Yes we could see another slump this weekend. Seems like the trend at the moment. The Friday and Saturday crypto blues.
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Yes we could see another slump this weekend. Seems like the trend at the moment. The Friday and Saturday crypto blues.
So sell on Thursday and buy back again on Sunday!! May work but a bit risky being out of the market! If there is good news......
Buy on the rumour, sell on the news....Important to watch trends. Takes lots of staring at charts and getting a feel of the energy. Best approach is stack and hold long. Improve position, take profits and never forgot stacking Gold and Silver.
I agree. It's so fast moving at present it's difficult though. Plenty more volatility to come. Also, tax implications when you cash out to fiat. I may just hold the majority!!
Don't worry about tax. Disclose nothing as the reality is that government does not have a contract nor consent. People forget this fact. It is a deception. Tax is voluntary and if you declare nothing they can only apply force which is unlawful and is non binding. Move funds into other assets - property and precious metals. Essentially do not realise "income". Move funds under $10K at a time. Maybe move it to your gambling fund and "lose it all". Move all into cold storage. Seek privacy havens like Verge (XVG).
That's all well and good but some of us want to spend some of our coins at some stage and not just horde them. Also, as we move forward and Govt catches up, they will come looking for tax owed!
They can only tax you by force and based on the income you declare voluntarily. I run my life as a corporate entity (incorporated person) and I have an ABN (Australian Business Number). Holding anything over 12 months avoids capital gains in most countries and I will be moving my funds into other areas, privacy coins and buying physical assets to offset any liabilities and utilising this unregulated time to maximise my wealth potential. I actually don't participate with my government. We don't have a lawful agreed contract that requires me to do anything. No contract = no jurisdiction. That is just how I see things these days as I am over the games.
I don't know where you live (Australia by the sounds of it) but in the UK you do have to pay tax. That is often based on what you declare but if you fail to declare accurately you can go to jail. There have been lots of cases in the last few years of very rich people being caught with offshore banks etc (usually exposed by whistleblowers etc).
As soon as the authorities cotton on to crypto they only have to look at the block chain to see amounts etc.
Regarding your point on Capital gains, I'm sure that's not the case in the UK. All capital gains are taxable but I'm not sure of the rate. It could be tapered but I'd have to check.
Yes you could hide it, but I think it's a lot easier to make it legal and not worry about it. My view is it's only when you convert it to fiat this becomes an issue, so work round that.
I aim to get my accountant to look into it in the next few days. I'll let you know what he says!