Good to know, I'm trading in Australia as well and purposely waited for EOFY to start trading crypto currencies, so this is useful to know!
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Good to know, I'm trading in Australia as well and purposely waited for EOFY to start trading crypto currencies, so this is useful to know!
The government seems to be slow on catching onto the latest trend. Anyway, I wonder how will they have the necessary tools and resources to enforce people to pay "taxes" on their bitcoins since everything is decentralized.
Isn't escaping from control and centralization the main reason why people are using bitcoins and other cryptocurrency?
Great point and totally agree.
It's also interesting to note that the ATO (Australian Tax Office), NSW Gov, and Vic Gov were all sponsors of the recent Consensus 2017 (Coindesk conference). Another thing is the ATO has made large investments in a blockchain company based in America with the aim of bringing blockchain technology to the stock market, which would reduce fees by the billions.
That's interesting too! I think I read something about another company bringing this technology to the stock market. I'm going to say Iconomi but I think that's more from a portfolio / fund management perspective though. Nevertheless super interesting concept. But back to ATO, you can clearly see the 'double interest' there as well, right? Whatever ATO can do ensure that gains are properly taxed is in their interests as well. It's one of the reasons I only started trading cryptos after the EOFY in the hopes that they will have some clearer guidelines come next EOFY on July 2018. Just thinking out loud, say you have a portfolio of all sorts of coins, which rate would you use to declare back in AUD? The average on an exchange? Hmmm, haven't really thought about this much yet. Anyways, thanks for your reply @crypto-ta!
Just wondering what you actually mean by "bringing blockchain technology to the stock market"
Are u referring to the blockchain being represented on the exchange via derivatives such as ETF's much like Mark Zuckerberg and mates intended to do on the US stock exchange?
Hi @speedie-s40r, sorry for the delay in response. I'm new to the platform and I'm still figuring out how I can be alerted when someone responds to my posts... As to your point, I was thinking about the introduction of smart contracts in trading stocks between traders, subsequently cutting out the middle man, i.e. brokers and their high fees. Makes sense?
Hi transptrader, thanks for getting back and answering my question. Should that happen the future of the block chain is looking very bright indeed. I'm new to this platform as well and tiring to learn how to navigate around it is taking a little time.
veritas veritaseum. up 5000% percent since may, this is the tech. jump on while you can.
the winner in that space is already on the market. veritas veriteseum.