I'm not into cryptocurrency as it's too complex for my simpleton brain. But, with CBA going to start offering it soon, I might start looking into it.
If you're holding back, would you as well?
https://www.theage.com.au/business/banking-and-finance/cba-m…
From their website, they'll offer up to ten selected currencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
https://www.commbank.com.au/articles/newsroom/2021/11/CBA-to…
Yep so they've chosen not to offer stable coins, privacy coins or meme coins.
Which is a good thing.
@CommanderCrumbcake: CBA will have to take the risk if the exchange is hacked and will have to compensate the customer who lost digital assets bought through the app. They probably will impose a $ cap on how much you can buy to limit their exposure over this.
Bank is holding it, you will be holding them responsible.
They bought insurance.
Relax mate
Crypto isn't a fait currency that bank can simply create out of thin air.
So e.g. if someone looses Bitcoin, Bank cant simply create more bitcoin.
And then what does bank do ? reverse Bitcoin transaction ???
or how else compensates it via insurance?
Mr Comyn acknowledged the high volatility in crypto assets, but said trades were typically in the hundreds of dollars, and the risks would be made clear to customers who sought to buy crypto assets through its app.
“Of course investing in cryptocurrencies comes with risks. We make it very clear to customers as part of that process, that you should only be investing what you’re prepared to lose,” he said.
Authorities: Trading crypto is YOUR risk
Also Authorities: You profited? It's OUR profit.
Wonder what the fees are going to be like. Will be pretty hard to beat Binance (especially if you're already holding BNB to pay for fees)
Authorities: Trading crypto is YOUR risk
Also Authorities: You profited? It's OUR profit.
Well yeah, that is how all investing works. You take risks, and are taxed on your profits.
It's even more simple than that - the 'proceeds' are entirely yours (be they losses or profits).
nope
@redfox1200: If you're horrified at the concept of not keeping "all the profits" because taxes exist, wait until you hear about "transaction fees".
@Crow K: not horified at all, i own stocks and crypto, you are just uneducated assuming you get to keep all the profits
@redfox1200: I said the proceeds are entirely yours. Later on, when you are doing your tax return, you will be reporting those losses/profits and then paying tax.
But that's true of every type of taxable income. Salary, interest, dividends, crypto gains, investment property losses…
Tax is a future expense calculated on your entire income. Why would (maybe/likely) having to pay an amount at some stage in the future stop you legally owning your proceeds before that point in time?
@Crow K: In crypto you can pay tax, yet end up with nothing.
For example, you stake $1000 worth @ 10%, but it then drops to $10 in value.
The taxman will still require you to pay the tax on the full $1000 staked income. You can turf it (and make a realised capital loss) or hang on to it and pay more in tax than its worth.
$1000 to $1 in one minute is very real in crypto. Making money is on someone elses losses or artificial creation. Some of the minting from staking doesnt make sense to me. Which is kinda like the fed reserve thrashing the printer lately.
@tunzafun001: You've lost me on this. ELI5?
Also are you describing non-crystallised losses (I haven't sold my position but it's worth less now if I did sell) as actual losses?
@Crow K: Well its up to you what you do with your position. Either way, the tax man is still getting the tax on your full staking income. If you have capital gains, you would probably sell to offset them. If you have nothing to offset, then it's a crap shoot.
This has been my crypto experience playing with a $2.5k investment…but I did start in May:( I'm picking up some gains and staking/ pooling income at basically the same rate as the coins lose value and some tokens decline.
Net position is I'm down about $800. Got a super messy tax situation to sort out and I'll still owe about $100 in taxes, and have about $300 in future loss offsets. The rest I'll hold and hope. Some award winning (literally) tokens went from $500 to $1 over night (Flash loan attack..ie hacked).
@tunzafun001: So if you put $1,000 into crypto, and then staked it, and it earnt $100 in income, you'd pay tax on the $100 income, even if the underlying crypto lost 50
% of its value [and let's say you haven't sold it]
It seems the same as putting $1000 into stocks and it earned $100 dividends and the stock value went down 50% in the meantime?
@Crow K: Yep correct. The issue with crypto is the staking 'dividends' are paid in their own coin. So the dividend is now useless as well in this scenario, whereas a share may collapse, but the dividend value remains.
The issue with crypto is the staking 'dividends' are paid in their own coin
But then you've got a capital there in the coin right? So if the coin is worth 50% less, you have a capital loss that you use to offset any future gains.
It doesn't help you pay the tax man on that year's staked tax, but it doesn't just disappear entirely. Different for dividends because you're paid in fiat and there's no more capital (loss or gain)
Binance has low fees but you should question the integrity of it. Yesterday they locked out withdrawals for 2 hours and called it a 'glitch' with no explanation, it's not the first time.
I think Binance is a pretty good platform but CBA would be next level accountability in the crypto space. IMO long term holds for those who don't want a cold wallet this would be pretty sound.
Binance has low fees but you should question the integrity of it.
Yep
The whole idea of crypto was it was supposed to be decentralised
*BNB: HOLD MY TSING TAO
Maybe you're moving a lot of money around but I've done 5k chunks of withdrawls no problem..knock wood
Support is non-existent though I agree. Only need to check reddit for feedback.
2 hrs is nothing, i've seen exchanges that go down for weeks lol. they probably got flooded with withdrawals or something and had the crypto time locked for interest
Paging Rektrading
@rektrading
Although not related to the article I tagged in my OP, it seems that even super funds are thinking about it as well:
https://amp.smh.com.au/business/banking-and-finance/floodgat…
Is it an indication that in the near future crytocurrencies will be looked at favourably as compared to currently?
Typically everything that's not understood is looked at unfavourably. Crypto is no different.
Wheres there to not understand, its magical internet money that could be worth 110% what you paid for it at breakfast, 80% of what you paid for it by lunch then 400% by dinner.
And..something about pictures of rocks and very pixelated cartoon drawings?
Gold is just shiny rocks you dig out of the ground and melt into bricks then put into a vault, cash is just colourful polymer with see through bits yet if I dropped either of these at your feet you'd pick it up in a flash.
@Mechz: I would pick it up and use all of it to buy Bitcoin. That way I ensure that my savings will be going up to the right.
but the rumor, sell the news?
bought 50million SHIB. Am I doing it right?
no idea for these meme coins, BTC, ETH, LTC, DOT etc (basically top 10 coins)
if you bought recently then probably no
bought in at 00005 , am reasonably happy but a little sad i didnt yolo earlier
CBA is too small lol, this cycle is all about ETH 2.0 and bitcoin ETFs, if you are looking to sell the news
"I came, I saw, I bought. Did you?"
The MAJOR changes coming to crypto in Australia and how they will make investors even MORE money
By Stephen Johnson, Economics Reporter For Daily Mail Australia
02:55 02 Nov 2021, updated 08:34 02 Nov 2021A Senate committee on financial technology wants new rules for crypto trading
Liberal senator Andrew Bragg who chair committee says crypto taxes too high
https://www.dailymail.co.uk/news/article-10154807/The-big-ch…
Every lawmaker in Australia has their 💅 in the 🥧 just like they do with real estate and the stonk market.
Lowering the taxes is in their best interest but will also benefit everyone else in this industry.
Btw BTC is going to $100,000. Just saying.
Wonder if they will cover Squid Coin…http://squid-coin.com/
I am in the ‘don’t understand’ category, but interested to learn. Does anyone have a no BS source of info for one who is but an egg?
There is plenty of free material online. I can link them depending on your experience in trading and risk profile. I don't want to give you degen material if you're a fundamental trader or vice versa.
There is too much online… My wife is the trader, but has tasked me with understanding crypto. I would consider our risk profile to be fairly conservative generally, but in saying that pushing a few $k that way is a realistic start, that we could learn by having some skin in the game… As we learn more and gain experience we would make larger allocations.
Ok.
Here is a list of conservative investors, traders, data/on-chain/TA, interviews and fund managers with 1, 2 or 3 bull run experience in digital assets with some stonks, options and real estate. The list is in no particular order.
https://www.youtube.com/c/AlexMascioliCrypto
https://www.youtube.com/c/CoinBureau
https://www.youtube.com/c/InvestAnswers
https://www.youtube.com/c/ScottMelker
https://www.youtube.com/c/CryptosRUs
https://www.youtube.com/channel/UCRvqjQPSeaWn-uEx-w0XOIg
https://www.youtube.com/c/JasonPizzinoOfficial
https://www.youtube.com/c/CryptoTips
https://www.youtube.com/c/nataliebrunellpodcasts
https://www.youtube.com/channel/UCz2wzs4KacqHth7R_N5grgA
https://www.youtube.com/c/TheBirbNest
https://www.youtube.com/c/CTOLARSSON
https://www.youtube.com/c/CryptoCasey
https://www.youtube.com/c/kitco
https://www.youtube.com/c/AnthonyPompliano
https://www.youtube.com/c/MarkMoss
https://www.youtube.com/channel/UC678LSROK47l__G-pMnOMgA
https://www.youtube.com/c/LayahHeilpern
https://www.youtube.com/c/DataDash
https://www.youtube.com/c/TheStansberryResearch
https://www.youtube.com/c/RealVisionFinance
https://www.youtube.com/channel/UCIRzrBHO7fTsXwjQO8fZz5g
No degen stuff here.
@rektrading: pomp not degen XD? https://twitter.com/MasonVersluis/status/1456298043175624706
if i had to give one recommendation listen to this guy, he's literally been in the space since the beginning
https://www.youtube.com/c/SimonDixonBF
also max keiser for comedy, but he occasionally drops a knowledge bomb
@abctoz: Anthony Pompliano runs an investment fund and is as vanilla as they come in this industry. His tweets and YT is for entertainment purposes only and separate from his investment ventures.
@rektrading: you literally just said his YT is for entertainment purposes, sure there is good stuff there but there you'll have to wade through a ton of of fluff
if you realistically want to understand crypto in the current environment you'll need to understand macroeconomics, the ex bankers/hedge fund managers give you that without the fluff - Simon, Raoul Pal, Mark Yusko etc
@abctoz: Everyone knows YT is for entertainment purposes only. It goes without saying.
Understanding or trading digital assets don't require an understanding of macroeconomics. It does help but isn't required.
@rektrading: there is extremely technical and serious content on YT, to the degree you can get an entire education there now. not everybody does it for entertainment, certainly not Simon.
also OP was asking to 'understand crypto', not crypto trading. i'm not saying you have to understand macro to trade crypto, its a great asset to trade and learn trading from.
PS IMO Pomp is a great promoter of the space, he does his thing and i'm not knocking it
Even if you don't believe in Bitcoin, get some. Just in case. I've seen people laughing at it when it was under $10k last year. Good to have some as a portfolio diversification. I like it because i don't need to deal with brokers, finanicial planners and all the management fees etc… I buy, i store it myself and hodl. That's is all. Nothing else to do.
I’m wondering if the withdraw option available with cba
NAB, ANZ and Westpac hold cryptocurrency stance
By Kate Weber on Nov 5, 2021 1:43PM
NAB, ANZ and Westpac hold cryptocurrency stance
No immediate plans to offer access in wake of CBA move.
https://www.itnews.com.au/news/nab-anz-and-westpac-hold-cryp…
Ngmi.
Has anyone received an invite from CBA to join?
The real question is will combank compensate me if someone hacks my crypto account?, if so its a great option,
But generally speaking no crypto exchange gives a sh*t about consumer atm for the compensation from money lost to hackers
My guess is CBA will only offer safe crypto something like AUD coin or USD coin