Discussion
fblm said:
BlackLabel said:
If for example you could buy a house with bitcoin would you still need to pay hmrc CGT?
For the third time on this thread yes. Capital gains are realised when you sell, buy something with it or give it away.
Blacklabel - no idea, but I doubt it's a house. I think I recall a developer advertising one that could be bought with bitcoins (might have been linked to on here?)...but I do wonder if it was sold that way.
Murph7355 said:
Blacklabel - no idea, but I doubt it's a house. I think I recall a developer advertising one that could be bought with bitcoins (might have been linked to on here?)...but I do wonder if it was sold that way.
Atomic12C said:
Murph7355 said:
And that's where the fun starts.
How are people going to declare their capital gains? How many are even realising these gains?
Correct me if I'm wrong, but they only become gains if you 'cash in' your bitcoin ?How are people going to declare their capital gains? How many are even realising these gains?
speaking as a techi, wanting to kick myself for not realising that people are truly stupid and I could be a millionaire now, not really no way I would have held this long having a rudimentary knowledge of economics, they say a little knowledge is a bad thing
Tulips on steroids, not a currency
g4ry13 said:
TLandCruiser said:
I think litecoin is another currency to keep an eye on, I don't think it will ever suppress bitecoin, but I believe there's still big gains to be made over the long term
After it's gone up about 100% over the last 3 days... 
But yes, I concur and was/am looking to buy some.
Luke. said:
jas xjr said:
i heard something on the radio today, not sure if i heard correctly. apparently there is now some sort of atm placed in convenience stores etc , where you can buy / sell bitcoins.
There are. Been around a little while. Used to walk past on on Rathbone Place, just off Oxford Street.Everything to do with crypto coins as far too much dodgyness around it, none of the exchanges or mechanisms are robust or trustworthy.
And just like binary trading and iffy pyramids it's surrounded by people pumping away online pushing pushing pushing a product. You'll even see one or two particularly unsubtle ones on here.
Treat it as a gamble where all your money can evaporate and get lucky with your timing and you'll be OK. But never make the mistake of it being a functional market or a proper investment. *Everything* screams bubble that will go catastrophically pop sooner or later, and just because some people say 'this time will be different' doesn't mean it will; they say that every time.
Boydie88 said:
Always thought Litecoin had a bit of catching up to do. It's essentially a faster version of Bitcoin but the market cap is around 10% of that of Bitcoin.
It's on absolute fire right now.
It sure is It's on absolute fire right now.
, I don't know what the affects of the lightning network will have on the price of bit coin and litecoin.Edited by TLandCruiser on Tuesday 12th December 16:27
About three years years ago I dabbled. Mined four bitcoins and gave up. The difficulty had outstripped my hardware, new hardware was too expensive, it had to be overclocked and that meant tending it and I didn't know enough about linux or bitcoin to cope with setting the hash algorithms.
So I stopped. I'm going to sell the four I made this week,
So I stopped. I'm going to sell the four I made this week,
limpsfield said:
All of this is not going to end well is it?
You only have to read PH to see it is the blind leading the blind.
It’s going to be really interesting to see what the bust looks like.
PH, where the mantra is usually "hard works leads to success, there are no get rich quick schemes!". Suddenly everyone is losing their sYou only have to read PH to see it is the blind leading the blind.
It’s going to be really interesting to see what the bust looks like.
t over Bitcoin. I often wonder what will bring it down and as above it'll probably be entirely obvious but come from far left of field which is why no one will see it. I then wonder if it will bring it down because it seems to me the core people investing in this have an entirely different mindset from any other previous investors.
It seems Bitcoin investors break down into 3 groups, the first are completely committed to what Bitcoin stands for and are certain the days of conventional banking are numbered and they don't care about the price beyond it making the use of BTC as currency fairly difficult. Whatever happens these guys aren't selling
The second group are there for the money but for them it's a long term bet, in 5 or 10 years it will reach $100,000, $500,000, $1,000,000. Again, they aren't selling and will treat any dip in price as a buying opportunity.
The third group are the get rich quick people who are piling in to get these massive gains we are seeing and are really driving the price up and will be the first to sell, likely at a loss, when the price falls.
So group 3 drive the price whilst groups 1 and 2 maintain the price which explains why pull backs are relatively small and recover quickly. Unless the technology becomes fatally compromised then the price will keep going.
Of course the surefire sign that the bubble is about to burst is when people come up with reasons why this is entirely different from all the preceding bubbles and so will never burst.
It seems Bitcoin investors break down into 3 groups, the first are completely committed to what Bitcoin stands for and are certain the days of conventional banking are numbered and they don't care about the price beyond it making the use of BTC as currency fairly difficult. Whatever happens these guys aren't selling
The second group are there for the money but for them it's a long term bet, in 5 or 10 years it will reach $100,000, $500,000, $1,000,000. Again, they aren't selling and will treat any dip in price as a buying opportunity.
The third group are the get rich quick people who are piling in to get these massive gains we are seeing and are really driving the price up and will be the first to sell, likely at a loss, when the price falls.
So group 3 drive the price whilst groups 1 and 2 maintain the price which explains why pull backs are relatively small and recover quickly. Unless the technology becomes fatally compromised then the price will keep going.
Of course the surefire sign that the bubble is about to burst is when people come up with reasons why this is entirely different from all the preceding bubbles and so will never burst.
audidoody said:
p1stonhead said:
This is far too ridiculous to be believable.
Plus bitcoin didnt get introduced until 2009 did it?
Dammit - you mean I bought FAKE Bitcoins?Plus bitcoin didnt get introduced until 2009 did it?
It wasnt in 2008. It wasnt available to buy until 2010.
https://www.buybitcoinworldwide.com/price/
And no one in their right mind invested £5k in it when you could mine them easily back then.
See - 50 a day;
Edited by p1stonhead on Wednesday 13th December 16:04
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