Future sponsorship?

[Yankee Hotel Foxtrot]

Re: Future sponsorship?

Yes, I believe it's just a different version of gambling but I admit I might be blind to it.

Not even the act of trading currency so to speak. But using crypto as a source of funds to gamble with, it can enable people to gamble more than they otherwise could do using real currency as it's not governed by the same rules and regs as hard 'real' currency is.

[comrade]

Re: Future sponsorship?

Not even the act of trading currency so to speak. But using crypto as a source of funds to gamble with, it can enable people to gamble more than they otherwise could do using real currency as it's not governed by the same rules and regs as hard 'real' currency is.

So would it be wrong to be sponsored by a bank, as they provide the money to gamble with?

CoinSpot is an exchange where you can buy and sell cryptocurrency, it has nothing to do with gambling.

[Vred]

Re: Future sponsorship?

I’m sorry but “Cryptocurrency is gambling” is some of the most boomer related comments I’ve heard.
I trade Crypto and stocks on various platforms including Coinspot, not once have I dealt with a gambling ad or the platform pushing anything like that on me.

Also, Crytpo these days in Australia is as regulated as the stock market, you need to show every single transaction to the ATO, and need to prove where the money was/is coming from. Like everything theirs loopholes but they close more and more every year.

This is a great partnership for the Dogs.

If people were going to get upset about us being involved with Crypto I would of thought it would be because of the environmental side of things...

[Yankee Hotel Foxtrot]

Re: Future sponsorship?

So would it be wrong to be sponsored by a bank, as they provide the money to gamble with?

CoinSpot is an exchange where you can buy and sell cryptocurrency, it has nothing to do with gambling.

Maybe. Just concerned that there is 100% going to be some considerable misery headed a lot of people's way with many of the cryptos out there. It's the Wild West right now I'd personally like us to remain out of it all.

[Yankee Hotel Foxtrot]

Re: Future sponsorship?

I’m sorry but “Cryptocurrency is gambling” is some of the most boomer related comments I’ve heard.
I trade Crypto and stocks on various platforms including Coinspot, not once have I dealt with a gambling ad or the platform pushing anything like that on me.

Also, Crytpo these days in Australia is as regulated as the stock market, you need to show every single transaction to the ATO, and need to prove where the money was/is coming from. Like everything theirs loopholes but they close more and more every year.

This is a great partnership for the Dogs.

If people were going to get upset about us being involved with Crypto I would of thought it would be because of the environmental side of things...

I don't think you need to add 'boomer related comments' as an emotive response to someone's opinion you may not agree with. How do you know if they're a boomer? I know a lot of people in finance who have many reservations about the pains that lie ahead for many who invest in cryptocurrency and they're not boomers either.

[Scraggers]

Re: Future sponsorship?

Is crypto-currency like trading stock? Like it goes up and down in value. How do Coinspot make money? They must have a good profit margin to afford the jumper sponsorship?? (and yes, you can call me a boomer)

[Grantysghost]

Re: Future sponsorship?

So would it be wrong to be sponsored by a bank, as they provide the money to gamble with?

CoinSpot is an exchange where you can buy and sell cryptocurrency, it has nothing to do with gambling.

Yes it's not linked to gambling it's a Crypto Currency exchange/market that's been around since 2013 and has about a million users.
Guess you can argue the legitimacy and regulation of crypto currency but it's a pretty mainstream operation these days.
Companies like Microsoft, Starbucks etc accept bitcoin payment.
Having said that, I think the unease is warranted in part its probably a beggars can't be choosers situation in a way and not the sturdiest of companies, but I'm ok with it for now. I think.

[Grantysghost]

Re: Future sponsorship?

Is crypto-currency like trading stock? Like it goes up and down in value. How do Coinspot make money? They must have a good profit margin to afford the jumper sponsorship?? (and yes, you can call me a boomer)

They make money by charging for use of their exchange. It's exactly like shares and someone like Commsec. They charge a commission for trades etc.

[Axe Man]

Re: Future sponsorship?

I’m sorry but “Cryptocurrency is gambling” is some of the most boomer related comments I’ve heard.
I trade Crypto and stocks on various platforms including Coinspot, not once have I dealt with a gambling ad or the platform pushing anything like that on me.

Also, Crytpo these days in Australia is as regulated as the stock market, you need to show every single transaction to the ATO, and need to prove where the money was/is coming from. Like everything theirs loopholes but they close more and more every year.

This is a great partnership for the Dogs.

If people were going to get upset about us being involved with Crypto I would of thought it would be because of the environmental side of things...

Yep. If crypto is gambling, so is investing in shares or property. There is an element of risk in every investment. Yes crypto is riskier and more volatile than most traditional investments but adults can invest in whatever the hell the like. I have never personally dabbled in crypto but I really don't get the moral indignation here.

[Yankee Hotel Foxtrot]

Re: Future sponsorship?

BTW I don't doubt the legitimacy of crypto. It's obviously a legit form of investment.
But its also quite controversial, and undoubtedly there are a lot of people who are going to get burned.
I just think we'd be better out of it.
And that is absolutely no indictment on Coinspot, who are providing a legitimate trading platform and service.

[GVGjr]

Re: Future sponsorship?

They make money by charging for use of their exchange. It's exactly like shares and someone like Commsec. They charge a commission for trades etc.

I get what you are saying but the difference for me is the companies you can invest in via Commsec pay taxes

This from the ATO a while back which is why I've never looked closely at it as an investment.
Cryptocurrency has been “used to move funds within the black economy, hide money offshore and is sometimes linked to risks with unexplained wealth and undeclared taxable capital gains”

[comrade]

Re: Future sponsorship?

I get what you are saying but the difference for me is the companies you can invest in via Commsec pay taxes

This from the ATO a while back which is why I've never looked closely at it as an investment.
Cryptocurrency has been “used to move funds within the black economy, hide money offshore and is sometimes linked to risks with unexplained wealth and undeclared taxable capital gains”

People also do all of that with fiat currency (i.e. cash).

[bulldogsthru&thru]

Re: Future sponsorship?

Yep. If crypto is gambling, so is investing in shares or property. There is an element of risk in every investment. Yes crypto is riskier and more volatile than most traditional investments but adults can invest in whatever the hell the like. I have never personally dabbled in crypto but I really don't get the moral indignation here.

Yeah it's just another investment option that, like all investments, carries its own risk. Not much different to people mortgaging $1mil plus homes on small deposits with the risk of interest rates going up in the future. I personally won't dabble in cryptocurrency because I'm risk averse but it certainly isn't a form of gambling. The lack of regulation is not much different to what financial and property markets had 10 years ago or even have now.

My only concern is how CoinSpot was the best option for our back of jumper sponsor. Was this the best we could get?

[Grantysghost]

Re: Future sponsorship?

I get what you are saying but the difference for me is the companies you can invest in via Commsec pay taxes

This from the ATO a while back which is why I've never looked closely at it as an investment.
Cryptocurrency has been “used to move funds within the black economy, hide money offshore and is sometimes linked to risks with unexplained wealth and undeclared taxable capital gains”

It certainly isn't regulated in the same way.

I notice the IRS is looking at taxing trades over 10k in the US. I think it moved so fast everyone is catching up. (I'm no expert but friends trade it)

https://www.reuters.com/technology/us-seeks-have-cryptocurrency-transfers-above-10k-reported-irs-treasury-2021-05-20/

[comrade]

Re: Future sponsorship?

My only concern is how CoinSpot was the best option for our back of jumper sponsor. Was this the best we could get?

An Aussie company in a fast growing industry, I like it.