Crypto Currency Thread
Discussion
NickCQ said:
Actually sorry I forgot the main point, which is that If you do that with fiat currencies it's treated differently - so if you swap USD to HKD you dont create theoretical GBP gains.
You would when you then swapped back or to another position. The gain or loss would be a taxable element for a U.K. resident or domicile. And for the purpose of calculation, GBP value at each point would be used. So there’s no tax liability at point of conversion of gbp to BTC but there is at any point you change that BTC holding regardless of what it is exchanged into. If there wasn’t then I suspect that you and I and many others would have changed the way that we were remunerated for the work that we do.
Imagine the fun if your employer offered an employment cryptocurrency and that in order to mine this currency you needed to turn up at the office and put a month’s work in. The HMRC rules start to make real sense if you look at it in that regard.
DonkeyApple said:
Imagine the fun if your employer offered an employment cryptocurrency and that in order to mine this currency you needed to turn up at the office and put a month’s work in. The HMRC rules start to make real sense if you look at it in that regard.
Getting a UK mortgage with a USD-denominated salary was hard enough, if crypto-denominated... yikes 
Blows me away. Insanely brilliant.
https://www.reddit.com/r/Bitcoin/comments/a82fz0/i...
The future is micro payments for likes/comments etc on social media. Instant monetization of influencer accounts. Massive untapped market that makes the whole phenomenon transparent and enables people to use their cash to reward what they see as good in the world, and as a result to change what happens in the world by massive international sentiment instantly from their phones.
As the OP writes:
"Hey everyone,
Yesterday I auctioned this piece to the lowest bidder to help promote the lightning network and poke fun at MSM's focus on Bitcoin's price.
This video shows its creation and miniscule dimensions.
The promise of micropayments was instrumental in my becoming an artist in the space. In 2012, I first read about the idea of combatting email spam/DDOS attacks by charging negligible amounts of money to send messages/login. These were the first creative use cases I had heard for cryptocurrency. It inspired me to think of ways micropayments could benefit artists. And in 2013 I began posting street art around the San Francisco Bay Area/Pacific NW with a public facing wallet so passersby could send small amts of bitcoin if they liked the work.
I’m excited about a future where micropayments are omnipresent. Artists paid by the view…writers by the poem…musicians by the listen. Every day interactions complemented by positive monetary reinforcement such as tipping someone who let you merge into traffic.
Hopefully this micro auction inspires others to think big about the future of Bitcoin.
Big shout out to @notgrubles for helping me get set up with Lightning Charge's nanotip!
black swan
fiat and counterfeit detector pen ink
1.44 in x 1.75 in (3.55 cm x 4.44 cm)
Cheers,
cryptograffiti"
https://www.reddit.com/r/Bitcoin/comments/a82fz0/i...
The future is micro payments for likes/comments etc on social media. Instant monetization of influencer accounts. Massive untapped market that makes the whole phenomenon transparent and enables people to use their cash to reward what they see as good in the world, and as a result to change what happens in the world by massive international sentiment instantly from their phones.
As the OP writes:
"Hey everyone,
Yesterday I auctioned this piece to the lowest bidder to help promote the lightning network and poke fun at MSM's focus on Bitcoin's price.
This video shows its creation and miniscule dimensions.
The promise of micropayments was instrumental in my becoming an artist in the space. In 2012, I first read about the idea of combatting email spam/DDOS attacks by charging negligible amounts of money to send messages/login. These were the first creative use cases I had heard for cryptocurrency. It inspired me to think of ways micropayments could benefit artists. And in 2013 I began posting street art around the San Francisco Bay Area/Pacific NW with a public facing wallet so passersby could send small amts of bitcoin if they liked the work.
I’m excited about a future where micropayments are omnipresent. Artists paid by the view…writers by the poem…musicians by the listen. Every day interactions complemented by positive monetary reinforcement such as tipping someone who let you merge into traffic.
Hopefully this micro auction inspires others to think big about the future of Bitcoin.
Big shout out to @notgrubles for helping me get set up with Lightning Charge's nanotip!
black swan
fiat and counterfeit detector pen ink
1.44 in x 1.75 in (3.55 cm x 4.44 cm)
Cheers,
cryptograffiti"
It really is brilliant. If people don't understand why being able to pay the equivalent of $0.000000037 for something is ground breaking, I don't have time to explain
Another write up here: https://bitcoinmagazine.com/articles/sold-lightnin...
Another write up here: https://bitcoinmagazine.com/articles/sold-lightnin...
selmahoose said:
Oakey said:
cassette tape?
Yep. Identical. Well almost. There still are some tape aficionados (Im married to one) and there's still someone manufacturing a tape cassette boombox too. Also different scale. Never seen a shop dedicated to cassette tape rental, for example.But not CDs. I still buy them (albeit 2nd hand) frequently via amazon, discogs and ebay even though they just get ripped to streamer and stored. It's a healthy industry still.
Haven't seen a VCR for years tho. Even 2nd hand and charity shops don't take them anymore.
Edited by selmahoose on Friday 14th December 15:29
t the bed, the world just changed!Those so clearly bereft of foresight, vision & imagination might want to invest some time into reading a little. Harari's "21 Lessons for the 21st Century" is a great read for the holidays. It only touches on bitcoin for the briefest moment, but the overall picture would enlighten anyone who thinks things will forever stay the same.
I’m not sure anyone thinks things will remain the same just that maybe the future changes will be a little different, that maybe the changes that happen will be ones that are useful and meaningful, genuinely new and not just finding unnecessarily complex ways to do something that can already be done more easily.
Behemoth said:
You really don't get the point being made. It has absolutely nothing to do with reverse auctions.
I do very much understand. Hence why I’m pointing out that while people continue to waste time reinventing the wheel or creating financial mechanisms for people with no money the tech isn’t going to find any meaningful use. BTC V2 will appear from none of these directions but be a ‘product’ that has genuine use and uniqueness as well as commercial viability. DonkeyApple said:
I do very much understand. Hence why I’m pointing out that while people continue to waste time reinventing the wheel or creating financial mechanisms for people with no money the tech isn’t going to find any meaningful use. BTC V2 will appear from none of these directions but be a ‘product’ that has genuine use and uniqueness as well as commercial viability.
I can assure you really don't have an inkling. It has got nothing to do with people with no money. Have a great xmas, regardless!
Volatility will be around for a long time.Behemoth said:
You really don't get the point being made. It has absolutely nothing to do with reverse auctions.
Com on t hen, enlighten me. Yet again the insinuation is that i'm obviously thick because i can't see the emperors new clothes.What is the point being made? How will this development benefit the world?
coyft said:
If micro payments were efficient, seamless and cost effective this would open a whole new area of commerce.
The potential would be huge.
Yes. Obviously it’s awaiting a killer app but free p2p secure micropayments is a holy grail ambition for crypto.The potential would be huge.
Next step is pure science fiction but machine trading, AI, etc will figure.
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