Bitcoin et al

[x5x3]

g4ry13 said:

Depends on the amount you're holding. Also do people actually pay CGT on profits earned from an unregulated currency?!? Are you legally obligated to?

I believe HMRC's position is that the treat it as just another currency so therefore yes tax is payable. Of course there is always localbitcoins and meet for cash.

[HannsG]

I have also invested in Bitcoin recently.

Always been a trading / AIM markets guy and either gone short or long.

Only invested what I can afford to lose. Let's see where the ride takes me.

My real question throughout the process has been how to move money digital to physical hard cash in your accounts and hands.

But this seems easy enough.

[alistair1234]

sc0tt said:

Thank you. The payment went in successfully.

Did you receive an email to advise you had been verified?

Mine was almost instant.

[okgo]

Easier to sell on localbitcoin than piss about with Coinbase I found.

[4130chris]

there's also an option to buy a pre-paid Vida / debit card with Bitcoin and use that to purchase whatever you like. Anyone done that?

[Somewhatfoolish]

I think I might sell some more, although the CGT implications are unpleasant. Price action is just scary but on the other hand it's not really being mentioned much in the media yet, which is usually a good sign of a bubble peaking. Plus I keep doing this and it keeps going up...

[x5x3]

Somewhatfoolish said:

I think I might sell some more, although the CGT implications are unpleasant. Price action is just scary but on the other hand it's not really being mentioned much in the media yet, which is usually a good sign of a bubble peaking. Plus I keep doing this and it keeps going up...

have you considered trading for other coins?

[HannsG]

Somewhatfoolish said:

I think I might sell some more, although the CGT implications are unpleasant. Price action is just scary but on the other hand it's not really being mentioned much in the media yet, which is usually a good sign of a bubble peaking. Plus I keep doing this and it keeps going up...

Capital gains tax? I thought HMRC have no idea how to treat bitcoin income?

[Behemoth]

HannsG said:

Capital gains tax? I thought HMRC have no idea how to treat bitcoin income?

Yes they do. It's just like any other currency. Crystallise gains and you are due to pay if you go over annual limits (11. sthg k this f/y)

[Somewhatfoolish]

x5x3 said:

Somewhatfoolish said:

I think I might sell some more, although the CGT implications are unpleasant. Price action is just scary but on the other hand it's not really being mentioned much in the media yet, which is usually a good sign of a bubble peaking. Plus I keep doing this and it keeps going up...

have you considered trading for other coins?

Bitcoin has first mover advantage and name recognition, it's always the one you see when there is a media article - barely even see mentions of Ethereum. While other coins have technical advantages so far any substantial problems with bitcoin can and have been fixed by changing the protocol.

If I'm wrong there, I've no reason to think I'd pick the winner (and I think there will only be one).

[x5x3]

Somewhatfoolish said:

If I'm wrong there, I've no reason to think I'd pick the winner (and I think there will only be one).

I do agree with you - have been watching some for a while now and not gone for it - and then missed a rally (latest is VTC - I spent far too long researching).

I've been buying ETH slowly - more because I'm enjoying learning about the technology and the opportunities than the fact I think its going the moon - but who knows?

[Henrico]

x5x3 said:

I've been buying ETH slowly - more because I'm enjoying learning about the technology and the opportunities than the fact I think its going the moon - but who knows?

NOOOOOOOOOOOOO!!!!!

[x5x3]

Henrico said:

x5x3 said:

I've been buying ETH slowly - more because I'm enjoying learning about the technology and the opportunities than the fact I think its going the moon - but who knows?

NOOOOOOOOOOOOO!!!!!

er, care to expand on that?

[Henrico]

Sorry, a tad over the top there, I just don’t see much value in the network apart from the future icos it shall launch. It was never designed as a currency which even the developers backup, its being compared to bitcoin which it is nothing like so may not follow the same timeline (the speculators are depending on it rising the same amount, it’s not scaling well, had been hacked plenty of times, has no fixed supply and has no actual use case. It’s a pile o st in other words which I’m sure could go to £100,000 but if it went to £5 tomorrow I wouldn’t be surprised. Tin foil helmet fastened!

[x5x3]

Henrico said:

Sorry, a tad over the top there, I just don’t see much value in the network apart from the future icos it shall launch. It was never designed as a currency which even the developers backup, its being compared to bitcoin which it is nothing like so may not follow the same timeline (the speculators are depending on it rising the same amount, it’s not scaling well, had been hacked plenty of times, has no fixed supply and has no actual use case. It’s a pile o **** in other words which I’m sure could go to £100,000 but if it went to £5 tomorrow I wouldn’t be surprised. Tin foil helmet fastened!

haha - no worries - I think we'll have to agree to disagree on this one, I find the long term roadmap plus the move to POS to be real positives. It has all the use-cases of BTC but also has advantages. I'm certainly not expecting it to skyrocket like BTC - it is more a long term hold opportunity.

The one thing we do know about the crypto market is that it is impossible to predict - but I've not staked more than I can afford to lose - so just a bit of fun really.

[Henrico]

Cool I only reacted the way I did because you obviously know your Bitcoin stuff and those into bitcoin generally aren’t into ethereum for whatever reason. Good luck and maybe see you one day at a PistonHeads Supercar Sunday 😉

[wombleh]

I'm a lot more sold on the idea of ethereum too, solid governance avoiding all the silliness that bitcoin is having and capabilities way beyond just payments with contracts, distributed apps, storage etc.

As for there being no real world use cases, Axa are using it to run travel insurance policies today, there are several platforms linking real world investments to the blockchain (e.g. blackmooncrypto), loads more. Plus it has crypto kitties, what's not to love!

[DanGPR]

Bit late to the bandwagon but I'm on, at least!

Have been doing a LOT of research for the last few weeks, have a small investment that I have transferred onto a Ledger Nano S.

Planning to hold for a few years minimum...if things go the way I see them it will probably be pointless converting my BTC back to fiat currency. In the meantime it's exciting times watching the market and learning more every day.

[Henrico]

wombleh said:

I'm a lot more sold on the idea of ethereum too, solid governance avoiding all the silliness that bitcoin is having and capabilities way beyond just payments with contracts, distributed apps, storage etc.

As for there being no real world use cases, Axa are using it to run travel insurance policies today, there are several platforms linking real world investments to the blockchain (e.g. blackmooncrypto), loads more. Plus it has crypto kitties, what's not to love!

Governance will be a lot of these coin's downfalls, the silliness in bitcoin proves it's resilience against control. If Putin gets into bed with Vitalik if he hasn't already, that's probably not a good thing.

Didn't hear about Axa, isn't that a really expensive way of doing what they had previously though? Is insurance tampering a big problem in the business?

[dbs2000]

So what are people's thoughts on the fork this week?

Personally for me I sold a lot of BTC over the weekend when it went over $6000. My reasons are,

1) there has been a lot of alt coins traded to BTC given that the snapshot is happening in the next 48 hours and people believe BTG is free money
2) I think post fork, this money will move back to the altcoins like LTC, Dash, Eth.
3) When this money moves back I fully expect a retracement and a bit of a panic sell off, panic sell off = great entry point.

I've got a small sell position I opened at $6100 and will hold that.

Long term, I still expect BTC to be near $7k by the end of the year.