Interesting events taking place. Thinking of buying more. Anyone here selling or holding?
Bitcoin down 33% - Selling or Holding? (22/12/2017)
follow on 22/12/2017 - 20:10
Last edited 17/01/2018 - 19:43 by 1 other user
Last edited 17/01/2018 - 19:43 by 1 other user
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Cryto currencies other than bitcoin.
Big examples are Ethereum, Litecoin, DASH, ZCash
https://coinmarketcap.com
I think We will soon see it will drop to 12000 Mark.
Bought my first ever (partial) Bitcoin late November, paid $2000 at about $8500-9000 AUD. Sold 4 weeks later for $5218. Then the price shat the bed. Not a crypto genius - just got lucky.
Edit. Jesus, cmdwedge, have a covfefe.
He range me from an Australian mobile number as well; so, ya know, you think it's pretty legit
lol
Fools and their money are soon parted…are the Arabs buying? You read it here.
Holding store since 2012. Who cares
Time to buy more…. could reach $60000 by this time next year
Buy for sure!
Might be worth buying something like ripple? Seems to just go up and up…
No, bad advice. Not now, when it's at an all time high. Should wait for a dip in the price or a possible crash.
I am not a financial advisor, but some random on the interwebs so this is all personal opinion you can take/leave as you wish
- Do not spend more than you can afford to lose. I don't invest in cryptocurrency to make money. I buy crypto as I find the concept interesting. If anything I think of it more like betting on the horses. If you are smart, combined with some luck, maybe you might make some money, but it's also quite likely that you'll lose - but you can have fun doing it.
- If you want an actual investment, put the money into the stock market.
- Do not regret if you sell crypto - yes they might go up afterwards, but you made your decision and they could just as easily gone down. If you bought one of the more popular coins and the price has gone down recently, unless you really need the money (and refer to #1 ie you should not have put money into crypto that you can't afford to lose) I'd consider holding as they are most likely going to go back up again soon.
- If you are one of the lucky ones who end up with a crypto portfolio that's starting to be a major part of your overall worth, then I'd consider starting to liquidate some of that and diversifying into shares, property, etc. Or just spending it on a holiday.
- Keep decent records in case you do well enough to require disclosing for tax (or poorly enough to make it worth claiming losses etc).
Having said all that, if you want to put some money into crypto then this is my view:
* Bitcoin went up a stupid amount far too quickly recently, and has also come down a bit since then (currently US$13.5k) - it's still up from where it was only three weeks ago. It might drop to around the US$12k mark but then is quite likely to go up over the next few months based on how it has recovered from drops in the past. If you have some now, hold. If you are considering buying, do so. If you think it might be still on the way down, then work out how much you are willing to pay and then buy a third now, a third next week, and the rest a week after that.
* Etherium (US$720) is becoming more popular for buying/selling 'stuff' as the transaction fees are less, and transfers happen way quicker. I see it as "Bitcoin V2" and, if Bitcoin dies in a heap over the next year or two, is most likely to recover and take that leading position. As it is, it's the coin of choice for buying into ICOs etc which should indicate something. Whatever I'd have in bitcoin I would at least want to match it in etherium.
* Cardano - has increased in price even more rapidly than Bitcoin over the past few weeks. In that time it's gone from US$0.12 to now be sitting at US$0.65. I think it will easily be worth that and more, if starting to be overvalued for what it is at the moment, but the potential is huge. I see it as "Bitcoin V3". I might not put as much into Cardano as the other two, but it is definitely worth considering for the long term.It would not surprise me all of the above get close to doubling (or better) well before the end of 2018.
Other than those three, if you have some extra left over I'd consider MIOTA (US$3.40) and Tron (US$0.33) as worth putting a few dollars on - although I see both of those as being less of a 'sure thing'. ;-)
In regards to 5. I thought all profits big or small are liable for capital gain tax.
Any accountant out there for advice?
Not an accountant, but…
https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-c…
"Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less."
and
"If you have acquired bitcoin as an investment capital gains tax could apply (although see information about using bitcoin for personal transactions). If you are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or allowed any deductions for any losses made. However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income."
Hahaha rip
It was obvious that it was going to go down the pan. Maybe, as some think, it will come back but who knows?
You must be crazy to have gotten into this only recently.
I started Feb 17. Not too long. You?
I missed the boat unfortunately. I just felt sorry for the guys jumping on board in the last few weeks for fear of missing out.
Hopefully they didn't throw too much at it.
The markets will recover. The reason for the crash was the perfect storm of several factors- all coming together.
• With the futures markets ending two days ago, the domino effect of futures traders selling their contracts en masse combined with whales selling BTC to bring the price down to their price and profit both ways ( sell high, buy low, and get money with futures trade) contributed to the crash. That also affected the other Alt coins.
• China announcing that it was going after Cryptominers and Cryptocurrency exchanges, and that caused FUD
• S Korean minister mentioned that they were going to look into the legitimacy and regulation of Cryptocurrency, causing FUD
• Lot of novices joining the market recently, who do not understand cryptocurrency, and invested purely driven by FOMO, and panicked and started to sell to minimise losses once the markets fell initially, accelerating the crash.
• The Chinese New Year cause a lot of investors (a lot of money invested is still from Asia) to withdraw money.
Why I think the markets will recover?
• Currently, mostly the money is from Individual investors. In future, investment companies are going to invest- in such scenarios, investing billions of dollars in a week is not unfathomable.
• These is lot of scope for the user base to grow, just 5% of the people have actually invested
• A lot of people who invested early will invest more- greed is difficult to overcome.
• The various innovations in the technology will actually make the coins to be used as something more than just a digital assets for investment (I know this will take time- both for technology to become mature and for adoption, but given that a few of the best brains are working at solving the problems of scalability, speed, security and decentralisation.
ask the clash
Alt coin?