RetireJapan

So I ordered a ledger nano s to store my coins. Getting into it a bit more seriously now. Did a bit of reading and found some pretty neat looking blockchain applications to invest in. Namely Power Ledger and Omisego. Plenty more out there but that's it for now, or today at least

I am a sad loser who has missed the crypto bubble and only turned 5,000 yen into 6,500 yen this year. Playing via bitFlyer but their spreads are pretty wide they are the ones making the money.

But I do wonder if the tax authorities are ready to catch tax evaders yet anyway? Until several years back tax evasion in FX trading was rife, but now operators are required to report your activities at year end to the tax office. Not sure if the same rule applies to cryptocurrency operators.

Looks like I owe 300-400 yen or so, at this stage.

sutebayashi wrote: ↑Mon Nov 20, 2017 11:14 pm Playing via bitFlyer but their spreads are pretty wide they are the ones making the money.

That's when you buy directly from them. If you use the Exchange (also Lightning, a flashier version of the exchange), you can buy and sell from other users for no spread, although there is a transaction fee involved.

Yes the tax thing is a worry, I've still not worked out what to do.

P.S. If you'd bought 1 BTC last week and sold it now, you would have made over 150,000 yen.

adamu wrote: ↑Tue Nov 21, 2017 12:42 am P.S. If you'd bought 1 BTC last week and sold it now, you would have made over 150,000 yen.

Back, Satan, and tempt me no more!

RetireJapan wrote: ↑Tue Nov 21, 2017 12:43 am Back, Satan, and tempt me no more!

What happened to that individual stock play money you were talking about?

adamu wrote: ↑Tue Nov 21, 2017 12:48 am What happened to that individual stock play money you were talking about?

The thing is, this is where you lose money, by jumping into the hot thing that you don't understand just because other people are making money on it. It's the 'greater sucker' play.

Or not.

But I can't tell the difference

I can get to where I want to go by doing what I've been doing so far. I don't need to supercharge anything and run the risk of it exploding.

Is what I keep telling myself.

FWIW I actually sold some of what I hold and lost out on the gain in the last week. I did make a good return though.

Yes I agree with you and the reason I sold it is because bitcoin became over 25% of my net worth and I started to get the heebie jeebies.

I've decided the most rational course is to set an asset allocation and keep it to that. The rebalancing period is debatable, but I'll do it monthly. This way I miss out on massive gains if it truly is a paradigm shift, but on the other hand can get some rewards from it if it turns out to be a massive bubble.

Makes sense! I think the important thing is to have a plan, and to understand the reasoning behind the plan. Then you can go back and adjust based on what happens.

It's all a learning process. I plan to continue investing for the next 40+ years, so expect to 'learn' a lot during that time

I got into POWR because it's got an amazing team and has been backed by the Australian Government. Looks really promising. A few days back it was 30 yen, last night it was at 85 yen, now back down to 60. Crazy stuff.

Just do your research, find a project you believe in and only put in what you're prepared to lose. And as Adamu said, keep to your comfortable asset allocation, it will help with your sanity.

By the way, for those who have successfully traded bitcoins for dollars (or yen): have you been able to successfully remit to your Japanese bank account? From what I have read, most exchanges are pretty cautious when it comes to bank transfer, especially international ones...