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Yeah held on by the skin of my teeth... Now just hoping the price will drop through the current resistance. Is there any way to see a sort of order book in markets such as gold (I'm new to this fake CFD gold business?) Not that that would protect against these huge market orders that keep getting executed...
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Yeah I think you legally should be paying CGT... If you are mining, and making a profit, then you are self employed and should be keeping records, right?  Not sure how you calc ££ profits in this case though, maybe as you earn, or maybe at the end of the year see what your bitcoins are worth and convert the appropriate amount to ££ for tax. You probably could get away with it, but don't expect a tax man to be lenient... personally I would not take such a risk. Yeah you're right, I got a bit more sense the second time I phoned HMRC, they basically said yeah, CGT is payable on any profit over £10,900/year. But they didn't have much clue about how I should calculate my profit, especially when I mentioned mining and trading altcoins (no surprise really..) It seems a bit unfair if you're a really savvy daytrader, that's accumulated say 100BTC from well-timed trading (not me btw  )to get taxed for all of it. I mean gambling wins are CGT-free, why should BTC trading be any different? When people started playing around with it, it was highly experimental. Hmmm guess we'll just have to wait for the first BTC-Tax-evasion case to find out where we stand  |
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In the UK you don't have to pay CGT on cars: http://www.hmrc.gov.uk/cgt/intro/when-to-pay.htmIf you start buying expensive cars/stuff and don't have the correlating source of taxable income, they could get you for money laundering or tax evasion or some other bullshit. Yeah I'm in the UK. Well I think I would have to pay CGT if I BOUGHT a car with bitcoin (if I SOLD my antique car worth £1m then I definitely wouldn't pay CGT). |
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I was just thinking, if I bought a £100,000 car I might be able to buy it anonymously but I'd still have to register it. So I'd probably have to declare Capital Gains Tax on the purchase. If I paid a certain price per bitcoin originally, then I could work out the CGT. But what if I mined the coins, how would I work out how much they cost me (Hardware price+power?). And what if I bought and mined bitcoins and altcoins at different times and different prices, doing multiple exchanges between them over a period of years? How could I possibly work out accurately what it cost me? Would I need records from every exchange showing every single trade?? Hypothetically if someone were to just ignore the CGT on a purchase of a car/house, how lenient would the Taxman be if they were caught, seeing as he doesn't even really know how to treat crypto either? (I phoned him and he was clueless). Also couldn't someone say they were just securing the network, and never anticipated the rise in value? I guess that wouldn't hold up in court after you went out and bought a Rolls Royce even though you have no job |
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This is a "return to normal" phase pushed by bulls who are trying to reclaim losses incurred from buying at the top last month. I'm guessing buy support will break before we can push to another ATH.
You may be right, I'm not sure whether we'll pass the ATH quite so soon. However, I reckon these "bulls" you talk of pushing the price up, are not the same bulls that bought at the top. The big money would be smarter IMO, and would have waited for a correction before buying in, or bought in earlier. What that means I have no idea, bullish I guess??  Earlier like $0.1 earlier? Come on, big money knows how the exponential function and the s-curve works. If they understand bitcoin, they will buy as much as possible as soon as possible. Given the $1300 Merrill Lynch / Bank of America valuation, apparently they have no clue. Yeah, Re: Merrill Lynch's valuation, I think it's a value that was engineered to sound reasonably bullish, without instantly causing panic by being incredibly high (they have probably sussed that the value could increase by another order of magnitude, they obviously don't want to say that publically because they could lose money, and look stupid). What I meant with the "big money" is that: Big investors would probably either have bought in between $300-900, or would have waited for a dip (which did look like it was coming sooner or later tbh...). whereas little fish are more likely to buy near the top. |
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Not sure about 'posotion', but not rethinking my position. If you keep getting swayed every couple of hours you shouldn't really be trading.
Btw, I doubt anybody is full bear. I trade with like 10-20% of my stash, so ....
 heh tbh I'm all in but I'm bullish so that's OK |
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Agreed. Rural South America looks better and better. Go south young man, go south. Chile comes to mind.
Funny you said that...I've been looking at Chile myself. I even suggested it here https://bitcointalk.org/index.php?topic=354227.0I'm very impressed with Chile so far. It's the new first-world country. Modern roads, low taxes, clean water, good sanitation, almost any climate you can imagine from desert to rainforest. California upside down. California upside-down but with comparable, if not better wine Sounds good, I fancy living off the grid somewhere someday, Chile would be a nice choice. Good surfing too!!  mmmm Glassy clean Chilean point break lines > dirty Silk Road lines |
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This is a "return to normal" phase pushed by bulls who are trying to reclaim losses incurred from buying at the top last month. I'm guessing buy support will break before we can push to another ATH.
You may be right, I'm not sure whether we'll pass the ATH quite so soon. However, I reckon these "bulls" you talk of pushing the price up, are not the same bulls that bought at the top. The big money would be smarter IMO, and would have waited for a correction before buying in, or bought in earlier. What that means I have no idea, bullish I guess?? |
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During the rally I was using margin so 200% of it.
When I first entered bit coin I only used 10% of my savings, but it quickly grew to become 95%.
I just withdrew 4% of my btc money and it tripled my fiat savings back on earth.
 Well I didn't have any savings but I borrowed a bit off some people and some banks (interest free overdraft), bought a bunch of BTC at £40 and spent about a british grand on a mining rig a few months later. I voted 100% - Although I didn't use "savings", I was looking at the process as an investment, and lived quite basically for a while to repay the debts. I'm doing OK. Wish I'd accumulated some more when I was actively using them at £5-10, but I count myself lucky after reading some of the horror stories of lost coin stashes etc... |
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I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops. what 20 to 1 leverage? lol real men trade on high leverage... until they dont. Indeed, I'm on 100:1 I'm hoping for another one of those mysterious 2,000,000 oz market sells, it's the only thing that can save me now! In all seriousness I'm only trading small amounts like 0.05oz, more for fun than anything. Well it started out being fun anyway haha. |
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I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops. |
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Now what do you give me in return?
What can I do with a bitcoin once you have transferred it to me?
I think the idea is you can then exchange the bitcoin for goods/services/fiat currency etc, the same way you would exchange a $100 bill for other stuff. I don't need to be able to do anything intrinsically with the bitcoin or the $100 bill (i.e. I can't eat or drink either of them) for them to have exchange value. |
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Bought back today. Now I have under halu of the BTC I usd to gold. But I learned my lesson not trade avain.
But now I avain all in with BTC so choo choo motherfuckers!
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I just made a bet that bitcoin would reach 1000 dollars before 2015 !!!! Never thought I would win sooooo early !!!! I am 17 so that's a lot of money for me . Made this thread because I am bursting with joy but can't let it out because my parents don't know I own bitcoins (they'd think that it is illegal). It is the best Christmas present I ever had !!!!
Hi, well done! where did you make the bet, and at what odds, if you don't mind me asking? I bet on betsofbitco.in that the price would hit $1k THIS year, I bet 0.1 BTC, but very early (back in March) so I should get a reasonable return. Still, the odds can be a bit shit on BofB as you're just betting against other people, rather than the house. |
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Just logged on betsofbitco.in, turns out I have a 0.1BTC bet on the price hitting $1000 this year, what a nice little surprise.
Made the bet back in March or April, forgot about it til now!
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 EDIT: ATH!!! |
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Thanks, that just made my day |
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Now that my stash has increased 1000%, I have no problem spending a few coins here and there for stuff. I just paid this minute for a week in a hotel with bitcoin, that felt awesome.
I realize this increase in value can't carry on for ever, but later adopters will still spend bitcoin if they have to, or even if they just want to. I think a deflationary currency would encourage a competitive marketplace - in the same way the computing/home entertainment/mobile devices sector is doing so well. After all, these technologies costs less year on year, yet people still spend a shitload of money on them.
People easily fall into the trap of believing that which enriches them is 'good', history should teach us very very suspicious of that feeling because it is usually our greed clouding our reasoning. The comparison to Electronics is as inaccurate as it is self-serving, BTC's are not getting any better at the rate of Moor's law, their is no Billion dollar a year investment by thousands of skilled people and investment in newer chip fabrication that produce Moor's law growth in real utility and measurable physical performance. All we have here is a speculative bubble and a kind of pyramid scheme where early adopters sell to new people at the bottom of the pyramid who's only ultimate goal is to sell to some bigger fool down the line. I'm not questioning whether Bitcoin is inherently "good" or "bad", (even though personally I do think it's a good, useful tool for the world). As to the Moore's law analogy, OK it's not 100% accurate but Moore's law will eventually find a hard limit (like Bitcoin) unless quantum computing really takes off quickly, and the prices of comparable goods will probably still get cheaper year-on-year due to the lowering manufacturing costs. Like when CD/DVD players came out they were super expensive, but mass production made them cheaper today. And I still think a deflationary currency would make for a competitive marketplace, even at a very high saturation/adoption level. I agree that we're in a speculative bubble here, but that doesn't take away the utility and appeal of Bitcoin imho, and many people are betting on the future value of it. Which is fine I think. |
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