That's very true. Selecting every random three letters and expecting the best no doubt works if you do it at the right time but I have to retain some self respect.

I think next time around the alt bubble will be an order of magnitude more insulting which is really saying something. Bitcoin will be more 'too expensive' than ever.

You could well be right and I might be talking out my arse and being infected by American tax talk. There are some accountants on here who've gone through various scenarios - https://old.reddit.com/r/BitcoinUK/  I'll have to dig around.

If it really is jacked up to 45% I'm going to have to give it some proper thought. My feeling is that it's something proposed by civil servants and a lot of the stuff they come out with gets squashed by the people in government who have to face the wrath of the actual population. We'll see.

But if you sell at 300 grand presumably your buy in was a few hundred pounds or a few thousand per coin. You'll be liable for 20% of that 295 grand profit or whatever. Doesn't matter if it doesn't leave the exchange and is near immediately used to buy back a coin for less. At that moment of sale you realised all of that profit.

The tax man is going to get cosier with all the exchanges as time goes on. If you'd gone trading mad in 2014/15 I doubt they'll pay much attention. I wouldn't take the risk now and even if your trading is under the radar your final cash out won't be and they may want a break down as to how you got that figure.

The saturation has only just begun. The 'Bitcoin killer' narrative will never die and there'll always be someone who's stupider and greedier than the last bunch who were fleeced.

I expect there'll be blue chip coins and exchanges and an absolutely bottomless morass of shit below with untold numbers of exchanges and shitcoins humming away in dark corners.

When you look at what's top 10, let alone below, we have a long way to go to purge the blatant crap but the day will come and most will barely pay any attention to the tens or hundreds of thousands of projects that'll never get anywhere.

I've kind of already reached that point. I can no longer be arsed to research defi or whatever the latest hype is. I'll stick with what I know.

No way in hell would the tax man let you go that easily. I remember reading about Guy Hands, who owned EMI, moving to Guernsey to avoid a giant tax bill. He spends his days rattling around his empty mansion counting down the days he can go see his family back in England again. And if he overstays by a second they'll pounce on him.

They want very convincing proof you have properly cut your ties with mainland Britain before relenting.


Every trade is taxable, be it BTC/shitcoin or BTC/fiat. If you sell to buy a dip then if what you sold made a profit compared to what you paid for it then it's CGT time. Doesn't matter if you buy back in ten minutes later for less. You realised a gain.

You see manic traders turning up on Reddit screaming about tax bills because they didn't realise every shitcoin move they had made on exchanges came with a bill, and they made thousands of them. Less of a problem for Brits than Americans but it's still possible.

Of course Bitcoin is more risky than fiat savings, as long as you're in a stable economy that also has banking insurance. Anyone claiming otherwise is a bit strange or has spent too long on here.

What Bitcoin has built is massively impressive but it's all still being made up as it goes along and no one knows what's around the corner. On top of that there's the risk of one's own incompetence when it comes to securing coins or exchange accounts.

The main risk with fiat is your money slowly withering in value, but it's not a risk, it's a certainty.

Property/real estate has its own tax rate and 28% is what you pay on your capital gain if you're a higher rate tax payer, 20% if you're a lower rate but if your profit raises that year's income into the higher band you pay the higher rate too.

For everything that is not real estate the highest rate is 20%, the lower 10%.

As far as I know there's no leeway given to your time periods in the UK. It's all those rates.

We do get an exemption which means you can spend about $15,000 of capital gains every year tax free. The American system of everything is plain weird. We also have other weird loopholes like art, classic cars and wine being completely exempt.

I'm hoping they close loopholes and squash exemptions rather than raise it.

I'm sure many people have wallets they haven't touched for years. If you're not going to move or sell it why would you? Even then you need to keep abreast of wallet developments.

The old official version directs to this fucked up one so he could have downloaded from the correct source originally and been fooled by this. If you didn't know about it you likely wouldn't question it.

Can anyone translate this? I've no idea what they're attempting to say.

If this user has been blissfully unaware since 2017 then I can see how they'd walk straight into this. I expect the person who propagated this will continue to benefit from it as people fire up long untouched Electrum wallets.

If you come back from a long absence you'd better do your homework on the software you stored your coins with. An awful lot can go wrong and be exploited in a year or two, let alone longer.

Those aren't MREs though. There are places that sell 1 year of food packs for a fortune that are dehydrated/frozen, but they rather conveniently reduce your meals to one a day so by the end of that year you'd be the size of a toothpick. And dead.

As far as I know honey is the one and only eternally lasting source of energy.

This tells me that somehow OP has comprehensively failed to take the large amount of careful advice on board and indeed actively digested it and sharted it straight back in our little faces.  

Some people are not fated to progress. Looks like merit is doing the job it was created for.

A nice surprise when you realised otherwise. Less so when it might be whipped away from you shortly after.

We have our very own tax havens on our doorstep like the Isle of Man, Guernsey, Jersey, Sark and Alderney. None of them have capital gains tax. Not sure how easy it is to turn up there and not be hassled by the UK tax man. Jersey won't let you on. Guernsey has population controls too. Sark and Alderney would drive you mad with cabin fever. Isle of Man might be a goer.

The B word might make skipping somewhere else close by a lot harder for a Brit. We'll have to see what arrangements happen when it's all done and dusted.

I'd be in two minds about that. If I built up years of food and sustainable supplies I'd be the fattest sitting duck imaginable unless I lived in space. In a mass collapse scenario I think I'd rather go with the same option as nuclear war and let it eat me up rather than spend the hideous aftermath scrabbling for survival.



Never tried one either, but they're only good for about 3-5 years I think. And they're hideously expensive.

In the UK there's talk of raising capital gains to be in line with income tax to pay for our virus holidays. For a large amount of profit in Bitcoin and friends that would mean an increase from 20% to 45%.

https://archive.is/VJrzY

There's a good chance of it not happening as it'll outrage the government's rich friends but if it does 45% would be way too much and I'd look seriously at relocating as there's not much keeping me here anyway. 20% I can absolutely live with. Over double and I'm going to get serious about shopping elsewhere.

Do you have a limit to your tolerance or would you stay put no matter what rates they threw at you? I expect many other countries will be looking at low hanging fruit too.

This site is pretty shit for new developments. A lot of things never turn up on here compared to Reddit.

And I NEVER read the comments below tweets. Every time I step out of the narrow tunnel I've created I get drowned in a wave of mindless squit. 99.8% of Twitter is moronic junk.

Everyone has to yield to KYC in the end. It's the price of doing increasing business. If they were scammers or irresponsible they'd carry on without it until they were shut down by brute force. This is a preemptive move to stay alive and in the good books of The Man.

Since there aren't many other games in town I expect we'll get lots of screaming and then most will quietly comply.

I find crypto Twitter very useful myself. It's far better to have a self curated news source on there than any of the piece of shit news sites. You fairly rapidly learn who's a moron and who isn't and it's the information they come up with faster than anyone else that's interesting, not their opinions.

Time to stock up on a few decades of MREs, not that anyone can afford that many.

If you'd shown someone even 50 years ago what the world population would be by now they would've automatically assumed we would all be starving to death yet we're muddling along. Let's hope we can improvise our way out of a tight spot if there is one.

Anyone who does well out of Bitcoin will have been tormented for several years before benefiting. It won't have arrived out of nowhere. That's a very different launchpad compared buying a scratchcard on your way to picking up some chemicals for the meth lab.

Years will have been sent delaying gratification (not 'high time preference' which is a phrase that needs a shotgun blast in the perineum) and that's a lot of time to refine some discipline.

I'd say it's a good 5-10x harder to earn merit from the altcoin sections than anywhere else. It's so hard to be noticed and so few have merit to hand out. That's a fine effort on your part.