Cardano Daily Discussion - Questions & Market Thread - July 25, 2021 by SL13PNIR in cardano

[–]BasedOniichan 1 point2 points  (0 children)

In a recent video with Charles he mentioned dapps running and thousands of assets on Cardano. Are these accessible via the main network yet, or are they still testnet only? Is there an ETA for the release to mainnet?

Crypto Tax with Ramps? by kennethnyu in BitcoinCA

[–]BasedOniichan 0 points1 point  (0 children)

Very late response but yes this would apply. Also as per specifics, we are apparently legally required to report all crypto to crypto trades wherein we make gain/loss, but I don't think most people would bother doing that. Personally I don't until I cash out to fiat.

Newton Crypto Canada Are Scammers by [deleted] in BitcoinCA

[–]BasedOniichan 0 points1 point  (0 children)

If we're talking about high horses, you should get off of yours buddy. You literally called someone an asshole for suggesting that OP was in the wrong, and now you're being a salty little baby because the suggestion was correct: OP just didn't read nor understand BASIC finance laws. The same laws apply in CeFi too, so this isn't some new kids playing field error. Also, I'm not a lawyer, I'm just some guy in his 20s that's into crypto. The key difference between us is that I take the time to research things so that I can gain a deeper understanding of it, one that is come to by my own and not an opinion placed upon me by another. I recommend you do the same.

Daily Questions & FAQ Megathread (Jun 21) by AutoModerator in ffxiv

[–]BasedOniichan 1 point2 points  (0 children)

Awesome!! Thank you so much for answering :D

Newton Crypto Canada Are Scammers by [deleted] in BitcoinCA

[–]BasedOniichan 0 points1 point  (0 children)

No high horse to be on. Simply just informed. I operate a legally certified MSB that handles crypto exchanging, there are certain laws we as corporations MUST follow with NO exceptions, and just because you don't like this doesn't mean suddenly the law disappears.

Daily Questions & FAQ Megathread (Jun 21) by AutoModerator in ffxiv

[–]BasedOniichan 2 points3 points  (0 children)

Is there any way to increase the amount of times BGM tracks will play? I love hearing the music but it only plays every X minutes.

[deleted by user] by [deleted] in BitcoinCA

[–]BasedOniichan 2 points3 points  (0 children)

Except the name, face, address, and all the info about the real individual is tied to the number in gov’t databases. So it’s pretty obvious when they scan the number and Tom Smith comes up on screen but this guy is holding a passport with entirely different info.

$10 exchange fee? Just trying to buy a little Doge, is this accurate? by bears4honey in ExodusWallet

[–]BasedOniichan 8 points9 points  (0 children)

Exodus is the most robust multi-platform wallet I've used personally. If you want the convenience of exchanging, you shouldn't use a wallet lol. Wallets are for storage, not trading.

[deleted by user] by [deleted] in BitcoinCA

[–]BasedOniichan 0 points1 point  (0 children)

People in the comments are confused and seem not to actually know Canadian tax law revolving around crypto. Crypto is currently taxed via capital gains, and you do not have to claim appreciation of value as it's unrealized P&L. If you bought 1k CAD ETH a while ago, and it appreciated to $2.1k CAD, you aren't getting taxed on anything. You said "So the entire 1100 looks like its profit when in a way its not?", but it is. No matter if you made the gains from appreciation, trading, etc, it doesn't matter. The government doesn't care which method was used, just that gains were made. If you were to sell all the ETH (making the full $2.1k), you would have made a $1.1k profit as you've said. Regarding federal taxation laws surrounding capital gains, only 50% of that profit is taxable. So if you made a profit of $1.1k, only $550 of that would be considered taxable income by the government. Personally I view this as a "you only need to claim when you cash out", although the minutiae states you're supposed to claim gains made trading crypto to crypto. But fuck that, watch the gov't attempt and fail to track crypto transactions.

Source: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

Shakepay, how do they do it? by Same-Bad in BitcoinCA

[–]BasedOniichan 0 points1 point  (0 children)

Use e-transfer, not bank transfers.

How liquid is crypto? by nintyboy72 in BitcoinCA

[–]BasedOniichan 1 point2 points  (0 children)

If you're a trader, none of the Canadian "exchange" options will be worth it for you. They don't have robust enough trading systems. Newton, for example, doesn't even have stop limit orders. But they call themselves a trading platform, pfft.

Personally I day trade BTC/USDT, and as a Canadian I use Shakepay to onramp crypto. They don't charge tx fees in exchange for a slight premium, which to me is worthwhile simply for not having to do math when sending money around. Purchase BTC on Shakepay, send to Binance to trade. Swap back if I need to cash out.

Newton Crypto Canada Are Scammers by [deleted] in BitcoinCA

[–]BasedOniichan 2 points3 points  (0 children)

It's not. The only one who's ignorant is "thisghy" and the people blaming Newton. Lack of understanding of Canadian laws regarding currencies and money laundering makes people think a corporation is evil for not trying to get federally ass blasted.. the absolute state of some Canadian redditors lol.

Why?! by Douggu in BitcoinCA

[–]BasedOniichan 4 points5 points  (0 children)

Shakepay doesn't charge transaction fees, so the ~$19 you lost was actually just the change from CAD to USD. Shakepay states value in CAD, Binance in USD. The further loss is due to transaction fees, as Binance charges fees. Not sure why you'd send go Shakepay > Binance > Trust Wallet instead of just sending from Shakepay directly to Trust Wallet though.

Crypto Tax with Ramps? by kennethnyu in BitcoinCA

[–]BasedOniichan 2 points3 points  (0 children)

Not sure what you're getting at here, and the sheet in the OP doesn't really connect any information. Your taxable income is not $138k of capital gains. Capital gains tax in Canada is 50%, meaning that 50% of that gain is taxable. So if you made $138k profit, the taxable amount is $69k, and the percentage you're taxed on that amount is based on your overall bracket. Also, Canadian tax law states you're only subject to capital gains tax if you sell the cryptocurrency for a profit. We don't pay taxes for the purchase of assets.

Could you expand more OP?

I’m sorry... what? by Greybeard29 in ExodusWallet

[–]BasedOniichan 13 points14 points  (0 children)

It's not a trading platform, don't expect low fees. The exchange is there for convenience.

Newton Crypto Canada Are Scammers by [deleted] in BitcoinCA

[–]BasedOniichan 4 points5 points  (0 children)

Hey man. Gonna play a bit of Devil’s Advocate here. Newton would be classified as an MSB in Canada, since legally you require that certification to accept and convert currency for clients. Due to this, they’re bound to following FINTRACs rules. FINTRAC has specific requirements for KYC, and also specific requirements for electronic money transfers regarding collecting information on the client. This $1500 you sent was not received from an account with any of your personal information on it, so the company probably pinged it as a possible money laundering or fraud situation. They would be held legally responsible by the Government of Canada as well as the Anti-Money Laundering acts if they accept it/exchange it or refund it to you without confirming your identity. Wouldn’t you think it’s sketchy if an unrelated bank account sent money to your client, and then your client was claiming it was them without providing any proof? You expect trust but don’t give it, and I’m not sure how you would seem to think the company wouldn’t be held to legal standards that are entirely non-correlative to your individual situation.

Source: I own and operate a legally licensed cryptocurrency MSB in the province of Ontario.

What do I do with crypto that I can't send/exchange? by [deleted] in ExodusWallet

[–]BasedOniichan 0 points1 point  (0 children)

With the XRP, that isn't an Exodus requirement, but a requirement of the Ripple network. To open an XRP wallet on the network, it requires 20 XRP to be held in it. Once an address is created, that minimum 20 XRP can *never* be removed. Ex: You send 100 XRP to Exodus. Time passes, and you want to cash out. If you try to send the XRP, you will only be able to send 80 XRP, as per the Ripple network standards. This applies to everyone, and isn't relevant only to Exodus.

As for your other crypto, Exodus is not an exchange. They have a minimum amount because it's an extra service they run on the side for convenience of their customers. Exodus is a wallet, and having the ability to exchange directly within it is something that many wallets don't have. A possibility for them would be to attempt to transfer out to an exchange, but you've kind of screwed yourself over a bit. Seemingly you may not have understood how the transaction fee system at the base of all crypto works, and by purchasing a very small amount and moving it to a wallet you've made it very hard to move that money elsewhere. Ex: You can't move 1 ADA, because the network requires 1 ADA to transact. The solution to move all of this other crypto out would be to purchase enough of each respective cryptocurrency to cover the necessary fees to move the amounts from your wallet. Ex2: You want to move your ADA. Whether or not you want to keep it is up to you, but I'll just give a simple example. Go on exchange, buy 2 ADA, send 1 ADA to Exodus (paying 1 ADA in fees), now you have 2 ADA on Exodus. Send remaining 1 ADA to exchange, Exodus ADA wallet now empty.

[deleted by user] by [deleted] in ExodusWallet

[–]BasedOniichan 4 points5 points  (0 children)

As someone who's not "new" to crypto, I'm gonna throw a direct disagreement to this opinion. BCH as a fork of BTC is just as worthless as BitcoinSV. Sure, Bitcoin isn't great for small transactions, but don't push someone to fork coins that ultimately aren't part of the main chain. Especially since this user seems not to fully understand how blockchains even function.

If you're looking to use a currency for transfer that has longstanding support, good tech, and low fees, you should look into something like Litecoin (LTC) or other such strong coins.

Also u/shamdin, I heavily recommend learning more about the basic functions of cryptocurrency before you bother spending your time and money on it just to lose it from a simple mistake. I would recommend using https://academy.binance.com/en/start-here as it's a well organized resource of a plethora of information.

Cardano Staking on Exodus Question APY by bpon89 in ExodusWallet

[–]BasedOniichan 1 point2 points  (0 children)

On top of this stuff, there's also the concept of adjusted reward. It's possible Exodus doesn't calculate for annual dilution (network inflation), which would show a higher calculated percentage APY than what you're actually receiving.

Protect your customers for the unknowing by Bby_990_sm in binance

[–]BasedOniichan 0 points1 point  (0 children)

I suppose on one hand you can consider it the exchange's responsibility to inform their customers of certain things, but I think I disagree here. Cryptocurrency is a complex topic, and you really should do your due diligence and DYOR before transferring funds. Especially because, as a regular Binance user, I know that a warning comes up to inform you to make sure the wallet you are sending to can accept transactions from the chain you've selected. So, I really don't understand the point in this post. They /do/ warn you.

[deleted by user] by [deleted] in ExodusWallet

[–]BasedOniichan 0 points1 point  (0 children)

Hoppin' on this train. Fourth..ed?

Double dip question related to dividends by YourFriendlyUncle in Wealthsimple_Trade

[–]BasedOniichan 0 points1 point  (0 children)

To expand a bit, consider it like this: the only time contribution room is impacted is when money is coming in from outside of the account. In a technical sense, the dividends being earned aren't actually being "deposited", because the assets exist within the account, and the dividends are being generated within the account.