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Question: Closing BTC Price June 28:
$0 - 5 (3.1%)
<$7,000 - 4 (2.5%)
$7,000-$7,499 - 0 (0%)
$7,500-$7,999 - 0 (0%)
$8,000-$8,499 - 1 (0.6%)
$8,500-$8,999 - 3 (1.8%)
$9,000-$9,499 - 4 (2.5%)
$9,500-$9,999 - 27 (16.6%)
$10,000-$10,499 - 24 (14.7%)
$10,500-10,999 - 12 (7.4%)
$11,000-$11,499 - 14 (8.6%)
$11,500-$12,000 - 15 (9.2%)
>$12,000 - 41 (25.2%)
>$20,000 - 13 (8%)
Total Voters: 163

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21244886 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (66 posts by 16 users deleted.)
jonoiv
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November 02, 2018, 03:21:28 PM

Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?

Anywhere in the EU, they probably won't do shit unless it's over 100k per year. But don't hold me to that.  

If (as far as i know) you want to do it by the book as i do to avoid problems in the future:

For people with small profits like me, just register a UK company as a sole trader, that gives you the first 12,500 GBP (about $15k ) tax free, you will need to register and get an NI number and only need to pay NI contributions of about 240 GBP a year.  Then there are pleanty of other contries in the EU that you don't need to reside in to register as being able to trade some with tax free allowances for first few thousdand.  If you have the time and put in the effort and research you can get a massive chunk out tax free and legally and at the very worst it's a grey area.

Look into Malta and Andorra if you have a decent amount and want to keep all the tax affairs in one place and If you are talking about millions then pay someone in the cayman islands or set up your own 3 way company like all the massive companys like google do.

I have only took out a few thousand since 2012, but it's all been legal as far I have have looked into.  If anyone knows differnt i would like to hear from them as i don't want a knock on the door in 20 years saying i owe money to someone somewhere.
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November 02, 2018, 03:22:19 PM
Last edit: November 02, 2018, 03:35:01 PM by Elwar
Merited by crypmike (5), xhomerx10 (1)

Ok guys... time to continue the game  Roll Eyes
Where was this photo taken?




Myeong Dong

https://goo.gl/9FQyQn


Knew it looked familiar. Been there.

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November 02, 2018, 03:42:08 PM

Someone please break it to me gently where is the Aston? Can normally spot these a mile off...
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November 02, 2018, 03:47:10 PM

Got to " Full Global Money ", just HOLD Cool

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November 02, 2018, 04:03:03 PM

Interesting, I think when I finally start cashing large portions of my HODLING’s I’m going to have to try & emigrate. I am not willing to pay 45% tax on what I sell.

Good job you only have to pay 20% then. You're welcome to pay the extra 25% voluntarily. That'll fund another council bum wiper for me.

So you’re right - https://www.google.co.uk/amp/s/www.dailymail.co.uk/money/experts/article-5019947/amp/Do-pay-tax-sell-bitcoin-big-profit.html

I have to admit I’ve never declared anything I’ve sold, (please don’t track me down HMRC - good luck on that though Wink) I assumed it was 45% tax here as it’d be a lot to sell GBP wise.
This makes me very happy, thanks.



Nope, cap gains is 20% in UK. If you earned large amounts then you'll be in the 45% bracket but if you're cashing out some long-term holdings then it's CGT not income tax.
Remember too that you have a £11,500 CGT allowance (might be a little more this tax year) and that if you have a spouse you can also use their unused CGT allowance.
I just filed and paid my tax return, having taken significant pains to account for everything. I'm still living in fear of an audit because there's no way HMRC understand this stuff and a bunch of exchanges from 2014-15 are defunct, so proving I've acted honestly would be well-nigh impossible.
Posts like yours encourage me, because I know HMRC has limited resources. So it's a bit like the old joke:
Two guys are in the jungle when they see a lion running towards them. Frantically, one of the men starts putting on his running shoes.
Surprised, the other man says " What are you thinking, you can't outrun a lion!!!"
" I don't have to outrun the lion," said the man, " I just have to outrun you."
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November 02, 2018, 04:14:11 PM

Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?

Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt* and minus 25k euro untaxed amount. Cashing out and trading are not taxable events.

So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low.

*excluding mortgage
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November 02, 2018, 04:15:55 PM

Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?

Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt and minus 25k euro untaxed amount. Cashing out and trading are not taxable events.

So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low.

That's a weird system. Kind of like inflation or a negative interest rate on all of your net worth.
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November 02, 2018, 04:19:04 PM

Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?

Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt and minus 25k euro untaxed amount. Cashing out and trading are not taxable events.

So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low.

That's a weird system. Kind of like inflation or a negative interest rate on all of your net worth.


It does work like that, but it's not unreasonable imho to tax accumulated riches.

But if you look at it differently, you get a 1.2% discount if you buy a Ducati from your stash.
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November 02, 2018, 04:20:19 PM

Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?

Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt and minus 25k euro untaxed amount. Cashing out and trading are not taxable events.

So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low.

That's a weird system. Kind of like inflation or a negative interest rate on all of your net worth.


It does work like that, but it's not unreasonable imho to tax accumulated riches.

But if you look at it differently, you get a 1.2% discount if you buy a Ducati from your stash.

That's a fair point. Possibly has much the same purpose as sub-zero interest rates, i.e. discourage holding unproductive wealth.
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November 02, 2018, 04:24:15 PM

Ok guys... time to continue the game  Roll Eyes
Where was this photo taken?




Myeong Dong

https://goo.gl/9FQyQn


Knew it looked familiar. Been there.



Right)
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November 02, 2018, 04:54:16 PM
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 Grin  Cheesy  Smiley
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November 02, 2018, 04:58:57 PM
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THATS THE KIND  OF MUSIC I WOULD ALWAYS BE PLAYING OUT LOUD !!!!
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November 02, 2018, 05:07:07 PM





THANK YOU PLEASE

time for the every friday portion of LES MILLS GRITT work out, gotta stay sharp, cause when the price is gonna take of, then i do not want to miss a second........
 Roll Eyes
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November 02, 2018, 05:15:50 PM

I usually roll my eyes when I hear "Taxation is theft", but this?

Them wanting to tax the cash in my wallet sounds crazy to me...

Yet you guys are talking about it like it's most normal and reasonable thing.

Mind-boggling.
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November 02, 2018, 05:30:29 PM

I usually roll my eyes when I hear "Taxation is theft", but this?

Them wanting to tax the cash in my wallet sounds crazy to me...

Yet you guys are talking about it like it's most normal and reasonable thing.

Mind-boggling.
Yeah I think we all just see the writing on the wall, you're not getting away from the Government taking their share especially if it has value and we all agree Bitcoins going to long term go up. I mean you can buy things directly for btc but I think vendors include sales tax in most of it. (Newegg for example)

But the tax on just your holdings fuck that including cash, no thanks. Is that some socialism bullshit that's favored there?
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November 02, 2018, 05:35:04 PM


Thought they had 2 separtate accounts with 2 separate banks?  Do you have a balance statement from the other one?

The letter is linked from here
https://tether.to/tether-banking-relationship-announced/

Tether has a market cap of $1.77B, this letter confirms the bank has  $1.83B.

It's not conclusive, only a full audit would give that degree of certainty. But it's actual evidence, which is something the Tether arguments have been lacking for many months.


Bad new for Tether :

" Bank Tied to Tether Goes Quiet on Relationship With Crypto Firm " ==> https://www.bloomberg.com/news/articles/2018-11-02/bank-tied-to-tether-goes-quiet-on-relationship-with-crypto-firm

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November 02, 2018, 05:55:33 PM

So Bloomberg's finest got through to a secretary who said 'no idea' and 'nunya bizniz anyways' and an article was born.
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November 02, 2018, 06:14:04 PM

So Bloomberg's finest got through to a secretary who said 'no idea' and 'nunya bizniz anyways' and an article was born.
I would also be suspect of Bloomberg's relationship with the large exchanges that are recently launching their cash tied stable coins.
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November 02, 2018, 06:14:39 PM


just for kicks, see "Time traveler" report/retort.
not my opinion, but quite curios...mentions africa specifically.
https://www.reddit.com/r/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
Something like a dystopia, which can teach us something, but what?
No disrespect, but bitcoin in Africa/Uganda would not result in anything good long term, IMHO.

Would Blockchain space in Nevada become a "Citadel"?
Or, maybe, Malta would have first dibs since it is in a nicer environment?
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November 02, 2018, 06:26:05 PM
Last edit: November 02, 2018, 07:27:24 PM by jbreher


Yeah but...

They show a balance of about $1.8B, while Tether market cap (according to CMC) is about $2.5B.

edit: $1.8B. Mea culpa. I swear that browser tab couldn't have been more that a couple days old. Where did $700 million go overnight? Still...

For some reason, this does nothing to assuage my skepticism.
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