[Finance] The cryptocurrency (Bitcoin etc) thread

[Seagull58]

Now available to all US PayPal users. How long till it’s available here? The one flaw for me is that you incur capital gains tax on BTC purchases if you are in good profit on your position.

What is the UK CGT situation with realised (cashed out to GBP) crypto gains, and for crypto gains held in BTC?

 

[Eeyore]

Anyone bought in on Coinbase ? I only bought one share for the ISA. Thought it would be fun to see what happens.

Bought in today after the dip.

 

[beorhthelm]

What is the UK CGT situation with realised (cashed out to GBP) crypto gains, and for crypto gains held in BTC?

tax applies when you make a disposal, sell the asset to any other be it another crypto or £. its a problem for using BTC or others as a currency as you have to track every purchase for CGT. i wonder if they'll change this, it may not be practical without making a wide loophole to avoid CGT.

i note you're in Portugal, i understand there's no CGT on crypto there.

 

[Seagull58]

tax applies when you make a disposal, sell the asset to any other be it another crypto or £. its a problem for using BTC or others as a currency as you have to track every purchase for CGT. i wonder if they'll change this, it may not be practical without making a wide loophole to avoid CGT.

i note you're in Portugal, i understand there's no CGT on crypto there.

That's good to know about Portugal, thanks.

 

[CheeseRolls]

interesting techie things, can be done without a blockchain. maybe for the supply chain but thats a seperate use case to IoT. i ask if the thing can be done without a trustless blockchain and usually the answer is yes, and crypto has been shoehorned in. even low transactions are an additional cost. quite amusing reading whitepapers explain how great it would be to re-do this thing on the blockchain with only a small cost added, then structure token distribution for appreciation in value.

i still "invest" in them if there's enough hype and buzz about the project

You shoehorned in blockchain, not me. There are lots of different ways of looking at opportunities and lots of problems to be solved - Interesting times.

 

[Barnet Seagull]

Big correction today, bigger than I was expecting.

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[willalbion]

Big correction today, bigger than I was expecting.

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Yep, market has tanked.

 

[Albion Dan]

Bitcoin price

Big correction today, bigger than I was expecting.

Sent from my SM-G973F using Tapatalk

We really need to touch the 21 weekly average which is currently at about $45k. Once that happens its blast off for real.

 

[Tom Hark Preston Park]

We really need to touch the weekly 21 weekly average which is currently at about $45k. Once that happens its blast off for real.

Meanwhile, in the real world...

 

[Sheebo]

So 1 week into investment the whole lot is £200 up. My VET coin is £340 up - is it worth selling that whole lot and then waiting for if that coin comes down again?! Any advice would be greatly received.

 

[LamieRobertson]

So 1 week into investment the whole lot is £200 up. My VET coin is £340 up - is it worth selling that whole lot and then waiting for if that coin comes down again?! Any advice would be greatly received.

Heads or tails?

 

[Sheebo]

Heads or tails?

You’re saying ‘who knows?’ essentially? So I need to make the decision type thing...?

 

[LamieRobertson]

You’re saying ‘who knows?’ essentially? So I need to make the decision type thing...?

 

[sydney]

You’re saying ‘who knows?’ essentially? So I need to make the decision type thing...?

you need to research what each crypto operates around ...Kardiachain is a good un , just been adopted by numerous S.E Asian countries for online gambling purposes......all trading sites ram it down your neck CRYPTO IS VOLATILE , do not invest money you cannot afford to lose.

 

[dazzer6666]

Yep, market has tanked.

Not really ‘tanked’ though has it.....just a modest correction in the context of normal volatility associated with this stuff, giving up some of the gains over the last couple of weeks in reality. I’ve only got 3 types of crypto (in modest amounts), and over the last month or so one is flat (BTC), and the other two are 30% and 125% up in that period.

 

[CheeseRolls]

So 1 week into investment the whole lot is £200 up. My VET coin is £340 up - is it worth selling that whole lot and then waiting for if that coin comes down again?! Any advice would be greatly received.

You have had a good week. Many assets dropped massively yesterday, after a Bitcoin Node in China went offline. Trading volumes dropped, which triggered a lot of selling. There was also some nevousness about US government intervention. I am sure someone will be along soon with an alternative view of what happened, but basically short term shocks are completely out of your control.

I haven't done this yet, but I am going to this week, which is to write out five scenarios/ They will range from 5 lose everything, through 3 break even and learn a few life lessons along the way, to one exceed all my targets and for each number describe what it means to you. I am using a 2-3 year timeframe, use what feels right for you.

If at 5 it doesn't really matter and at 1 you are aiming for your own private island, cocaine, hookers and a helipad, you better start taking some big risks. My own 1-5 will be a lot more modest than this, so for me if VET is a good bet, I would hang on to it for a while and see how high it can go.

 

[willalbion]

True enough, just a big dip after huge gains, what trading platforms do you guys use?

 

[Albion Dan]

Few people talking about VET here. I’ve just sold 85% of my position. I brought it end of Jan and am in 455% profit so would rather cycle that back into coins that are starting new runs or have had big dips and am going to also take out some £ to enjoy.

 

[Barnet Seagull]

You have had a good week. Many assets dropped massively yesterday, after a Bitcoin Node in China went offline. Trading volumes dropped, which triggered a lot of selling. There was also some nevousness about US government intervention. I am sure someone will be along soon with an alternative view of what happened, but basically short term shocks are completely out of your control.

I haven't done this yet, but I am going to this week, which is to write out five scenarios/ They will range from 5 lose everything, through 3 break even and learn a few life lessons along the way, to one exceed all my targets and for each number describe what it means to you. I am using a 2-3 year timeframe, use what feels right for you.

If at 5 it doesn't really matter and at 1 you are aiming for your own private island, cocaine, hookers and a helipad, you better start taking some big risks. My own 1-5 will be a lot more modest than this, so for me if VET is a good bet, I would hang on to it for a while and see how high it can go.

it's interesting how each of us manages the risk. I started with £250 a number of years ago and if If I'd have left all my money in over the years, I'd be sitting on a pretty significant amount of crypto now. It no longer owes me anything but having the lived the rollercoaster experience, I now manage in two ways.
1. With a fixed crypto asset account which I leave alone - this is effectively some banked profit re-invested just to sit and hopefully help support my pension one day or perhaps disappear into nothing - effectively it's forgotten/rainy day crypto assets.
2. is my exchange trading account. This is effectively my gambling. For fun, I try to beat the market but always work to a monetary cap. Once I'm approaching the cap (and at an opportune time) I'll cream off the top and start again.

I try to do this all in line with other investments and CGT limits (£12.3k)

If it all goes to shit, I will lose all of this bar the profit taken from my trading account over the years and some worthless coin. Given the volatility, crypto is a gamble. It is not what I would consider an investment.

 

[Albion Dan]

Bitcoin price

A reminder to never over extend and also apply risk management on trades. Futures are actually illegal in Uk now but weirdly I noticed my binance account still allows it.