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1  Economy / Currency exchange / Re: Looking to SELL 0.0986 BTC for 32 GBP UK Bank Transfer on: August 12, 2014, 08:33:11 AM
SOLD.
2  Economy / Currency exchange / [SOLD] Looking to SELL 0.0986 BTC for 32 GBP UK Bank Transfer on: August 11, 2014, 06:20:10 PM
As the title says, looking to sell 0.09865551 BTC for 32 GBP for UK Bank transfer only (No PayPal, Skrill or anything else thanks).

Send me a PM if you'd be interested.
3  Economy / Service Discussion / Re: Is thre a way to instantly deposit funds into BTC-e or Bitstamp? on: March 19, 2014, 03:42:29 PM
Where are you looking to deposit from? US, European Union, UK or Asia-pacific region?
4  Economy / Currency exchange / Re: Buy Bitcoins In the UK Fast, Anonymously and Safe! on: March 14, 2014, 12:19:52 AM
Obscenely expensive to buy (10% up to 1K?!?). Better off using speedybitcoin or bittylicious - both have rates way lower. You can't sell bitcoins on those platforms though.
5  Economy / Currency exchange / Re: i want to buy 1 to 1.5 bitcoins using AUD (cash or bank xfer) on: February 17, 2014, 01:52:09 PM
What about coinjar.com? They're an Australian exchange as far as I know.
6  Economy / Service Discussion / Re: bitstamp btc withdrawal problem on: February 11, 2014, 04:08:25 PM
Got a bunch of BTC in 3 separate withdrawal requests stuck since ~12:30 GMT today on Bitstamp. They are just sat on "Waiting to be processed". Seems something is horribly wrong :\
7  Bitcoin / Bitcoin Discussion / Re: Taiwan Regulators Block Robocoin Bitcoin ATMs on: January 06, 2014, 11:05:20 PM
No way China-PRC is involved. Taiwan have monetary sovereignty. They can convert to foreign currency without restrictions, their policy is radically different to that of China mainland.

China is heavily influential in Taiwan...

http://en.wikipedia.org/wiki/Capital_punishment_in_Taiwan

Read the first two lines.
8  Other / Beginners & Help / Re: People's Bank of China Says Bitcoin Cannot Circulate as Currency in the Market on: December 07, 2013, 02:32:58 PM
Hi Oblong Meteor

Let me take this time to explain to you in no uncertain terms what is going on here.

Bitcoin in China has been relegated to the status of QQ Coins.

[...]

Thank you very much for this. Really appreciate it.
9  Other / Beginners & Help / Re: People's Bank of China Says Bitcoin Cannot Circulate as Currency in the Market on: December 05, 2013, 10:16:50 PM
Allow me to reiterate:

中国人民银行等五部委发文,要求防范比特币风险。通知明确表示比特币是一种特定的虚拟商品,不具有与货币等同的法律地位,不能且不应作为货币在市场上流通使用。

Translation: The People’s Bank of China has issued a statement requiring guard and wariness regarding Bitcoin’s risk. In a clear notification statement, Bitcoin is a type of particular fictitious and theoretical commodity, not one possessing the status of legal, and moreover cannot act as circulating currency in the market.

This does NOT just apply to financial companies and banks, as is clearly stated from the PBOC development today.

More in the link I posted.

Since you actually seem to know what you're talking about, can you clarify your opinion on whether this is good news or not? I'm having a hard time separating the fact from the fiction - some seem to say "this is a wonderful endorsement of Bitcoin, unicorns and rainbows will follow" and others seem to be more ... hesitant. To me, the statement you have translated above (and the subsequent ones in this thread) do not appear to be good news for Bitcoins adoption especially in this huge emerging market and the subsequent price recovery seems presumptuous. However, I cannot ignore that the price has recovered and - as above - my inability to separate truth from fiction regarding this announcement doesn't really help bring clarity to these muddy waters.

I'd really appreciate your candid view.
10  Economy / Service Discussion / Re: Coinbase withdrawal delays thread [Please add ACH delay reports to this thread] on: November 23, 2013, 12:00:50 AM
Oblong, thank you for this explanation. If this is the case AND coinbase respected its customers enough to stop treating them like they don't know what an ACH transaction is then would I even be posting in this thread?

Well maybe a little bit to tbh, but I would certainly understand a lot more and appreciate the honest and timely information provided by the company.

I want to call my senator actually, nothing gets things down more than a politician with a cause. I can't to that to btc though in restrospect, I don't want negative situations attached to btc. Or I'd call the press haha! 'Reputable bitcoin company holds tens of thousands of dollars'.

Appreciate the comments once again.

I don't disagree with your position. Honesty is always the best policy - people will generally understand. For some reason though there seems to be this feeling that actually admitting to your customers that you have problems is a sign of weakness, so you keep them guessing until the underlying fault either resolves itself (Bitstamp Banking issues->DDoS attacks) or you collapse entirely (BitInstant).

Shame really.
11  Bitcoin / Bitcoin Discussion / Re: bitcoin on UK TV BBC Newsnight on: November 22, 2013, 11:16:40 PM
The representative was from World First Currency Exchange - https://www.worldfirst.com - A forex business like TransferWise, not Western Union.
12  Economy / Service Discussion / Re: Coinbase withdrawal delays thread [Please add ACH delay reports to this thread] on: November 22, 2013, 08:49:21 PM
Olaf, bullshit. Absolute utter bullshit. No funds in my account yet still, and you are all liars. My friends and I have 79k tied up in your shoddy outfit. I think I'll have my lawyer draft a letter to you, fincen and whoever the hell else will listen. Ah yes, my senator too. Sounds good.

I expect a pm today with a live telephone number to speak to you people. I am sending this to your 'support' too.

The most likely reason is that they (Coinbase) have liquidated your Bitcoins on Bitstamp at the point of sale. Bitstamp however, have encountered banking software issues which has led to delays in deposits and withdrawals (src: https://www.bitstamp.net/article/banking-software-issues/). Given that it takes ~2-5 days for an international wire from Europe to America to clear through the SWIFT network, Coinbase were probably illiquid for some small period while they waited for Bitstamp to correct the issue, submit the funds to the banking network and those funds to then settle into their US account.

While Coinbase probably do match counter-parties for some trades internally within their service, the volatility of Bitcoin makes this risky if they haven't got a BUY order on their service from someone (like yourself) who issues a SELL at or around the same time. So, to reduce this exposure when you SELL on their platform they SELL on Bitstamp (not likely Gox because of it's banking problems or BTC-E because...well, it's Russian legit). Any other scenario would be highly risky (See BTC/USD XR rate charts for 17-11-2013 to 19-11-2013 inclusive).

The negative effects of Bitstamps technical meltdown affect every ancillary service that depends on them. It's no different then the dependency a broker that trades on behalf of clients on the NASDAQ or LSE has on technical and consistent performance of these platforms. Butterfly flaps it's wings, somewhere there is a Tsunami.

Morale; Be patient - your money will almost certainly turn up.
13  Bitcoin / Legal / Re: UK - Capital Gains, Tax and Gambling on: November 21, 2013, 05:42:56 PM
Whilst that might be so written, reading on this and other forums there have been instances in the last week or 2 where HMRC have said treat Bitcoins as currency, and the guy who went to court argued that vouchers are not taxable, he won and did not have to pay any Vat. So I would suggest VAT is not applicable.

Could you provide the links? It would be quite an important milestone in Bitcoin's recognition if this were the case.

I have no knowledge of the actually instances but it is reported to be happening online by quite a few people so I presume there will be caselaw and presidents set. Here are the 2 I picked up within 2 minutes of typing Bitcoin and Vat into Google.

ciaranmurray • 6 days ago −
I personally know a bitcoin trader who was asked to pay VAT. He took HRMC to court over their clasification of bitcoin as vouchers and therefore liable to VAT and won. He won because vouchers aren't liable to VAT either Smiley

Mark Cross • 6 days ago −
Well I had a telephone call back from HMRC this week regarding captial gains tax and dividends as income on mining. The advice given TO ME, was treat it like money. If HMRC continues to give conflicting information, then trading will just move overseas.

Both of these were from comments on http://www.coindesk.com/bitcoin-uk-hmrc-suggests-bitcoins-taxable-vouchers/  but I imagine if you pm'd them or researched some more you could find more instances of this, as I have seen quite a few comments on this topic over the last 2 or 3 weeks with lots of people claiming the HMRC is saying quite a few different things.

I like the idea of the gambling winnings being tax exempt, its a shame none of the gambling sites are registered with gambling authorities or else this may be a good idea.  Although it does sound a tad dodgy I would definitely take pro advice before trying this.

Unfortunately, this isn't evidence. Unless there is a scan of written correspondence with HMRC where they have explicitly retracted their current VATable position, everything else is just hearsay and you would be wise not to base your financial assumptions around it.
14  Bitcoin / Legal / Re: UK - Capital Gains, Tax and Gambling on: November 21, 2013, 04:50:16 PM
With regards to your proposal to launder the money, this won't work. To my fairly certain knowledge in order for the proceeds of gambling to tax exempt, the counter party (in this case Just-Dice) would need to have a gambling license (or equivilent for the jurisdiction in which they are registered). In effect, if you laundered your Bitcoins and received 39,500 GBP back, it would still be liable for tax and you'd just have given Just-Dice 500 GBP.

Thank you for your information:
So its only treated as gambling if the counter party has a recognised licence.
So if I can find a Bitcoin Gambling Site that has a license in some obscure jurisdiction like Belize or Costa Rica etc.  or perhaps an existing gambling site may start accepting Bitcoin over the next year or two, I may be able to avoid the CGT then I can sell my coins at Bitstamp/Gox(not) to hopefully avoid the VAT.

Maybe. Provided the gains are accepted as gambling wins and you have the necessary paperwork to back it up should the source of wealth be queried. Again, I would strongly advise you speak to an accountant - especially if you are looking to convert a sum of Bitcoins that will yield substantial GBP. You really don't want HMRC sniffing around - otherwise it could all get very expensive. 
15  Bitcoin / Legal / Re: UK - Capital Gains, Tax and Gambling on: November 21, 2013, 04:36:01 PM
Whilst that might be so written, reading on this and other forums there have been instances in the last week or 2 where HMRC have said treat Bitcoins as currency, and the guy who went to court argued that vouchers are not taxable, he won and did not have to pay any Vat. So I would suggest VAT is not applicable.

Could you provide the links? It would be quite an important milestone in Bitcoin's recognition if this were the case.
16  Bitcoin / Legal / Re: UK - Capital Gains, Tax and Gambling on: November 21, 2013, 04:05:29 PM
Saying Bitcoins is vouchers is wrong in my eyes. Only discount vouchers that are sold are Vat-able, all other vouchers are VAT free according to HMRC. So if Bitcoins are vouchers they are not Vat-able. I do believe that they are not vouchers and HMRC regardless of what they have said in the past will not treat them as vouchers.

This is simply wrong. Bitcoins *are* a VATable commodity and HMRC *will* expect you to pay VAT if you meet the threshold. Wishing on rainbows and unicorns that you'll be a 'special case' is willful ignorance.

See: https://localbitcoins.com/forums/#!/regional/uk#uk-sellersbuyers-beware

Remember; Ignorance is no excuse in the eyes of the law.
17  Bitcoin / Legal / Re: UK - Capital Gains, Tax and Gambling on: November 21, 2013, 03:55:44 PM
VAT is due on sales of Bitcoins within the United Kingdom. If the Bitcoins were purchased outside the United Kingdom (E.g. through a European exchange), then any sales taxes such as VAT are the responsibility of the seller *if* any such taxes were applicable in the jurisdiction in which they were sold. So, if you were buying Bitcoins from Bitstamp in Slovenia, VAT would not be due since Slovenia don't (I believe) class Bitcoin as a VATable commodity and if they did, it would be up to Bitstamp and/or the seller to ensure this was paid.

If you were selling your Bitcoins in the UK, you would be liable to charge VAT if the turnover from that transaction exceeded the VAT threshold (79,000 for the 2013-2014 financial period). So, in your case selling 40K of Bitcoins would not cause you to register for and charge VAT on the sale.

With regards to your proposal to launder the money, this won't work. To my fairly certain knowledge in order for the proceeds of gambling to tax exempt, the counter party (in this case Just-Dice) would need to have a gambling license (or equivilent for the jurisdiction in which they are registered). In effect, if you laundered your Bitcoins and received 39,500 GBP back, it would still be liable for tax and you'd just have given Just-Dice 500 GBP.

The whole tax applicability is a murky area, but as Germany are the only country to apply any semi-official recognition to Bitcoin, you can be pretty sure that as a UK owner:

-> VAT is due if you sell your Bitcoins and the turnover exceeds 79,000 for 2013-2014 financial year
-> Capital gains tax will be due after the realised gains from the sale exceed the personal allowance for the 2013-2014 financial year

Basically, they've got their hand in your pocket either way. On a separate note; Talk to an accountant if you are in *any* doubt - do not take my ramblings as gospel.
18  Bitcoin / Bitcoin Discussion / Re: Cost and Confirmation time of Bitcoin Transactions on: November 20, 2013, 07:41:28 PM
I'm not sure if these complaints were recent.  For me, I bought something on Monday,my first purchase with Bitcoins, and to my astonishment it was quick in terms of confirmation of bitcoin transaction.  I created another account and transferring a small amount from my main account to the new account, confirmation was pretty much instantaneous.  Once I purchased my items with the small funded account, that transaction of bitcoins was very quick.  I received confirmation on my phone literally 1 sec later.  The one thing that made me concerned was that retail's website took a while to send me any confirmation email letting me know the purchase was complete.  As for transaction fee, it was a small one .0005 BTC I believe, or whatever the decimal place is suppose to be but it was not very high at all.  That's my recent experience.

If you include a fee and especially if you include a generous fee which 0.0005 BTC is, you shouldn't encounter any problems with rapid confirmations. You're basically being fast-tracked to the front of the queue.
19  Bitcoin / Bitcoin Discussion / Re: Cost and Confirmation time of Bitcoin Transactions on: November 20, 2013, 06:29:12 PM

The only thing I can think of is at the time you created the second tx the unspent output used WAS CONFIRMED.  Possibly there was a short re-org in the blockchain AFTER the second tx was broadcast which made the first tx unconfirmed.  Then because of high number of free tx and miners including a limited number you ended up with the first tx not confirming for a while and that led to the second tx not confirming for a while.


That sounds plausible, but how often would you expect such a reorganization to occur? I have just dug through the logs and found another example:

This transaction https://blockchain.info/tx/2b7bec664c3552c605dd687404e1c7088501e88369ceabf4da04c2bd15dc2ed4 was broadcast at 02:28 GMT on the 19-11-2013. It did not confirm for 670 minutes and the transaction had to be manually pushed through blockchain.info/pushtx to appear on the blockchain.info database. The reason it didn't appear is again, because of an unconfirmed input being used: https://blockchain.info/tx/3386d4afcd5506a7bd77637b63f0ed061b878fb1557278bc3717048ca10d4c31 - This ancestor transaction was broadcast at 01:42 GMT on the 19-11-2013 and included no fee. It took 716 minutes to confirm.

You can see the overlap in confirmation times means https://blockchain.info/tx/3386d4afcd5506a7bd77637b63f0ed061b878fb1557278bc3717048ca10d4c31 could not have possibly been confirmed when it was used as an input for https://blockchain.info/tx/2b7bec664c3552c605dd687404e1c7088501e88369ceabf4da04c2bd15dc2ed4



20  Bitcoin / Bitcoin Discussion / Re: Cost and Confirmation time of Bitcoin Transactions on: November 20, 2013, 05:19:41 PM
Look at this transaction:

http://blockchain.info/de/tx/5038108b9f275e8adbd86bf89df695e59b7f03ca72144ca51752904dc989c4e6

Without any fees, it needed 24 hours to get confirmed!  Shocked

A symptom of the untempered greed of mining pools unfortunately. Everyone wants more magical internet money.
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