Crypto Currency Thread

[anonymous-user]

In my year of crypto, selling has always been wrong decision

[Guvernator]

HannsG said:

And up we go!!! The South Korea news was much needed

What news? All I can see is they've toughened up restrictions, how can that be good news?

[anonymous-user]

Guvernator said:

What news? All I can see is they've toughened up restrictions, how can that be good news?

the ban on anonymous exchanges trading is old news, the new news is the effective date, 30th Jan. I think people where worried they would close straight away, and lose their coins.

[HannsG]

Guvernator said:

What news? All I can see is they've toughened up restrictions, how can that be good news?

I am all for decentralisation. But I believe this step regarding the mass ban of anonymous accounts is a good move in the right direction.

Legitimacy is required.

[Behemoth]

HannsG said:

I am all for decentralisation. But I believe this step regarding the mass ban of anonymous accounts is a good move in the right direction.

Legitimacy is required.

Decentralisation is all about the battle with censorship & the individual's right to control their own money. You live in a liberal and relatively well run economy where this notion of legitimacy seems to make a great deal of sense (at one time it certainly did to me). If you have 20 mins to watch, I'd be interested in your response to this well formed argument that this doesn't actually make much sense: https://www.youtube.com/watch?v=n4F-h4xuXMk

[g4ry13]

Joey Deacon said:

Reading the eTorro XRP forum reminds me a lot of reading the message boards for AIM oil shares such as Sound Energy.

Same delusion that they are just on the brink of a big announcement, that everyone who sells is an idiot and that it will be certain (much higher) price in a month.

Currently they seem to think that there will be an announcement between Visa and XRP. Is this the same Visa that put a stop to all the BTC/Visa credit cards?

We have had a 50% drop over the last month or so, I stick by my prediction of another 50% loss over the next month.

Visa will be working on their own blockchain. I would love for a tie up with XRP but can't see it happening realistically.

[peterh2]

Can anyone let me know the best method for cashing out a fairly large sum of BTC I bought several years ago quickly?

HSBC have suspended my account after I sold a 5 digit sum on localbitcoins over a few transactions yesterday. I’m not really sure why and they’re being really vague about what I can do to get it reactivated asap.

I still have access to my joint account. I’d ideally like to move a six figure sum out in one go tomorrow into this account as I’m looking to buy a house but I’m not verified on any exchanges as I’ve always bought and sold via local bitcoins. Suggestions on how I’m best doing this quickly would be much appreciated! Thanks

[limpsfield]

I bought back into bitcoin this evening at $11,100 for the first time since pre Christmas. A lot of the hype seems to have died off although there is still a lot of dumb money in here (see this thread). I wonder if we will see a more sensible, lower volatility form of trading from now.

[Jeff_Enthused]

peterh2 said:

Can anyone let me know the best method for cashing out a fairly large sum of BTC I bought several years ago quickly?

HSBC have suspended my account after I sold a 5 digit sum on localbitcoins over a few transactions yesterday. I’m not really sure why and they’re being really vague about what I can do to get it reactivated asap.

I still have access to my joint account. I’d ideally like to move a six figure sum out in one go tomorrow into this account as I’m looking to buy a house but I’m not verified on any exchanges as I’ve always bought and sold via local bitcoins. Suggestions on how I’m best doing this quickly would be much appreciated! Thanks

I'd suggest that if you have a six figure sum to move you should be able to afford appropriate legal/financial advice. From what I gather, you'll be liable for capital gains tax (10 or 20% depending on circumstances) on everything above £11,300.

Regarding why HSBC suspended your account after you sold bitcoin ... it's because you sold bitcoin. An unusual amount of $$$ suddenly went in to, or came out of, your account. Expect the joint account you still have access to to be shut down as well if you suddenly start shovelling huge sums of money around that are outside of your normal financial pattern.

[peterh2]

Jeff_Enthused said:

peterh2 said:

Can anyone let me know the best method for cashing out a fairly large sum of BTC I bought several years ago quickly?

HSBC have suspended my account after I sold a 5 digit sum on localbitcoins over a few transactions yesterday. I’m not really sure why and they’re being really vague about what I can do to get it reactivated asap.

I still have access to my joint account. I’d ideally like to move a six figure sum out in one go tomorrow into this account as I’m looking to buy a house but I’m not verified on any exchanges as I’ve always bought and sold via local bitcoins. Suggestions on how I’m best doing this quickly would be much appreciated! Thanks

I'd suggest that if you have a six figure sum to move you should be able to afford appropriate legal/financial advice. From what I gather, you'll be liable for capital gains tax (10 or 20% depending on circumstances) on everything above £11,300.

Regarding why HSBC suspended your account after you sold bitcoin ... it's because you sold bitcoin. An unusual amount of $$$ suddenly went in to, or came out of, your account. Expect the joint account you still have access to to be shut down as well if you suddenly start shovelling huge sums of money around that are outside of your normal financial pattern.

Well aware of the GCT implications and will be declaring on my self assessment as I’ve tried to explain to HSBC. I’m not doing anything illegal or untoward and I’m only selling not buying/trading.

Happy to take some financial advice on how to withdraw it but my account didn’t have any suggestions apart from to document all transactions via local bitcoins so I could show the gains. If someone could point me in the right direction for this advice it’d be much appreciated? Thanks

[Vyse]

HSBC are notorious for being super strict on anything that suggests even a slight hint of illegal activity. Not that btc is illegal. They are pretty anal.

peterh2 said:

Well aware of the GCT implications and will be declaring on my self assessment as I’ve tried to explain to HSBC. I’m not doing anything illegal or untoward and I’m only selling not buying/trading.

Happy to take some financial advice on how to withdraw it but my account didn’t have any suggestions apart from to document all transactions via local bitcoins so I could show the gains. If someone could point me in the right direction for this advice it’d be much appreciated? Thanks

[anonymous-user]

local btc offers btc for cash, but is risky. Basically you are looking at same ideas as money laundering.

[Shuvi McTupya]

limpsfield said:

I bought back into bitcoin this evening at $11,100 for the first time since pre Christmas. A lot of the hype seems to have died off although there is still a lot of dumb money in here (see this thread). I wonder if we will see a more sensible, lower volatility form of trading from now.

In a couple of days you will know if that was a good decision or not!

Hope it works out for you

[Behemoth]

peterh2 said:

document all transactions via local bitcoins so I could show the gains

Exactly this. Show them the ins & outs and you should be good to go.

[g4ry13]

Jeff_Enthused said:

peterh2 said:

Can anyone let me know the best method for cashing out a fairly large sum of BTC I bought several years ago quickly?

HSBC have suspended my account after I sold a 5 digit sum on localbitcoins over a few transactions yesterday. I’m not really sure why and they’re being really vague about what I can do to get it reactivated asap.

I still have access to my joint account. I’d ideally like to move a six figure sum out in one go tomorrow into this account as I’m looking to buy a house but I’m not verified on any exchanges as I’ve always bought and sold via local bitcoins. Suggestions on how I’m best doing this quickly would be much appreciated! Thanks

I'd suggest that if you have a six figure sum to move you should be able to afford appropriate legal/financial advice. From what I gather, you'll be liable for capital gains tax (10 or 20% depending on circumstances) on everything above £11,300.

Financial advice is a necessity, I thought there was currently a bit of ambiguity about crypto gain and whether they actually are liable for CGT. One story here might be worth getting some proper advice on this before paying money which may not be necessary.

[Behemoth]

g4ry13 said:

Financial advice is a necessity, I thought there was currently a bit of ambiguity about crypto gain and whether they actually are liable for CGT. One story here might be worth getting some proper advice on this before paying money which may not be necessary.

The best written piece on UK taxation approach I have so far seen is this one: https://bettingbitcoin.io/cryptocurrency-uk-tax-tr... . I'd be surprised if fobbing off gains as gambling would work.

[CzechItOut]

g4ry13 said:

Financial advice is a necessity, I thought there was currently a bit of ambiguity about crypto gain and whether they actually are liable for CGT. One story here might be worth getting some proper advice on this before paying money which may not be necessary.

Given they can't even get the level of CGT right (they claim it is 18/28% which is CGT on residential property) so I wouldn't trust anything in the Daily Express.

[peterh2]

From the professional advice I’ve had I’m 99.99% sure I’ll need to pay 20%CGT on everything over £11,300 once I’ve got in converted to GBP and into my bank account.

It’s how I convert to GBP and get into my bank account ASAP I need some help with please.

[HannsG]

Behemoth said:

Decentralisation is all about the battle with censorship & the individual's right to control their own money. You live in a liberal and relatively well run economy where this notion of legitimacy seems to make a great deal of sense (at one time it certainly did to me). If you have 20 mins to watch, I'd be interested in your response to this well formed argument that this doesn't actually make much sense: https://www.youtube.com/watch?v=n4F-h4xuXMk

This was truly brilliant.

It's all a form of control. To enslave us and to allow the financial institutions to continue making a mess of the world.

Regards the South Korea situation and other countries such as India it's very clear from their incoherent and autocratic response regarding crypto that they are facing a losing battle.

Blockchain, Bitconnect and so on tests their ability to control us and allows us to try to keep out democratic control.

[hallion]

Stupid question: say for example I bought £10k of bitcoin and it is now worth £100k, can I withdraw £10k per year for 10 years without paying tax on it?