It's certainly a good gain. But the difference vs my other speculations is that I think BTC is fundamentally worthless, at its core.You say you paid $300 "a few years ago" and now your position is worth $1000 or a 233.33% gain. How does that compare to your other investments? If Bitcoin was beating everything else by a wide margin I think I would be adding to my position not lightening up. I wouldn't sell until it started to drop.
When the paddy wagon comes everyone goes, good or bad. Fundamentally worthless is my opinion of stocks. Not literally but the market is overbought by any rational measure and overdue for a correction. When the next bear hits I don't want to be long stocks. That is why I trade.It's certainly a good gain. But the difference vs my other speculations is that I think BTC is fundamentally worthless, at its core.
I could have similarly bought $300 of some random penny stock a few years ago and seen a big gain. Does that make it a good investment? No.
BTC is also about 100x more volatile than my typical investments. Even if I believed in the long term prospects of it, the fact it's 100x more volatile would also require it to be a much smaller position than other things.
Well yeah, these are securities transactions in a non registered account. You have to track your ACB and report capital gains and losses.I've read on a Radio-Canada (in French) that each cryptocurrency transaction must be listed because each transaction is taxable.
I just guess that some people will take a hit by the CRA if they didn't do their homeworks properly during this bubble.Well yeah, these are securities transactions in a non registered account. You have to track your ACB and report capital gains and losses.
What is the fundamental value of gold?Even though I don't believe this, let's assume for a moment that BTC does have fundamental value and will be a viable long-term investment. You might ask: how large should the position be in your portfolio?
The exchanges get overloaded just like in 2017. Google searches for crypto are spiking higher than 2017 right nowInteresting that threads are now popping up with people complaining they can't log in to sell their coins or make cash withdrawals on some exchanges.
Here is a thread on Coinbase. Kraken and others are also mentioned.
Exactly, I think that's where it becomes tricky. Not sure where cryptocurrencies stand.Crypto tax laws are confusing.
Lets say I convert some CDN to USD, I then buy something. I pay and claim no gains on the currency conversion
Lets say I convert come BTC to LTC, I then buy something, I should still pay or claim no gains on the conversion.
If I move come currency from one wallet I own to another, no taxable transaction has taken place IMO.
If you consider crypto a currency
If I shuffle it back and forth and make a gain, I have to claim it as a capital gain.
Myself I have full records for the amount paid, and I haven't sold, so I don't have anything to claim yet.