Bitcoin et al

[x5x3]

Daaaveee said:

BTC price seems to be holding quite well post BTG fork? I was expecting it to at least drop below $5000 as people move back to altcoins after switching to BTC to get their 'free' BTG.

Indeed - and there is a good chance that BTG may never even happen.

Futures price for BTG is around £150 currently (BTC = £4333 as I write this).

The problem is that the BTG'ers pre-mined coins are still worth £30 million at this price.

[Behemoth]

BTG should utterly and completely fail. Otherwise, we'll see a raft of fork scams hoping to skim a few mil in premining. They're simply taking the Bitcoin brand and fooling the unwary / uneducated. I hear Bitcoin Silver and Bitcoin Platinum forks are planned

[x5x3]

Behemoth said:

BTG should utterly and completely fail. Otherwise, we'll see a raft of fork scams hoping to skim a few mil in premining. They're simply taking the Bitcoin brand and fooling the unwary / uneducated. I hear Bitcoin Silver and Bitcoin Platinum forks are planned

I'm thinking we should launch BTPH - Bitcoin PistonHeads......

[Henrico]

x5x3 said:

I'm thinking we should launch BTPH - Bitcoin PistonHeads......

3 letter identifier could be MX5...

Do it as scammy as we can. 50% pre-mine. I'm in!

[x5x3]

Henrico said:

3 letter identifier could be MX5...

Do it as scammy as we can. 50% pre-mine. I'm in!

cool - I'll take a copy of the BTC code on GitHub, who fancies doing the website page and the marketing?

lets pick a fork block of 500000 - none of this 494784 rubbish.

[Behemoth]

x5x3 said:

cool - I'll take a copy of the BTC code on GitHub, who fancies doing the website page and the marketing?

Needs fronting by Mike Brewer spewing buzzwords, pref. alongside Jodie Kidd quoting meaningless but important sounding stats.

[x5x3]

Behemoth said:

x5x3 said:

cool - I'll take a copy of the BTC code on GitHub, who fancies doing the website page and the marketing?

Needs fronting by Mike Brewer spewing buzzwords, pref. alongside Jodie Kidd quoting meaningless but important sounding stats.

Mike is a friend of a friend so I'll ask him.....

Also, I see BTC is up over 5% since we launched

[Henrico]

Behemoth said:

Needs fronting by Mike Brewer spewing buzzwords, pref. alongside Jodie Kidd quoting meaningless but important sounding stats.

OK, how much will this all cost to setup? £5k for technicals and a few pints and an ls400 for brewer??

[x5x3]

Henrico said:

Behemoth said:

Needs fronting by Mike Brewer spewing buzzwords, pref. alongside Jodie Kidd quoting meaningless but important sounding stats.

OK, how much will this all cost to setup? £5k for technicals and a few pints and an ls400 for brewer??

yes although we could probably avoid any cost/risk to ourselves by funding this via an ICO......

[Behemoth]

Henrico said:

OK, how much will this all cost to setup? £5k for technicals and a few pints and an ls400 for brewer??

97.5% of the budget obvs needs to go to marketing. 99% of this will be YouTube & Facebook ads. Target demographic: poor tech knowledge ∩ poor financial knowledge ∩ high appetite for risk

[Henrico]

Behemoth said:

97.5% of the budget obvs needs to go to marketing. 99% of this will be YouTube & Facebook ads. Target demographic: poor tech knowledge ? poor financial knowledge ? high appetite for risk

Cool when's our first board meeting?

[Behemoth]

Henrico said:

Cool when's our first board meeting?

Thought we'd already had it. We're not regulated, so we can just sign off on this thread. Add it to our new chain if we can be bothered.

[x5x3]

someone beat us to Bitcoin Platinum - here

[Henrico]

x5x3 said:

someone beat us to Bitcoin Platinum - here

Bitcoin Wood still available I believe...

[Behemoth]

x5x3 said:

someone beat us to Bitcoin Platinum - here

Umm, I did mention it yesterday..

[x5x3]

Behemoth said:

Henrico said:

Cool when's our first board meeting?

Thought we'd already had it. We're not regulated, so we can just sign off on this thread. Add it to our new chain if we can be bothered.

I did a bit of quick googling this morning and it looks like our startup costs for technology are about £70, these guys will create the coin for us with pre-mine . Over to the marketing dept.

[Henrico]

x5x3 said:

I did a bit of quick googling this morning and it looks like our startup costs for technology are about £70, these guys will create the coin for us with pre-mine . Over to the marketing dept.

Then we’ll all be millyonaires, right?

[ATV]

Behemoth said:

WindyCommon said:

It makes no difference that you didn't convert to GBP "on the way" to your ETH holding. In simple terms you have a chargeable gain of £300k on your original £100k investment, and the base cost of your ETH holding is £400k.

That's my understanding, too. It can get into almighty mess mountain if you bot trade miniscule amounts. There are online services around to help, mostly US$ based but the principles must be pretty much the same. Just make sure you hold onto your records.

I had an informal meeting with a book-keeper over the weekend. He's only vaguely aware of Bitcoins.

I asked him about the Capital Gains Tax question for swapping Bitcoin to Ether. He said if I could prove to HMRC that I was "trading" instead of "investing" in Ether I might be eligible for roll over relief. This would defer the tax to a later date.

To my mind all this would entail is putting in a series of £100 trades (with stops in) every week to "prove" I'm trading Ether rather than buy and hold.

Do you think this would hold with HMRC? Thank you

Edited by ATV on Sunday 29th October 07:49

[Behemoth]

I don't know. But if you prove it's trading then iirc you're up for income tax. I think you may also have to show it's a real "occupation", involving part of your time and not some bot driven thing that took 5 mins to set up. There are more knowledgeable ppl here that may clarify this.

[x5x3]

have you already used your CGT allowance?