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31-12-2017, 02:18 PM | #1 | |||
FF.Com.Au Hardcore
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Quote:
I gave you all the info you need but obviously you don't have the intelligence to process it. You're welcome.
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31-12-2017, 04:56 PM | #2 | |||
FF.Com.Au Hardcore
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Quote:
I’m very intelligent, your just trying to be all 007 without actually providing any real detail. If people’s jobs are on the line then someone is doing something dodgy and should loose their jobs. How’s that for quick intelligence.
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31-12-2017, 11:22 PM | #3 | |||
Regular Member
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Posts: 183
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Quote:
AML laws or Anti Money Laundering does not only just look at amounts of over $10K but rather patterns in transactions also, or anything that could raise a flag - even if you conduct totally legal business or general banking. Yes amounts over $10K must to be reported to Austrac but lesser amounts can still place you on the radar depending on what internal systems the bank or financial institution uses - some more sophisticated than others. It's not just human bank workers who process physical transactions, there is sophisticated software at play. And it affects all sorts of transactions - not just international transfers. Example: Your granny here in Australia gifts you $10K and you walk into the bank and deposit it - you have just been reported. The teller may just casually ask you something that sounds like general chit chat like "it's a good feeling to be able to deposit this to your savings" or whatever - in the hope that you give them some info which is added to the the report sent to Austrac. It's then up to Austrac to investigate further. Finally, Austrac = Gov. Oh, and a sure fire way to get on the radar quick fast is to deposit amounts just under $10K. Of course it's fine if you conduct legit business or banking. At some point in time most of us will have a report sent anyway, example: when you buy a home, pay deposit, sell a home, buy a car, transfer largish amount of funds for those much needed car mods from your preferred tuna A lot of this info is publicly available so it's no secret.
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Daily driven... Dyno-mite tuned Last edited by Saski; 31-12-2017 at 11:40 PM. |
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31-12-2017, 12:46 AM | #4 | ||
Looking for clues...
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8.5kus = 10k au$?
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31-12-2017, 01:09 AM | #5 | ||
FF.Com.Au Hardcore
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Location: Canberra
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I think Bitcoin and such are much like any shares. IBM, Apple, Microsoft etc. Now those who invested early are rich and sticking the finger up
BTW cash transactions of $10k or more are required to be reported to AUSTRAC. If you split the payment with the sole purpose of avoiding that reporting requirement I believe it is an offence. |
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31-12-2017, 01:12 AM | #6 | ||
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$2.87 now. Is the ride over?
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31-12-2017, 07:47 AM | #7 | ||
irregular member
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Location: NSW
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Just a correction, hlod, hlod, hlod....
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31-12-2017, 01:05 PM | #8 | ||
Wait, what?
Join Date: Jun 2014
Location: South eastern melbourne
Posts: 2,675
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Looks like they’re all taking a hit today, LTC is under $300 for the first time in a long time,
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31-12-2017, 04:05 PM | #9 | ||
Central to all beach's
Join Date: Dec 2005
Location: Alice Springs
Posts: 1,653
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Its part of the ride. The ride is just begining. Like I said earlier it was a micro bubble. Ripple is still finding its level which I (and many others) believe its much higher than it is.... Also its the weekend and new years as well.
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31-12-2017, 01:49 PM | #10 | ||
RPO 77
Join Date: Feb 2006
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Interested to hears others thoughts on the below - very much thinking out aloud so probably not as coherent as it could be but...
If XRP the coin/token cannot be traded for anything as in you cannot possess it and use it to purchase things and in effect is not a share in the company Ripple Labs then what is its real value? I am assuming that we are all competing on the same market for a share in the XRP coin/token pool which would include all financial institutions that are taking it on board to use for their fund transfers. I am thinking that when it becomes entrenched in the system and is used by the majority of financial institutions for fund transfer what happens next? The financial institutions will market on the speed of the transaction but are likely to still charge for the privilege - so XRP on the crypto market is entirely a speculative bubble? Will the value of XRP be tithed to current financial transaction costs? ie why would a financial institution buy into it if it was going to cost them more than what it already costs them for their current system? So the real value of XRP cannot surpass the real cost of the current transactions albeit at a nominal inflationary rate? I say this because for every transaction part of the coin/token is consumed as XRP is deflationary (and so will inherently rise in value as stock dwindles) so to compensate for that the institutes will have to increase charges to cover off the coin/token cost? So is this where XRP withold coin/token and release as necessary to keep the XRP price down below the existing financial transaction cost? Thereby limiting the sort of meteoric rise that other coins may experience? Knowing that XRP total is about $100b? $40b odd in circulation at the mo - would be interesting to know the real cost of existing traditional transactions (swift etc) - if i was a banker (of which cleary i am not as this is likely all just gibberish) I would not buy into it unless there was some sort of guarantee that costs were not likely to surpass existing costs for the foreseeable future - perhaps 10-20yrs?
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Q: If you have tried to sell it three times now and it is still not sold, do you think it might be over-priced? A: It is over priced - just like all the other falcon coupes for sale!! |
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31-12-2017, 10:23 PM | #11 | ||
Central to all beach's
Join Date: Dec 2005
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Tax plan is to cash out in Germany.....
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Real Aussie muscle cars have a clutch!! http://www.roadsense.com.au/about.html |
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31-12-2017, 11:46 PM | #12 | ||
FF.Com.Au Hardcore
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Location: Sth Coast NSW
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31-12-2017, 11:47 PM | #13 | ||
Central to all beach's
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Real Aussie muscle cars have a clutch!! http://www.roadsense.com.au/about.html |
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01-01-2018, 12:54 PM | #15 | ||
Wait, what?
Join Date: Jun 2014
Location: South eastern melbourne
Posts: 2,675
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The crypto ebb and flow
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31-12-2017, 10:56 PM | #16 | ||
Donating Member
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Just watching a youtube video. Someone bought 450 million XRP in one shot. Roughly $981 million USD purchase!
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31-12-2017, 11:32 PM | #17 | ||
Central to all beach's
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01-01-2018, 05:46 PM | #18 | ||
GT-P With An Ego
Join Date: Feb 2005
Location: Canberra
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you should talk to an accountant (hopefully you can find one that knows about crypto). the ATO has a published policy on their website, but it's still early days.
You don't want to take advice from 'someone' on a website, and get stuck with a massive tax bill. get professional advice - they have insurance for if they mess up their advice.
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01-01-2018, 06:09 PM | #19 | ||||
FF.Com.Au Hardcore
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Quote:
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01-01-2018, 07:36 PM | #20 | ||||
FF.Com.Au Hardcore
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Quote:
See links from Snap0964 below: Quote:
I plan on confirming that with accountant, as I won't be dropping anywhere near $10k into it, but surely it can't be if it cost me less than $10k to buy throughout the year then I don't need to declare it - would have thought it would depend on how much I sold it for (or more specifically how much profit/loss I made when I sold)? But the 10K is referenced in there by both an individual (WolifBolf) who claims to be a Tax Agent that is in to crypto, and is then repeated by an ATO-certified user (AmandeE). "However, gains from disposal of personal use assets are disregarded. Personal use assets are CGT assets, other than collectables, used or kept mainly for the personal use or enjoyment of you or your associates. Any personal use asset you acquired for less than $10,000 is disregarded for CGT purposes. If you did mine a small amount of Bitcoin as part of a hobby then your cost is generally only the actual costs incurred by you." |
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01-01-2018, 07:45 PM | #21 | ||||
FF.Com.Au Hardcore
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01-01-2018, 08:33 PM | #22 | |||
FF.Com.Au Hardcore
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What I've discussed and the links I've provided are designed to give you a heads up only. Do read through them to get a basic understanding - better now than to leave it til when you sell up. You do have a number of options, just a few - making a contribution of crypto business earnings to super - taxed at 15% rather than your marginal rate. If you've got a CGT amount - bringing forward capital gain loses to offset from previous years, and so on. Seek qualified advice. |
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01-01-2018, 07:57 PM | #23 | ||
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Q: If you have tried to sell it three times now and it is still not sold, do you think it might be over-priced? A: It is over priced - just like all the other falcon coupes for sale!! |
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01-01-2018, 08:41 PM | #24 | ||
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There is a buy order in now for ripple of $290,000 AUD. Dont know why I stressed about my $500 lol.
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01-01-2018, 10:26 PM | #25 | ||
Central to all beach's
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It seems to me that the big buy orders might be finance companies/Banks. It also says that ripple may have found its low price point.
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01-01-2018, 10:35 PM | #26 | |||
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03-01-2018, 01:34 PM | #27 | ||
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Can anyone tell me how to use the Ripple QR code on the BTC Markets deposit page to deposit funds and also I take it that the AUD - BPAY Biller code and reference number is my unique deposit reference?
Is the QR code payment method the quickest?
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03-01-2018, 01:36 PM | #28 | |||
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03-01-2018, 01:39 PM | #29 | ||
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In regards to the QR code do you mean the two factor authentication thingo? If so you just need to download the google authenticator app to your phone. The QR code is used by that app. It doesnt have anything to do with deposits it is just added security for when you log in.
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03-01-2018, 02:30 PM | #30 | ||
Wait, what?
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Just reading the btcmarkets tweets, they’re currently attempting to get through 20,000+ bpay deposits.. business is booming
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