I did something my self recently where I sold a portion of BTC into an unnamed alt. Took advantage of my CGT allowance, held the shitcoin for 30 days then bought my original BTC back (actually made a little more due to said shitcoin going up more than BTC)
This then resets the CGT counter back to zero so I will only have to pay CGT at current rate on the BTC I bought back at the price I bought it at AFTER the 30 days.
Ok, but question: Does this do anything for you tax-wise? For example if you bought at 60 and sold at 60k then you owe 20% CGT on 59,940. You pay that when you shift into the altcoin. If you buy BTC back at 60k 30 days later then you still have to pay CGT again if you sell it in the future, but at (future price-60,000) which means the tax hit is the same. Only reason might be because CGT is taxed at your current rate up to 20%, so if your sale+what you make as a wage slave is under 200k or so you pay less taxes as you're in a lower tax bracket than 20%. Well in the UK if your income is less than £50K then you pay CGT at 10%. If your income is above £50K you pay 20% CGT. You also have a CGT allowance of £12,500 tax free SO it makes sense to do this juggling if you stay within these boundaries. If you are married you may gift your spouse as much as you like (tax free) and he/she can take advantage of the same allowances. If you are looking at cashing more than this then it becomes a moot point due to the reasons you have specified although you could still take advantage of the annual tax free allowance. |
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Having lived and survived through the 3 previous halvings I am not particularly worried about this current dip. Seems like business as usual to me.
As far as this recent CGT FUD goes, if peeps are selling off to offset their CGT liabilities I would think that the very same peeps are likely to FOMO back in as soon as the mandatory minimum period is met?
I did something my self recently where I sold a portion of BTC into an unnamed alt. Took advantage of my CGT allowance, held the shitcoin for 30 days then bought my original BTC back (actually made a little more due to said shitcoin going up more than BTC)
This then resets the CGT counter back to zero so I will only have to pay CGT at current rate on the BTC I bought back at the price I bought it at AFTER the 30 days.
I think the problem is going to be that by the time the mandatory period has lapsed for any new BTC bought for the CGT counter to be reset that the price of BTC in a months time is likely to be higher than it is now thus negating any perceived gains by having to pay a higher price for the same asset.
Hope this wasnt too confusing.
I am chilled about this whole "correction" and am looking forward to normal play resuming shortly.
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Who remembers the game show “The $64,000 question” back in the mid to late 50s?
Well we all know what it is now.
Q. “Do you own bitcoin”?
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Saw the price starting to waver, and set up another batch of orders. Bought dip @ $57.5k, $57k, and $56.5k - Set up all the way down to $55k for now.
Nice one Bob. Keep hodling the line for us bulls. Out of FIAT at the moment but did a modest buy around a week ago. |
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Honest question for WO.. Obviously I'm not 'murican so I've no idea what it's really like over there but.. how many of the people getting stim checks are actually spending them on things like bitcorn? How many people are actually struggling with moniez and will have to use it for every day stuff?
Asking for a friend
this is a good question very hard to answer. But I will give it a shot. We do not need the 2800 and yeah we will qualify for the 2800. We have zero debt we have 3 guaranteed retirement checks we have a 401k and we have BTC + (some shit coins) I will put the 2800 into gpus to mine shit coins to get bitcoins. Today I ordered a 1919 USD gpu to mine eth to directly convert to BTCI have 35-50 friends in the 40-65 year old age group 3 or 4 of us are into BTC we are all doing well enough to not need the check. The other 30-40 friends need the checks and will not be buying btc. I find in the older than 40 group the ones using the money to buy more coin already have coin and do not need the money. I find the ones needing the money never were into coin in the first place See highlighted. How? I keep looking for any 3080 or 3090 and NOTHING. A very stupid situation because i need it not for mining, but gaming. I listed every 3090 3080 3070 3060ti on best buy on evga on b+h photo and do the newegg shuffle. so today after 30-35 tries on best buy since oct i grabbed a pny model for 1799 plus tax. it has been next to impossible to find them close to retail price since Jan. 1 Same situation here in the UK. I ended up buying a whole PC because it contained a 3080. Price paid was £1950 but that includes MSI Z490 motherboard i5 10600K corsair 750 watt psu Aerocool tempered glass case. 1tb SSD 16Gb RAM 240mm AIO cooler. Figured I could take the card out then sell the rest of the PC to reduce the cost of the GPU. |
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Today is the mindrust day. One year ago, on that evil day, mindrust panic sold all his 10 BTC stash for $4000 - the average price he has bought his stash. He had twice that sum in fiat, but instead of buying at these incredibly cheap prices, he decided to buy USD, monero and other shitcoins. His ghost is reportedly still appearing from time to timel on bitcointalk topics, arguing that his decision was right. To him and others fallen comrades by the poison of Peter Schiff's kinda FUD, a minute of silence.  No Way! was that a year ago already? Been having so much fun with the price action recently, time seems to be flying by. Man that guy couldnt have timed it much worse. Did it ever go lower since he sold? Anyway, I will remember him fondly. |
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And again under 50k ... Why I am not suprised ...
If this is f2pool dumping coins like you think, these dumps, that are getting no traction from elsewhere yet, will just be depleting their coins at a fast rate. I am personally enjoying it. Especially knowing that within a few weeks we will be at all time highs again. It's not what I think, it's the outflow data from this pool. But you can ignore it. They basically accumulate a huge amout of coins over the years... so yes maybe they run out of coins, maybe they have short positions. We don't know. But I can be that these dumps did have to do with any oth the 10th of thousend coins they removed from it's pool and someone put them into his garden to see them bloom  don't know ... But I know that these amout of money has influence on the market. Especially when they put on the spot market directly. You may or may not be correct. Personally I prefer if any whales would sell as this will eventually dilute their ability to influence the market in the future. If you think about it, if F2Pool were to NOT sell their coins and the price was to go up higher then they would have even more influence on the price in the future if they began to dump then. The best thing that can happen to bitcoin is that we have fewer whales and a lot more minnows. |
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The storing of coins on third party platforms is too risky in my book.
Many of us here remember what happened at Mt.Gox and other shady platforms.
The model of obtaining interest on your BTC is unsustainable in a world where bitcoin has a finite supply.
Think about it, if everyone held all the coins in existence where are the new coins coming from to pay the interest?
The only way this works is if a form of fractional reserve lending takes place and then we are in the same boat we are scrambling to get out of.
Furthermore, these platforms go on to provide ammunition for shorters.
I think that there comes a point when people become too greedy. Why risk your precious BTC which is growing in value at an astronomical rate, for a measly single digit APR?
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11 very small Orders placed down to 41k... 10 additional very small earlier on the way down already processed...
Buy the remaining 11 now-ish.... Wtf would the difference be with now and 41k if it’s a longterm HODL Thats what I told a friend of mine when we were at 10.5K and he wanted to wait for 10K. Guess what? He waited and regretted it. |
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Wow. Took me all day to catch up with this thread and I only left it last night!!
14 pages and I was hooked the whole time.
Besides the price being absolutely fantastic,
appearances from Proudhon and Gembitz pretty much cements this move.
Nice to see a few OGs back again, Hi Richy.
The missus and I are retiring in May this year thanks to you guys and of course the honey badger.
You all gave me strength to keep Hodling during those early uncertain years after the 2013 doldrums.
Maybe we can get a WO gathering at 100K.
BTW what has happened to V8? Not seen him around for a while?
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Wow man. Going through some of the posts in that thread makes the hair on the back of my neck stand up. It makes me even a stronger believer in BTC than I ever was (If that was at possible). Last post in that thread was from Karpeles! |
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Even F2pool can only have so many BTC to dump before they run low/out. The whole point in dumping is to buy more BTC at the much lower price. They end up with more coins and fiat every time they do it, there's no reason for them to ever stop, apart from the fact that people know about it and it can be detected - so they have to buy those shorts in advance and that's something worth keeping an eye on. It seems like it could be quite a gamble though, especially when the market is soo hot. As the price goes down I would assume that the same people shorting would need to buy back at the lower price. This in turn would put upward pressure on the price no? I understand that the hope is that more people freak out and sell as well driving the price further down so that the shorter can then buy all the coins sold (and maybe buy even more). However, if the buying pressure is high as it is at the moment then he/she/they are taking a gamble that they might not get the desired outcome and be stuck with either buying back their own coins at a loss due to exchange fees or not get back in at all. Therefore reducing their power to short the market again. On a side note I looked at the size of f2pool and they create around 25 bitcoin per day. Interesting nonetheless and thanks for the discussion. |
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Even F2pool can only have so many BTC to dump before they run low/out. |
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And to think this "trading genius" was crying over losing $25K in Bitcoin... ...and then selling it before it right before it did a three bagger. Lol.  He's probably all in Ripple. I dont usually get any pleasure from seeing someone else do badly but I must admit that I had a little cheer on this post. |
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Wow whole 3% APY and they don't even guarantee your money, where do i sign up (not). If everyone began to send their coins to these institutions wouldn’t that enable the market manipulators to open larger short positions since there would be more BTC available to borrow? This in turn would mean that “they” would be able to push the market down harder and faster. If everyone just kept a hold of their BTC until the moment they wanted to sell then there would literally be no BTC available to borrow to open shorts. Or am I being too naive here? |
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Yesterday was a sad day for me. I always hodl when I should have sodl, but onetime I sodl when I should have hodl. So hodl I must.
You played with dodge... didn't ya!??  I did had left $5 on robinghood to put into doge but mostly it's the fact I haven't sold any btc in 2021, 2020 or 2019 and there have been several missed opportunities to sell high and buy back to increase my holdings and then the one time I tried back in 2017 I lost half my coins. Isnt that telling you something? Don't act on emotion. Have a strategy. |
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So back to $33k - $31k, I take it?
I wish the float manipulator that's been fking around in the market since 1/02 would just GTFO.
His(their) painting the bearish pennant did fuck all.
Yeah I’m feeling ya bud. Was getting my hopes up this morning. Honey badger don’t give a f*ck. Let’s see what February brings. |
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GME hitting 430 in in before hours trading. A sight to see indeed, I wonder if it becomes a 100 billion dollar company. If these gamblers are pissed at wall street and all the games they play, what ever profits they get they should plow into Bitcoin. that would be another fuck you. Edit: 450 Edit2: Blown away by these shorts apparently GME is still 140% short, this thing could go to 10,000 if the run keeps going https://www.zerohedge.com/markets/we-have-some-bad-news-gamestop-shortsEuropean eToro has even stopped trading GME until NYSE opens, those fucks. I think everywhere is going to block retail on this. Those shorts haven't even been covered yet according to ZH article. This thing could bring down a lot of people. Wouldn't it be funny if all these new shorts were placed by bots. That would be hilarious. |
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Shitcoins are at it again.
I guess now that bitcoin is dead and there are massive bugs in the code, it is time for all the institutions to divest and inject it into the one true coin.... Chainlink, or perhaps "insert random shitcoin name".
lololol, shitcoins. Some real long-term potential right there.
History is littered with technologies and companies which were too big to fall or too ignorant to innovate. Bitcoin is the biggest and undisputed crypto asset right now, but this is not guaranteed forever. Ignoring a lot of interesting and potentially disruptive development in the altcoin space is short sighted. After all, isn't it exactly what banks, big names and investment funds have been saying about Bitcoin, until they didn't. stop the shitcoinery asap. this is not the place for marketing scams. bitcoin is a protocol for money in the same way as the internet is a protocol for information. do we have 7500 different internets? do we have "potentially disruptive development in the alternative internet space"? why not? the innovation in the webspace is happening within the network. innovation and disruptive development can and will happen only within the bitcoin protocol. before we move on, we all need to be on the same network, the same track, the same language. we are trying to get a unified measurement implemented globally. a measurement for value. imagine the engineers of the world came up with 7500 different ways of measuring length. confusion much, eh? no engineering possible, you know?! for fuck sake, stop posting crab about shitcoins. Its a bit like the tower of Babel. |
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I've watched a few videos on youtube where Michael Saylor was a guest, each one about an hour long. He makes a lot of sense and explains in plain english what it means to him.
Considering he started learning it all just last year, in 2020, he's not bad at all. Dude is MIT graduate I think. Rocket Scientist or something.
it is encouraging to see how fast an open, smart mind can go down the bitcoin rabbit hole. now compare that to those who should professionally be open minded in such a way that they could at least comprehend bitcoin and write about it to their readers: the journalists. them failing miserably for almost a decade.  Correction, he knew about bitcoin in 2013, but turned around in 2020 and is now our favorite CEO whale. Yup. Here's a tweet he posted in Dec 19, 2013:  https://twitter.com/michael_saylor/status/413478389329428480It's good that he finally saw sense, albeit 7 years later. Just imagine the profits he could have made, if he was smart enough to buy in 2013 (or 2014, or 2015, or...). I remember that day week like it was yesterday. If he had "bought the dip" then: ~$385/btc. Instead he paid around 30X higher. Funny how ones tune can change if you have some skin in the game hey? it makes me wonder if he had done any research in 2013 before posting that tweet? If he had done, surely he would have come to the same conclusion that he does today? On the other hand, if he didnt do any research then why post about it if he didnt have all the facts? Don't get me wrong, I think he is doing us all a great favour with his bitcoin evangelism. Just curious as to what he was thinking in 2013? One thing are logical conclusions about rational strategies, another are markets, whose rationality isn't tied to anyone's solvency, as the saying goes. Maybe what he needed was to see a couple of actual post halving pumps? I guess so. Here have my last merit |
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