Anyone on here into it?

Anyone want to know more about it?

I have a "Bit" o' Coin occasionally but my wife usually takes it off me.

(Sorry Mav couldn't help myself)

A couple of guys in work were talking about these only this week. Sounded quite interesting, although from what I gathered, nothing tangible actually defined whether they go up or down in value...unlike share/currency, which is dependant on economies, GDP, profit etc etc.

There are some interesting statistics. If you spent $5 on BitCoin 7 years ago it would be worth over $4 mil today. Amazing returns. No idea if it is sustainable or to be honest how it actually works. I have an online Bank Account that I can transfer into now and buy bitcoin. It also comes with an eftpos card so you can actually use it as a real bank.

There is a process Craig put me onto that allows you to get involved for around $90, BitCoin mining. I figure for a small investment it can't hurt and saves spending $5,700 aud on a whole BitCoin, still gives me some potential growth. I believe at the 5 - 6 months ago, BitCoin was trading at around $2,000 aud.

If you want to know more I can PM some links to youtube that explains it. All I figure is that if Bill Gates and Richard Branson are on board it can't be all bad. (I hope).

Been investing in Crypto for a while. Have about 25% of our assets in it atm.

Certainly money to be made - not as much now as say, 2-3 years ago, but still enough.

The past few weeks has seen a LOT more people getting into it.

If you're not averse to a bit of risk, it's worth a flutter, but it's definitely very speculative.

It can also be quite technical (the various storage options for coins is a minefield) for beginners.

If you want some good info, look at these blokes - lots of useful advice, plus they're not trying to sell anything:

https://www.youtube.com/channel/UC_S5FB ... V1ZRa3dJmA

Mike.

Reeling wrote:A couple of guys in work were talking about these only this week. Sounded quite interesting, although from what I gathered, nothing tangible actually defined whether they go up or down in value...unlike share/currency, which is dependant on economies, GDP, profit etc etc.

The crypto-market is very similar to the share market; both are driven in equal parts by economics and emotion.

The difference with crypto is that a coin (share) can go up and down buy as much as 80% in a day - nerve-wracking stuff, but if you hold you ground, you'll be fine

Mike.

Some interesting tax implications by what I can gather/interpret. The way I read it, as a personal investor, if I buy a BTC for $5,000 and then it goes up in value to $20,000 and I cash out out, I will pay capital gains tax on the $15,000 - like any investment. But if it goes up in value to $20,000 and I buy something with it, like a car - I don't pay CGT as long as I pay with the BTC and not convert it back to cash.

Obviously there are limitations on what you can buy with BitCoin at the moment, but the list is growing of who accepts it for payment now.

https://www.ato.gov.au/General/Gen/Tax- ... y-bitcoin/

Yep, it's the conversion back to AUD that attracts the capital gains tax...

Keep it n BTC and (for the moment) you're safe...

I'm trying to find an estate agent that accepts BitCoin

Mike.

It's also good for buying drugs online

i remember back in the day it was a bit of a laughing stock because it kept crashing, scams were rife, bitcoin miners were burning their houses down because of improperly cooled GPUs, people were getting their wallets hacked and losing all their bitcoins and so on, but in hindsight it would have been a smart move to put $100 on them because they were a few cents each and now they're worth thousands