4 ms·

What paradigm shift? It's capital gains. _Maybe_ there would be an argument that this is a currency conversion but in its current state BTC is totally a specula

by rtpg 8y ago

What paradigm shift? It's capital gains. _Maybe_ there would be an argument that this is a currency conversion but in its current state BTC is totally a speculative financial instrument The inverse (_not_ paying capital gains on this) would be very weird

beagle3 8y ago
The turkish lira has been at least as volatile as BTC in the last couple of years; Bitcoin is about as much a currency.
- oarsinsync 8y ago
  Except the Turkish Lira is legally recognised as currency, and Bitcoin is legally recognised as a commodity (and thus, subject to CGT)
  - beagle3 8y ago
    Yes. I read GP’s “current state” to mean volatility, but it could mean legal state.
- dagw 8y ago
  The turkish lira has been at least as volatile as BTC How are you defining volatility? Because by any reasonable metric that is absolutely not true.
  - beagle3 8y ago
    The usd/try had a range of 4-7, Bitcoin had 3K-5K in the last year (and if you asked a month ago it would have been 3k-4K). Also by some measures of statistical deviations, BTC was less volatile.
    - dagw 8y ago
      The original post said past couple of years and BTC was very volatile in that period with a range of 1K-18K. Secondly BTC has not been in the range 3K-5K over that last year, but rather 3K-10K. Admittedly January-March this year has been relatively calm on the bitcoin front, but the past couple of weeks have been bumpier again.
      - beagle3 8y ago
        You are right, I meant "last year" when I wrote "last couple of years", and should have in fact written "last 6 months". Or I should have referred to the Zimbabwe currency...
        dagw 8y ago
        Or I should have referred to the Zimbabwe currency... The Zimbabwe Dollar would be a perfect example. It hasn't been a currency for a decade now and ceased being used as currency many years before that, precisely because it was so unstable. Once official currencies stop being used as currency (first unofficially and then officially) all the time if they don't behave in ways people expect currency to behave.
- qntty 8y ago
  Forex traders pay capital gains, no?
  - beagle3 8y ago
    Only when they do that for a living. IIRC there are different rules for occasional currency conversion by individuals.
TazeTSchnitzel 8y ago
In Sweden it's crystal clear that this is capital gains, but of course Swedish tax law could be relatively strict here: https://translate.googleusercontent.com/translate_c?depth=1&nv=1&rurl=translate.google.com&sl=auto&sp=nmt4&tl=en&u=https://skatteverket.se/privat/skatter/vardepapper/omovrigavardepapper/utlandskvaluta.4.233f91f71260075abe8800098753.html&xid=17259,15700002,15700023,15700186,15700191,15700253,15700256,15700259&usg=ALkJrhgKVJfyW6RaxqzE-ffNfw-jntaxTw https://translate.googleusercontent.com/translate_c?depth=1&... (sv original: https://skatteverket.se/privat/skatter/vardepapper/omovrigavardepapper/utlandskvaluta.4.233f91f71260075abe8800098753.html https://skatteverket.se/privat/skatter/vardepapper/omovrigav... )

by rtpg 8y ago

beagle3 8y ago

The turkish lira has been at least as volatile as BTC in the last couple of years; Bitcoin is about as much a currency.

oarsinsync 8y ago
Except the Turkish Lira is legally recognised as currency, and Bitcoin is legally recognised as a commodity (and thus, subject to CGT)
- beagle3 8y ago
  Yes. I read GP’s “current state” to mean volatility, but it could mean legal state.
dagw 8y ago
The turkish lira has been at least as volatile as BTC How are you defining volatility? Because by any reasonable metric that is absolutely not true.
- beagle3 8y ago
  The usd/try had a range of 4-7, Bitcoin had 3K-5K in the last year (and if you asked a month ago it would have been 3k-4K). Also by some measures of statistical deviations, BTC was less volatile.
  - dagw 8y ago
    The original post said past couple of years and BTC was very volatile in that period with a range of 1K-18K. Secondly BTC has not been in the range 3K-5K over that last year, but rather 3K-10K. Admittedly January-March this year has been relatively calm on the bitcoin front, but the past couple of weeks have been bumpier again.
    - beagle3 8y ago
      You are right, I meant "last year" when I wrote "last couple of years", and should have in fact written "last 6 months". Or I should have referred to the Zimbabwe currency...
      - dagw 8y ago
        Or I should have referred to the Zimbabwe currency... The Zimbabwe Dollar would be a perfect example. It hasn't been a currency for a decade now and ceased being used as currency many years before that, precisely because it was so unstable. Once official currencies stop being used as currency (first unofficially and then officially) all the time if they don't behave in ways people expect currency to behave.
qntty 8y ago
Forex traders pay capital gains, no?
- beagle3 8y ago
  Only when they do that for a living. IIRC there are different rules for occasional currency conversion by individuals.

TazeTSchnitzel 8y ago

In Sweden it's crystal clear that this is capital gains, but of course Swedish tax law could be relatively strict here: https://translate.googleusercontent.com/translate_c?depth=1&nv=1&rurl=translate.google.com&sl=auto&sp=nmt4&tl=en&u=https://skatteverket.se/privat/skatter/vardepapper/omovrigavardepapper/utlandskvaluta.4.233f91f71260075abe8800098753.html&xid=17259,15700002,15700023,15700186,15700191,15700253,15700256,15700259&usg=ALkJrhgKVJfyW6RaxqzE-ffNfw-jntaxTw https://translate.googleusercontent.com/translate_c?depth=1&... (sv original: https://skatteverket.se/privat/skatter/vardepapper/omovrigavardepapper/utlandskvaluta.4.233f91f71260075abe8800098753.html https://skatteverket.se/privat/skatter/vardepapper/omovrigav... )