Good article by Rory Gillen on Bitcoin

Discussion in 'The great financial debates' started by Brendan Burgess, Aug 22, 2017.

  1. TheBigShort

    TheBigShort Frequent Poster

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    Not if you weren't allowed sell them, as per the conditions imposed above on bitcoin.
     
  2. ant dee

    ant dee Frequent Poster

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    Last edited: Aug 30, 2017
    Is the average individual in those countries responsible for defaulted US loans ? Most likely they never took a loan and are getting raised taxes , capital controls , hyperinflation etc.

    You can just as easily easily say no one will buy a failed company's stock or a bankrupt country's bond.

    Andreas Antonopoulos has nice material online to get informed on Bitcoin for whoever is interested.
     
    Last edited: Aug 30, 2017
  3. Pugmister

    Pugmister Registered User

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    Wondering if anyone has any insight into CGT arising as a result of a cryptocurrency transactions. If I was to buy Bitcoin using my euro bank account and subsequently sell and make a gain I understand that CGT would be due.

    Would the same be applicable if I was to purchase say Etherium using Bitcoins and subsequently make a gain. In essence if you remain in crypto world does it eliminate any CGT due ?
     
  4. ant dee

    ant dee Frequent Poster

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    While im not able to give tax advice, many seem to agree to this gloabally. Meantime you don't convert to FIAT , no taxes are due.

    What happens though if you buy goods with bitcoin? Could be groceries with a bitcoin card or it could be a car from a private seller.

    Also, someone that's getting paid in Bitcoin for goods or services should be subject to tax, calculating the crypto income in fiat daily and keeping accounts that way.
     
  5. Pugmister

    Pugmister Registered User

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    So irrespective of how the coin upon which the gain was made was purchased, once you convert to FIAT a taxable event occurs which will trigger CGT ?

    Its a bit of minefield trying to get your head around this at times. Im hoping to purchase some coins in the coming weeks which can only be purchased via Bitcoin so it got me thinking of such a scenario.
     
  6. ant dee

    ant dee Frequent Poster

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    Another example, someone from Greece was saying that if you cannot prove / verify how much you spent purchasing the asset (bitcoin, altcoin etc) the Greek tax office will count the whole amount it is sold for as capital gains.
    Of course, this is general legislation, not crypto specific, just the closest thing they were finding.

    No-one knows exactly what to do.
     
  7. Early Riser

    Early Riser Frequent Poster

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  8. Brendan Burgess

    Brendan Burgess Founder

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  9. Pugmister

    Pugmister Registered User

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  10. ant dee

    ant dee Frequent Poster

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    A banker calling cryptocurrencies a fraud, sure, I would want to protect my business's future too if I were on his shoes.
    Funny how JP is investing in blockchain technology on the side... not to mention other Wall Street interest in crypto.

    Yes you can lose all your money in crypto, same as in all investments. It all comes down to don't invest what you cant afford to lose, risk - reward ratio etc.
    For us Irish here, it is like stock picking. You might find a company you like, you are not going to put all your money on it, cause it might fail.

    For holding crypto, DO NOT leave it on the exchanges or online wallets! Buy a hardware wallet ( trezor, ledger nano s , etc ) , read their instructions / blog, keep your backup safe.