Bitcoins

grifferz

That site is for US taxes.

In UK you just pay income tax on profits made trading bitcoins.

blizeH

Thank you, so the FIFO thing doesn't apply?! That's great news if so (certainly for ease of calculations if nothing else)

paddyrg

China's just closed all BTC exchanges - if you're holding BTC with a plan for the rising Chinese adoption, this news may be useful/relevant.

csm888

paddyrg wrote: »

China's just closed all BTC exchanges - if you're holding BTC with a plan for the rising Chinese adoption, this news may be useful/relevant.

This is not true!
Check your facts before contributing to the all BS out there.
Incorrect news is worse than no news at all.

missjames

Those who got in early will be getting very rich...and very knowledgeable about further steps to preserve their new found wealth...in PHYSICAL silver. Bitcoin will continue to grow erratically throughout 2014 until the unbacked fiat system implodes. Then it's anybody's guess. If "they" are able to hold the system together throughout 2014 Bitcoin will be well over $10,000/BTC by the end of 2014. If the dollar dies then 1 Bitcoin will be worth 1 Bitcoin just as 1 oz of Silver will be worth 1 oz of silver...it will come down to very high "purchasing power" for both.

bigadaj

missjames wrote: »

Those who got in early will be getting very rich...and very knowledgeable about further steps to preserve their new found wealth...in PHYSICAL silver. Bitcoin will continue to grow erratically throughout 2014 until the unbacked fiat system implodes. Then it's anybody's guess. If "they" are able to hold the system together throughout 2014 Bitcoin will be well over $10,000/BTC by the end of 2014. If the dollar dies then 1 Bitcoin will be worth 1 Bitcoin just as 1 oz of Silver will be worth 1 oz of silver...it will come down to very high "purchasing power" for both.

So you presumably have your money split between bitcoin and silver?

I wouldn't hold any fiat currency if I were you, it sounds far too risky, difficult to but the groceries with bitcoins and silver though currently.

grifferz

csm888 wrote: »

This is not true!
Check your facts before contributing to the all BS out there.
Incorrect news is worse than no news at all.

It's true that only some Chinese Bitcoin exchanges have closed, but there is definitely something going on in China and it is not yet clear exactly what that will be. There are a lot of rumours flying about.

Bobbly Lee, the CEO of the biggest Bitcoin exchange in the world (BTC China) has made a public statement that BTC China have so far not seen any guidance from People's Bank of China that says they have to shut down. Note the careful wording.

PBOC put something out in December about new regulations coming into force in mid-April. Getting an accurate translation of that has so far been challenging.

Some people are saying that they are just preventing their banks from considering Bitcoin as legal tender and not allowing banks to invest in it - which would not prevent citizens from owning it or trading in it.

Others are going further and saying that banks have been told not to deal with any company that is exchanging virtual currency for Yuan, which includes all Bitcoin exchanges.

A couple of Chinese exchanges have shut down citing banking difficulties.

I'm not confident that we yet know the truth, but it looks like we will know it soon (weeks).

Of course by then there will be any number of other rumours to trouble the Bitcoin world. :j

grifferz

missjames wrote: »

If "they" are able to hold the system together throughout 2014 Bitcoin will be well over $10,000/BTC by the end of 2014.

I'd enter into a small wager with you that 1BTC will not be worth >=$10k on Jan 1st 2015, but I fear you'd only want to use silver as the basis for our bet.

sabretoothtigger

metals are a fixed element though, its not going to evaporate. However fine dollar or sterling might be, they are unfixed to anything. We rely on gov to force and dictate a value but it cannot perform alchemy right
If zero worth meant death, theres only one choice, as of the two its a certainty to be worth something. Usually stakes are not that high

bigadaj wrote: »

So you presumably have your money split between bitcoin and silver?

I wouldn't hold any fiat currency if I were you, it sounds far too risky, difficult to but the groceries with bitcoins and silver though currently.

Its a good idea not to be one sided. If people have just sterling only, it could be solid or it might give way but to have only one thing always seems more vulnerable

You can buy groceries online and have them delivered and you can pay in these crypto currency. Thats not the difficult part, the thing is can you be sure of a regular income for that bill. Its viewed as volatile and thats fair enough

bigadaj

sabretoothtigger wrote: »

metals are a fixed element though, its not going to evaporate. However fine dollar or sterling might be, they are unfixed to anything. We rely on gov to force and dictate a value but it cannot perform alchemy right
If zero worth meant death, theres only one choice, as of the two its a certainty to be worth something. Usually stakes are not that high



Its a good idea not to be one sided. If people have just sterling only, it could be solid or it might give way but to have only one thing always seems more vulnerable

You can buy groceries online and have them delivered and you can pay in these crypto currency. Thats not the difficult part, the thing is can you be sure of a regular income for that bill. Its viewed as volatile and thats fair enough

Can you really buy groceries with crypto currency?