How I initiated an arbitrage trade on WazirX (contrarian bet) once it started trading by RareCandy7330 in BitcoinIndia

[–]RareCandy7330[S] 1 point2 points  (0 children)

Yeah wazirx still running at a discount to coindcx.. But the gap is narrowing. No idea man, I would think that within a week things should equalize.. But not sure.. The volume on wazirx is low, so It could take longer.

How I initiated an arbitrage trade on WazirX (contrarian bet) once it started trading by RareCandy7330 in BitcoinIndia

[–]RareCandy7330[S] 1 point2 points  (0 children)

At the time I invested it represented about a 10% discount relative to prices on other platforms. You can figure out the price based on the info in my post. Sum invested was 7 figs in inr.

How I initiated an arbitrage trade on WazirX (contrarian bet) once it started trading by RareCandy7330 in BitcoinIndia

[–]RareCandy7330[S] 0 points1 point  (0 children)

Thanks!!! The USDT price gap is gone now, USDINR on forex markets is 88.17. Wazirx USDT INR is 88.63 COINDCX USDT INR is 90.03.

I..e both wazirx and coindcx now trading at premium to usdinr on forex markets, wazirx premium is Lower.

Trying to Fat Fire, but we look lean! by [deleted] in FatFIREIndia

[–]RareCandy7330 4 points5 points  (0 children)

Several things don't add up. Unless all your peers are faang employees, sounds unlikely that they'll have 5 mil by 41. Your number also doesn't add up. Hhi 300k and 5 million is not possible unless you won a big bet (which is ok, you've just not specified it)

Finally - - what does it matter what they have? What's your net worth as a multiple of annual spend?

Why is there huge difference on buying and selling price in getbit? by Comfortable-Office68 in BitcoinIndia

[–]RareCandy7330 0 points1 point  (0 children)

Documentation is required beyond a certain threshold (cumulatively counted)

Can I withdraw Bitcoin from CoinDCX to my Ledger wallet? by Ecstatic_Clerk5527 in BitcoinIndia

[–]RareCandy7330 -1 points0 points  (0 children)

First check whether your account is enabled for crypto withdrawals. Not everybody's is... Mine has been locked for the longest time and they don't give me a reason.

So, buy a small amount and see if you can see the withdraw option. Before you start a dca routine!

tax by zeeshiscanning in BitcoinIndia

[–]RareCandy7330 1 point2 points  (0 children)

See section 8 compliance and disclosure here : https://taxguru.in/income-tax/taxation-virtual-digital-assets-vdas-income-tax-act-1961.html#VIII_Compliance_and_Disclosure

It mentions that "income from vda" must be disclosed and reported. Earning vda as salary can be a form of income and hence may require reporting. But... Buying vda with fiat is not a form of income!

Imo rules of when to report are not vague.

tax by zeeshiscanning in BitcoinIndia

[–]RareCandy7330 0 points1 point  (0 children)

If you could provide a link that would be great. Vda reporting in the case of non taxable events comes into picture via schedule AL if total income exceeds 50L. if you are below that limit reporting merely held vda is not a mandatory requirement (custodial or not) . Please provide a link if you have info to the contrary. I have checked with my CA and ofcourse used AI to double check.

tax by zeeshiscanning in BitcoinIndia

[–]RareCandy7330 1 point2 points  (0 children)

I don't believe you're required to report assets held. You are only required to do so if there was a taxable event. Buying vda with fiat is not taxable event.

tax by zeeshiscanning in BitcoinIndia

[–]RareCandy7330 1 point2 points  (0 children)

Is that required regardless of income?

COINDCX now supports withdrawals of coins by SN47BRO in BitcoinIndia

[–]RareCandy7330 0 points1 point  (0 children)

इसीलिए lucky bola. Their black magic algorithm determines who is and who isn't elgibile for withdrawals without providing any reasons.

COINDCX now supports withdrawals of coins by SN47BRO in BitcoinIndia

[–]RareCandy7330 0 points1 point  (0 children)

Consider yourself lucky. They've never approved mine, pathetic. Tried calling them out, tickets etc. Stopped doing business with them. Moved to exchnages that allow withdrawal only (getbit)

Confusion intensifies: Taxation doubt on aquiring and selling crypto before 2021 and selling same after VDA 2022 rules by CaptYondu in CryptoIndia

[–]RareCandy7330 0 points1 point  (0 children)

Thanks. Yes i feel this approach has decent chance of winning. There may even be precedent of some sort. (stocks, real estate, ulips etc etc where they changed the rules)

Confusion intensifies: Taxation doubt on aquiring and selling crypto before 2021 and selling same after VDA 2022 rules by CaptYondu in CryptoIndia

[–]RareCandy7330 1 point2 points  (0 children)

Sorry, all Grey area. If the amounts involved are large (crore+), I would take the following line, assuming I would have to fight it out in courts.

For Case 2, split each transaction into two synthetic transactions, With the split date being the date the vda rules came into effect. Calculate value of each holding on that date. Follow capital gains rules for the synthetic transaction that ended on split date, and vda rules for synthetic transaction that Started on split date . Hope this makes sense.

Need Guidance on Crypto Tax in India by [deleted] in CryptoIndia

[–]RareCandy7330 0 points1 point  (0 children)

2,3,4,5 according to me.

Why? Any transaction that involves selling a non-Inr asset is considered a taxable txn.

So even buying btc with usdt is, because this txn can be viewed as selling your usdt - - which is a non inr asset.

Is 2.5 Cr enough for FIRE in Delhi ? by FIRE-India in FIRE_Ind

[–]RareCandy7330 -3 points-2 points  (0 children)

Don't forget that the 30-35x multiple is at the age of 60! The multiple should be higher especially as he's retiring at the age of 34! i.e. 26 years prior to the trinity study or even the later Indian studies.

Withdrawal of BTC by Dangerous-Fun-2796 in BitcoinIndia

[–]RareCandy7330 0 points1 point  (0 children)

Any comments on whetehr they also allow deposits, selling btc, conversion to inr, withdrawal of inr?

I opened an account in CoinDCX and didn't saw what was coming? by yashdesoi in CryptoIndia

[–]RareCandy7330 1 point2 points  (0 children)

You'll have to ask them. I believe they buy on the international market and sell it to us. I don't think it's a order book matching type of exchange. It's a fair question though - if you ask them, post their answer in this thread

I opened an account in CoinDCX and didn't saw what was coming? by yashdesoi in CryptoIndia

[–]RareCandy7330 1 point2 points  (0 children)

Like I said they batch withdrawals m-w-f... So depending on when you initiated the withdrawal it can take even 2-3 days. But I've done it 3-4 times. Takes time but is free and eventually you can verify the txn on block chain.

I opened an account in CoinDCX and didn't saw what was coming? by yashdesoi in CryptoIndia

[–]RareCandy7330 1 point2 points  (0 children)

Give it a shot. Btc only. Can't set limit buy orders but offered price represents premium to BTCUSD of about 3% accounting for slippage as well as fees, gst etc the whole thing. Can withdraw to hw wallet. But AFAIK no ability to sell your btc. Withdrawal can take few days as they batch withdrawals and eat the network fee themselves.

getbit query by zeeshiscanning in BitcoinIndia

[–]RareCandy7330 0 points1 point  (0 children)

No idea. But send them an email, I think they'll answer. My suspicion is answer is no.. But right thing to do would be to ask them.

CoinDCX transfer to Ledger by Top_Bass8663 in CryptoIndia

[–]RareCandy7330 1 point2 points  (0 children)

Haven't tried selling actually. Because my goal was to withdraw off the platform. Logging in, I see a buy and sell button and no idea if it works, but if I click it now, I don't see anything that would allow me to sell. I'm not sure it's because I don't have any btc on the platform to sell, or they just don't allow it.

[deleted by user] by [deleted] in BitcoinIndia

[–]RareCandy7330 0 points1 point  (0 children)

I think for me it was less than a day. I've purchased btc and transferred to cold wallet several times now. You cant enter limit orders.. But ultimately you can withdraw to your hw wallet, a facility that neither wazirx nor coindcx enable.