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Consumer centers receive increasing inquires about virtual currencies

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Don't invest more than you are prepared to lose!

5 ( +5 / -0 )

The term ‘virtual currency’ should be enough to make anybody wary of investing in this.

0 ( +3 / -3 )

People's responsibility

They have to know what they do , where they put their money, not being influenced by the media hype and be ready to loose

Above all, be aware of possible fraudulent exchange platforms

2 ( +2 / -0 )

Ummm...too late to get in, and possibly too late to get as who will buy you out?

How does the worth go up and down? With stocks we can at least see sales of actually set amounts being priced and sold. Cannot see that with this virtual game.

I hope some people got rich though as the chances were much better than any lottery out there.

0 ( +1 / -1 )

Ill be hoping on this idea when it eventuates. An interesting development

http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-being-developed-perth-mint/9352036

-1 ( +0 / -1 )

bitcoin = SCAM

-1 ( +1 / -2 )

A number of the Japan Exchanges have very poor English Support , and their authentication systems are buggy. That aside, getting a payment through to them is diabolical. Best to try with a small amount (1000 yen or so) first to see if it gets processed before sending anything larger.

Apart from the that, for a Japan based speculator upon these Crypto "currenodoties", any profit you make, will be subject to 50% tax, and if you make any losses - you can't offset those against your Tax demands. This is one of the reasons why a number of people were forced into brankruptcy over the new year with the Wild Swings.

2 ( +2 / -0 )

@mmwkdw - what is that 50% tax? Where did you get that information from?

0 ( +0 / -0 )

How can anyone lose money from volatility? Sounds like a bunch of fools who bought and then sold the second it dipped instead of HODLing and riding the wave up up up! No one to blame but yourself

For people who got scammed by shady exchanges, I do feel bad for them but you have to do your research, there are plenty of reputable ones here that make it easy to move money in and out. Hearing about people in their "40s and 50s" getting scammed makes me feel like they just heard about the easy money to be made in crypto, did a basic "buy bitcoin" search, and didn't do any research on the technology or the exchanges.

0 ( +0 / -0 )

"The term ‘virtual currency’ should be enough to make anybody wary of investing in this."

Bro, I hate to break it to you, but dollars and yen are virtual currency too. Fiat is not any more "real".

"bitcoin = SCAM" Yeah, okay... please explain to us how blockchain technology is scam.

"A number of the Japan Exchanges have very poor English Support , and their authentication systems are buggy. That aside, getting a payment through to them is diabolical. Best to try with a small amount (1000 yen or so) first to see if it gets processed before sending anything larger.

Apart from the that, for a Japan based speculator upon these Crypto "currenodoties", any profit you make, will be subject to 50% tax"

Uhhhhh. So much wrong here too. Ziaf, Bitflyer, and Coincheck all have good to decent English. Authentication on all three was a breeze. And getting a payment through couldn't be easier. I used credit card. Takes 2 seconds. I used furikomi. Easy as can be. Money goes in same business day if you get it in before around 3pm. Combini pay is the easiest yet and goes into your account in mere seconds. I have tried all three methods with all 3 of these echanges (the biggest three in Japan). Also you are totally wrong about the tax thing. In Japan cryptocurrency is taxed as income. You are correct that you can not offset loses, but profits will be taxed at your income level which is around 30 to 33% for most of us here (unless you make more than 10 million a year or cash out so much crypto, that is pops you over 10 million yen in one year) Income tax is 20 to 23% for most of us and everyone pays 10% on top of that, so 30 to 33%.

-1 ( +0 / -1 )

Buying this stuff is not investment, but speculation.

Investors are purchasing stocks of companies that generate cash flows or future prospects of becoming able to do as such.

Bitcoin is the MySpace of crypto and generates no cash flow - even the yen in your bank account yields more.

There is nothing wrong with speculation, but people should understand that that is what trading this stuff is.

any profit you make, will be subject to 50% tax

only those with high overall incomes.

if you make little, then you may be able to legally pay no tax at all.

1 ( +1 / -0 )

"bitcoin = SCAM" Yeah, okay... please explain to us how blockchain technology is scam.

I’ve asked that question countless times on this board and no one has ever answered. It’s just rhetoric.

1 ( +1 / -0 )

How does the worth go up and down? With stocks we can at least see sales of actually set amounts being priced and sold. Cannot see that with this virtual game.

Bitcoin is not a stock, it’s a currency. Can you see currencies getting priced and sold?

-1 ( +0 / -1 )

@fxgai - maybe you can answer my question - what tax is applicable to bitcoin gains? Is it different from the capital gains tax for stocks (which fixed at 20% I believe)?

0 ( +0 / -0 )

Yes. I believe I have a decent grasp on this, but I'm no tax accountant so people should confirm with their local tax office etc if in doubt.

For last year and the current one, I understand cryptocurrency trading gains to fall under the "miscellaneous" income section of income tax. (This is distinct from capital gains for stocks, and distinct again from futures trading under which commodity futures, margin forex trading profits are taxed - so losses in one type of trading can't be used to offset profits in another type of trading.)

The rate at which miscellaneous income is taxed depends on one's overall income, it'd only be 50% if you are really killing it.

The tax agency expects anyone who made more than 200,000 yen in income (that was not taxed at the source) to file an income tax return, and pay tax on it. I am not sure whether operators like bitFlyer and zaif etc are required to report client trading activity to the tax agency, but best aim to pay tax as per the rules.

1 ( +1 / -0 )

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