Crypto Currency Thread (Vol.2)
Discussion
Northernboy said:
And yet for all your years of hyping it, you didn't believe in it enough yourself to invest even the small amount that would by now have made you liable to tax on it.
What's the story there, did you really not believe what you were posting?
You're just making this narrative up as you go along.What's the story there, did you really not believe what you were posting?
dimots said:
Northernboy said:
And yet for all your years of hyping it, you didn't believe in it enough yourself to invest even the small amount that would by now have made you liable to tax on it.
What's the story there, did you really not believe what you were posting?
You're just making this narrative up as you go along.What's the story there, did you really not believe what you were posting?
Northernboy said:
Not according to some on here; the day's just around the corner where you can use crypto directly in all sorts of purchases.
Not really following tbh, I think we are just getting excited about another reason why crypto is bad, whilst losing sight of the fact there are many other ways people could be avoiding the taxation system.How many trades for example do cash in hand jobs..
Any significant purchases over a certain value would also I suspect be open to the anti laundering rules in the UK where cars/house purchases - so may open up some scrutiny.
Edited by halo34 on Friday 18th June 13:26
halo34 said:
andy ted said:
it isn't but large sums of actual cash outside of a bank account is not really that useful - can't make any large purchases easily - as soon as you try to deposit it the questions will begin!
Isn't that the case with crypto tho in a way, you need to convert to FIAT therefore it will come from the exchange to your bank in some shape or form?I get what you mean about large purchases but my point was more in effect Crypto isnt the only way in which you could attempt to hide from your duty to report.
Litecoin has 40 cent transfer fees and they don't overcharge you either. I've spent about 10k on there in the last month (All tax paid for)
Zumbruk said:
dimots said:
If they had been using encryption prior to 1995 they would have been committing a crime
Nonsense.dimots said:
Bitcoin is the end game, all this talk of banks doing the job just as well is b
ks.
More nonsense. Bitcoin cannot sustain a fraction of the transaction rates that banks routinely see. Not for nothing do I call cryptocurrencies "Dunning-Krugerands".ks.The various crypto coins and systems around them are toys by comparison whether you're looking at it for security, integrity, performance or efficiency. There's much more to it than many seem to be aware.
There are reasons for buying into the crypto game if you're wise to the many many risks but never fool yourself that it's some sort of magic game changer payment tech and that's where value comes from.
halo34 said:
Not really following tbh, I think we are just getting excited about another reason why crypto is bad, whilst losing sight of the fact there are many other ways people could be avoiding the taxation system.
How many trades for example do cash in hand jobs..
Any significant purchases over a certain value would also I suspect be open to the anti laundering rules in the UK where cars/house purchases - so may open up some scrutiny.
Why would other examples of tax evasion mean that such a huge facilitation tool for more evasion isn’t a problem?How many trades for example do cash in hand jobs..
Any significant purchases over a certain value would also I suspect be open to the anti laundering rules in the UK where cars/house purchases - so may open up some scrutiny.
Edited by halo34 on Friday 18th June 13:26
Northernboy said:
Why would other examples of tax evasion mean that such a huge facilitation tool for more evasion isn’t a problem?
Can you point me in a direction of someone you know that has actively evaded tax with cypto?Someone earlier asked how they would know, that's not the same as effectively condoning the behaviour - that's my point, posters have now taken that to read effectively that somehow everyone's avoiding tax by using crypto.
I don't see anyone on here actually condoning that, in fact the debate might help people understand their liabilities if they do.
An argument for against Crypto was running in a where is the value thread....
Northernboy said:
There’s the poster up thread, and it seems quite likely I think that Mr Cagey who’s suddenly coy about his capital gains might need to amend some tax returns.
Basing something on an assessment a poster is "cagey" so therefore avoiding tax, or you maybe can read it - asked a question, bunch on people pounced on the slightest indication it might prove my case that crypto is bad juju. Both scenarios could be true.
whatxd said:
dimots said:
Northernboy said:
And yet for all your years of hyping it, you didn't believe in it enough yourself to invest even the small amount that would by now have made you liable to tax on it.
What's the story there, did you really not believe what you were posting?
You're just making this narrative up as you go along.What's the story there, did you really not believe what you were posting?
dimots said:
Bitcoin is the end game, all this talk of banks doing the job just as well is bks.
It really isn't. It will be stable coins. The central banks and banks themselves are going to be invested in that for all sorts of reasons. And has Bitcoin solved finality? That's always going to be a regulatory hurdle difficult to jump.ks.Coinbase is piling into this, and stable coins have grown over 20 times in <1yr, from $5bn to over 105bn. They are sniffing out taking on the daily $6trillion FX market.
They (SCs) are ultra convenient to do monetary policy transmission (read helicopter money), and helpful in managing effective lower bound rate (ELB).
The action of people taking deposits from banks and whacking them into stable coins (possibly BOE coin or any other issuer), will have minimal effect on provision of credit BUT a very positive effective on the banks funding position requiring them taking 1yr plus money in financial markets.
Not to mention, is cheaper than FIAT to process reducing pressure on Net Interest Margin. I'm sure funky coins like BTC will continue to exist, but mainstream adoption will be about stable coins and ledgers themselves. The volatility in BTC alone makes them Capital intensive for institutional to hold, so difficult to see how the BOR can build an acceptable (or manageable regulatory framework).
Unfortunately the days of crypto anarchists are probably numbered, they are taking what they can regulate and tax mainstream.
halo34 said:
Northernboy said:
Give it a rest, you tried to have me over and I wasn’t having it. Now get back to your buckfast and stop your whining.
Good one coming from a "northern boy" - jesus wept.whatxd said:
Northern boy on one hand, Kent Border Kenny on the other. Who knows where the truth lies?
Perhaps he's a Northerner called Kenny who lives in bandit country, or borders it? .He's hardly the first user to have multiple accounts, like some on this thread. Personally I just have the one account and enjoy the bans as a weeks respite from nonsense. I can come back and pity fools afresh (not on this thread, the NPE stuff).
PH is funny sometimes is like watching the wildest bid / offer spread, but know the printing level or truth is in the middle.
DLT and stable coins have too much real world value and application NOT to go mainstream now. If you look at the flaky accounting for student loans just think about the helicopter bonanza a BOE Stable Coin could generate. Legitimising some areas of crypto, also makes it easier to clamp down on those coins that ceed to much control away from Central Banks. Bitcoin's initial success (in value terms), may be its undoing.
Hey, maybe I'm wrong; happy to be proved it; but if you look at the size of both Central Bank and Bank balance sheets and I don't see anyone challenging that. Ever.
pquinn said:
I know the way the various bank payment systems actually work is a bit of a specialist area but you'd think people might have at least a vague clue.
The various crypto coins and systems around them are toys by comparison whether you're looking at it for security, integrity, performance or efficiency. There's much more to it than many seem to be aware.
There are reasons for buying into the crypto game if you're wise to the many many risks but never fool yourself that it's some sort of magic game changer payment tech and that's where value comes from.
Then could you tell us where the value does come from please? Because I posted a thread asking where the actual value is, and that was it (other than the rather unconvincing BECUZ IT JUST IS AND I'M GUNNA BE RICH OK!! ) The various crypto coins and systems around them are toys by comparison whether you're looking at it for security, integrity, performance or efficiency. There's much more to it than many seem to be aware.
There are reasons for buying into the crypto game if you're wise to the many many risks but never fool yourself that it's some sort of magic game changer payment tech and that's where value comes from.
One bloke argued that this new payment tech would make it much quicker and easier to buy a car from a dealer (provided you ignore the minor inconvenience that car dealers don't accept crypto currency...)
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