Cryptocurrencies

[Charlie Sweet]

Lose it all? No because this is a once in a lifetime opportunity. A reversal of the old order in favour of the ordinary person.

its about how we recapture the wealth that is being stolen from us by the banking system and fiat currency manipulation, which includes loose lending and all that other stuff.

so you're fighting the war against international currency speculators...

.....by fuelling the speculative wealth of an international currency like bitcoin?

As my old man would say - give your head a wobble lad

 

[Ron Swanson]

so you're fighting the war against international currency speculators...

.....by fuelling the speculative wealth of an international currency like bitcoin?

As my old man would say - give your head a wobble lad

Yeah. I don't know why people are ashamed to admit they're speculating. I believe in blockchain tech but in terms of 'investing,' I'm a speculator. Anyone who is trading is a speculator. The whole thing is based around greed and that's the only reason why I'm not bothered that when I 'win,' someone else is losing - none of us came to the table with honourable intentions.

 

[Ron Swanson]

Least it's only capital gains tax 18%, I was thinking he would have to pay 40%.

20% Capital Gains after £11k (or £22k if you're married as you can gift that to your spouse). So in that scenario, a £30k profit would only be taxed £1600, which you should be happy to pay if you've profited that much.

 

[Ron Swanson]

Just took the plunge and bought 14 Bitcoins.

Thanks to @Kev The Rat for putting me on to his broker.

Obviously you're taking the piss, but it perfectly illustrates the ludicrousity of people investing massive amounts into something this volatile - the talk of people remortgaging etc. etc.

Your theoretical spend of approx £162,000 would be worth approx £136,000 right now. It could well be worth <£100k or >£200k in the next 24hours.

If anyone is considering gambling with money that they can't afford to lose, they need serious counceling. I'm finding it difficult to not make impulsive and emotional decisions and I'm playing with profit. That being said, if you've a few hundred lying in a bank making dick all interest that you can absolutely afford to lose without missing it, I think it would be worth having a punt.

 

[Woolly Blue]

Least it's only capital gains tax 18%, I was thinking he would have to pay 40%.

Hopefully, by the time Kev sells up, the CGT rates for higher taxpayers will be closer to 40% than 20%. i'm saying higher rate taxpayers because, if Kev had 30k to chuck at bitcoins initially, chances are, he'll be paying tax at the higher rate.

Yeah. I don't know why people are ashamed to admit they're speculating. I believe in blockchain tech but in terms of 'investing,' I'm a speculator. Anyone who is trading is a speculator. The whole thing is based around greed and that's the only reason why I'm not bothered that when I 'win,' someone else is losing - none of us came to the table with honourable intentions.

... and that's fine mate. You know it's a gamble and are happy to take that chance and aren't trying to disguise your trades as something they aren't.

There's no bigger rats than on the mod team. I'm sure we'll help ensure Kev (if that is your real name, hey Nigel ?) does the right thing by her majesty.

Without wishing to sound overly dramatic, as mods, you sometimes have to dig a little into peoples backgrounds to make sure they're not winding up their fellow Blues, so, if necessary, I can pass on Kev's LinkedIn details to HMRC. I'd feel a bit bad about grassing someone up to the taxman, but I reckon I'd get over it eventually.

 

[Bruce Wayne]

Hopefully, by the time Kev sells up, the CGT rates for higher taxpayers will be closer to 40% than 20%. i'm saying higher rate taxpayers because, if Kev had 30k to chuck at bitcoins initially, chances are, he'll be paying tax at the higher rate.




... and that's fine mate. You know it's a gamble and are happy to take that chance and aren't trying to disguise your trades as something they aren't.



Without wishing to sound overly dramatic, as mods, you sometimes have to dig a little into peoples backgrounds to make sure they're not winding up their fellow Blues, so, if necessary, I can pass on Kev's LinkedIn details to HMRC. I'd feel a bit bad about grassing someone up to the taxman, but I reckon I'd get over it eventually.

I won't lie, I'm selling it all to the Russians.

 

[Efcjake]

No one could have predicted this

I'm just walking in here.lol

 

[Woolly Blue]

I won't lie, I'm selling it all to the Russians.

Death by polonium poisoning is perhaps a little excessive mate.

 

[Bruce Wayne]

Death by polonium poisoning is perhaps a little excessive mate.

The poison with a hole in it.

 

[Woolly Blue]

The poison with a hole in it.

Showing your age there mate !

The radioactive substance you can't ingest without ruining your appetite ... permanently

 

[Armel]

Good man.

Just remember to bear in mind the tax implications when you do sell a few, especially if you're going to use the proceeds to pay your mortgage off, which will mean transferring any proceeds into the UK so the taxman will be sniffing around.

With wealth, comes a whole new set of problems, but they're better problems than the ones associated with poverty.

Not in Belgium, unless you do it in a professional capacity. Shares (or other similar investments), and resulting capital gains aren't taxed (quite unlike labour). Under the condition that it's normal administration and you can proof that that you aren't speculating (high risk). In practice you just need a good lawyer and they can't touch you because it's extremely casuistic.

I don't have bitcoins btw.

 

[Woolly Blue]

Not in Belgium, unless you do it in a professional capacity. Shares (or other similar investments), and resulting capital gains aren't taxed (quite unlike labour). Under the condition that it's normal administration and you can proof that that you aren't speculating (high risk). In practice you just need a good lawyer and they can't touch you because it's extremely casuistic.

I don't have bitcoins btw.

@Kev The Rat

I'd move to Belgium if I were you mate.
Save you a fortune, and it has ace beer too.

 

[evilwebby]

Well and truly popping now. I would expect a 90-95% peak to trough fall.

Wouldn’t buy it with counterfeit money.

 

[The binman chronicles]

Well and truly popping now. I would expect a 90-95% peak to trough fall.

Wouldn’t buy it with counterfeit money.

Doubt that very much, I expect it to go through peaks and troughs as a lot of short term investors sell at a certain price then let the market fall to a certain point before buying at the low end, rinse and repeat. This is a break from the hodl mantra that made the price go up and up, I think a lot of the newbies have seen you can make an easy grand (or three) by buying low and selling once it gets around the 12k mark.

 

[evilwebby]

Doubt that very much, I expect it to go through peaks and troughs as a lot of short term investors sell at a certain price then let the market fall to a certain point before buying at the low end, rinse and repeat. This is a break from the hodl mantra that made the price go up and up, I think a lot of the newbies have seen you can make an easy grand (or three) by buying low and selling once it gets around the 12k mark.

Can't discount it pushing higher, as it's virtually impossible to pick the top in a bubble, but it has all the hallmarks of every bubble that ever existed. The downside will be epic.
Bitcoin/cryptos should be 5% or less of your portfolio if you want exposure. That is a far cry from the people remortgaging their houses in order to jump onboard the crypto train driving by FOMO.