Crypto Currency

[chuckcouples]

Thanks... I have enough losers that I won't have to worry about CRA coming after me. haha
I heard about that though... what absolute BS.
I don't think it's right for them to do that. You shouldn't be able to retroactively impose taxation on people just because they ended up making more money than you expected them to.

The CRA is not retroactively taxing these people. Day trading stocks is considered a job. Any income earned from a job is taxable. Using a the tax shelter of the TFSA to do this job is tax avoidance which is and always will be against the rules. This is why day traders can get taxed for income earned inside their TFSAs.

These same rules apply to people who buy, move in, renovate and then sell a house. According to the primary residence rules, this is not a taxable event. However, if you do this multiple times in an effort to make money, CRA will consider this a job and tax you on the sale of your primary residence.

[audiopile]

So I was able to answer my own question.

Canadians can "fund" an account on quadrigacx (move coins into it) and then withdraw their money to an account.

Use this link to sign up, please and thank you.

https://www.quadrigacx.com/?ref=tumb...99uwjvy4ga16df

[audiopile]

That's interesting timing, I just opened up an account there a few days ago and I am (still, patiently) awaiting ID verification before I can fund my account.
I think the easy money has definitely been made, but some say there's more room to grow.

The verification process is slow, but hopefully that means its secure. I still think there will be huge gains before its over, tip of the iceberg imo. LTC should be around 1/4 value of BTC just based on the amount of coins that exist, plus it is more streamlined when it comes to the ledger technology.

However, there are a couple things that don't make sense to me when it comes to crypto currency and how it will be widely accepted and integrated into society, but I do think it will.

First, who is going to want to spend the currency when it is so volatile? Say you purchase a hat in a store for what equates to $25 CDN but you buy it with bitcoin. 10 minutes later BTC goes up to by %25 and suddenly that hat cost $32.50! A negative for sure.

Second, which coin(s) will actually be mainstream? I don't entirely understand the technology but it sounds like transactions take a relatively long time to confirm and it differs wildly from one to another. I've heard its minutes. Right now I can tap my card and get the transaction done in seconds. Major negative.

Third, if there will be one coin to win them all (planet earth currency) and there is a limited supply (as it should be) then it's going to be worth wayyyyyyyyyyyyyyyy more than anything we are seeing now.

[rataylor22]

The verification process is slow, but hopefully that means its secure. I still think there will be huge gains before its over, tip of the iceberg imo. LTC should be around 1/4 value of BTC just based on the amount of coins that exist, plus it is more streamlined when it comes to the ledger technology.

However, there are a couple things that don't make sense to me when it comes to crypto currency and how it will be widely accepted and integrated into society, but I do think it will.

First, who is going to want to spend the currency when it is so volatile? Say you purchase a hat in a store for what equates to $25 CDN but you buy it with bitcoin. 10 minutes later BTC goes up to by %25 and suddenly that hat cost $32.50! A negative for sure.

Second, which coin(s) will actually be mainstream? I don't entirely understand the technology but it sounds like transactions take a relatively long time to confirm and it differs wildly from one to another. I've heard its minutes. Right now I can tap my card and get the transaction done in seconds. Major negative.

Third, if there will be one coin to win them all (planet earth currency) and there is a limited supply (as it should be) then it's going to be worth wayyyyyyyyyyyyyyyy more than anything we are seeing now.

Terrific post... I'm also trying to understand why/how bitcoin is so popular right now, especially with so many other cryptocurrencies from which to choose (about 1300, last time I checked - and as Mr. Guru mentioned earlier... hattip), some with very obvious advantages too. e.g. Litecoin is pretty much the same as Bitcoin but transactions process 4 times faster. So why buy Bitcoin instead when it's 17 times more expensive?! Seems odd to me. Like Mark Cuban said, it seems like Bitcoin is more like "Art" at this point.

You guys are approaching it from an economic/business standpoint. It's what most people are doing, but it's such a fallacy. Economics is not what is driving the value/industry. From a technological standpoint, the bitcoin blockchain and etherium blockchain technologies both run circles around litecoin. This also applies to all cyptocurrencies. Why is bitcoin so popular compared to the other 1300? Which "coins" will be mainstream? Stop looking at the coins. They're the financial element. Start looking at the technologies/platforms behind them.

[dooley89]

So I was able to answer my own question.

Canadians can "fund" an account on quadrigacx (move coins into it) and then withdraw their money to an account.

Use this link to sign up, please and thank you.

https://www.quadrigacx.com/?ref=tumb...99uwjvy4ga16df

How do I actually cash out on quadrigacx???

I was going to cash out on coinsquare.io maybe

I got into XRP on Monday at a quarter, very happy so far

[dooley89]

I think just go to "Dashboard" and "Withdraw" from whichever position you want to close.

Can I deposit my BTC to quadrigacx then?
I heard something about them giving you a type of tether currency before it gets converted?

[dooley89]

[QUOTE=eyemissgilmour;1840241]

Can I deposit my BTC to quadrigacx then?
I heard something about them giving you a type of tether currency before it gets converted?[/QUOTE

I think so, but I'm not 100% sure. I funded my account with CDN$ through interac online.
I clicked on XBT funding, though, and it gave me a Bitcoin wallet address to use for funding my account.

Where have you been buying from? I've been using coinbase.

[BreadManPanarin]

This poor guy.... (if his story is true)

http://www.independent.co.uk/life-st...-a8091371.html

"A British man says he accidentally threw away over $80 million worth of bitcoin.
James Howells, an IT worker from Newport, claims to have unintentionally dumped 7,500 bitcoin in mid-2013.

He is now planning to find them, but isn’t sure how, as he believes the hard drive he saved them to is currently buried in a landfill site."

It would now be worth $127,500,000

[audiopile]

Where have you been buying from? I've been using coinbase.

People are using gdax to trade coins, only adding via coinbase. GDAX has far lower trading fees than coinbase and its easy to transfer as they are affiliated.

This poor guy.... (if his story is true)

http://www.independent.co.uk/life-st...-a8091371.html

"A British man says he accidentally threw away over $80 million worth of bitcoin.
James Howells, an IT worker from Newport, claims to have unintentionally dumped 7,500 bitcoin in mid-2013.

He is now planning to find them, but isn’t sure how, as he believes the hard drive he saved them to is currently buried in a landfill site."

It would now be worth $127,500,000

Probably lots of stories like this. I'm sure that I bought some bitcoin to send donations to a torrent site a few years back, but since then I've reformatted the computer unaware of the potential. That didn't stop me from spending hours looking for my wallet.dat file. Lost coins, I wonder where they go?

[BreadManPanarin]

Lost coins, I wonder where they go?

Same as buried treasure, I guess. They sit where they are forever, unless someone finds them.

[als_revenge]

Love that story. And the reference to the guy who bought 2 pizzas in 2010 with bitcoin now valued at over 100 million lol

Is there really no way to retrieve this stuff? Those coins are just deadweight for eternity?

[StuntMan12]

Today's open: $15,561.05
Today's high: $15,830.36
Today's Low: $10,834.94

WTF

[audiopile]

Today's open: $15,561.05
Today's high: $15,830.36
Today's Low: $10,834.94

WTF

Not for everyone that?s for sure but there are stocks out there that lose 33% in a day too. I just looks worse because of the per unit price.

What gets me is that there are so many cryptos yet they all follow each other so closely, why the redundancy? It reduces the validity of crypto in my opinion. And as you point out, the volatility isn’t helping it’s cause either.

[StuntMan12]

This song best describes Bitcoin

https://www.youtube.com/watch?v=1lWJXDG2i0A

[rataylor22]

Not for everyone that?s for sure but there are stocks out there that lose 33% in a day too. I just looks worse because of the per unit price.

What gets me is that there are so many cryptos yet they all follow each other so closely, why the redundancy? It reduces the validity of crypto in my opinion. And as you point out, the volatility isn’t helping it’s cause either.

Some are essentially fake, some are based on a blockchain that is solving a real problem. As I said earlier, people look at crypto as a stock/commodity instead of evaluating the technology and the problem it solves behind the coin. That’s the main source of confusion and false value in all of this.