Crypto $$$ - Page 9

**GO FURTHER** · 29-12-2017, 11:52 PM

Let me play the devil's advocate here for a moment.

If Cryptocurrency is such a good thing and what the world needs rather than Fiat currencies... Then why hasn't Visa, Mastercard, PayPal, Amex, Apple or Microsoft or even the big banks (all trusted brands), come out with their own crypto coin?

I'm sure they are all interested in adopting some sort of blockchain technology for faster and trusted transactions (and to make money).

They have the money to hire the best crypto and blockchain experts and programmers on the face of the planet.

They have a brand people will trust and invest in.... There should be no problem getting the general public to buy VisaCoin or AppleCoin rather than some unheard of Altcoin which started yesterday by some anonymous founder

I'm sure if Steve Jobs was still alive, he would agree that writing some binary code, uploading a blockchain to Apple servers then selling millions of Applecoins that would produce $ Billions in cash from thin air was a good idea... Much more profitable than manufacturing and selling an iPhone.

Food for thought.

Outbackjack · 30-12-2017, 12:05 AM

Quote:

Originally Posted by GO FURTHER

Let me play the devil's advocate here for a moment.

If Cryptocurrency is such a good thing and what the world needs rather than Fiat currencies... Then why hasn't Visa, Mastercard, PayPal, Amex, Apple or Microsoft or even the big banks (all trusted brands), come out with their own crypto coin?

I'm sure they are all interested in adopting some sort of blockchain technology for faster and trusted transactions (and to make money).

They have the money to hire the best crypto and blockchain experts and programmers on the face of the planet.

They have a brand people will trust and invest in.... There should be no problem getting the general public to buy VisaCoin or AppleCoin rather than some unheard of Altcoin which started yesterday by some anonymous founder

I'm sure if Steve Jobs was still alive, he would agree that writing some binary code, uploading a blockchain to Apple servers then selling millions of Applecoins that would produce $ Billions in cash from thin air was a good idea... Much more profitable than manufacturing and selling an iPhone.

Food for thought.

My thoughts about what you have said is that the companies that you mentioned are either financial companies or tech companies. Crypto's have a foot in both sphere's. My guess is the mystery person behind bitcoin was a techno geek that worked in a bank....

**GO FURTHER** · 30-12-2017, 12:14 AM

Quote:

Originally Posted by Outbackjack

My thoughts about what you have said is that the companies that you mentioned are either financial companies or tech companies.

The company behind Ripple (Ripple Labs, Inc) is a tech company.

Lunch · 30-12-2017, 07:22 AM

Wtf is going on, $2.72

Make that .77

Make that .83

Make the .58

Man this stuff is crazy to watch

Outbackjack · 30-12-2017, 10:20 AM

Quote:

Originally Posted by GO FURTHER

The company behind Ripple (Ripple Labs, Inc) is a tech company.

So that answers you devil question... A tech company stuck its other foot into the finance sector...

Outbackjack · 30-12-2017, 09:21 AM

I made 7K while I was asleep.... I reckon a micro bubble is brewing. But hold tight it will rebound.

Iggle Piggle · 30-12-2017, 12:53 PM

Quote:

Originally Posted by Outbackjack

I made 7K while I was asleep...

I'd go back to bed.

cupic · 30-12-2017, 09:42 AM

Agreed sounds like a ponsi system with the bottom guys taking the hit eventually

Outbackjack · 30-12-2017, 10:18 AM

Quote:

Originally Posted by cupic

Agreed sounds like a ponsi system with the bottom guys taking the hit eventually

You really need to read about ripple , you will see that it is no ponsi system.

www.ripple.com

Outbackjack · 30-12-2017, 10:40 AM

https://www.ft.com/content/2f595696-...7-521324c81e23

CJR09 · 30-12-2017, 10:49 AM

^^^ Explains it perfectly

**PHATAL** · 30-12-2017, 11:20 AM

Looks like it is coming back down again $3.04

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Outbackjack · 30-12-2017, 01:20 PM

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

God explanation.

Mercury Bullet · 30-12-2017, 01:54 PM

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 · 30-12-2017, 02:19 PM

Quote:

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 · 30-12-2017, 02:44 PM

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 · 30-12-2017, 03:08 PM

Quote:

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.

snap0964 · 31-12-2017, 05:02 PM

Quote:

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.

Quote:

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 · 31-12-2017, 06:07 PM

Quote:

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 · 31-12-2017, 08:54 PM

Quote:

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.

Quote:

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.

Quote:

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.

Trump · 30-12-2017, 03:38 PM

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

Outbackjack · 30-12-2017, 04:36 PM

Quote:

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.

Mercury Bullet · 30-12-2017, 04:49 PM

Quote:

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 · 30-12-2017, 04:58 PM

Quote:

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 · 30-12-2017, 05:05 PM

Quote:

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 · 30-12-2017, 04:43 PM

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** · 30-12-2017, 04:48 PM

Quote:

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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NTF6 · 30-12-2017, 04:50 PM

Quote:

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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**Captain Stubing** · 31-12-2017, 12:38 AM

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 · 31-12-2017, 12:45 AM

Quote:

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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