Crypto Currency Thread (Vol.2)

[anonymous-user]

Buprenorphine chic said:

They don't need the "full information" on every page, though...

What, i think people just get upset because they can sing the virtues of BTC being the future, whilst blinkered to the foundations being built on a massive fraud, a scale i don't think has been seen since Bernie Madoff. Any analyst can see directly the price is fully related to the rise of stablecoins .

[Buprenorphine chic]

I don't really think people get upset when they make money - just seems like you have a bit of a grudge against crypto and the grudge gets greater when the price goes up...

[dimots]

The Spruce Goose said:

What, i think people just get upset because they can sing the virtues of BTC being the future, whilst blinkered to the foundations being built on a massive fraud, a scale i don't think has been seen since Bernie Madoff. Any analyst can see directly the price is fully related to the rise of stablecoins .

Stablecoins are just on-off ramps for exchanges. You seem to think that Tether is being printed without a corresponding deposit. Tether is cheaper to buy than buying btc/crypto directly with dollars. It is the only dollar/crypto option for those without a bank account that can facilitate dollar trades. The growth doesn't seem that remarkable to me given the utility and the current situation. When the markets become volatile we are seeing enormous flows back into Tether to sit out the volatility. It seems to be working as expected.

Edited by dimots on Thursday 17th June 17:14

[jammy-git]

The Spruce Goose said:

jammy-git said:

I still see no reason why you have to make the same laboured point on every single page of this thread.

it was a news article that backed up my previous points i've said before that people like you say i am just trolling. If there are no balanced arguments it just becomes a massive circle jerk, and most just invest to money multiple without giving a fk what the coin does. Why shouldn't people have the full information in the curve to make a choice of what they want to buy?

if you don't like it don't read it.

But it's not a balanced argument or discussion or anything like it. It's effectively you telling everyone, everyday throughout the summer that it's going to rain. Then it gets to September and it rains once and you go "see, I told you so".

It's benign and tedious.

[anonymous-user]

jammy-git said:

But it's not a balanced argument or discussion or anything like it. It's effectively you telling everyone, everyday throughout the summer that it's going to rain. Then it gets to September and it rains once and you go "see, I told you so".

It's benign and tedious.

I say something, a news story backs up what I've said so i posted it up.

If anyone has a story or evidence i'm wrong then post it up, i'm all ears.

It was like a few months ago, people where saying how secure BTC network no weaknesses, i pointed out the biggest weakness was the countries doing the mining, and low and behold a few weeks later a massive network drop due to diversion of electricity. When you are constantly called am idiot,troll etc i think you are allowed to show you got it right, whatever you might think.

[Buprenorphine chic]

But posting up the news story wasn't being proved right. It was proving a guy at a US University thought along the same lines as you. Bitcoin still didn't collapse.

[anonymous-user]

Buprenorphine chic said:

But posting up the news story wasn't being proved right. It was proving a guy at a US University thought along the same lines as you. Bitcoin still didn't collapse.

Lets see..

Again happy to be proved wrong, i mean if someone want to prove why tether isn't a massive scam, i'm all ears...

[andy ted]

The Spruce Goose said:

Buprenorphine chic said:

But posting up the news story wasn't being proved right. It was proving a guy at a US University thought along the same lines as you. Bitcoin still didn't collapse.

Lets see..

Again happy to be proved wrong, i mean if someone want to prove why tether isn't a massive scam, i'm all ears...

I read an article in the FT that said Tether claimed $30bn in commercial paper and said this would make it the 7th largest company holding these debts in the world but no one on wall street had heard of them

They feel like a potential way the current market will unravel if they are dodgy, I think I am correct in saying that unless any coin becomes genuinely useful the the future then you currently need someone to come in with FIAT for you to get out, if Tether is artificially supporting/inflating the market then if (and I am happy to admit it is a big if at the moment) enough new FIAT stops flowing in to the system to cover the people that want out at the artificial price, it will all unravel pretty quickly, compounded by people trying to trade tether for dollars and finding there are not enough dollars to get out.

No arguments from me that people have not made decent money off of crypto and not just paper gains, I made some pocket money in the past myself but I am more than happy to admit I am far too risk averse to get properly involved - so genuinely good luck and well done to people doing well off it, just remember it it is too good to be true it probably is, so remember to take profits now and again!

[Ari]

The Spruce Goose said:

What, i think people just get upset because they can sing the virtues of BTC being the future, whilst blinkered to the foundations being built on a massive fraud, a scale i don't think has been seen since Bernie Madoff. Any analyst can see directly the price is fully related to the rise of stablecoins .

This is far bigger than Madoff's Ponzi scheme surely? I get that the principle is identical, as long as more money is being poured in than taken out then those involved can clap each other on the back for making 'profits' despite nothing actually generating that extra wealth and those that get in early and out fast make money out of all the suckers piling in behind them, but this is on a truly global scale.

[anonymous-user]

Ari said:

This is far bigger than Madoff's Ponzi scheme surely? I get that the principle is identical, as long as more money is being poured in than taken out then those involved can clap each other on the back for making 'profits' despite nothing actually generating that extra wealth and those that get in early and out fast make money out of all the suckers piling in behind them, but this is on a truly global scale.

Well it comes down to leverage, and i think the leverage of every 1 dollar usd swapped for tether is around 1 to 25. So 1 dollar to 25 Tether.

What gets me is nothing has really changed for BTC etc, the only difference is the rise of stablecoins. Now with 100 billion ''worth'' USD, people will start asking the questions that should have been asked years ago.

[Seventyseven7]

loudlashadjuster said:

Something close to 100%

Based on what evidence? (Again asking for a friend)

[Seventyseven7]

Joey Deacon said:

SarlechS said:

loudlashadjuster said:

Something close to 100%

I suspect they will be too busy investigating the millions of cases of bounce back loan and furlough fraud instead. Unless they decide that is too much hassle and just come after the easier targets such as large payments made to bank accounts from crypto exchanges instead.

Yep surely they are too busy. It's not exactly large payment, 4.5k a month. I'm pretty sure Binance don't hand over any info to HMRC at the moment and coinbase only handed over user data from people who made 5k+ transactions.

How will the taxman find out? (Asking for my friend)

[Seventyseven7]

SkinnyPete said:

Seventyseven7 said:

Withdrawing 5k a month every month from Binance. Chance of the tax man finding out? (Asking for a friend obviously)

I'm not aware of binance talking with HMRC, but that doesn't mean they don't or never will.

Your friend would be playing a dangerous game if they decided to do anything other than accurately report their capital gains to HMRC.

Consequences would be? Could he set aside an amount for a couple of years in case he had a bill turn up.

Has there every been any cases of people in the UK getting pulled up on crypto tax as yet?

Also finding out all the tax that needs paying, over 3 years of trading, over various dodgy exchanges where he no longer has logins/some exchanges do not even exist anymore, including many transactions using privacy coins so you can't even trace it back to work out all the transactions, makes the whole thing a minefield. So he tells me anyway

[Condi]

Seventyseven7 said:

Also finding out all the tax that needs paying, over 3 years of trading, over various dodgy exchanges where he no longer has logins/some exchanges do not even exist anymore, including many transactions using privacy coins so you can't even trace it back to work out all the transactions, makes the whole thing a minefield. So he tells me anyway

And people on here wonder why it won't be used as a currency with one breath, and then extolling it's virtues as a way of avoiding tax with another.

Anyway, has Titan been mentioned yet? Stablecoin which went from $65 to $0? Not so stable after all. People now calling for "regulation"

https://www.bloomberg.com/news/articles/2021-06-17...

[Northernboy]

SkinnyPete said:

I'm not aware of binance talking with HMRC, but that doesn't mean they don't or never will.

Your friend would be playing a dangerous game if they decided to do anything other than accurately report their capital gains to HMRC.

They would also be a proper ahole.

[anonymous-user]

Condi said:

And people on here wonder why it won't be used as a currency with one breath, and then extolling it's virtues as a way of avoiding tax with another.

Anyway, has Titan been mentioned yet? Stablecoin which went from $65 to $0? Not so stable after all. People now calling for "regulation"

https://www.bloomberg.com/news/articles/2021-06-17...

Yes a bank run.

When you have a coin that says it has parity, and it is all BS well st like this happens.

[whatxd]

Seventyseven7 said:

Yep surely they are too busy. It's not exactly large payment, 4.5k a month. I'm pretty sure Binance don't hand over any info to HMRC at the moment and coinbase only handed over user data from people who made 5k+ transactions.

How will the taxman find out? (Asking for my friend)

There are multiple reddit threads from 2019 with hmrc sending letters to people wanting info from 2017. I certainly won't be taking the chance.

[Seventyseven7]

whatxd said:

Seventyseven7 said:

Yep surely they are too busy. It's not exactly large payment, 4.5k a month. I'm pretty sure Binance don't hand over any info to HMRC at the moment and coinbase only handed over user data from people who made 5k+ transactions.

How will the taxman find out? (Asking for my friend)

There are multiple reddit threads from 2019 with hmrc sending letters to people wanting info from 2017. I certainly won't be taking the chance.

You got any links? Or do you know what the outcome was of these letters?

[Seventyseven7]

Northernboy said:

SkinnyPete said:

I'm not aware of binance talking with HMRC, but that doesn't mean they don't or never will.

Your friend would be playing a dangerous game if they decided to do anything other than accurately report their capital gains to HMRC.

They would also be a proper ahole.

Of course i tell him that, it would be a huge tax bill as well. Let's see what happens though

[Seventyseven7]

Seventyseven7 said:

whatxd said:

Seventyseven7 said:

Yep surely they are too busy. It's not exactly large payment, 4.5k a month. I'm pretty sure Binance don't hand over any info to HMRC at the moment and coinbase only handed over user data from people who made 5k+ transactions.

How will the taxman find out? (Asking for my friend)

There are multiple reddit threads from 2019 with hmrc sending letters to people wanting info from 2017. I certainly won't be taking the chance.

You got any links? Or do you know what the outcome was of these letters?

FWIW I just searched ‘HMRC Letter’ on the Bitcoin UK subreddit and it returned 5 results from the last 3 years with a subreddit of over 15k members.

Only 2 of them was actually questioning them about their crypto tax and both people reported high withdrawals from Coinbase