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Thread: Crypto Currency

  1. #61
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    Default Re: Crypto Currency

    You can't buy BTC with PayPal. As far as I know anyway.

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    Default Re: Crypto Currency

    Winkelvoss twins (Facebook ppl) are the first billionaires that have made their billion through Bitcoin. They started with an 8mill investment....that's interesting.
    12 Team, H2H, Keep 6 (in Bold)
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    2C, 2LW, 2RW, 4D, 1Util, 2G, 5BN, 2IR, 1IR+, 1NA

    C: Horvat, Trocheck
    LW: J. Robertson, Byfield (C), Guenther
    RW: Pavelski (C), Giroux (C), Svechnikov (LW)
    D: Fox, Makar, Bouchard, Morrissey, Gudas
    Util: Meier (LW, RW)
    G: Oettinger, Georgiev, Samsonov, Woll


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    Default Re: Crypto Currency

    Quote Originally Posted by Mr. Guru View Post
    Does the Crypto currency scene need regulations? Of course. When that happens it will only strengthen the market IMO. All these alternative coins is just adding fuel to the fire, IMO.

    EDIT: I do think a correction is coming but a bubble? Nahhh, not yet anyways.
    Huh. It's almost like what those regulations are matter. If countries start making it illegal (not ~likely~, but ~possible~) it's almost like that would negatively affect it. I dunno. Maybe that would just make the price sky rocket.

    - - - Updated - - -

    Quote Originally Posted by forumname View Post
    A while ago you were planning to start a Bitcoin position at $3000 (and did) because that's where you valued it. Now you value it at some number multiple times that amount? What has changed in the last couple of months to change your own valuation so dramatically? Is it actually worth that much more now in your eyes?

    I'm genuinely curious to hear why you were selling at $4000-$6000 (somewhere in there, if I remember correctly) a while ago, but now you're speaking as if the skies the limit and everybody should hop on and enjoy the ride...
    The price keeps going up, and it's fairly easy to get blinded by success in that instance.

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    Default Re: Crypto Currency

    Stuff like this could make the correction happen:
    https://www.rt.com/uk/411907-bitcoin...tion-criminal/
    12 Team, H2H, Keep 6 (in Bold)
    G, A, Pts, PPP, FW, SOG, Hits, Blocks
    W, Saves, S%, GAA, Game Started
    2C, 2LW, 2RW, 4D, 1Util, 2G, 5BN, 2IR, 1IR+, 1NA

    C: Horvat, Trocheck
    LW: J. Robertson, Byfield (C), Guenther
    RW: Pavelski (C), Giroux (C), Svechnikov (LW)
    D: Fox, Makar, Bouchard, Morrissey, Gudas
    Util: Meier (LW, RW)
    G: Oettinger, Georgiev, Samsonov, Woll


  5. #65
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    Default Re: Crypto Currency

    Just hit $16,000 usd

  6. #66
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    This is complete madness. November 30th it was trading for about $9600 ... fast forward a week and we're at $16,150 at this moment. The frustrating thing is I don't get paid for another two weeks lol.

    It's volatile, which is fun to watch ... maybe not so if you got investments and the price drops drastically.

    edit: 16,395 now

  7. #67
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    Quote Originally Posted by eyemissgilmour View Post
    We might see this for a few more days, until Dec 10 when traders are able to start shorting it. Then things could get really interesting as heavy players can start manipulating things.
    I was just reading a facebook post about traders shorting it? What is that? Why on the 10th and not now?

  8. #68
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    Default Re: Crypto Currency

    Quote Originally Posted by StuntMan12 View Post
    This is complete madness. November 30th it was trading for about $9600 ... fast forward a week and we're at $16,150 at this moment. The frustrating thing is I don't get paid for another two weeks lol.

    It's volatile, which is fun to watch ... maybe not so if you got investments and the price drops drastically.

    edit: 16,395 now
    If you were to buy some, at what price would you sell it? That's the tricky part. You don't make money when it goes up, you only make money when you sell it and determining when can drive you mad. Especially if it starts to go the wrong way.

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    Quote Originally Posted by rataylor22 View Post
    There are currently no legal or tax ramifications. From a legal side, that could change. If the US just decides to legislate it and say it's illegal, well there goes Bitcoin. That's unlikely though, considering Bitcoin is just a coin, and the technology of blockchain is getting ingrained everywhere in society. Much more likely is that both the US and Canada will legislate tax ramifications (capital gains) into it, so you'll just have to pay tax on your return whenever you sell.
    If you sell ANYTHING in Canada for more than you paid for it, you have to report the difference as a capital gain. This applies to everything including but not limited to investments, a painting, a pair of underwear, currency, commodities, imaginary money.

    If you bought bitcoin at $3000 and sold if for $10,000, you have to report the gain as a capital gain on your tax return.

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    Default Re: Crypto Currency

    That's not true eyemissgilmour. You can short it now and even get leverage to do so.

    And imagine a Bitcoin short sell squeeze? Wow

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    Default Re: Crypto Currency

    Quote Originally Posted by chuckcouples View Post
    If you sell ANYTHING in Canada for more than you paid for it, you have to report the difference as a capital gain. This applies to everything including but not limited to investments, a painting, a pair of underwear, currency, commodities, imaginary money.

    If you bought bitcoin at $3000 and sold if for $10,000, you have to report the gain as a capital gain on your tax return.
    Well. Yes. But it's not currently tracked, so there's no method for the CRA to get anything from you. It's a lot more like tips than it is selling an investment.

  12. #72
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    Default Re: Crypto Currency

    A friend of mine had to pay taxes cause he was consistently winning on his trades with his TFSA account. The CRA wanted him to pay taxes on his winnings. Crazy, I know. They considered it a business.

    They ended up settling. I've read many other cases like this in Canada as well.

    Depending on the number of transactions you make (daily trades) you MIGHT still have to pay taxes....even if you're using your TFSA account.

    However, you can sell your bitcoin to others online and charge at least a 5% premium. I'll do this in the future instead of going through Coinbase again.

    And congrats on the sell!!

  13. #73
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    Default Re: Crypto Currency

    I'm into standard stocks a bit and am well aware of the bitcoin craze going on (TheChartGuys Dan is awesome) but I have yet to try crypto.
    Maybe Mr. Guru you can answer a few questions for me?

    1 - Trading bitcoins is not owning bitcoins right? I can either buy a bitcoin (or in my case a fraction of one) or I can trade them on the exchange? Using Netcents as an example, they have a stock symbol NC.TO, but I can also buy NC coins (NCCO) which were released at $2 each (currently valued at $2.61CDN). The stock closed at $4.75 today.
    So what is a bitcoin worth, and what is the stock worth?
    2 - how do you think other cryptos will fair - like NetCents which started trading just yesterday. is there a risk of market saturation or will the small players die off?
    3 - Is there any possibility that bitcoin, if it the bubble pops, will take down the other stock markets with it? NYSE, TSX, Nikkei etc ie BlackSwan?

    I don't really know where else to ask these questions, and don't worry I won't take any advice you have, just looking for opinion.

  14. #74
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    Default Re: Crypto Currency

    I don't get #1. In order to trade bitcoin you must own it first, no? It isn't a stock. It's labelled as a 'currency' but I wouldn't call it that either. But that's how it trades anyways.
    Today, 1BTC = $15,000 USD approx.

    2) I think other cryptos will definitely die. Anyone can create a coin. Id argue 97% of the coins out there (over 1300 currently, I think) are all worthless. They are trading vehicles, IMO. These coins move crazy fast. A good friend of mine day trades these and having a coin move 30-80% a day is pretty normal. Im not sure what NetCents is or what exchange it trades at? I don't see it listed on the exchanges I use. I only use Bittrex, Binance, Poloniex and Cryptopia to trade other cryptos. I dabble with some day trades but, like you, Id rather stick to my standard stocks. The Crypto market never closes so its so hard to stay on top of your trades especially when day trading.

    3) Who knows. I highly doubt it. And it's also not 'if' the bubble pops but 'when' the bubble pops. However, people need to remember that a few small companies did survive the dot com bubble. Google, Amazon etc. It took them 10 years to get to new highs since the peak in 1999-2000. If you believe in technology/vision/team and their whitelist Id expect something similar with Crypto currencies.

  15. #75
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    Default Re: Crypto Currency

    Ok next question.

    I tried to jump on board LTC.X yesterday and now understand I am actually buying the coin, not a stock. Question to Canadians is, how do I get go back to cash from crypto? Coinbase and GDAX don't allow it.

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