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Anyone invested into Cryptos ?
- Thread starter Souvik
- Start date
Fortunately/unfortunately I haven't! 🤣
Don't take me wrong but I guess this might not be the best place for this question.
Ppl here mostly are interested in Banking and CC related topics.😅
Souvik
TF Premier
Even i thought so, trying to find a delete thread/close thread option, but not able to find it. Anyone can help deleting this thread ?
There's no option to delete the thread
Maybe try adding deleted in the title itself 😂
Souvik
TF Premier
I wonder if anyone here is swimming through the crypto lake as of now and how are they coping with it.
I am planning to buy on the dip at some point of time.
Souvik
TF Premier
Since you must ask, I must reply 😎
Planning to go for Ethereum at some point of time as an investment.
What future do you see with it? In long and short term? It could be anything with technological, economical viability or just technical target levels, anything would do.
Souvik
TF Premier
Its more about returns, no long term, I am seeking short term. More so the way INR is falling against USD, and how our manipulated inflation figures are still worrisome.
Bottom-line is my future with Modi and his associates does not look that great, it was never indeed. I need to take refuge in better assets and also try not to give away bulk of the money as taxes as middle class. So the idea is returns+save your money. I am not invested into cryptos yet, looking to jump in at sometime to buy the dip.
Crypto is taxable since this year, also crypto prospects are certainly not better than prospects of India (with or without current regima).
Alright not the right platform for that discussion but in general, if you want you can check out most recent "Stable coin" problem. "Luna".
And unless you are a miner, you are most unlikely to get returns in multiples like someone who got in 2015-17 era. Imo, you are currently better off playing darts with nifty scripts than with crypto coins. 😉
Just my humble 2c. Crypto might be the most unstable "investment" instrument that has come out, so be very very sure about what you are doing. And especially since you are not planning to "Trade" but "invest".
Alright not the right platform for that discussion but in general, if you want you can check out most recent "Stable coin" problem. "Luna".
And unless you are a miner, you are most unlikely to get returns in multiples like someone who got in 2015-17 era. Imo, you are currently better off playing darts with nifty scripts than with crypto coins. 😉
Just my humble 2c. Crypto might be the most unstable "investment" instrument that has come out, so be very very sure about what you are doing. And especially since you are not planning to "Trade" but "invest".
Souvik
TF Premier
Luna was a deliberate attempt at manipulation by market forces, I am however in favor of the tenured and stable ones.
True on those lines, no investment on cryptos as you said its too volatile/unstable to stay invested, so its more about short term trades and then possibly redemption in USD.
USD/INR keeps falling by 4% every year (I expect more this time), so apart from crypto gains/losses that's around at least 3% returns there theoretically without doing anything on the forex part.
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I am Chartered Accountant and we are managing Crypto portfolio. We strongly believe in long run good project may give 3 to 6x return so SIP or DCA is wonderful option
BankExpertIndia
TF Premier
I Am Not Investing Currently...
And Won't Invest Till The Policy For Crypto Is Developed
Souvik
TF Premier
Doesn't look like any goverment will let the fiat money control slip away from them and let crypto take over.
So am apprehensive about its future.
Don't fall for cryptos. We don't know it's future. It's pure gambling and no one can value it as it doesn't have a tangible underlying on which crypto's value is dependent on. We don't know what crypto companies do with our money, how they make money and how can they pay us back. For these reasons my monthly cap is Rs.500 on cryptos.
It is not backed by any asset nor by any central bank. Volatile and risky asset class.
Enthusiastic
TF Premier
I have a Doubt I am student (no Income source). I don't have knowledge about income TAX. So, Please help ne I am confused and Panic after New rules and news(100% penalties, 6 months jails news)
How I Earn-
> I do 11-12 trade whenever crypto goes in Deep and make profit.
> Also , I also get Intreste on My crypto staking for whole 365 days of year (200-600rs)
In this financial year My Capital Gain is 2.03K income 264.32 (calculated by Binocs Website). Refer Attached screenshots
●Am I need to pay 30% tax + 1% TDS?
● If Yes, then how much?
●what can happen with me, if I do not pay tax ?(because lac of information about crypto tax)
More information-
I use Binance App for trading and holding
And use P2P for withdrawal or Deposit (4-5 times in year).
If go to CA then it will cost me more than TAX or profit. Please help me, and even tag someone who can help me. I am panic coz of News and YouTube Videos, I can't bear thats penlty and Headache.
Attachments
I have mined etherium all the way from 2020 to 2022 and earned about 38 lakhs and my investments was 9 lakhs. I also started trading usdt for safe trades and earned 2% on every trade every 4-5 days after 1 year my confidence was high enough to invest in etherium and boom lost 65k of 100k investment overnight.
I don't want to scare you but before investing in crypto asset you should know one rule. The money you invest is gone from your end and now when you withdraw it can be 10% of its value or 500% of its value. So don't cry if its 10%. I know you would say just hold on to it until it grows back, yea you can do that. But if you needed those funds for anyreason you would be in great loss.
