Bitcoins?

[g4ry13]

dimots said:

I think you miss the point of the bitcoin in Venezuela article - it’s not describing bitcoin adoption and corresponding price rise but it describes people using bitcoin to circumvent tyranny. You can move money anywhere as btc...in fact if you convert your cash to btc you can go anywhere in the world with it stored safely inside your head!

It seems in Venezuela it is used mainly to circumvent controls on cash and banking. I’m not surprised...infrastructure and UX is still poor for mainstream use.

I believe Dash is the more widely used method in Venezuela.

[dimots]

g4ry13 said:

I believe Dash is the more widely used method in Venezuela.

Source: Dash press release?

Only kidding but seriously I don’t know anything about Dash but they have VERY aggressive PR. Not a good thing in my experience.

[Burwood]

g4ry13 said:

dimots said:

I think you miss the point of the bitcoin in Venezuela article - it’s not describing bitcoin adoption and corresponding price rise but it describes people using bitcoin to circumvent tyranny. You can move money anywhere as btc...in fact if you convert your cash to btc you can go anywhere in the world with it stored safely inside your head!

It seems in Venezuela it is used mainly to circumvent controls on cash and banking. I’m not surprised...infrastructure and UX is still poor for mainstream use.

I believe Dash is the more widely used method in Venezuela.

I believe Dash has 3.5 members ax of last week

[anonymous-user]

DASH the original accidental premine, was controversial at the time but icos do it all the time nowadays.

there is a master node block reward fee allocated for dash treasury for pr etc, so they have a fund something other coins don't have . Dash's network has instasend(instant payment) if the masternodes have it switched it on, which is pretty cool

[Harris_I]

Inigo Montoya said:

Trolleys Thank You said:

What inherent value do you think the cash in your hand has?

A guarantee by the Bank of England of its value which allows it to purchase items and has done so for centuries.

That is a common misconception. The BoE explicitly states on its own website that "shops are not obliged to accept legal tender".

There is no undertaking by a government to give you anything in exchange for fiat currency. Its use as a medium of exchange is due to social concurrence and confidence in it.

[Mrr T]

fblm said:

PorkInsider said:

If you’re trading BTC with no intention of ever spending it, wouldn’t it be better to just use spread betting? No CGT liability that way.

No CGT but if you're particularly active and or successful HMRC might class it as income (the rules are clear as mud) in which case you might be better off taking it as capital gains for the extra personal allowance. I'm not an accountant though so just an educated guess...

Correct except the HMRC rules are very clear and all in their favour. If your trading its income.

[Burwood]

Mrr T said:

fblm said:

PorkInsider said:

If you’re trading BTC with no intention of ever spending it, wouldn’t it be better to just use spread betting? No CGT liability that way.

No CGT but if you're particularly active and or successful HMRC might class it as income (the rules are clear as mud) in which case you might be better off taking it as capital gains for the extra personal allowance. I'm not an accountant though so just an educated guess...

Correct except the HMRC rules are very clear and all in their favour. If your trading its income.

Completely untrue. You are not a tax advisor and have zero experience. There are many factors to take into account in considering whether such trades are taxable. It is not clear cut at all. Prima Facie they are NOT taxable. and it's rather OT as no one here is trading Bitcoin via CFD.

One person could make 100k p.a trading them and legally pay no tax.
Another person could piggy back of the exact same trades, make 100k and be taxed.

[Gecko1978]

g4ry13 said:

dimots said:

I think you miss the point of the bitcoin in Venezuela article - it’s not describing bitcoin adoption and corresponding price rise but it describes people using bitcoin to circumvent tyranny. You can move money anywhere as btc...in fact if you convert your cash to btc you can go anywhere in the world with it stored safely inside your head!

It seems in Venezuela it is used mainly to circumvent controls on cash and banking. I’m not surprised...infrastructure and UX is still poor for mainstream use.

I believe Dash is the more widely used method in Venezuela.

I am only aware of one annecdotal case of a person being pursued by HMRC for tax on BTC. while you are liable for CGT they would need to know you had made the gain so unless you move it to a fiat account really its all profit (or in my case consistent losses lol)

[Mrr T]

Burwood said:

Mrr T said:

fblm said:

PorkInsider said:

If you’re trading BTC with no intention of ever spending it, wouldn’t it be better to just use spread betting? No CGT liability that way.

No CGT but if you're particularly active and or successful HMRC might class it as income (the rules are clear as mud) in which case you might be better off taking it as capital gains for the extra personal allowance. I'm not an accountant though so just an educated guess...

Correct except the HMRC rules are very clear and all in their favour. If your trading its income.

Completely untrue. You are not a tax advisor and have zero experience. There are many factors to take into account in considering whether such trades are taxable. It is not clear cut at all. Prima Facie they are NOT taxable. and it's rather OT as no one here is trading Bitcoin via CFD.

One person could make 100k p.a trading them and legally pay no tax.
Another person could piggy back of the exact same trades, make 100k and be taxed.

Right on count one wrong on the second point. If some one is trading in their own name and buys and sells a single asset class on a regular basis then HMRC will likely treat it as income. At one time buying and selling wine, not chargeable to CGT, was popular scheme to make tax free income. As with most such schemes it failed.

[Burwood]

That is not true MrT. It is far more complex than that. As F noted about 'it is as clear as mud'.

Anyway, moving along

[FourWheelDrift]

Whoops - https://gizmodo.com/crypto-exchange-says-its-found...

"Crypto Exchange Says Its Founder Died With Clients' $180 Million—But the Money Is Missing"

Wallets emptied 8 months ago - https://news.sky.com/story/quadrigacx-crypto-walle...

[Trolleys Thank You]

Early stages of the next bull run? Bitcoin now up over 30% in 2 months touching $5000 again.

[anonymous-user]

Next bubble maybe.

[rscott]

Trolleys Thank You said:

Early stages of the next bull run? Bitcoin now up over 30% in 2 months touching $5000 again.

So nearly back to 2/3 what it was 6 months ago?

[Trolleys Thank You]

rscott said:

Trolleys Thank You said:

Early stages of the next bull run? Bitcoin now up over 30% in 2 months touching $5000 again.

So nearly back to 2/3 what it was 6 months ago?

Yep. If you bought the bottom in Feb you'd be laughing now.

[anonymous-user]

Trolleys Thank You said:

Yep. If you bought the bottom in Feb you'd be laughing now.

And if you could consistently pick the tops and bottoms of a market you'd be a multi billionaire and wouldn't have to fvck about trading Bitcoin.

[Cold]

fblm said:

Trolleys Thank You said:

Yep. If you bought the bottom in Feb you'd be laughing now.

And if you could consistently pick the tops and bottoms of a market you'd be a multi billionaire and wouldn't have to fvck about trading Bitcoin.

This time next year, Rodders...

[anonymous-user]

A lot of the time and efforts of a lot of bright people is being invested in bitcoin

That doesn't mean it will be successful of course. It could very easily go pop and become worthless at any time.

But it has been hanging around for quite some time now

Recentish things I have seen that I take as encouraging for my holding include

The ongoing development of the lightning network, which may develop into something that enables bitcoin to be a useful means of exchange

Jack Dorsey's appearance on Marty Bent's Tales from the Crypt podcast - summary here https://www.ccn.com/jack-dorsey-beautiful-whitepap...

Wyoming's approach to blockchain, which is well summarised by Caitlin Long - e.g here https://caitlin-long.com/2019/03/04/what-do-wyomin...

Jameson Lopp's Bitcoin by the numbers 2018 edition https://medium.com/@lopp/bitcoin-by-the-numbers-20...

Nothing I have seen has made me add more to my holding since my initial purchase way back in the day. But nothing has made me regret that purchase yet. In strict $$ terms, then of course I wish I had caught the highs and lows on the journey so far, but I am happy enough to be along for the ride for now.

[wiggy001]

I stuck £100 in Bitcoin in January/February last year.

Am I a millionaire yet?

[Slaav]

wiggy001 said:

I stuck £100 in Bitcoin in January/February last year.

Am I a millionaire yet?

Trolleys will be along shortly to confirm you will be if you hold them and ride the markets shrewdly.....