Is anyone else starting to become a bit excited?

Bob24 · 09-02-2021 12:08AM

Lex Luthor wrote: »

what if the car is priced in bitcoin rather than USD or EUR?

No difference. Bitcoin is an asset, not a currency. So when you exchange it for something else you need to pay CGT.

I am honestly not sure, but I would also question whether it would be legal for an Irish business to invoice customers in Bitcoin. Advertising BTC equivalent prices and taking BTC equivalent payments definitely isn’t a problem, but producing an invoice only denominated in something which isn’t legally a currency ... I don’t know.

JibJabWibWab · 09-02-2021 12:14AM

Lex Luthor wrote: »

what if the car is priced in bitcoin rather than USD or EUR?

How would a car be "priced in bitcoin rather than USD or EUR"?

All 3 items have easily discernible values, all the assessor would have to do is Google each item.

This is pretty simple stuff. Revenue will tell you what you owe. It's up to you to prove otherwise.

The only way to take advantage of the asset value without disposal is to borrow against the asset.
I don't believe loans against crypto collateral are available in Ireland, yet.

I am a long term holder of BTC and I'm hoping those type of loans become available. Not too soon though...

BrandonBay86 · 09-02-2021 12:28AM

$46,000

Nicer

bfa1509 · 09-02-2021 12:42AM

BrandonBay86 wrote: »

$46,000

Nicer

I'd much rather a $46k in April/May+. It's a marathon not a sprint!

Having said that, I'm never selling anyway!

Bandara · 09-02-2021 12:48AM

bfa1509 wrote: »

I'd much rather a $46k in April/May+. It's a marathon not a sprint!

Having said that, I'm never selling anyway!

"its a Snickers not a sprint"

Please, do keep up !

:P

09-02-2021 12:58AM

https://i.insider.com/5be21509f556fc3f0a400c1a?width=1100&format=jpeg&auto=webp

BrandonBay86 · 09-02-2021 01:37AM

bfa1509 wrote: »

I'd much rather a $46k in April/May+. It's a marathon not a sprint!

Having said that, I'm never selling anyway!

80k December so I don’t mind how soon the rest comes !

BrandonBay86 · 09-02-2021 01:52AM

$47,000

Nicerr

Rob2D · 09-02-2021 01:55AM

BrandonBay86 wrote: »

80k December

That's starting to look conservative.

BrandonBay86 · 09-02-2021 01:56AM

Rob2D wrote: »

That's starting to look conservative.

I won’t say what I really think..

makeorbrake · 09-02-2021 07:16AM

BrandonBay86 wrote: »

I won’t say what I really think..

That the moment everyone starts thinking the same thing in a market, the market goes the other direction?

Playing devils advocate and I myself would probably be quicker than anyone to make the case for a 6 figure btc valuation. However, this upsurge began without much in the way of fever. It was all very sober. That has changed though in the past ten days from what I'm seeing.

If it wasn't for the fact that sovereign currency is complete garbage perhaps there would be much more cause for concern.

Thargor · 09-02-2021 09:06AM

ATHs in ETH and BTC, incredible. Wonder what price action we'll see @round 50k BTC? Surely that must be a whale or twos sell target?

BrandonBay86 · 09-02-2021 09:30AM

makeorbrake wrote: »

That the moment everyone starts thinking the same thing in a market, the market goes the other direction?

Playing devils advocate and I myself would probably be quicker than anyone to make the case for a 6 figure btc valuation. However, this upsurge began without much in the way of fever. It was all very sober. That has changed though in the past ten days from what I'm seeing.

If it wasn't for the fact that sovereign currency is complete garbage perhaps there would be much more cause for concern.

Just looking at the volume leaving exchanges, the depth charts selling pressure and the general availability of Bitcoin, I think the supply shortage is about to get a whole lot worse.

$100,000 is inevitable, possibly even $150,000 before the next little dip & halving. All IMO obviously.

Bob24 · 09-02-2021 09:31AM

Thargor wrote: »

ATHs in ETH and BTC, incredible. Wonder what price action we'll see @round 50k BTC? Surely that must be a whale or twos sell target?

For sure yes there are people who have a target price and/or something they want to achieve (buy a car, clear a mortgage, etc).

But at the same time I think many people are kind of on board with the S2F model which is telling them 50k is a bit early to sell, and market psychology is such that when it goes up no one wants to sell, so hard to tell.

Also I think a big unknown is how much institutional and corporate money is coming. I am not saying this is what will happen, but for exemple if every S&P 500 company looked at Tesla and concluded they should convert a few percents of their balance sheet into Bitcoin, this would likely at least compensate any selling pressure.

irish_goat · 09-02-2021 10:14AM

correct horse battery staple wrote: »

Why? Because 100K+ dropping in bank account and then going for a tesla would result in all sorts of questions asked and potential to have current account closed (which could be a nightmare if salary goes there etc), all sorts of horror stories about likes of n26 closing accounts, i sold a bit at previous ATH couple weeks ago to buy a car for myself, the bank was ringing me asking why is there "unusualy large deposit" i explained it was from Kraken for a car and that i be paying tax on that later in year and have receipts etc on hand, that seems to have satisfied them. But fact that one gets questioned in first place is uncomfortable, you swear you are doing them a favour by being a customer.

Just to expand on this, I work for a bank in the North in anti-money laundering and our stance is that you can buy crypto from your account but can't sell it. So we won't worry too much if you're sending money to Coinbase but will question you if there are regular payments coming from Coinbase. It's a bit ridiculous but that's the appetite the bank have decided on.

In reality, if you have one large "cash out" we're not going to do much but we have offboarded a few people who were regularly sending payments to and fro. What other funds you have coming in will also determine how we approach the account as well i.e. if you have a regular salary vs regular cash lodgements from an unknown source. Likewise, if you then send the funds to a Lamborghini dealership or use it to clear your mortgage account we will be less likely to raise suspicions vs if you transfer the lot to an unknown 3rd party.

I think we will soften our approach gradually as crypto becomes more maintstream, but in the meantime the worry is that it will be used by the likes of drug dealers and tax avoiders (which we have found a few of) so we're (being told) not to take any chances.

sparrowcar · 09-02-2021 10:14AM

Jin luk wrote: »

Today could be the day XLM jumps XRP, good start to the day for stellar.

Always the bridesmaid... XRP widening the gap again.

Bob24 · 09-02-2021 10:26AM

irish_goat wrote: »

Just to expand on this, I work for a bank in the North in anti-money laundering and our stance is that you can buy crypto from your account but can't sell it. So we won't worry too much if you're sending money to Coinbase but will question you if there are regular payments coming from Coinbase. It's a bit ridiculous but that's the appetite the bank have decided on.

In reality, if you have one large "cash out" we're not going to do much but we have offboarded a few people who were regularly sending payments to and fro. What other funds you have coming in will also determine how we approach the account as well i.e. if you have a regular salary vs regular cash lodgements from an unknown source. Likewise, if you then send the funds to a Lamborghini dealership or use it to clear your mortgage account we will be less likely to raise suspicions vs if you transfer the lot to an unknown 3rd party.

I think we will soften our approach gradually as crypto becomes more maintstream, but in the meantime the worry is that it will be used by the likes of drug dealers and tax avoiders (which we have found a few of) so we're (being told) not to take any chances.

Interesting.

I know you are just passing the information and this is not you own opinion, but having no problems with people sending money to exchanges and then blocking them when they try to get that money back is very hypocritical. I understand it is the bank just not willing to take any chance, but only blocking things one way is rather disrespectful of its customers.

Out of curiosity and if it is OK to share, what kind of amounts from crypto exchanges are starting to raise serious attention? 5 digits? lower 6 digits? More?

irish_goat · 09-02-2021 10:42AM

Bob24 wrote: »

Interesting.

I know you are just passing the information and this is not you own opinion, but having no problems with people sending money to exchanges and then blocking them when they try to get that money back is very hypocritical. I understand it is the bank just not willing to take any chance, but only blocking things one way is rather disrespectful of its customers.

Out of curiosity and if it is OK to share, what kind of amounts from crypto exchanges are starting to raise serious attention? 5 digits? lower 6 digits? More?

Absolutely hypocritical and I think we could have some angry customers down the line if they eventually decide to sell as they've no idea we're not comfortable with the funds landing back

Our official line is any amount, but we're unlikely to be looking at your account unless there is another reason i.e. you're lodging regular cash from unknown sources in the branch or you're sending money to/from abroad. You'd be talking mid-high 5 figures for our system to flag you up otherwise.

allybhoy · 09-02-2021 10:47AM

Anyone see the latest Blockfolio hack? Cant post it as id get banned but Id advise anyone here who has an API to their exchange to delete it asap. Should be set up with RO Access only but just to be sure delete the API from your exchange

Bob24 · 09-02-2021 11:37AM

irish_goat wrote: »

Absolutely hypocritical and I think we could have some angry customers down the line if they eventually decide to sell as they've no idea we're not comfortable with the funds landing back

Our official line is any amount, but we're unlikely to be looking at your account unless there is another reason i.e. you're lodging regular cash from unknown sources in the branch or you're sending money to/from abroad. You'd be talking mid-high 5 figures for our system to flag you up otherwise.

Thanks for sharing this, interesting to know.

RoboRat · 09-02-2021 12:06PM

irish_goat wrote: »

Just to expand on this, I work for a bank in the North in anti-money laundering and our stance is that you can buy crypto from your account but can't sell it. So we won't worry too much if you're sending money to Coinbase but will question you if there are regular payments coming from Coinbase. It's a bit ridiculous but that's the appetite the bank have decided on.

What about if you cashed out via Paypal and then deposited from Paypal? I'm sure that wouldn't raise too many flags as it could be seen as a sale of something second hand?

BrandonBay86 · 09-02-2021 12:08PM

At the end of the day it’s your clean money so whether or not the bank make a fuss of it you’ll eventually get it.

I won’t be stressing over it

irish_goat · 09-02-2021 12:19PM

RoboRat wrote: »

What about if you cashed out via Paypal and then deposited from Paypal? I'm sure that wouldn't raise too many flags as it could be seen as a sale of something second hand?

You could but a large amount from PayPal for something second hand would be unusual and we might ask for a PayPal statement to show the origin of the funds. Regular amounts from PayPal would also raise suspicion.

BrandonBay86 wrote: »

At the end of the day it’s your clean money so whether or not the bank make a fuss of it you’ll eventually get it.

I won’t be stressing over it

The issue is the bank have no way of knowing it's clean.

Bob24 · 09-02-2021 12:26PM

irish_goat wrote: »

The issue is the bank have no way of knowing it's clean.

So assuming someone disposes of 100000 worth of a BTC ETP and transfers it back to their bank account from their broker, their will be no issue raised? (if it is BTC wrapped into an ETP at a broker with a track record of the buy and sell orders, there is no way it could have originated from illegal activities).

Irish_rat · 09-02-2021 12:30PM

deathbomber wrote: »

Isn't tbe founder the good doctor Hosp? Complete ðŸ snakes are not to be trusted in life!

It had a shady beginning, there is no doubt about that and anonymous devs can be a warning sign.

However this has gone too big now and binance have a firm grip on it. Its fun, more addictive than uni/sushi, great user interface and the fees are tiny.

The hardest part is setting up your metamask to bsc.

Some might call me out as shilling but I think this will be top 30 crypto soon if defi keeps going. ETH fees are dreadful and there is alternatives now.

If you are in the defi space give it a go and see what you make of it compared to other dexs

Lex Luthor · 09-02-2021 12:38PM

https://cryptoslate.com/iohk-on-the-brink-of-securing-a-massive-cardano-government-contract-in-africa/

Cardano news

BrandonBay86 · 09-02-2021 12:51PM

irish_goat wrote: »

You could but a large amount from PayPal for something second hand would be unusual and we might ask for a PayPal statement to show the origin of the funds. Regular amounts from PayPal would also raise suspicion.

The issue is the bank have no way of knowing it's clean.

I understand that but it’ll only take me a few minutes to prove to them it’s clean.

irish_goat · 09-02-2021 12:55PM

Bob24 wrote: »

So assuming someone disposes of 100000 worth of a BTC ETP and transfers it back to their bank account from their broker, their will be no issue raised? (if it is BTC wrapped into an ETP at a broker with a track record of the buy and sell orders, there is no way it could have originated from illegal activities).

At present we're just telling people we don't want to see it coming back into their account but being able to prove it was done through a broker with a record of the orders would, I figure, be what we would allow in future.

Donegal1234 · 09-02-2021 07:53PM

After months of doing nothing my coin Matic network has done a x8 in 5 weeks. Sweet.

All them months staking at 25% apr was well worth it.

LawBoy2018 · 09-02-2021 07:56PM

Donegal1234 wrote: »

After months of doing nothing my coin Matic network has done a x8 in 5 weeks. Sweet.

All them months staking at 25% apr was well worth it.

What does staking mean? Buying more?

Is anyone else starting to become a bit excited?

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