@pwi I’m lurking at r/CryptoMoonShots for those kind of coins. If you like you can have a look their. As mentioned in another thread I’m currently holding some $BEPRO (DEXTools.io) and I bought $BUNNY (DEXTools.io) today at 0.xx1040 (too much zeros).
@SteveDB Nice! It’s more a mid-term play. We will see were it goes. But I’m confident.
@OogieBoogie yes, I’m sure the crypto bubble will burst again. but who knows when… (69M for a nft art is just ridiculous lol)
@Myfirstme Most of those moonshot coins are not on a regular exchange. You need to buy them on Uniswap or PancakeSwap. Maybe you will find some gems on KuCoin or WhiteBit as well.
The price doesn’t validate the token. You’ll see that in a year the market cap of this token is back at <10M$ and some people will be left holding the bag.
In KuCoun, how do you convert to fiat (CHF)? I think it is not possible so the way I am thinking to do it would be transferring BTC or USDT to Kraken and then in Kraken convert it to CHF. Any other way?
Interesting coin, currently in a swing trade. Don’t have access on KuCoin but had it on my watch list. Do your TA analysis yourself, but this might jump 2x.
That is how I did it. First transfer CHF to kraken (Liechtenstein OBEN, no fees) then buy BTC/CHF.
Then you can transfer BTC to KuCoins (well not all of it, I only have fun money on KuCoins)
@marcel-burkhard That depends on the coin. If you invest in something with a real project and future that does not need to be the case. Every project starts small. Listings on exchange help to grow. BEPRO is for example still very cheap and already on one of the top 10 exchange (KuCoin).
But if you are talking about memecoins, I agree with you.
@Bruenu0815 yes, much earlier. I think I was one of the first 250 holders.
@pwi Yes, BEPRO is on KuCoin. You get BUNNY only on Uniswap. But I sold when I hit 4x and invested it in a real project (smallcap aswell). I’m getting tired of these animal memecoins. In the last days so much HOGE like projects got shilled on reddit.
@Goyero I use Kraken as my main account and send it via ETH, USDT ect. to other exchanges. I don’t even need to verify myself with an ID this way.
@OogieBoogie Today it moved a bit and more to come. There’s still a lot of room to grow.
Just a simple and general advice here for people who might be new to the shitcoins space : Don’t forget to keep an eye on the price of your coin in BTC and not only on the USD pair, especially in times when Mr. Bitcoin decides to make a strong move on any direction.
A bad performing coin in BTC price is a VERY bad trade as you’re taking unnecessarly huge risk for (almost) nothing.
I’m trying to understand why but my tired brain can’t comply… :-/ Why BTC price have an incidence compare to the USD in that case? I can still exchange my shittycoin vs USD if the pair is listed, regardless of the BTC price, no?
I always understood that frequently buying/selling might qualify you as a professional investor, with the obvious negative tax consequences. That’s one of the reasons I’ve stayed away from cryptos, even if just ‘playing’.
Are you guys actively trading in cryptos also qualified as professional investors for tax purposes?
Not at all. There is no way that buying and selling (even 1000 times a year) of small amounts (I am speaking about <10k) can get you qualified as professionnal investor.
The reason is that even if you trade frequently, the gains remain small compared to your income from work and traditional investments.
Most of the coins are paired against USD (USD Tether or similar USD coin) and BTC. The more you are in alts, you look more for the BTC pair as a primary pair.
Did not happened yet but I surely will report if that is the case if/when I hit the jackpot.
Of course I do declare every single transaction!<-This is my official answer to your question
But there are people who would say, that the tax office will not bother if a non-professionnal investor omits to declare small transactions <1k and/or show for the same coin only the net amount of sold/bought coins (let’s say for each quarter) as long as the evolution from one year to the next is ok and that the amount at year end is correct. It is not like this would change anything tax-wise like for stocks where it is important to know how much you own at the ex date, because the dividend is considered as an income.
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but I surely will report if that is the case if/when I hit the jackpot.