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[Finance] The cryptocurrency (Bitcoin etc) thread
- Thread starter Sirius76
- Start date
dandanthebrightonfan
Active member
Yes, you download the app and collect them.
I guess you will just have to wait for them to launch their mainnet and then see.
basque seagull
Active member
- Oct 21, 2012
- 378
I use Solflare, nice User Interface and easy to use!
basque seagull
Active member
- Oct 21, 2012
- 378
Not really a hot tip, but I just got myself some PYTH, a SOL based oracle, if it goes the same way as Chainlink, could be huge...
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,014
Sell at the top.
Coinbase and miners (Marathon, Riot, Clearspark) can be bought and held in ISA for tax efficent gains.
How did you buy PYTH? It's not readily available, I believe.
giveusfalmerplease
Well-known member
thanks, interesting. Lark regularly publishes a link to his holdings but i hadnt ever considered he may have been gifted some to promote
Lark Davis denies ZachXBT's accusations of profiteering from his followers by shilling low-cap tokens
Crypto influencer Lark Davis said he did "nothing wrong" when self-proclaimed on-chain sleuth ZachXBT called him out for shilling token projects backed by evidences of his wallet transactions, which showed he receieved money from promoting the projects.cryptoslate.com
Here is where you can follow Zachxbt on X. Genuinely one of the good guys. Tracks down rug pulls, exploits and seedy influencers and explains how it is done.
giveusfalmerplease
Well-known member
has anyone on here ever had to deal with taxes on crypto? ive lost maybe 30k plus in last 2 tax years but expect to make a profit by the end of this tax year. however, im not sure whats profit and whats not. For example i've:
1) held some coins for over a year but they are still worth less than i paid in 2021
2) Ive gambled with some coins - i.e. send Matic to a crypto casino, won some money and withdrew again so technically my Matic profit is due to gambling rather than the price increase
3) I doubt profit will be bigger than 15k from last years prices , not from when i bought them and im currently a non tax payer as i dont work.
4) Ive moved exchanges multiple times- Binance who then stopped accepting UK, Bybit who have now also stopped taking UK and wont allow any more transactions, Kraken who i only use because they offer free GBP BACS deposits but i then send USDT to Bitget now. Hence you can imagine the money trail to sort this lot out for tax purposes is going to be a nightmare.
Ideally i'd like to simply retain proof of all my fiat deposits to Kraken and Binance, minus the withdrawals back to my bank plus show my active GBP equivalent balance at the end of the tax year to prove i'm still down overall.
i dont want to risk getting fined by not reporting it but dont know how accurate the records need to be .
Any advise / directions appreciated. Thanks
1) held some coins for over a year but they are still worth less than i paid in 2021
2) Ive gambled with some coins - i.e. send Matic to a crypto casino, won some money and withdrew again so technically my Matic profit is due to gambling rather than the price increase
3) I doubt profit will be bigger than 15k from last years prices , not from when i bought them and im currently a non tax payer as i dont work.
4) Ive moved exchanges multiple times- Binance who then stopped accepting UK, Bybit who have now also stopped taking UK and wont allow any more transactions, Kraken who i only use because they offer free GBP BACS deposits but i then send USDT to Bitget now. Hence you can imagine the money trail to sort this lot out for tax purposes is going to be a nightmare.
Ideally i'd like to simply retain proof of all my fiat deposits to Kraken and Binance, minus the withdrawals back to my bank plus show my active GBP equivalent balance at the end of the tax year to prove i'm still down overall.
i dont want to risk getting fined by not reporting it but dont know how accurate the records need to be .
Any advise / directions appreciated. Thanks
- Nov 11, 2009
- 12,267
same boat and amount. 2100 now
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,014
you might already be too late if not reporting last couple of years, here goes.
you need to know you dont just count the money into crypto exchanges and coming out. you count every single crypto transaction, treated as an asset sale. as assets they come under Capital Gains Tax, not income. if you've made more than CGT threshold (£12.3k) in the tax year, across all assets (including shares, art collection), you need to report through self assessment. also if total sales in year is over £42k you report. easier to hit that than you think buying and selling a few holdings.
upside is you can offset the loses in the same year in count up to the £12.3k, and carry losses forward. downside you need to report them in the tax year they arose.
best use some crypto tax reporting software, input all the buys and sells there (manual if not too mnay, otherwise download from the exchange). i use Koinly which is free until you want the tax reports, so can calculate to see if over the 12.3k threashold then buy report if needed. especially useful for chain trade as you input your address, it scans and works out all the trades including the gas fees.
also bear in mind CGT threshold drops to 6k this year (22/23).
Doc Lynam
I hate the Daily Mail
- Jun 19, 2011
- 7,346
I remember getting into an online argument with Lark years ago; he was making statements that Putin was being maligned by the west through the news. I said he was a killer who was killing his internal political rivals; he said I didn’t understand!Lark Davis denies ZachXBT's accusations of profiteering from his followers by shilling low-cap tokens
Crypto influencer Lark Davis said he did "nothing wrong" when self-proclaimed on-chain sleuth ZachXBT called him out for shilling token projects backed by evidences of his wallet transactions, which showed he receieved money from promoting the projects.
Here is where you can follow Zachxbt on X. Genuinely one of the good guys. Tracks down rug pulls, exploits and seedy influencers and explains how it is done.
basque seagull
Active member
- Oct 21, 2012
- 378
I bought it using the defi jupiter aggregator (jup.ag) with my Solflare wallet.
giveusfalmerplease
Well-known member
So that's a bummer for a start. A lot of my losses were from leverage/margin trading when i dived in without knowing what i was doing but yeah i likely did more than 50k A DAY (well 10k on 5x leverage) but was charged as 50k transaction. Do these even count because technically if i open a margin trade using USDT as capital they are essentially using that to loan me money to purchase say ADA. Trades were always very short and position closed so i either gained or lost USDT.?
Hmm. This quote directly from HMRC:
"You do not have to report losses straight away - you can claim up to 4 years after the end of the tax year that you disposed of the asset."
Oooh, no i never heard about that
You’ve recovered a 30k loss?
Thats amazing. Well done
giveusfalmerplease
Well-known member
No unfortunately not. But i will make more than the new 6k capital gains limit unless there a big dump before April. So i need to register my prior year losses to avoid paying CGT this year
Gazwag
5 millionth post poster
You have to sell to get a gain
There is a compromised version of the ledger connect kit in circulation, which is draining wallets. Even if you don't have a ledger be wary when connecting to any Dapps and be sure to double check anything you are going to sign. It operates as a popup which overlays the genuine request.
Some further information here https://cointelegraph.com/news/multiple-dapps-using-ledger-connector-compromised
Some further information here https://cointelegraph.com/news/multiple-dapps-using-ledger-connector-compromised
Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ
Hove / Παρος
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,014
ouch. kinda calls into question purpose of HW wallets if they can compromised like this.
have to watch those signatures, been caught myself