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Playing Eve Online in 2011, started looking into ways to buy ISK (in game currency). One of the dodgy sites at the time accepted Bitcoin. Looked into it but never more than a cursory level. Dove in fully in 2020 when the FED decided to remove required holdings of banks. The fiat genie was fully out of the bottle and I was not going to be caught off guard. I was blessed to have grandparents who were alive and imparted the stories and lessons learned from living through the great depression. I did not forget.
In Sweden we have what is called an ISK account, where the entire sum is taxed around 0,60 percent per year, regardless of gains or losses. I only have a bitcoin ”certificate” which mirrors bitcoin’s rise or fall and if I ever decide to sell, there wont be any additional taxes on my winnings. Pretty neat.
See, what you did there is ascribe value based on criteria that you determined are important. There is nothing inherent about it. But, let’s answer your question. As an Icelander, I watched my country go bankrupt during the financial crash, based on some terrible decision making by government and abhorrent behaviour by bankers. The ISK that I held in my account was suddenly worth a whole lot less, through absolutely no fault of mine. Had I held BTC instead of ISK, then the value I owned would have remained far more stable (yes, BTC dropped in value at the time, but nowhere near how far ISK dropped). Many Icelanders couldn’t access funds as the banks collapsed; my access to BTC was unaffected. Had I left Iceland and tried to change my ISK for USD, GBP etc. then I would have taken an enormous loss, whereas my BTC would have been worth the same value as when I left Iceland. It was that financial crash that got me interested in BTC, because I wanted a store of value with far greater resilience to government negligence.
What you need to be aware of is that your taxed even if you don't sell or if the investment goes up in value. So having money in a ISK when the value of the investment goes down is not positive. I did a calculation a while back and found that the tax comes out roughly at "30% of 7%", but I'm not sure how I arrived at that number. Just make sure to stay informed :) https://www.skatteverket.se/privat/skatter/vardepapper/investeringssparkontoisk.4.5fc8c94513259a4ba1d800037851.html
Actually you pay taxes every year on an ISK, and it doesn't matter if the investment goes up or down during that time. The tax comes out to about 30% of a yearly gain of 7%. So it's a flat tax instead of a tax when you sell.
If you own actual bitcoin or any other crypto, you have to pay tax on your profits. But in Sweden we have a special type of account called "ISK" which basically stands for "Investment Savings Account". The holdings in an ISK are not taxed on the basis of profits taken. Instead you are taxed a very small percentage of the total value of the securities held in the account. Bitcoin can not be held in an ISK obviously, but there are a few solutions that are similar to ETFs, like bitcoin XBT, that can be held in an ISK account. Thereby you avoid the tax on the profits with this solution.
Because if you buy and sell bitcoin at a profit in Sweden, you pay 30% tax on that profit. But if you buy an IOU in an ISK account, you pay no tax on your profits, only a yearly tiny amount on the value of that ISK account. I get that you might be very idealistic about bitcoin, but for me it's an investment I'm trying to make as much money as I can from.
> Also, if you want to invest in crypto in Sweden, why not get an ISK account at avanza and buy a certificate like Bitcoin XBT? You missing the Point of Bitcoin. Also XBT does not reflect the actual price movement of BTC.
Got Binance new asset custody notification. Ran to check whether MOONS are in the list or now.. CRC, MAD, ILS, PAB and ISK but no MOONS.
As a Swede living abroad: You should really try living in other countries for a bit. You'll see that Sweden in most respects is pretty fucking awesome in comparison to most other countries. Also, if you want to invest in crypto in Sweden, why not get an ISK account at avanza and buy a certificate like Bitcoin XBT? You will pay next to zero taxes on your gains.
Nice. I sold my Eve Online account for $600. After 4 years of selling ISK on eBay for a few thousand $$$. I started playing around with Bitcoin mining after giving up on Eve, but by then it was already too late to mine Bitcoin with a desktop.
Look at games like EVE, Everquest, WoW, Runescape. These games started out innocent and changed to pay to play and platinum, gold, krono, ISK farming to make real world cash. When real money is involved it becomes the main goal of the core hardcore players. Its unavoidable so why not make games strictly geared toward it? There will be extraordinary games that emerge that will rise above the rest just give it time.
Sweden has for the first sek 30 percent capital gain unless ISK
It mostly boils down to who profits. In EVE, there is no platform to exchange items for real money, so it has to be done outside the purview of the game company and they don't get anything out of that transaction. Diablo 3 introduced the RM auction house because people traded items for real money in D2 and they thought they could get a piece of that if they oversaw the exchanges but it backfired as it was poorly implemented (and the loot system was broken, which didn't help). The point is, there is a willing public for real money transactions, the only question is how to build a compelling system for it so the company gets its cut. EVE does it by allowing you to buy ISK indirectly from them by pulling PLEXes and selling them in-game. Other ways of buying ISK is frowned upon as it bypasses their system and they don't get a cut.
As a gamer I never understood that hate towards NFTs. There was always a hate towards P2W (pay to win) but that's mostly in PVP type situations. But if I could buy an item that would make my PVE play a little easier, or find an item that I could level up and then sell (something for my time) I'd be on board. I spent countless hours in Eveonline (a game that I don't play anymore) I'd love to be able to \*legally\* sell my character, or liquidate all my assets (probably around 35B ISK worth) and exchange the isk for money. I've spent countless amounts on World of Tanks, I still play it, but someday I'll move on and I'd love to sell my account (recoup money I put into it). I used to play PayDay2 a lot and I scored a OVE9000 SAW which had a stat boost (+1 concealment) that makes certain scenarios better when playing and I can sell or trade that in steam shop but I hear no complaints about that. Steam would probably get a cut somewhere. And that thing I got back in 2018. I feel like the golden goose is finding a method for a gaming company to monetize their loot marketplace in a way that benefits themselves and player base, then we'll finally have a crypto/gaming community win.
I hope the will be two diferent currencies like ISK and PLEX in EVE. So only the guys with PLEX can flex :D
Ha, that's exactly my thoughts. Crypto is banking nullsec. And the best way to train for it is hanging out in nullsec and/or Jita 4-4. I was really amused to meet the good old double-your-ISK scam in real world...