@mariah_desiree Well long story short, when I was in grade 11 my aunts friend gave me some cash. But not directly, you see there was this Ponzi scheme that was making waves in South Africa I obviously knew is was a Ponzi because of how the structure was built and the high returns was just impossible to maintain. I think the Ponzi scheme was called MMM (Triple M) you may or may not have heard of it but it was pretty big.

I’m not going to lie my Aunts friend was killing it I think she put in 100k and she was getting back something like 30-50k pm something like that. So what she did was she fund my account with 100k, after a month she would let me keep the profit made on the 100k which was I think 30 something k, can’t remember but I just had to give her initial capital back (R100k) so after I got the profit I set a side 5k to buy sweets that I could sell at school and the rest I bought Dash which is a crypto currency ( Privacy coin much like Monero)

I bought that and I some how forgot about it I think due to the stress of school and trying to apply for university.

Long story short I moved to Cape Town and i decided to take a Gap year but to be still very productive. By some luck I found my note pad which had all my logins from the platform which I bought Dash. To my surprise I was worth like 400-500k converted back into ZAR. I removed some of that money and bought BTC ( To be honest I didn’t even know that dash would skyrocket like that I guess I was just lucky) but yeah I cashed out on dash at its highest around $700 I wish I waited because it then went to 1k usd but I got around 300k USD. I cashed out half of it thank god

But the other 150k I put it into this Protocol called Anchor protocol which was supposed to be some kind of savings platform that was offering around 19-20% per Annum. So I was receiving around 30k usd per year or $2500 pm.

I must say it worked for like the first 4 months and that’s when I lost everything. As you can imagine the yields weren’t sustainable and the founder Do Kwon was arrested or something like that I don’t follow that ish anymore it was to depressing.

That’s the reason my I’m sceptical of high yields anything about 10% is questionable for me I’d much rather stick to 5-8%

So that’s how I lost 2,4 Million 😂. Maybe i should be on I blew it 😭
 
@dayna Please tell me you declared all this to SARS so you can use the loss going forward? Tricky if its capital loss or trading loss but either way thats a huge amount to set-off in future.
 
@flinger No I didn’t because every thing was done on the crypto exchanges and cold storage so I don’t even know where to begin with Tax or let alone declare my loses. However I didn’t declare the $150k when I withdrew it
 
@dayna Well you were able to tell us how you made your loss, so the dates of the transactions on an excel with some formulas will be a good start. You were supposed to declare ao SARS may still audit you if they feel like it.

I would just suggest you think about speaking to a tax practioner to help you out and try declare a R2,4 mill loss becuase that is a lot to use up agaisnt future gains or profits. As I say just a suggestion.
 
@flinger Sorry, I meant to say I did declare the $150k when I withdrew. However the other 150 which I lost in anchor i didn’t declare the loss. I didn’t think it was relevant.

However I will take your advice in getting a tax practitioner just to over look my finances

I do have the date and everything about the purchase and withdrawals with terra Luna and anchor, I kept a spreadsheet so I’ll definitely take your advice. Thank you 🙏🏾
 
@dayna Also remember tax doesnt trigger when you withdraw, it triggers when you made the profit or when it accrues to you. So keeping it on an exchange or in cold storage makes no difference as you already made the money.
 
@dayna Eish dude, that’s hard school fees to pay. You don’t need anyone else to beat you up, as I’m sure you have done enough of it yourself. Slow and steady…and you will get there. Good luck.
 
@dayna If you’re reaching the end of your working career.

The safest option is probably to smash that into fixed savings accounts at Capitec/Discovery etc. maybe don’t use 1 new bank like Thyme because they could go bust and leave you with nothing. African Bank already did this.

Otherwise, EasyProperties or saving up for an investment property might be a good idea. ☺️
 
@dayna Hope you giving SARS their share of your profits, if you're not declaring the extra income you are earning and they find out you'll be using those profits to pay your hefty fine.
 

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