Crypto Currency Thread

[anonymous-user]

98elise said:

dieseluser07 said:

Is this the end of crypto? No money going into it at all, really concerning.

Why is it concerning? If it's a currency then it needs to be stable.

If it's the lack of gains then that's not a bad thing. It relies on the next person being willing to pay more. That's just a Ponzi scheme.

There are 1500+ coins, the majority of these are little more than a white paper and some twitter hype. The whole thing is a speculative gamble no matter how much people tried to convince themselves it is an investment.

The crazy gains in December were due to FOMO and relied on the greater fool theory. There are no greater fools now, these coins will revert back to their true value which is zero at some point.

I don't believe it is over yet, I suspect there will be support around $6k for BTC and the money will pile back in.

[dieseluser07]

Joey Deacon said:

98elise said:

dieseluser07 said:

Is this the end of crypto? No money going into it at all, really concerning.

Why is it concerning? If it's a currency then it needs to be stable.

If it's the lack of gains then that's not a bad thing. It relies on the next person being willing to pay more. That's just a Ponzi scheme.

There are 1500+ coins, the majority of these are little more than a white paper and some twitter hype. The whole thing is a speculative gamble no matter how much people tried to convince themselves it is an investment.

The crazy gains in December were due to FOMO and relied on the greater fool theory. There are no greater fools now, these coins will revert back to their true value which is zero at some point.

I don't believe it is over yet, I suspect there will be support around $6k for BTC and the money will pile back in.

Most of them are scams i agree, im 100% xrp though and im hoping thats one of the genuine ones.

[NickCQ]

dieseluser07 said:

Most of them are scams i agree, im 100% xrp though and im hoping thats one of the genuine ones.

Statements like that about XRP usually bring derision on this forum, and with good reason. XRP is completely centralised and its development team, such as it is, seems more focused on other Ripple Labs projects that don't use XRP.

[CzechItOut]

NickCQ said:

Statements like that about XRP usually bring derision on this forum, and with good reason. XRP is completely centralised and its development team, such as it is, seems more focused on other Ripple Labs projects that don't use XRP.

Isn't Ripple an example of a company who did an ICO the right way? They have used their coin, XRP, to raise funds to develop their products, rather than simply hype their coin for short term gains. Don't get me wrong, they hype their xRapid and xCurrent products, but that's a different discussion.

[98elise]

With the recent crash some investors may have some big tax liabilities...

https://www.reddit.com/r/personalfinance/comments/...

How would something similar pan for a UK investors? If it was across tax years you could easily rack up a large liability, and not be able to offset the subsequent losses would you?

[kp_nuts]

Possibly a good time to buy more and do some pound cost averaging but it's not really possible to predict the bottom.

[Efbe]

98elise said:

With the recent crash some investors may have some big tax liabilities...

https://www.reddit.com/r/personalfinance/comments/...

How would something similar pan for a UK investors? If it was across tax years you could easily rack up a large liability, and not be able to offset the subsequent losses would you?

couldn't you just do it the other way.

offset all taxes owed in your regular income because you lost so much in crypto. There will be many more people like that at the moment!

[kp_nuts]

Efbe said:

98elise said:

With the recent crash some investors may have some big tax liabilities...

https://www.reddit.com/r/personalfinance/comments/...

How would something similar pan for a UK investors? If it was across tax years you could easily rack up a large liability, and not be able to offset the subsequent losses would you?

couldn't you just do it the other way.

offset all taxes owed in your regular income because you lost so much in crypto. There will be many more people like that at the moment!

Not sure you can offset capital gains liabilities against income tax?

[jonamv8]

Shuvi McTupya said:

That is my feeling but I don't actually keep up with all the 'news' and hype. There is far too much noise and when it comes to alts there is just too much going on for an amateur trader to be able to keep track and filter out the bullst.

I am in a few FB groups but most of those are just full of 'when Lambo' idiots so I have unfollowed all but one.

My attentions are now focused on one guy who does lots of charting and makes no promises but encourages you to learn what the hell you are doing and stop trying to trade what you don't understand. So far his pointers have been good but it is target trading so you might only trade once a month, if that!

Whats the FB Group then Shuvi ill check it out

[Shuvi McTupya]

jonamv8 said:

Whats the FB Group then Shuvi ill check it out

The group is called Trade Crypto Live.

[Shuvi McTupya]

Behemoth said:

Shuvi McTupya said:

Any opinions on BTC getting back down below 6k ?

A guy that I am following on FB is convinced that is where it is heading. I listened to him a little while ago and sold BTC at 12k, bought it back at 6k and sold a week ago at 11.5k.

It does feel good holding USD and waiting for dips rather than holding on and riding them out!

He also thinks ETH is heading down to about 500..

I'd agree on Eth, but I have no prediction on where it will land. There are two BTC narratives at the moment: one is that today's steep drop is a result of exchange FUD (A Binance 3rd party API was hacked but it didn't involve BTC). The other is that the December collapse was caused by nearly $1/2 bln Bitcoin from the MtGox bankruptcy claim being sold off in batches by the trustee, the last being 18k BTC in early Feb https://www.coindesk.com/mt-gox-trustee-sells-400-... . If so, this dip ought to be short lived but who knows how the market will really react & when.

And here we are 10 days later..and ETH is under 500! How low can it go...

I'm still not buying

[Efbe]

kp_nuts said:

Not sure you can offset capital gains liabilities against income tax?

bah

[to3m]

98elise said:

With the recent crash some investors may have some big tax liabilities...

https://www.reddit.com/r/personalfinance/comments/...

How would something similar pan for a UK investors? If it was across tax years you could easily rack up a large liability, and not be able to offset the subsequent losses would you?

You'd be OK in this case, even across tax years. The highest UK CGT band is 20%, so if your cryptocurrency is worth 25% what you paid for it, you'll be able to pay it off. The tax-free band will help a bit too.

If you're literally in the same situation, including dates, you'll be much better off, because the UK's strange tax year means you've still got a bit of time to sell up and subtract the loss from the gain. I think you would actually still be able to sell enough to pay the tax, then get $7200-equivalent to put your savings account back where it was, *and* you'd still have some cryptocurrency left (which you could sell or keep as-is, as you see fit).

[bongtom]

I’d be interested to hear what Behemoth says and how he spins this drop.
Gotta give the guy credit for that. Quite impressive.

[98elise]

kp_nuts said:

Efbe said:

98elise said:

With the recent crash some investors may have some big tax liabilities...

https://www.reddit.com/r/personalfinance/comments/...

How would something similar pan for a UK investors? If it was across tax years you could easily rack up a large liability, and not be able to offset the subsequent losses would you?

couldn't you just do it the other way.

offset all taxes owed in your regular income because you lost so much in crypto. There will be many more people like that at the moment!

Not sure you can offset capital gains liabilities against income tax?

I'm pretty sure you can't in the UK.

[NickCQ]

CzechItOut said:

NickCQ said:

Statements like that about XRP usually bring derision on this forum, and with good reason. XRP is completely centralised and its development team, such as it is, seems more focused on other Ripple Labs projects that don't use XRP.

Isn't Ripple an example of a company who did an ICO the right way? They have used their coin, XRP, to raise funds to develop their products, rather than simply hype their coin for short term gains. Don't get me wrong, they hype their xRapid and xCurrent products, but that's a different discussion.

They did the ICO the right way... for Ripple, i.e. raise a whole load of money that you are never under any obligation to give back. The best bit is that they can just drip-feed more self-mined XRP into the market when the price goes up to raise additional money (although I think they have now escrowed the pre-mine to limit what they can do there).

Not sure what's in it for the 'investors' though - usually when you participate in an equity offering you get shares in the company that entitle you legally to a % share of the value created

[Behemoth]

NickCQ said:

Not sure what's in it for the 'investors' though - usually when you participate in an equity offering you get shares in the company that entitle you legally to a % share of the value created

And you get to vote on the company's direction and its ruling officers. No chance of that here

On the BTC & ETH price swings, BTC was wobbled by the Mt Gox revelations & will continue showing major volatility until the trustee clears the Gox bankruptcy estate. A creditor meeting is in September and it seems uncertain whether the trustee is allowed to sell before then or has to wait until the creditor's civil rehabilitation (Jap law allowing claim on bankruptcy assets) proceedings are resolved. BTC bounced back in the last day because the G20 announced crypto was ok for now but this may be just a short term bounce.

ETH is under huge pressure for the foreseeable because of regulatory rulings. Remember that most ICOs were funded through Ether & most ICOs still hold an enormous quantity of ETH. These ICO teams will need to eat into their ETH pile to pay for their lawyers / lambos / dev cash burn rates / unicorn weddings / runs for the exit. We might see a domino effect if they don't do it carefully. EOS recently moved over 150k of ETH to Bitfinex. We'll see what happens to it and what follows.

[Efbe]

Behemoth said:

And you get to vote on the company's direction and its ruling officers. No chance of that here

On the BTC & ETH price swings, BTC was wobbled by the Mt Gox revelations & will continue showing major volatility until the trustee clears the Gox bankruptcy estate. A creditor meeting is in September and it seems uncertain whether the trustee is allowed to sell before then or has to wait until the creditor's civil rehabilitation (Jap law allowing claim on bankruptcy assets) proceedings are resolved. BTC bounced back in the last day because the G20 announced crypto was ok for now but this may be just a short term bounce.

ETH is under huge pressure for the foreseeable because of regulatory rulings. Remember that most ICOs were funded through Ether & most ICOs still hold an enormous quantity of ETH. These ICO teams will need to eat into their ETH pile to pay for their lawyers / lambos / dev cash burn rates / unicorn weddings / runs for the exit. We might see a domino effect if they don't do it carefully. EOS recently moved over 150k of ETH to Bitfinex. We'll see what happens to it and what follows.

So ETH might suffer more than BTC, because BTC wasn't as good as ETH for ICOs?

[Mousem40]

Latest BTC run a $300m Tether pump and Dump scam?

https://twitter.com/Bitfinexed/status/976179019191...

[anonymous-user]

Mousem40 said:

Latest BTC run a $300m Tether pump and Dump scam?

https://twitter.com/Bitfinexed/status/976179019191...

With zero regulation and crypto being the new wild west are you surprised?

This is a magic money tree for the whales.