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November 20, 2017, 06:50:31 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
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1  Bitcoin / Bitcoin Discussion / Re: Tax UK on: Today at 12:07:09 AM
The problem with taxes is doesn't the government need to be able to prove that you indeed made such a profit in the first place in order to be able to collect tax? I mean if you didn't pay it then they would first need to audit you and secondly they would need to then determine you indeed are lying somehow and then if you hide your activity correctly you should not be able to get caught in which case taxes would be unnecessary. Is it a good thing to o though? Well, this post is for educational purposes only...

There's a million ways you can not pay tax. Everyone knows it's possible. Most people choose to pay it for the sake of a quiet life just in case. That's how it works.

I've known a couple of people who were not believed by the tax man even though they'd done nothing actually wrong. Their lives were comprehensively ruined. In that scenario I'd just bugger off abroad and not come back. Most don't have that option.
2  Bitcoin / Bitcoin Discussion / Re: Tax UK on: Today at 12:00:30 AM
The key word is "trading." If one convert £ to $ in order to go on holiday, that is not trading, thus no tax. Converting BTC to £ is the same. When you do it regularly in order to make profit via trading then it becomes another issue (gambling). Holding for long term has CGT as they think bitcoin is an investment. I see it as a currency and just because the currency values goes up (deflationary) as opposed to fiat value going down (inflationary), tax cannot apply. If fiat £ were deflationary at 5% pa for 10 years, do you think the government will tax the increased value of £? NO. The best thing to do is carry on as normal and forget the taxman.

It doesn't really matter what us peons think. What matters is what They think. If a million quid of Bitcoin gains arrived in my bank account tomorrow I'm going to have to account for it and CGT it will likely be regardless of my own feelings.
3  Economy / Trading Discussion / Re: what is the right time to cash out? on: November 19, 2017, 11:37:44 PM
You can't go too far wrong with acting on the absolute opposite of the emotions you're feeling at the time. That's what successful traders do. If you're terrified and desperate to sell you should hit yourself and buy as much as possible. If you're euphoric and selecting Ferrari colours, hit yourself and sell.
4  Bitcoin / Bitcoin Discussion / Re: Miners are your new slave masters on: November 19, 2017, 11:26:29 PM
You mean Satoshi? Tongue

I suppose this is the problem with ASIC-compatible mining. On one-hand, ASICs makes a cryptocurrency more secure because there's no excess capacity that you can rent and use for an attack. If it's profitable to mine, it's online, or will be online soon based on retarget timing.

On the other hand, we're seeing massive centralization of chip-manufacturing. Seemingly no one can compete yet with Bitmain's cheap production capabilities. Accordingly, while hashrate may be irrelevant to Bitcoin's consensus rules, they can do a lot to manipulate perception due to the long length of blocks/time between difficulty retargets.

Yes, that pesky fella.

I guess this is what happens when your pet is opened up to millions of greedy people. They're going to stretch and test every atom of it. You'd need truly epic oversight to anticipate every future avenue.
5  Bitcoin / Bitcoin Discussion / Re: Tax UK on: November 19, 2017, 11:23:29 PM
They are classified as gambling and trading with btc is no different. Stockmarket  and/or forex trader are companies, not individuals. Remember with CGT one can offset losses against their gains. Gambling has no tax because gambling losses are not, obviously, offset against wins.

There are plenty of individuals who are professional full time traders.

The problem with all of this is that it's too open to interpretation. I kind of get the impression that Bitcoiners are obligated to prepare and present a certain angle to the HMRC and hope that they swallow it. It seems unnecessarily opaque.

This article backs you up but again it's their opinion rather than anything definitive -
6  Bitcoin / Bitcoin Discussion / Re: Craig Wright (not) answering why his Satoshi "Proof" was Fake on: November 19, 2017, 11:16:46 PM
You know ---> I've been thinking about this whole Andresen/Wright meeting and something crossed my mind ---> if Satoshi Nakamoto wanted curatorship over bitcoin without actually providing proof of its generation because he feared some form of liability ---> then he would have engaged in a true form of Zero Knowledge Proof ( , such that ---> he would leave room for plausible denial should that be necessary.  If he could concretely prove to one, and only one, person the "secret" and then rely on that one person's expertise and credibility then he succeeds.  <---- something to think about on a deeper level.

Can anyone prove themselves to be Satoshi any more? I'm not convinced they can.

If someone shows up and moves coins or signs from the only two blocks we know for sure he controls, all that proves is that they have control over those private keys which could've been obtained from Satoshi by varying means.
7  Bitcoin / Bitcoin Discussion / Re: Miners are your new slave masters on: November 19, 2017, 11:13:24 PM
A miner will do everything they can to exploit the system provided for them to maximise profit. That's how crypto is designed to operate and that's human nature. The people you should be getting arsey with are the ones who designed the software they're running on that allows it.

And if one set of miners doesn't do it out of the goodness of their heart you can bet another one certainly will.
8  Bitcoin / Bitcoin Discussion / Re: Tax UK on: November 19, 2017, 10:59:31 PM
Trading is regarded as gambling thus no tax payable. Unless the law changed.

I can't believe that every full time stock market or forex trader, and that's the closest square equivalent to crypto trading, out there is contentedly registered as a gambler and not paying a bean, but one thing I've gleaned from the people who've gone a bit deeper into this with various accountants is that no one appears to have a bleedin' clue.

Spread betting and binary trading I can believe. I don't buy it otherwise.
9  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 19, 2017, 10:23:03 PM
The funny thing is though, I'm not sure any of these exchanges are fully solvent. They could all be running fractional reserves. Or leveraging against other investments. Hence the reason why the whole "yearly independent bitcoin audit" thing seemed to have died 2-3 years ago.

There is one that's kept at it -

Not a market mover though.

The burden of proof should always fall on the party that can show the affirmative. Bitfinex can prove they are solvent.

I don't think anyone doubts they don't have (real) money pouring out of their arse. Does Tether?

My gut feeling is that it probably is backed by real dollars, but the process with which it's achieved is so labyrinthine and snakes across so many accounts and weird little hacks that we may never know.

And regardless of that there's got to be a point where someone American decides that particular party should end no matter what.
10  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 19, 2017, 10:17:35 PM
I like the one guys reply.
"Always ask for evidence" - Sure. Please provide evidence that you are solvent.


From the same thread - "Burden of proof is with the people making accusations not the other way around"

I've seen this thrown back multiple times by Bitfinex when asked about this.

It doesn't quite compute. People are making an accusation based on a complete lack of evidence to refute it and BFX are only too happy not to provide it.
11  Bitcoin / Bitcoin Discussion / Re: Tax UK on: November 19, 2017, 10:06:11 PM
The tax situation is clear. You pay capital gains on your profit. You have an exemption of £11,300 ish. If your profit is below that you pay no tax. For tax reasons it's treated the same as foreign currency.

Some people say you should also be paying capital gains tax on your crypto only gains. Sod that.

There might also be a grey area over a full time trader paying income tax as that's a job rather than a capital gain. I haven't heard many mentions of that.

The above is their advisory which hasn't changed since 2014.
12  Bitcoin / Bitcoin Discussion / Re: Craig Wright (not) answering why his Satoshi "Proof" was Fake on: November 19, 2017, 10:01:06 PM
Whatever the truth is, and it's fairly obvious, it still got the job done. He is now for better or much worse a Bitcoin related 'name'. Anyone else here could've achieved the same by shouting loud enough and using some long words.
13  Bitcoin / Alternative clients / Re: Ledger nano S or Trezor T? on: November 19, 2017, 08:38:32 PM
What's your reason for getting one? If it's pure storage with no plans to move then you may as well go for a paper wallet. It's free and impregnable as long as it's made right.
14  Bitcoin / Legal / Re: Is it possible getting arrested for using BTC? on: November 19, 2017, 11:29:34 AM
In most places you will never be arrested for using bitcoin. It's just software.

You certainly can be arrested for using bitcoin to launder money or failing to get yourself registered if you're buying and selling large amounts of it.
15  Economy / Service Discussion / Re: Bitcoin - visa card on: November 19, 2017, 11:24:54 AM
I have Xapo and Bitpay cards.

I must say they are really not very reliable, especially for online stuff.

I've used the Xapo one four times now. Two of those times it was rejected. The Bitpay one caused me to get locked out of my Amazon account.

Obviously it's not the Bitcoin element, but the prepaid card aspect. Lots of places seem to have a problem with them.

I think the reason for that might be that they are often issued by the same company and
therefore it doesn“t really matter at which Bitcoin debit card provider you order the card.

I assume that you are based in the US, but in Europe nearly every available Bitcoin debit
card is issued by Wavecrest (a company based in Gibralter that offers a white-label debit card solution).
This is kind of unfortunate, because if you experience problems with your Bitcoin debit card at
a shop like Amazon you will most likely have the same problems with a new Bitcoin debit card as well.

Maybe this will change in the future when there is more competition and cryptocurrencies are viewed
more favourably by the general public and the regulatory bodies.

Yup. Both wavecrest cards which is a tad precarious. If they throw in the towel there basically will not be bitcoin debit cards any more.

I finally got Amazon to accept one after an hour of phone sex but I dunno if it was the card for sure. They do have a habit of rejecting virtual cards like entropay too.
16  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2017, 11:22:47 PM

So what does this entail?

I'm thick, me.
17  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2017, 09:40:46 PM
A team recently started probing at the limits of what the Bitcoin network can actually achieve. In terms of controlled experiments directly scaling transaction count, on a worldwide subset of machines, and recording the results. About time someone did this, eh?

Coolio. Let them roll it out and see who takes it up. I don't believe Core's grip is unassailable. In a few years they could be yesterday's men just as some early Bitcoin types are now.
18  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2017, 08:00:44 PM
Ok off-topic, but the subject of Tesla still fascinates me. Watch this cnbc video. If I had any stock in Tesla right now, I'd be selling into that fake speculative bubble that is no doubt going to abruptly end in another year or two.

"There's nothing about Tesla that can't be easily duplicated by any other automobile manufacturer"

Same goes for Apple, yet they manage to persuade their zombies to hand over thousands of dollars per year for shit they don't need.

I think this guy has missed the tech crossover and developing cult taking place here.

Watch the semi truck launch. People are whooping the launch of a commercial vehicle. That's probably a first in human history.

Perhaps more than anywhere else cars are about branding and status. A Tesla says something very particular and more and more people will want to say it.

Whether they survive long enough is another matter, but someone's going to believe they have a future worth preserving.
19  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: November 18, 2017, 06:54:56 PM
Well, if this truly is the future of money I don't think historians are going to be in much of a hurry to enshrine the posts here in granite.
20  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2017, 06:26:49 PM
I want to...

I don't believe anyone would object to that if code was offered up that was demonstrably superior in every way and addressed every technical doubt about that approach. If it was then enough people would agree, migrate and that would become Bitcoin.

Most people are not married to the Core path. What Core has that can't be touched at present is straightforward competence and that's what keeps their grip on Bitcoin's development.

That is, er, not quite the case with the present campaign.
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