Crypto $$$

[Outbackjack]

https://www.youtube.com/watch?v=YQZzQELODLI

God explanation.

[Mercury Bullet]

How many of you guys have shares?

I don't understand all this excitement.
I bought commonwealth bank shares at $5 and sold at $85.

Enjoyed fully franked dividends for 20 years.

Much better ways to make money than this ponzi scheme creating money out of thin air.

[Outbackjack]

Originally Posted by Mercury Bullet

How many of you guys have shares?

I don't understand all this excitement.
I bought commonwealth bank shares at $5 and sold at $85.

Enjoyed fully franked dividends for 20 years.

Much better ways to make money than this ponzi scheme creating money out of thin air.

Whats the old saying..?.. You can lead a horse to water........

[Lunch]

I don’t have shares so this is my first experience at anything like this
( money for nothing )
My investment has made around $2,000 today after a very slow first few weeks, I wouldn’t say I’m excited but I wouldn’t say I’m unhappy either, I understand that it could go negative at any moment but while the market keeps flashing green, you won’t see me frowning.

[Iggle Piggle]

Originally Posted by Mercury Bullet

How many of you guys have shares?

I don't understand all this excitement.
I bought commonwealth bank shares at $5 and sold at $85.

Enjoyed fully franked dividends for 20 years.

Much better ways to make money than this ponzi scheme creating money out of thin air.

Because no one ever lost any money on the share market or had their shares turn to ****.

$5 to $85 in 20 years, so about 1600% which is a very nice return (and with franked dividends along the way). The guys that got on Ripple at about 20c have currently made 1500% within the past couple of months.

Sure, Ripple could turn to crap at any time...so can pretty much most shares.

I have shares in ORG which were part of an employee program, and purchased CBA back at $33 and probably should have sold when you did but still holding them. While I am just playing in crypto with what I can afford to lose, to be responsible I will refer to my dabbling in crypto as diversifying.

[Trump]

http://www.theage.com.au/business/bi...29-p4yy3z.html

[Outbackjack]

Originally Posted by Trump

http://www.theage.com.au/business/bi...29-p4yy3z.html

Strange how they mention wespac bank. They have signed up to use ripple.... Also I use the ANZ bpay to deposit into BTC.... no problems.

[NTF6]

I’m still ****ed off that my account isn’t yet verified because that crap letter hasn’t arrived. I could’ve bought at $0.99c and now hitting $3.00. **** it!!!!!!!


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[PHATAL]

Originally Posted by NTF6

I’m still ****ed off that my account isn’t yet verified because that crap letter hasn’t arrived. I could’ve bought at $0.99c and now hitting $3.00. **** it!!!!!!!


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Was wondering how you were travelling mate

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[Mercury Bullet]

Originally Posted by Outbackjack

Strange how they mention wespac bank. They have signed up to use ripple.... Also I use the ANZ bpay to deposit into BTC.... no problems.

It won't be the banks stopping the transactions.

Cops.

Edit: be careful how much you transfer each transaction. Use multiples of differing amounts at no more than 8.5k.

Don't ask me how I know.

[NTF6]

Originally Posted by PHATAL

Was wondering how you were travelling mate

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I hate it when the boat sails without me


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[NTF6]

Originally Posted by Mercury Bullet

It won't be the banks stopping the transactions.



Cops.



Edit: be careful how much you transfer each transaction. Use multiples of differing amounts at no more than 8.5k.



Don't ask me how I know.

Or what?
If the transactions fall beneath the legal transaction limit then there isn’t an issue.


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[Mercury Bullet]

Originally Posted by NTF6

Or what?
If the transactions fall beneath the legal transaction limit then there isn’t an issue.


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I gave you the info, it's completely up to you what you do with it.

I've said enough already, so I'm not going into detail in public, sorry.

[NTF6]

Originally Posted by Mercury Bullet

I gave you the info, it's completely up to you what you do with it.



I've said enough already, so I'm not going into detail in public, sorry.

No point posting if you aren’t willing to give all the info to the readers, just creates confusion. Pretty sure you won’t get carted off to Gaol for providing information, there’s no need to be cryptic or paranoid. Big brother isn’t watching!


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[Lunch]

Big brother is always watching, brother.. 0.o

[Captain Stubing]

I believe if you transfer more than $10,000 overseas it raises flags for the govco. I get this from my elderly neighbour who got divorced, and discovered chinese hookers. They are constantly transferring money back home to family, but always in less than $10k lots.

[NTF6]

Originally Posted by swanny

I believe if you transfer more than $10,000 overseas it raises flags for the govco. I get this from my elderly neighbour who got divorced, and discovered chinese hookers. They are constantly transferring money back home to family, but always in less than $10k lots.

Well old mate above reckons it’s 8.5k but don’t ask him how he knows


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[Captain Stubing]

8.5kus = 10k au$?

[MITCHAY]

I think Bitcoin and such are much like any shares. IBM, Apple, Microsoft etc. Now those who invested early are rich and sticking the finger up

BTW cash transactions of $10k or more are required to be reported to AUSTRAC.

If you split the payment with the sole purpose of avoiding that reporting requirement I believe it is an offence.

[PHATAL]

$2.87 now. Is the ride over?

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[Sioso]

Just a correction, hlod, hlod, hlod....

[Lunch]

Looks like they’re all taking a hit today, LTC is under $300 for the first time in a long time,

[CJR09]

Interested to hears others thoughts on the below - very much thinking out aloud so probably not as coherent as it could be but...

If XRP the coin/token cannot be traded for anything as in you cannot possess it and use it to purchase things and in effect is not a share in the company Ripple Labs then what is its real value?

I am assuming that we are all competing on the same market for a share in the XRP coin/token pool which would include all financial institutions that are taking it on board to use for their fund transfers.

I am thinking that when it becomes entrenched in the system and is used by the majority of financial institutions for fund transfer what happens next? The financial institutions will market on the speed of the transaction but are likely to still charge for the privilege - so XRP on the crypto market is entirely a speculative bubble?

Will the value of XRP be tithed to current financial transaction costs? ie why would a financial institution buy into it if it was going to cost them more than what it already costs them for their current system?

So the real value of XRP cannot surpass the real cost of the current transactions albeit at a nominal inflationary rate? I say this because for every transaction part of the coin/token is consumed as XRP is deflationary (and so will inherently rise in value as stock dwindles) so to compensate for that the institutes will have to increase charges to cover off the coin/token cost?

So is this where XRP withold coin/token and release as necessary to keep the XRP price down below the existing financial transaction cost? Thereby limiting the sort of meteoric rise that other coins may experience? Knowing that XRP total is about $100b? $40b odd in circulation at the mo - would be interesting to know the real cost of existing traditional transactions (swift etc) - if i was a banker (of which cleary i am not as this is likely all just gibberish) I would not buy into it unless there was some sort of guarantee that costs were not likely to surpass existing costs for the foreseeable future - perhaps 10-20yrs?

[Mercury Bullet]

Originally Posted by NTF6

Well old mate above reckons it’s 8.5k but don’t ask him how he knows


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Because people's jobs can be on the line mate.

I gave you all the info you need but obviously you don't have the intelligence to process it.

You're welcome.

[Outbackjack]

Originally Posted by PHATAL

$2.87 now. Is the ride over?

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Its part of the ride. The ride is just begining. Like I said earlier it was a micro bubble. Ripple is still finding its level which I (and many others) believe its much higher than it is.... Also its the weekend and new years as well.

[NTF6]

Originally Posted by Mercury Bullet

Because people's jobs can be on the line mate.



I gave you all the info you need but obviously you don't have the intelligence to process it.



You're welcome.

I’m very intelligent, your just trying to be all 007 without actually providing any real detail. If people’s jobs are on the line then someone is doing something dodgy and should loose their jobs. How’s that for quick intelligence.

[snap0964]

Originally Posted by Mercury Bullet

I don't understand all this excitement.
I bought commonwealth bank shares at $5 and sold at $85.Enjoyed fully franked dividends for 20 years.

How'd you handle the CGT when you sold ? I'm assuming too you only sold them off in the last few (five/six) years or so.

Originally Posted by Mercury Bullet

Much better ways to make money than this ponzi scheme creating money out of thin air.

There are, but at least these guys are trying something better than lottery tickets and fixed interest (< 3% return).

[Mercury Bullet]

Originally Posted by snap0964

How'd you handle the CGT when you sold ? I'm assuming too you only sold them off in the last few (five/six) years or so.
There are, but at least these guys are trying something better than lottery tickets and fixed interest (< 3% return).

Cant remember exact numbers as it was all handled by stockbroker and accountant but it was surprisingly little. Stockbroker was a family friend so got away with that for nix.

You would still cop capital gains on coins.
I would recommend a good accountant if cashing in a decent amount though. Yes it's a cost but worth it in my opinion.

I rode out 3? Recessions and gfc with those shares.
Would coins survive one?

[snap0964]

Originally Posted by Mercury Bullet

Cant remember exact numbers as it was all handled by stockbroker and accountant but it was surprisingly little. Stockbroker was a family friend so got away with that for nix.I would recommend a good accountant if cashing in a decent amount though. Yes it's a cost but worth it in my opinion.

Well, all your fees/costs are taken into account in your cost base, as is inflation, so it works in your favour, plus only declaring half your all up gain helps a lot too.

Originally Posted by Mercury Bullet

You would still cop capital gains on coins.

Well if you hold for over 12mths, under 12 mths it's classed as income. At least there's no GST on transactions. Also you don't get a dividend or franking credit on crypto's unfortunately.

Originally Posted by Mercury Bullet

I rode out 3? Recessions and gfc with those shares. Would coins survive one?

That's the $64 question. Same reservation you may've had with CBA shares at $5.40 in 1991, same as I had buying into Telstra 1 & 2, hindsight is too late unfortunately. As I say, I think Crypto's are worth dabbling in - you just have to have a strategy with investing and a tax plan thought out as well.

[Outbackjack]

Tax plan is to cash out in Germany.....