+1

I'm pissed - I've just wired them some money!!!

tagged on twitter as #bitstampdown - 'cus it's as good as

Hi,

Is anyone else having similar problems.

I've googled this company and it's supposed to help companies not cripple them!

Are bitstamp being DDOS'd?

Cheers Mx

Hi All,

I got a very prompt call back after a conversation with HMRC in Manchester UK, I don't know which office the inspector worked from but, but here is the summary in my situation:

As the Cloudhashing contracting I have is permanent one, it's like I bought the equipment and they charge me a tax deductible management fee.
Valuations to GBP on the day etc.

The Bitcoin payouts are income as dividends, and are thus taxable at 10% for a lower rate UK tax payer.
Valuations to GBP on the day etc.

I guess if you buy a Cloudhashing contract now, you could interpret that as a fixed leasing contract, for which you could count as a depreciating asset and again the management fees Cloudhashing charge would be tax deductible.

Bitcoins bought and sold during normal trading are subject UK capital gains. For which each person has a capital gains threshold before paying 40%, but of course if you are "couple", then you are allowed the joint allowance. 2012/13 Allowance as a single person is £10,600 GBP. So if you are a big player in the trading market, then Bitcoin trading is joint evening activity after you helped washed the dishes... Thus giving you £21,200 profit per year before you start paying 40% tax. But don't forget that do include all other capital gains you made have made, such as profit or asset sales. The allowance is NOT per asset item/class.

However you keep accumulating Bitcoins and end up with 20+ I can see that some tax planning will have to given some consideration.

HMRC Guide to allowance in current tax year and the 2013/14 ahead:
http://www.hmrc.gov.uk/rates/cgt.htm

Keeping your tax on Bitcoins as low as possible:
http://www.which.co.uk/money/tax/guides/capital-gains-tax-explained/capital-gains-tax-tips/

So if you are doing anything more than playing about like you being the odd ebay seller of home good you don't want.

We'll all have to keep good records!

Cheers Mark

Gator-hex,

Buggery - cloudhashing need to do a CSV output and provide average GBP valuation for daily payouts ASAP!

Many thanks,

Mark

PS Manchester Tax office calling back to clarify in the next three days

Hi All,

What is the UK tax position on Bitcoins gained through mining?
Are they a dividend? And where is the tax valuation, at appointment (issue) or sale?
And if I bought rights to acquire these Bitcoins, is the initial payment as if I had bought shares, in that I could sell this right to another person?

Cheers MX

But how long before the twatheads Apple - ban it again under some undisclosed rule? Apple and Bitcoin, it's like a scene out of the Hitchhikers Guide to the Galaxy:

“BEWARE THE LEOPARD”
"But Mr Dent, the plans have been available in the local planning office for the last nine months."
"Oh yes, well as soon as I heard I went straight round to see them, yesterday afternoon. You hadn't exactly gone out of your way to call attention to them, had you? I mean, like actually telling anybody or anything."
"But the plans were on display ..."
"On display? I eventually had to go down to the cellar to find them."
"That's the display department."
"With a flashlight."
"Ah, well the lights had probably gone."
"So had the stairs."
"But look, you found the notice didn't you?"
"Yes," said Arthur, "yes I did. It was on display in the bottom of a locked filing cabinet stuck in a disused lavatory with a sign on the door saying 'Beware of the Leopard'."

God I hate the Apple's attitude towards Bitcoin, a plague of Android and FireFoxOS's on them.

Hi all,

I for better or for worse I gave "Emmanuel" the benefit of the doubt having gone through this thread early this morning. Much of which I found completely mean spirited. This place is sometimes just like a cross between IRC and Newsgroups of 1993 on a good day.

I posted some feedback at the end via the contact form about login details received and lack of account URL.

He came back quickly and I left my phone number. He called me back and we had an interesting chat, which I recorded with his permission.

The crux of our conversation relevant to this forum ran as follows:

The counter is updated - every 12- 48 hours, to allow for refunds.
2% of people ask for their money back. He didn't want people to see the counter roll back - Christ that would cause even more questions here!

Nigeria he were he is from, but on the phone I can assure you he sounds extremely English and is based in London.

Here is the telephone conversation
https://dl.dropboxusercontent.com/u/1745534/cloudhosting/call_09-06-55_IN_XXXXXXXXXXXX.AMR

I am sorry about the poor normalisation of the recording - but it's raw and uncut. Cynics pick away, it's just a record of the conversation we had.

Emmanuel Abiodun - yes, well when I asked him about this, it's very common name in Nigeria apparently. A bit like John Smith in the UK or the much maligned Jon Doe of the United States.

With regards to equipment and deliverables, fast forward to about 25 minutes into our conversation:
I'm paraphrasing the gist of it: The contracts he is offering on his site is for hardware he already has.

So if you want to lay into him and his company a bit more, go ahead but perhaps with the courtesy of listening to the first 30 minutes of our chat recorded on the 27th May linked above. 30 minutes onwards is mainly us rabbiting on. (I don't suggest you bother wasting you life listening any further)

I've decided haven't got a cat in hell's chance of editing it. So here it is linked in this posting.

Cheers Mark

http://www.chyp.com/media/blog-entry/explaining-bitcoin-to-the-man-in-the-street-sort-of

Caveat: I was asked to talk at a Digital Identity Forum by David several years ago

However, if you need to explain Bitcoin WITHOUT mentioning the "glazing over" word CRYPTOGRAPHY this is the way 

Hi,

What is the importance of the email?

Can it be a public facing one?
Should it be disposable? / Could it be?

Should it or could it be a Tor one?

Cheers MX

Wow reading the Bitcoin communities comments are a fantastic defense of BTC!

Bitcoin is in hyperdeflation
Bubble or not, the underpinnings of Bitcoin pose problems to its use as a popular currency.

http://www.newstatesman.com/economics/2013/04/bitcoin-hyperdeflation

+1

I'll be doing something in Totnes, Devon, GB.

I've had some more ideas this AM....

A series of explanation sessions in various cafés.

Especially that Totnes is the bet noire of café towns in Britain.
http://www.bbc.co.uk/news/science-environment-19146445

http://www.guardian.co.uk/lifeandstyle/2005/may/08/britishidentity.ethicalliving

They don't just shop local in Totnes - they have their very own currency
http://www.independent.co.uk/news/uk/this-britain/they-dont-just-shop-local-in-totnes--they-have-their-very-own-currency-818586.html

So I will do as much as can given the media support I should be able to garner.

• Encourage local shopkeepers to allow their staff to be tipped in Bitcoins - by setting them up with Bitcoin wallets on their phones [Bitcoin tips accepted here]

Doing a Bitcoin exchange sessions at the café tutorials - IE 1 GBP -> Bitcoin Spinner etc

• Get every shopkeeper who accepts Totnes Pounds to let me put up a Bitcoin poster

My thoughts for the leaflet is that it should work as both a poster and a leaflet.

Front: Big logo, Bitcoins accepted here, BBC "pull out" quote, one simple diagram
Back: For Dummies diagram, region contacts

The BBC "pull out" quote for me in Britain will be something like:
- Joe Lynam The BBC 31 March 2013
http://www.bbc.co.uk/news/technology-21990136
This link has an interview with Dave Birch whose company is a consultancy to government digital identity research projects and Digital money. Especially visa vi Mondex in 1995 http://virtualschool.edu/mon/ElectronicProperty/Mondex

When the BBC drag Dave in for an interview, you know it's serious :-)

My next move is to contact a few friend at my local Linux User Group to support me on the tutorial Saturdays and possibly work other towns for me to raise awareness.

I personally believe that increasing actually usage and "Bitcoin velocity" can't be a bad thing?

MX
--
Roll on https://ripple.com

rUhuto99FYt1ms3mSYbYbNxHm7QT1ZNin1

Hi,

As Bitcoin is generating so much press at the moment, what about a International Bitcoin day? Like the some of the free software movement giveaway days.

But instead it would be just a simple double-side A4 printout PDF. Perhaps get the folks from http://bitcoinmagazine.com to produce it?

If the idea is liked, it would need:

• A little central PR discussion here [what should be in it / copywriting / translations / graphics / test printing]
• PDF generation
• NO WEBSITE [unless some mad person is offering - just have for more information in the PDF, to point to http://bitcoinmagazine.com, less work and no long term maintenance]
• Country coordinators to maintain a list of educators [they get published here and each town can have a customised PDF]

I personally like the idea of an .ODT Open/LibreOffice document that is three quarters the master, then regionals can download it and fill in State / County educators.

It maybe if regionals can try hard enough they can get sponsorship to pay for large scale printing. In fact I maybe able to persuade my IPR solicitors/attorneys to pay for the print run in Devon, GB.

Caveat: I have no connection with bitcoinmagazine.com

Wonderbash,

I second that, apart from mtgox is only suitable for large purchases of BTC due to friction costs of charging up account.
I exchange locally for localbitcoins in the UK. But if look around the world even in the US say LA where I have a Brit friend who is married out there, there are few people on the ground.

Cheers MX

Hi,

I'm trying to get my head around Ripple (XRP) - I've found some good links on bitCoin magazine referencing how to BTC->XRP

http://bitcoinmagazine.com/ripple-getting-started-guide/

http://weexchange.co
But unfortunately when I tried it yesterday I couldn't get it to work and their support tickets are being answered :-(

Are there others that actually work?

Surely the strength of Ripple depends on lots of regional weexchange.co type sites which deal with local financial regulation?
[Could people please clarify this one?]

Cheers MX

Oh it get's worse - I can't report myself to the moderators for being stupid.

Could anybody who can PM moderators look at my posts and see the problem I am in regarding GBLSE?

Many thanks

Hi I'm still a Newbie.

I gambled my Bitcoins on GBLSE.
And now I'm one of the last two to try and get some BTC back.

I can't post to the relevant forum thread here because I'm still a newbie.

And in fact I'm such a newbie, I'm going to report myself to the moderators for being such a newbie and hope that someone will come to my rescue and forward this to ColdHardMetal - who appears to be someone in the know?

Many thanks, Newbie