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Bitcoins (and other crypto currencies)

I've been dabbling with Bitcoin on Revolut - not the best rates but a very easy system to use.

A very nice rise this morning!
 
I’ve just got the crypto.com app and stuck £100 in to buy some. Did a lot of reading on the purchase. Still can’t get my head around it all. The £100 will be left alone for a long time I aren’t going to be constantly watching. It was about 9/10p a coin so got a 1000
 
Talking to myself here but my theory was I could do all the reading/videos etc but I’m only going to learn if I actually get going with it. I’ve done the virtuals on other platforms but you’re not really invested. £100 I can afford to lose so see how it goes.
 
Is anybody still involved? I’ve owned 1.6 BTC and various other alts since 2017, bought in at around the €3500 mark and now enjoying seeing the highs of $18k. Excited to say the least!
 
Yeah, am up at £11k right now, talks of sharp pull back possible. Hoping theres small pullback, consolidation, then higher highs. Not sure if we'll see the usual sell off in December, dip in Jan, then rally through the roof.

The stock to flow modelling is predicting 100k+ in March 21 (if it follows previous halvening trends).
 
coolspot007007 said:
Yeah, am up at £11k right now, talks of sharp pull back possible. Hoping theres small pullback, consolidation, then higher highs. Not sure if we'll see the usual sell off in December, dip in Jan, then rally through the roof.

The stock to flow modelling is predicting 100k+ in March 21 (if it follows previous halvening trends).
Click to expand...

Cool!

I’m in for the long run, HODL mentality. Won’t be selling unless the profit changes my life drastically. Drawback is imminent I’d say.
 
Yeah I lost a bit worrying about taking profits, so ended up in and out a few times. Definitely a HODLer now. I'm not sure people are mentally ready for it to actually reach 100k, there's supposed to be less interest in the bull run this time round so hoping for some FOMO action when the price does dip so it recovers.
 
I've had about 0.2BTC sat in a Coinbase account for the last few years, back from when I used to mine, and never really have a clue whether to withdraw it all, buy more or just leave it.

Pleasantly surprised to see the increase in value when I checked just now but probably just going to leave it where it is for now.

Problem is I keep spending small amounts which historically end up being large amounts (like the guy who bought a pizza for a whole BTC back in the day).
 
cs_rich said:
I've had about 0.2BTC sat in a Coinbase account for the last few years, back from when I used to mine, and never really have a clue whether to withdraw it all, buy more or just leave it.

Pleasantly surprised to see the increase in value when I checked just now but probably just going to leave it where it is for now.

Problem is I keep spending small amounts which historically end up being large amounts (like the guy who bought a pizza for a whole BTC back in the day).
Click to expand...

Love that pizza reference 😂

Id withdraw it to somehere safer than coin base and just leave it, that could be worth 20k one day you just never know!
 
CadwellCab said:
Love that pizza reference 😂

Id withdraw it to somehere safer than coin base and just leave it, that could be worth 20k one day you just never know!
Click to expand...
Also that guy trawling the landfill for the laptop he threw away with (allegedly) now millions on it... lol

tbh I think I probably trust Coinbase more than I trust my own storage at this stage even though we did lose about 11BTC to a collapsed exchange a long time back. To stay sane I have to keep reminding myself that we'd have most likely sold them at £100BTC years ago rather than sitting on them until now.

I mined the coins jointly with a mate of mine and when we were done, I transferred my coins to Coinbase while he left his in the wallet file. He's trying to get access to them now and is having to f**k about trying to find the wallet.dat, dig out the passwords before downloading 300GB of blockchain on his PC before he can do anything with them.

Given that I do occasionally want to spend some I think I'd rather take the risk and let someone else worry about the security for me.
 
cs_rich said:
Also that guy trawling the landfill for the laptop he threw away with (allegedly) now millions on it... lol

tbh I think I probably trust Coinbase more than I trust my own storage at this stage even though we did lose about 11BTC to a collapsed exchange a long time back. To stay sane I have to keep reminding myself that we'd have most likely sold them at £100BTC years ago rather than sitting on them until now.

I mined the coins jointly with a mate of mine and when we were done, I transferred my coins to Coinbase while he left his in the wallet file. He's trying to get access to them now and is having to f**k about trying to find the wallet.dat, dig out the passwords before downloading 300GB of blockchain on his PC before he can do anything with them.

Given that I do occasionally want to spend some I think I'd rather take the risk and let someone else worry about the security for me.
Click to expand...

I can’t focus on anything else you’ve written other than the fact you once lost 11BTC 😳😳
 
cs_rich said:
Problem is I keep spending small amounts which historically end up being large amounts (like the guy who bought a pizza for a whole BTC back in the day).
Click to expand...

He didn’t pay 1 BTC for the pizza, it was 10k BTC 🤮 (and to be fair, it was two pizzas, so only 5k BTC each ;) )
 
rctempire said:
Im still in BTC and other alts.
Loving the rises. But if say it gets to 100k imagine the tax on that :(
Click to expand...

Not looked into it seriously yet but im sure there will be ways around paying tax. Speaking to an accountant would be a good start. From what i understand (which may not be entirely or even remotely correct) you dont pay tax on private car sales so if you buy a car using bitcoin from these guys

www.autocoincars.com

Buy Cars with Bitcoin - Buy Cars with Cryptocurrency - Buy Cars in UK

Auto Coin Cars is a UK based company that allows you to buy and sell your cars online with bitcoin. Are you planning to buy a new car? Check out our cars collection for sale today!
www.autocoincars.com www.autocoincars.com

Then sell it on and bank the pennies.

Gambling winnings are also not taxed so you could try your luck that way tho it certainly wouldnt be my first choice.
 
MonkeyKnifeFight said:
Not looked into it seriously yet but im sure there will be ways around paying tax. Speaking to an accountant would be a good start. From what i understand (which may not be entirely or even remotely correct) you dont pay tax on private car sales so if you buy a car using bitcoin from these guys

www.autocoincars.com

Buy Cars with Bitcoin - Buy Cars with Cryptocurrency - Buy Cars in UK

Auto Coin Cars is a UK based company that allows you to buy and sell your cars online with bitcoin. Are you planning to buy a new car? Check out our cars collection for sale today!
www.autocoincars.com www.autocoincars.com

Then sell it on and bank the pennies.

Gambling winnings are also not taxed so you could try your luck that way tho it certainly wouldnt be my first choice.
Click to expand...
I think you'd be stuck with Capital Gains Tax (above the allowance):

www.gov.uk

Cryptoassets

Find out about tax when you buy, sell or receive cryptoassets (also called 'cryptocurrency') such as bitcoin.
www.gov.uk www.gov.uk

HMRC have had a while to get their ducks in order on this so I'd be surprised if there are any ways to avoid the tax (legally).

Incidentally cashed half of mine out today as the balance of trades seems to be shifting towards 'sell' now which I guess (?) means we're likely to have already peaked.
 
Anyone got nervous and cashed out yet?

I've taken about 75% of my coins out as cash, with a view to reinvest if it gets back down to £8k-ish.
 
cs_rich said:
What makes you say that?

It's dropped by that much several times in it's history so why couldn't it do it this time?

(I have no clue what's going to happen so I may as well start betting on the roll of a dice)
Click to expand...

I just see it as a far more valuable asset to society than for it to be jumping and dropping so erratically. If history did continue to repeat its self like it did in the past where it dropped from $20k to $3k or whatever it was, I don’t think we could depend on it to be stable enough to replace gold for example, as predicted.
 
CadwellCab said:
I just see it as a far more valuable asset to society than for it to be jumping and dropping so erratically. If history did continue to repeat its self like it did in the past where it dropped from $20k to $3k or whatever it was, I don’t think we could depend on it to be stable enough to replace gold for example, as predicted.
Click to expand...
I'm not sure it is a valuable asset to society yet though. It has no intrinsic value like gold and its scarcity is somewhat undermined by the proliferation of competing coins. There's no underlying money generation (like with a stock) so it's pricing seems to be purely speculative and confidence based which seems to be borne out by the volatile movements in price.

About the only legitimate use at the minute is buying stuff off the dark web which doesn't really lend itself to a stable pricing structure. Other than that it just seems to be bounced around by speculation and hodlers.

I'm not saying it won't settle down more over time but I just think that your argument could have been applied at any point in its history, and to-date, it would have always been wrong. I mean, at what point on this graph can you say "that's it, it's now too valuable to be jumping around and should settle down":

1606399896979.png


because I just don't see it (again, yet).

My mate (who's incidentally just cashed out everything) was telling me that some more conventional investment organisations were putting some money into BTC as a result of the economic chaos this year and that drove up demand and price. By the same argument (he says) that means as things return to a more stable situation over the next 6-12mths, you'll see them come back out of BTC into conventional investments and prices will drop again.

In conclusion, I still have no f**king idea.
 
There's something stupid like over 100% currently being mined are being snapped up by PayPal at the moment. That's before you even get into any of the big funds grabbing a % or 2. I'm right near £12k now. My gut feeling was cash out back in mid/late Nov. But I'm glad to see the fast rebound of the last few days to an all time high.

Still HODLing though, am I right? time will tell.

I don't see me losing what I put in initially with the institutional backing it has this time round. Whether regulation strangles the (optimistic) projections for next year is a different matter. If it does go parabolic again I can't see governments not wanting to clamp down on the ability of whales to manipulate the market within the next year or two, at the most.
 
coolspot007007 said:
There's something stupid like over 100% currently being mined are being snapped up by PayPal at the moment. That's before you even get into any of the big funds grabbing a % or 2. I'm right near £12k now. My gut feeling was cash out back in mid/late Nov. But I'm glad to see the fast rebound of the last few days to an all time high.

Still HODLing though, am I right? time will tell.

I don't see me losing what I put in initially with the institutional backing it has this time round. Whether regulation strangles the (optimistic) projections for next year is a different matter. If it does go parabolic again I can't see governments not wanting to clamp down on the ability of whales to manipulate the market within the next year or two, at the most.
Click to expand...
Well you're more right than me at the minute. I sold half of mine at £13.8k and half of what's left at £12.1k and now it's up to £14.9k. Feeling like a mug for messing with it. Should have just ignored it like I have done for years!
 
cs_rich said:
Well you're more right than me at the minute. I sold half of mine at £13.8k and half of what's left at £12.1k and now it's up to £14.9k. Feeling like a mug for messing with it. Should have just ignored it like I have done for years!
Click to expand...

HODL since 2017, no matter what. Survived the $20k to $3500 dip and have no intention of selling until i sell for a life changing amount. Even if that means losing everything! I don’t think there will be an opportunity like this again in our lifetime!
 

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CadwellCab said:
HODL since 2017, no matter what. Survived the $20k to $3500 dip and have no intention of selling until i sell for a life changing amount. Even if that means losing everything! I don’t think there will be an opportunity like this again in our lifetime!
Click to expand...
Yeah, I shouldn't have doubted the HODL.

Those coins I sold I'd held since 2014 so it was something like a 5000% growth.

I've left the cash in my Coinbase account still, so I'm just praying it calms down and drops a bit to make it worth getting back in. Really don't see the point of buying back in at £15k and a loss right now.
 
Ive recently read that investors are likely to pay between 10-20% tax on their crypto gains whereas traders are taxed upto 45%

I'd be happy to pay 20% on whatever i make! I mean whats 20% of f**k all :ROFLMAO:
 
Bitcoin just broke through the 20K (physical and psychological) barrier setting a new all time high. From here on out i'd be surprised if bitcoin doesnt hit £150,000 by the end of 2021

Optimism mode engaged :cool: first purchase of 2021 is guna be some sturdier underwear!
 
MonkeyKnifeFight said:
Bitcoin just broke through the 20K (physical and psychological) barrier setting a new all time high. From here on out i'd be surprised if bitcoin doesnt hit £150,000 by the end of 2021
Click to expand...

Am up £2k in just under a month. Still not sure $100,000 dollars can be breached, purely from a mindset standpoint. Plenty of previously accurate models predicting anything from $60,000 - $100,000 by end of 2021, I'd certainly be happy with something between those.


So...CGT...any creative accountants on here? :LOL:
 
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