How Many of You Here Have Invested in Crypto? What coins?

So how many of OZBargainers have invested into Crypto and what are the coins they are holding? Furthermore, how much have you invested?

Edit: So I posted a comment for free $500 earlier but very few took an interest, so here is a proof of it: The exchange I was talking about was UPcoin, the $500 bonus deal is expired (you can see it on their homepage https://upcoin.com/ about $500). Here is a SC of me $500 bonus on my account. You can still join my discord group for the top and exclusive airdrops (I posted RiPT in my group which is now worth $75+) and now I have just posted another airdrop (free token) that is worth $40.

mod: Referral solicitation is not allowed

Poll Options

  • 65
    Invested $50K & Over
  • 22
    $30k-$49k
  • 72
    $10k-$29k
  • 79
    $5k-$10k
  • 310
    Under $5k
  • 96
    Crypto is a scam!
  • 386
    $0

Comments

  • -3 votes

    $80,000

      • +3 votes

        Just amusing to poke a little bit of fun at this new fandangled trend of cryptocurrency trading!
        Investing substantial sums of money into something with no underlying value goes against everything OzBargain has taught me.

        •  

          Investing substantial sums of money into something with no underlying value goes against everything OzBargain has taught me.

          Recommend reading up a bit. ;) There are a lot of "shitcoins" but there are quite a few very interesting projects as well. There is incredibly disruptive (read gamechanging) tech in there.

  • +11 votes

    Bitconnect to the moooon

    • +2 votes

      +10000

    • +2 votes

      can you bring more water on your way, please, thanks.

    • +6 votes

      i bought the dip not long till it gets back to ATH

    • +4 votes

      Why buy the currency made by a private with the currency made by the government??

      • +3 votes

        Because the private one has a hard limit to the numbers able to be printed, and the ledger is public.

        The private one is only as stable as the government claims and the ledger is only as honest as the government itself.

        • +19 votes

          That's just silly. All of these digital currencies can be recreated under a new name. See how much digital currencies out there in the market at the moment. They hold no real value. Waste of computing resources. They should use the computing resources to do medical research or something requires huge computation power. Bitcoin and the like are just a big Pyramid scheme waiting to disappear when the next crash hits. Good luck and only gamble with money you're willing to loose without losing sleep.

        • +3 votes

          @jladojam:
          Yes, it can but they are not interchangeable. It's the equivalent comparison between American dollars and a defunct African currency. They are both printed on paper.

          It's true that most investors are buying in as a get rich quick scheme and there is the very real potential it will crash but on a conceptual level, it is great and there are more markets that have found application for crypto.

        • +1 vote

          Assuming that the private entity is itself honest

        • +3 votes

          @R4:
          Typo in my statement above.

          "The government one is only as stable as the government claims and the ledger is only as honest as the government itself."

          If you are suggesting that crypto's (let's use a widely accepted example - BTC) ledger can be dishonest, it cannot. The ledger is public. You'll have to do your own research on this one because what I say will be equivalent to "trust me".

        •  

          the private one has a hard limit

          This is a complete fallacy.

          1. You can create as many currencies as you want to
          2. The "limited" 21 million Bitcoins can be broken up into an infinite number of units - there is no minimum size. "One coffee please" "Yes that is 0.00000000000001 bitcoins thanks!" "Done your payment will arrive next week"
        • +2 votes

          @ardstar:
          Fallacy?

          1. See crypto vs paper currency. I can create as many different currencies as I want, doesn't mean any of them are tradable. This is true of both paper and crypto.

          2. Trading in smaller denominations isn't devaluing it. If I had 1.000 Bitcoin, I still have 1.000 Bitcoin even if people started trading in 0.0000001 increments. If people are indeed trading in such a small denomination, my whole 1.000 would surely be worth a lot (hence needing to break into such small denominations).

          PS. Crypto transfers are faster than cash wire transfers

        • +2 votes

          TLDR:Crypto currency optimists feel that since it is not under goverment control it will continue to grow, hwoever the same markets tank everytime a government clamps down on crypto transactions. There is no value and no one backing the currency.

          I fail to understand this,
          All Crypto currency optimists talks about how it is not in government control and consequently would be in private control. They are worried that government can continue to print currency and inflate themselves out, but are totally fine with some random private users creating and selling new crypto currencies. I have hundreds of ICO's enticing me every day with abnormal profits, because of my research into real world usage of blockchains.

          At the end of the day, I believe any currency is only a storage of value (i.e. there is no intrinsic value) and only as good as the word of the issuer of the currency. When a government issues currency they have the power to influnce its value by real world actions (Taxes, duties, Incentives, printing currency etc.) to either devalue or raise its value. i.e. they can stand behind the currency and assure the holder of the currency of some value of the same & it would take a lot for a functioning developed government to give up that control.

          A Crypto-currency on the other hand does not have any support whatsoever from anyone. Its value is only held as long as the network uses it for real world transactions. You cannot have a currency whose sole purpose is to buy and sell other currencies. This pyramid game relies on the greater fool theory and can be played as long as the music is on, When the music stops the person holding the currency will not have any use for the currency. Whats even worse is that Governments have the power to regulate a crypto currency out of favour, recently seen by clampdowns by South Korea and China on cryptos. If you feel that governments cannot control cryptos, then you are dreaming. As soon as world government clamps down on any of these currencies, rest assured all law abiding citizens will rush to sell and the silk road users would be only ones with any use for these dogecoins or whatever coins. :)

          I have lot of faith in the Blockchain technology and its practical uses increating secure internet transactions. But people seems to be mistaking the block chain technology for the Crypto currency and buying into the hype. Make no mistake though, the crypto market may not tank tomorrow, because the faith of millions will keep it growing even if it is pitted against the few who do not find value based on calculations. The fear of missing out is a strong emotion to keep this growing till it collapses OR is taken over by one of the governments.

        • +1 vote

          @murphy84: said "lol clueless. Yeah another bitcoin can just be duplicated and falsely represented on the blockchain ledger. Do some research moron."

          Layoff the personal insults. Keep it civil or keep your mouth shut.

          And for your information, if an entity controls >50% of mining hash power then they can subvert the blockchain, change transactions, insert bogus transactions, and get up to all sorts of shenanigans. This is not likely, but it is certainly not impossible.

          Sounds like you are the one that needs to do some RESEARCH.

    • +1 vote

      Carlos is that you.

    • +6 votes

      Why the downvotes! Bitonnneeeeeeeeeeeeeeeeeeeeeeeeeectt!!!!!! (high pitch scream) (link for those that don't get it)

      • +2 votes

        Haha good find mate, Bitonnneeeeeeeeeeeeeeeeeeeeeeeeeectt!!!! (even higher pitch)

    •  

      bitconnect .. the same bitconnect scam that's now hurt so many people from around the world?

  • +8 votes

    Dogecoin. Mined it back in the day when it was worth 10,000x less. Also people gave it out freely on reddit.

  • +3 votes

    you're asking how much money people have put in. There are only good stories from people who have cashed out from bitcoin (i wouldnt trust any of them though), and if you want a lot of reading about it, check out quora. plenty of people ask there daily what to invest in to get 100x returns in 2-3 months, and making enquiries about where to put money and how much of it is a scam. asking questions like this just adds to confusion about bitcoin and wont help you. there are plenty of stories on quora of people who have an extraordinary amount of bitcoin and dont know what to do with it.

    HODL what you got, and make a strategy for exiting with fair gains. Get greedy and you'll be stagnant and just feeding exchanges transaction fees.

    • +2 votes

      ok Thanks. Wasn't asking for tips was just checking what coins people hold here. (Damn I have started sounding arrogant. I should just go offline).

  • +25 votes

    Put in $1000AUD, went up to $22000USD, withdrew $10000AUD and then in the last few weeks the $12000USD has come back to $8000USD. I have zero bitcoin, have Cardano, Stellar Lumens, Quantstamp, Verge, Iota and VeChain

    •  

      Have you been topping up over the last week or waiting for things to go lower?

    •  

      What have you done about CGT? Cash out on BTCMarkets/Independent Reserve?

      • -2 votes

        You just calculate CGT on profits withdrawn to your bank account and keep it aside for the tax return (if it gets picked up by ATO from your bank details).

        • -3 votes

          But HOW do you calculate those profits? Did you buy all of your cryptos in single transactions, or have you bought them at different times at different prices? I wouldn't even declare it. If the ATO looked into mine I'd give them my transaction history and tell them good luck - I bet they can't work it out.

        •  

          Are you saying that ATO knows about every Transaction in our bank account? ATO only gets info if bank send earning details to ATO.
          Do you know something that I don’t know about? How is that not a complete violation of our privacy?

      • -6 votes

        Reading a whole bunch of advice, the general feel is under $10k doesn't need to be declared and no tax.

        • +1 vote

          Is it 10k at time of investment or value at "cash out"?

          Cheers.

        • -5 votes

          @00sas00:

          $10k at cash out I'm led to believe.

        •  

          @2jzzzz:

          Aaaand there's the kicker. Cheer man.

        • +10 votes

          I'm pretty sure the 10k rule is for personal use assets. If you're intending to make profit from cryptocurrency, it will be a CGT event when you buy and sell, regardless of how much you put in.

        • +2 votes

          2jzzzz, incorrect, any convert back to fiat/AUD is CGT.. the $10k rule is you can SPEND it cgt free on purchases less than $10k but if you spent it on anything over $10k then its also a cgt event.. also converting coin to a different coin is also a CGT event.. ie; btc to ltc.. to xrp.. to whatever .. every single exchange is a cgt event because every coin is a different 'asset' .. like exchanging your ms shares for apple.. big pain in the ass, and most ppl have no idea what they're supposed to be recording which is why ATO's setting up a crypto taskforce to try deal with the boom/mess that will be occur next FY

    • +1 vote

      Nice. I got a similar portfolio to you.

      QSP, TRX, ADA, POWR, ENG, DGB, XRP, SALT, ETH, LTC and VEN.

      Bought Verge at 0.18 and sold at 0.24 when I heard it was a toxic coin. Glad I sold it because it's 0.12 now.

      VEN has performed considerably well over the past few weeks.

      • -1 vote

        Sell Ven get ICX or WTC rn.

      •  

        XVG is not a toxic coin. It's under one of the greatest FUD attacks from all rival privacy coins because it's probably going to overtake them one day.
        The Monero community in particular HATES Verge and are terrified that Verge will replace their investment as the go to privacy coin.

        Verge is undergoing a corrective series of waves at the moment. The price patterns were projected to retrace (drop back) to between 7 to 10 cents. It will have a small rise soon again to 1200 sats before dropping back to 600 sats before the real kaboom begins when Verge goes towards 60/70 cents.

        Anyway, Verge is going to be a monster of a coin. It's a passion project started by a cryptocurrency sub community that wants a privacy coin on a large market adoption scale. All the guys who started XVG are programmers who bought bitcoin for under $500 (or less) and they don't care about money as much any more.

        I've read lots of FUD about XVG saying it's a scam/shitcoin, yet not seen any proof that it doesn't do what it says it does.

        The thing to remember about FUD is that in general, the coins with the greatest amounts of FUD are usually the ones that threaten someone elsess investment potential.

        This is coming from someone who witnessed the ethereum FUD campaign many, many years ago. Yes, Ethereum was once considered a 'shitcoin' by its rivals.

    •  

      What platform do you use?

    •  

      agreed, i put in 2k but was back in November (during high) it went upto 9k and came crashing down to 5k now. I havent cashed out but will see it in a year…
      reality is 95% of altcoins will crash ultimately..but few ones will go to the moon…

      Few I think will be best are:
      Ripple (already working with banks)
      stellar (similar to ripple but decentralised - have given 76x return from September till 31st December, keep in mind it fell after that)
      bitcoin (bitcoin will never crash to zero as most people have to transfer into bitcoin prior to encashing)
      ADA, Verge are other which have potential but you never know.
      Maybe
      Electroneum (have mobile app and works nicely)

      there might be few more but you never know, I havent been researching for past few weeks.

      • +3 votes

        Why would ripple token (xrp) be successful?

        From what most banks have reported, they have little to no interest in XRP. The banks are interested in using the ripple network, but the value of the tokens are in no way tied to the network.

      • +1 vote

        Ripple is actually junk. You are buying xrp tokens that are literally given to banks for free to use the ripple network. With an unlimited supply, it will just be the next bitconnect. Sorry to say.

  •  

    Ivykoin will become the flavour of the month shortly

  •  

    I put 10k into NEO, XRB, XRP, ICX, FCT & POWR. Pulled out my 10k on the weekend due to Tether. Still up 6K but at one point my XRP alone was worth 12k. Tether will bring it all down.

    •  

      It's pegged to the USD though, what happens when the USD goes down?

      •  

        Nothing, 1 Tether will always be worth 1 USD. Even if the USD lost value today. My concern with Tether is that its propping up the market now (BTC in particular)

        • +1 vote

          Don’t get you man. Tether has a market cap and you can view that on cmc. Tether is likely a scam printing all the digital money with no transparency.

        •  

          @Michaelz101: But just because it's on cmc doesn't mean much. Alot of people are holding onto I.o.u thinking they're worth a dollar each. When people realise this what do you think will happen to btc when they all try to cash out.

  • +1 vote

    Too many tax implications for me to get involved

    I assume by your avatar you invested in doge?

      • +16 votes

        Each transaction is a taxable event. There is no "under 10k" rule. See an accountant

        • -2 votes

          Why are you spreading lies.

          Here is ato statement:

          Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.

        • +1 vote

          @No ONE:

          do you know what a "personal use" asset is? it means you are using bitcoin to buy something i.e i buy $5,000 worth of bitcoin then use that bitcoin to buy a car, you wont be taxed on the fluctuation between the time you buy the bitcoin and buy the car, but if you are holding (hodl) then its not a personal use asset and you will be liable for CGT.

      • +11 votes

        incorrect.

        Any transfer back to AUD, or between cryptos is taxable.

        • +1 vote

          so what will happen if i transfer AUD to the exchange to buy BTC and sell them for cash on localbitcoins?

        • +1 vote

          @kiLbiL:

          I think

          if you buy 1btc for 10k, and month later it is worth 15k, and you Sell .2 of (3k) ifor 10 Ltc (300 each) you will pay cgt on the .2 ofthe gain, ie 1k. Then. A month later you use 1 Ltc which is now 400 each, you would pay cgt on the 100.

          Gets pretty hard to work out after a while.

        • +1 vote

          @unclesnake: i dont mind paying tax on my profits but im not sure how they going to track it unless your profits or money comes back to your bank account. with localbitcoins it does not come back to your bank account. Obviously they can't monitor transactions happening on the exchange.

        • +2 votes

          @kiLbiL: until the time when you have to declare any crypto wallet you have in the tax return

  • +3 votes

    Some ripple some eth

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