05-02 09:54 - 'Has anyone heard about this ? I joined a just general crypto trading discussion group on Facebook and a guy messaged me trying to refer me to this company ? I am extremely skeptical and not going to do it b...' (i.redd.it) by /u/dolannoodlesauce removed from /r/Bitcoin within 37-47min
I was frustrated with crypto discussions being banned on r/wallstreetbets, so I've created a crypto version r/SatoshiStreetBets! Support and help grow it if you're interested in a not-too-serious place to chat after a hard day's trading
[Discussion] Do YouTube channels who preach about Crypto and do daily talks regarding Crypto / Trading have helped you in your journey?. Or do you feel that they are manipulating the sentiment of traders.
Have: Plant coin - digital token / crypto : Want- trade for plants , discussion first
I had an idea for a plant based token / crypto currency type thing . It could be called something cool, or some awesome acronym. Each token would be backed up by for example a live rooted kratom tree, of a certain size . Redeemable on demand . These could also be traded to people for other plants - bearer can cash in the token for one live rooted kratom tree. I also considered having them literally grow in value by having the same number of trees as tokens ( of course ) but instead of tokens always representing a 6” rooted tree, perhaps the same trees would be represented by the digital tokens - while they grow larger and higher value . This could all be done very legit using something like Etherium smart contracts , or other existing blockchain applications . Initially, we would assign a value of one healthy, live rooted kratom tree 6” tall per token . We could always keep its valuation at the 6” rooted k tree - or, have it be the same trees and they grow in value over time . Sort of like an investment in living k trees! What do you think ? Would you trade for plants , crypto or ? for something of this nature ?
Experts discuss plans announced by Coinbase, Genesis Trading, and BitGo to become crypto’s “prime brokers” and what that reveals about the state of the industry (Ian Allison/CoinDesk)
Read more on WordPress https://ift.tt/3dhO876 https://ift.tt/3cltzFr Ian Allison / CoinDesk: Experts discuss plans announced by Coinbase, Genesis Trading, and BitGo to become crypto’s “prime brokers” and what that reveals about the state of the industry — It’s probably no coincidence that three major crypto firms – Coinbase, Genesis Trading and BitGo …
I was fed up of crypto discussions being banned on wallstreetbets, so I've created a crypto version r/SatoshiStreetBets! Come and help grow it if you're interested in a not-too-serious place to chat after a hard day's trading.
Russia Proposes Legalizing Crypto For Regulatory Sandboxes. The document discusses eight industries that can benefit from deregulation when introducing new digital technologies, benefiting trade, finance, transport industries.1
Is there any discussion forum for people that are willing to discuss the future of crypto currencies, without all the talk about profits, trading, whales, TA etc?
Where do people that care about the concept of crypto currencies (and blockchain) talk? Like Vitalik or Satoshi himself. All channels I’ve found are filled of people trying to get rich, rather than having a genuine interest in the technology.
ICYMI: Watch Power Ledger's latest AMA with Crypto Economist Anya Nova and Analyst Duncan McGregor. Topics discussed POWR burning, Escrow Report #3, PPA Vision, REC trading/M-RETS deal, VVP project and the Maddington asset opportunity.
Trading BOTS Discussion: Can returns on Crypto Arbitrage really be this good? This small fund is seeing 213% ROI and offers 3.5% fixed monthly return as a 'Loan Agreement', rather than an equity-based investment.
I was recently approached with an interesting 'investment' option to say the least. At first glance it appears 'too good to be true' but the more deeper I look into it the more legit it appears to be. Before you shout "scam!", I expect you to have read through the actual documentation I was sent (attached), but would like to open the discussion for if this kind of investment option might represent the potential future for this kind of investment They offer two 'Loan Agreement' products, of which they are contractually (contract seems robust-enough from a legal standpoint) obliged to pay you fixed (or compounding) repayments based on the amount you 'loan' (invest):
3.5% 'Fixed' with a fixed Monthly Repayment (42% Annualised Return!)
e.g Invest ("Loan") 10k, get $350 back every month, after 12 months, you'll have 14.2k.
5.0% 'Monthly Compounding' with a Yearly Repayment (79% Annualised Return!)
e.g Invest ("Loan") 100k, 1st month 10k turns into 10.5k, 2nd month turns into 11.025k etc... until 12 months later your yearly one-time payout is 17.96k.
Essentially this Fund was initially underpinned by a Bot that automatically actions 'Arbitrage Trades' across various Cryptocurrencies (e.g buying BTC in one exchange and selling BTC in the other and cashing in on the difference), but now is also investing in:
Rental Property Development
Minerals (e.g. Nickel, Copper, Cobalt)
Water Reclamation and Plastics Recycling
According to their history, the fund is seeing a ridiculous ROI of 213%. Their true 'selling point' is not that their offering these 213% returns on every dollar you invest like a 'traditional investment'-style fund, but actually, by keeping most of the profits to themselves per se, they are able to essentially pay you a fixed income each month, by creating this 'Loan Agreement' relationship with a written contract whereby they are legally obliged to make payments to you as a person (at either 3.5% or 5% rate as described above). I have a better idea of why Crypto Arbitrage isn't a big thing that everyone is investing in because of this Whitepaper (page 4-6), but I'm still a bit guarded about the legitimacy of the incrediby attractive commercial return they more or less guarentee you through a 'Loan Note' (much in the same way your obligated to pay a Bank back for the money you borrow in monthly repayments - but in reverse - you get paid a fixed (or compound) amount based on what you 'loan' to the fund. Now this is the sticking point for me - what is the actual level of risk if a Lawyer could verify that the contract (see link to contract below) could very safely protect your investment - except in the case of Bankruptcy or similar I guess - which they protect heavily against apparently with a Guarantor backed by property assets and hedging strategies etc.. (see FAQ document attached for further 'worst case scenario' topics addressed)... If you are effectively guarenteed to be paid in a contract and have the option to take them to court to recover the money, is it only the chances of bankruptcy that have to be considered? They apparently had offered higher yield options in the past but simply had to reduce the returns they offered because they often scared people away for appearing 'too good to be true', so I can understand that part. Has anyone else heard of this type of Investment before - essentially this 'Loan Agreement'? Loan Agreement Contract here : 'Guarantor' is a a wholly owned subsidiary of the 'Borrower' and the Guarantor's "property assets serve as the basis of the guarentee" Product Info Summary Sheet here (for the Fixed Monthly Payout Option 2.5% instead of 3.5% returns described here) - Mentions general product overview, returns, and ways that the Corporate Guarantee can be activated (incase of Default on repayments) FAQ Sheet here - Mentions potential reasons for Default on payments and other potential risks.
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Income/Capital Gains Tax with Trading Crypto Currencies (serious discussion please!)
Hi all, Wondering if anyone can shed some light on this topic, I trust I am in a sensible sub! Some people might roll their eyes at Crypto - I am not asking for your thoughts on that, please... just your knowledge on a tax perspective. I want to understand the basics, not just trade away and throw a massive log to an accountant. I want to track and be proactive instead of reactive. I want to learn, please help me out here.
Before I start I have this question.... (1 of many)... I need clarifying (maybe because I've done too much reading and I am all confused).... would I be right in thinking that in any business you earn your money and then at the end of the year pay the taxed owed, so earn from Apr to Apr say £50k with no tax to worry about... just log... and then at the end (Jan 31st) you pay the calculated tax you owe for that Apr to Apr? That to me makes sense - get on with your business, make your money and pay at the end. (although I think it is the USA laws confusing me, which people are talking about paying straight away?) or is that misinformation again?
Could someone clarify this for me please.
I would like to know the situation on trading cryptocurrencies and tax. I am not sure on: 1) how these trades are to be logged, and whether or not it should be via CGT or Income Tax. 2) If a taxable event is just Coin -> Fiat or Coin to Coin.
So lets say for example I am trading Cryptocurrencies (bitcoin etc) and I am making a profit. In terms of transactions, do I record for tax purposes Coin to Fiat ONLY or do I record Coin to Coin as well? Now here is my query/issue with the coin to coin....
Lets say I make 0.25 BTC profit. How can I record this as profit if I haven't put it into £? It isn't 'set in stone' the profit. So Lets say for argument sake, at the time of the trade .25 BTC is worth £4,000. That'd be me reporting a £4,000 gain. What happens if I keep that as a coin, and its value goes up or down. If it goes down, haven't I overpaid the tax? and even if it goes up haven't I just got lucky? It seems a gamble... I don't mind trading but I don't want a trade within a trade where I am gambling the amount I pay (or get lucky if the value tripples and I only log a profit of £4,000 at the time). What can I do in this situation? [It doesn't seem fair with that element of risk for either myself, or HMRC]
To clear it up I've tried to put the following below...
Scenario 1: Buy 1 BTC @ £10,000. Sell 1BTC @ £11,000. Profit: £1,000. Pay tax on the £1,000. Easy to understand, I've set in stone the gain.
Scenario 2: Buy 1BTC. Sell 1.1 BTC. Profit: 0.1 BTC (trading coin to coin instead of coin to fiat). My gain is .1 BTC (say @ time of closing transation 1 btc is worth £15,000 hence -> £1,500 profit at that point. How can I pay tax on '£1,500' profit which I haven't yet cashed out. Yes it is a coin gain... but number wise to me it doesn't make sense?
I thought It'd be far far easier if I was taxed on when the coins go to FIAT. Because even if I was gaining in coin value, the moment I go into FIAT I would be paying the tax, wouldn't I?
Finally, if I am working 30k/year job... would I be paying Capital Gains Tax or Income Tax on this trading? How would that be determined... if I was withdrawing money or not? Is income determined as money to live to pay bills and so on, in which case my job would be doing that.
I hope someone can clear this up for me, I'd very much appreciate it. Thank you very much for reading this.
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Discussing Crypto, Stocks, TradingView and Pine Daily - 6/30/2020
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