house things and join telegram groups to be part of the community.

    Use the brave browser to earn free bat. Also its the best out of box browser out there for privacy and add blocking

    As you get more confident, ditch coinbase and use binance. Don't use crypto.com. Best of luck, it's not exactly early days but a long way to worldwide adoption yet.


  • Registered Users Posts: 480 ✭✭baalad


    I am in the process of researching and educating myself about crypto. Was so close to jumping on the bandwagon 3 or 4 years ago and i wish i did in hindsight but better late then never i guess. I cannot help but be extremely confused with the amount of different advice given with regards to everything crypto related but if you plan to invest in crypto for the long term then am i right in saying that its really as simple as buying some bitcoin or whatever cryptocurrency you want. Transfer it to a secure wallet and pretty much walk away and leave it sit for a few years and hope for the best ??


    Or am i missing something?


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    baalad wrote: »
    I am in the process of researching and educating myself about crypto. Was so close to jumping on the bandwagon 3 or 4 years ago and i wish i did in hindsight but better late then never i guess. I cannot help but be extremely confused with the amount of different advice given with regards to everything crypto related but if you plan to invest in crypto for the long term then am i right in saying that its really as simple as buying some bitcoin or whatever cryptocurrency you want. Transfer it to a secure wallet and pretty much walk away and leave it sit for a few years and hope for the best ??


    Or am i missing something?

    These days there are plenty of places that give a decent return of you leave it with them in Earn. Crypto.com, Celsius, BlockFi, Nexo all offer different deals and have pretty similar rates.

    Coinbase fees are high and you cannot stake or earn (yet). I started with coinbase but moved elsewhere quickly.


  • Registered Users Posts: 480 ✭✭baalad


    These days there are plenty of places that give a decent return of you leave it with them in Earn. Crypto.com, Celsius, BlockFi, Nexo all offer different deals and have pretty similar rates.

    Coinbase fees are high and you cannot stake or earn (yet). I started with coinbase but moved elsewhere quickly.

    I set up an account on binance as the fees with coinbase were a bit too much! Looking at buying ETH and storing it in a wallet and leaving it there.

    Seems simple enough but every time i read up on crypto it seems to be confusing, panic etc etc

    Of course making a profit might not be easy but in terms of holding there is not a lot to do only buy, store and wait, right??

    Or should i be doing more? Am i missing something or what lol


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    baalad wrote: »
    I set up an account on binance as the fees with coinbase were a bit too much! Looking at buying ETH and storing it in a wallet and leaving it there.

    Seems simple enough but every time i read up on crypto it seems to be confusing, panic etc etc

    Of course making a profit might not be easy but in terms of holding there is not a lot to do only buy, store and wait, right??

    Or should i be doing more? Am i missing something or what lol

    That's pretty much it if you plan to withdraw to a wallet. I leave mine in earn and add to it monthly. Everyone has a different plan


  • Registered Users Posts: 480 ✭✭baalad


    That's pretty much it if you plan to withdraw to a wallet. I leave mine in earn and add to it monthly. Everyone has a different plan

    Ok so even if you plan to hold theres different options as well? I thought anyone investing long term was just buying, transferring to wallet and that was it.

    When it comes to trading, mining etc i can see how it can be complicated but anyone investing long term i imagine would be best to just spend what they can afford on buying whatever coin the feel will grow (do some research on various coins etc) but other then that its just a matter of making your investment and storing it in a wallet and then being patient for a few years!

    If in a few years it is worth a fortune then how do you go about cashing in? If you have sell to an exchange then your surely going to lose most of any profit through fees and tax etc and if you decide to sell to another trader / investor then your surely leaving yourself open to being conned unless your extremely clued in technology wise which most investors probably are not.

    As i said. I am still educating myself so right now im clueless but it seems like investing is the easy part. Turning your investment into physical cash in hand seems to be the hard part.


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  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    baalad wrote: »
    As i said. I am still educating myself so right now im clueless but it seems like investing is the easy part. Turning your investment into physical cash in hand seems to be the hard part.

    That's exactly what we al are trying to figure! You could be liable to capital gains tax on any profit you turn back into cash. I don't know too many that have an exit strategy.


  • Registered Users Posts: 480 ✭✭baalad


    That's exactly what we al are trying to figure! You could be liable to capital gains tax on any profit you turn back into cash. I don't know too many that have an exit strategy.

    But with all due respect. Should that not be the first thing people figure out?

    I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

    He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

    Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

    There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

    Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

    Sorry for the negativity but im trying to be real here haha


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    baalad wrote: »
    But with all due respect. Should that not be the first thing people figure out?

    I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

    He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

    Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

    There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

    Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

    Sorry for the negativity but im trying to be real here haha

    If you have crypto you can cash out on any exchange get today's exchange rate. They're being bought and sold every day of the week. That's not the issue, the issue is cashing out without paying one third of it on capital gains tax.


  • Registered Users Posts: 480 ✭✭baalad


    If you have crypto you can cash out on any exchange get today's exchange rate. They're being bought and sold every day of the week. That's not the issue, the issue is cashing out without paying one third of it on capital gains tax.

    But you would stand to make more from selling your stake to a private buyer as oppose to an exchange. Exchange being safer though i guess.

    But yeah how on earth do you make a profit if you pay capital gains tax. You would need to make huge money for it to be worth your while exiting surely.


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    baalad wrote: »
    But you would stand to make more from selling your stake to a private buyer as oppose to an exchange. Exchange being safer though i guess.

    But yeah how on earth do you make a profit if you pay capital gains tax. You would need to make huge money for it to be worth your while exiting surely.

    Cheeses Christ no! Private buyer? That just sinks of scam! No way is trust anyone in today's world.

    I plan to just spend mine!


  • Registered Users Posts: 480 ✭✭baalad


    Cheeses Christ no! Private buyer? That just sinks of scam! No way is trust anyone in today's world.

    I plan to just spend mine!

    Inclined to agree but most investors that exited successfully sold there stake privately i believe.

    Such a volatile market. Hard to know when to get out and when to hold. If the value is going up do you exit or take a chance and hope it continues to go up? You know what they say. What goes up must come down.

    I find the whole thing fascinating but soooo risky hence why i will only invest a few hundred max until i learn more and more and get to grips with every little detail there is to know.


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  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    baalad wrote: »
    Inclined to agree but most investors that exited successfully sold there stake privately i believe.

    Such a volatile market. Hard to know when to get out and when to hold. If the value is going up do you exit or take a chance and hope it continues to go up? You know what they say. What goes up must come down.

    I find the whole thing fascinating but soooo risky hence why i will only invest a few hundred max until i learn more and more and get to grips with every little detail there is to know.

    You are trying to find certainty in crypto, you won't find any. It's volatile. It can pay much better than a day at the bookies, but it's risky!


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


    baalad wrote: »
    But you would stand to make more from selling your stake to a private buyer as oppose to an exchange. Exchange being safer though i guess.

    You could sell €200k of BTC right this second and the price would drop by €20-€30 on a big exchange for a fraction of a second and hop up to a mid-point on the higher end between your start and end price as it gets arbitraged between exchanges. Silly move to dump it all in one go but that's the stage you've set.

    CGT is high but if you have €100k starting capital and it gets to €101,270, everything above that amount you get to keep 66%. I'm perplexed as to how you think that isn't profitable. Maybe not enough profit for you to be worthwhile, but that just means you should wait.

    e.g. €100k is now worth €200k
    Let's say the exchange has bad price slippage, 1% for that amount. Very worst case you lose €970.
    They have a 0.1% maker fee, works out to about €97.
    CGT rips a third of your profit away.
    You now have your starting capital of €100k and an added €65175.33 in pure profit. You're up over 65%, which is a crazy gain to solidify for what's probably a short-term trade. You'd have over €320k of pure profit if you bought on Paddy's day and sold now. You get to decide when it's worth exiting to you.


  • Registered Users Posts: 497 ✭✭antgal23


    baalad wrote: »
    But with all due respect. Should that not be the first thing people figure out?

    I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

    He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

    Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

    There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

    Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

    Sorry for the negativity but im trying to be real here haha

    Take Pedro for example

    Spanish national who lives in Ireland. Has a Spanish bank account along with an Irish one - totally legit and works and pays taxes in Dublin.

    Opens a Coinbase account using Irish documents but links Spanish account to fund and withdraw cash.

    Illegal?


  • Registered Users Posts: 480 ✭✭baalad


    Another clueless question from me but how is CGT calculated? I understand you get taxed on the profit you made but how do they know how much you invested in order to calculate your profit? especially if you invest in small fractions.

    I would be grateful if someone would give me a little lesson in how revenue calculates CGT as i assume i cannot invest 10,000 and make 30,000 and then be like "what you talking about, i only made 1,000 profit" lol

    How do revenue know what you invested and how much you profited etc

    Sorry if its a dumb question but i always told "if you don't ask, you don't learn"


  • Closed Accounts Posts: 1,297 ✭✭✭Gooey Looey


    baalad wrote: »
    Another clueless question from me but how is CGT calculated? I understand you get taxed on the profit you made but how do they know how much you invested in order to calculate your profit? especially if you invest in small fractions.

    I would be grateful if someone would give me a little lesson in how revenue calculates CGT as i assume i cannot invest 10,000 and make 30,000 and then be like "what you talking about, i only made 1,000 profit" lol

    How do revenue know what you invested and how much you profited etc

    Sorry if its a dumb question but i always told "if you don't ask, you don't learn"

    See this thread
    https://touch.boards.ie/thread/2058086623/3/#post115634016


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  • Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭Lex Luthor


    baalad wrote: »
    But with all due respect. Should that not be the first thing people figure out?

    I read a story of a guy that invested. I cannot recall the figures but something along the lines of he invested 100,000 and doubled his money.

    He decided to exit but nobody would pay the value of 200,000 so he ended up selling his portfolio for 150,000 despite the value being 200,000 and then if you factor in tax and fees etc he arguably made 100,000 and lost the best part of it while exiting.

    Plus i struggle to understand why anyone would buy someones crypto when its at an all time high. Let's say you buy 1 BTC at a cost of 25,000 and this time 2 years its at 250,000. You're going to be rubbing your hands together but who in their right mind is going to pay 250,000 for 1BTC unless its expected to continue to grow to double that figure. In which case you would likely be tempted to hold and then face the same problem but at a later date!

    There is countless success stories online in relation to crypto but the majority involves increased value as oppose to actual exiting with cash in hand!

    Exiting seems to be where the big problem is with crypto. If your lucky enough to make money then your likely to lose most of it while exiting unless your gains are so huge you can sell at a reduced rate or afford to pay fees, tax etc and still make a substantial gain but this would not be the case for the majority of investors!

    Sorry for the negativity but im trying to be real here haha

    same can be said for someone who bought at 2.5k
    Why would anyone buy at 25k?
    Its happening

    if the price reaches 250k then someone is buying

    why do you think you lose most of it exiting?

    eg buy at 25k, sell at 50k.
    25k gross profit

    lets say worst case €50 in fees cashing out
    you pay CGT on 24,950 less 1270
    @ 33% this is approx 7.8k

    Nett approx profit = 17k approx

    I stand to be corrected on this


  • Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭Lex Luthor


    baalad wrote: »
    Another clueless question from me but how is CGT calculated? I understand you get taxed on the profit you made but how do they know how much you invested in order to calculate your profit? especially if you invest in small fractions.

    I would be grateful if someone would give me a little lesson in how revenue calculates CGT as i assume i cannot invest 10,000 and make 30,000 and then be like "what you talking about, i only made 1,000 profit" lol

    How do revenue know what you invested and how much you profited etc

    Sorry if its a dumb question but i always told "if you don't ask, you don't learn"

    its your tax return

    if they smell a rat you will get audited and have to show the transactions

    I've seen it happen


  • Registered Users Posts: 480 ✭✭baalad


    Lex Luthor wrote: »
    same can be said for someone who bought at 2.5k
    Why would anyone buy at 25k?
    Its happening

    if the price reaches 250k then someone is buying

    why do you think you lose most of it exiting?

    eg buy at 25k, sell at 50k.
    25k gross profit

    lets say worst case €50 in fees cashing out
    you pay CGT on 24,950 less 1270
    @ 33% this is approx 7.8k

    Nett approx profit = 17k approx

    I stand to be corrected on this

    Am i right in saying you only pay it on any gains above 1270? If i invested 1000 and that 1000 turned into 2270 over night and i cashed out. I would not pay CGT , is that correct?


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


    baalad wrote: »
    Am i right in saying you only pay it on any gains above 1270? If i invested 1000 and that 1000 turned into 2270 over night and i cashed out. I would not pay CGT , is that correct?

    Yes.

    But if you're getting into crypto and planning on only making 1270 profit in 2021... Oh, sweet summer child. Good luck.


  • Registered Users Posts: 480 ✭✭baalad


    grindle wrote: »
    Yes.

    But if you're getting into crypto and planning on only making 1270 profit in 2021... Oh, sweet summer child. Good luck.



    Hahaha as long as 2021 is an improvement over 2020 then iam happy


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


    baalad wrote: »
    Hahaha as long as 2021 is an improvement over 2020 then iam happy

    Four year cycle. Get out near the top of 2021 when you're happy.

    I'm holding since 2016 and will keep buying and never selling for another 4-5 years. At least. Maybe 5-10 because I know it's a long game.

    Might sell one Eth for the lolz at the end of 2021 for the lolz, buy an avalanche of scotch.


  • Registered Users Posts: 87 ✭✭Lambasted


    has anyone bought KIN? i cant find it on any of the main exchanges to buy?


  • Registered Users, Registered Users 2 Posts: 2,649 ✭✭✭Whelo79


    Lambasted wrote: »
    has anyone bought KIN? i cant find it on any of the main exchanges to buy?

    I'm a long term holder of KIN. It is in the middle of a migration over to the Solano network at the minute. No exchanges will be trading it until the migration is complete.


  • Registered Users Posts: 177 ✭✭Daithi40


    Lambasted wrote: »
    has anyone bought KIN? i cant find it on any of the main exchanges to buy?

    Search for it on coinmarketcap and then you can click Market to see which exchanges it trades on


  • Registered Users Posts: 125 ✭✭Bruno Mannheim


    grindle wrote: »
    Yes.

    But if you're getting into crypto and planning on only making 1270 profit in 2021... Oh, sweet summer child. Good luck.

    maybe every day :D


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