BITCOIN

MeteredOut

It used to be that we'd have to check a finance sites to see if BTC was trending down or up. Now I just need to check on those sites to see if its gone down, and know it's gone up if there's a notification of a post to this thread.

Such is the weird and wonderful world of crypto

Scottex99

Nah I posted about the local bottom at 41k too. Ofc price drives the majority of the narrative but also not the be all and end all either.

Although as an investment I’d clearly want it moving in one particular direction.

Highest price in 2 years, should be a new ATH at some point this year… 

DannyCarey

Must admit I am very tempted to sell some. 

Scottex99

Good to have an exit strategy for sure, I’ve made that mistake multiple times already.

I’m eyeing up closer to $70k price level for BTC myself 

DannyCarey

Sold 0.1 this morning, lovely little £1k profit.
I am further investing in some nice exterior home improvement works, so that will be well used. 

onomatopoeia99

At the current price it would be tempting to sell 0.14 BTC to use up my CGT allowance, as it effectively cost me nothing, since I mined it a decade ago and the waste heat from the GPU reduced the amount of central heating I needed (marginal difference in gas and electric heating costs aside).

Since I've never bought or sold crypto I don't even know which exchanges are good and won't cause a problem when the money lands in my current account.

DannyCarey

Coinbase is pretty simple, once you get passed the KYC hoops, set up your bank details and pass the annoying FCA quiz, its really pretty easy. 

Sparrow wallet is also easy to use to send your BTC to the exchange's BTC address for your 'wallet' with them. Sell for £, then cash out to your bank. 

Scottex99

onomatopoeia99 said:

At the current price it would be tempting to sell 0.14 BTC to use up my CGT allowance, as it effectively cost me nothing, since I mined it a decade ago and the waste heat from the GPU reduced the amount of central heating I needed (marginal difference in gas and electric heating costs aside).

Since I've never bought or sold crypto I don't even know which exchanges are good and won't cause a problem when the money lands in my current account.

Cool.

For that amount you should be fine. Coinbase a decent option. eToro, Revolut, Swissborg. There are a few out there that support GBP.

You could also do the trade BTC/GBP and then release the £ in smaller tranches rather than sticking £4k through at once and your bank saying "is this from Crypto?".

Interesting you mined so long ago and still have access to the coins, but have done nothing in the space since?

Or am I getting Trolled lol

Scottex99

In other news I just got my ETH and BTC payment out from Bankrupt Celsius to my Coinbase account this afternoon.

No email, no correspondence (since a few weeks ago) and just saw the deposit notifications as the coins landed.

Only about 40% of what I actually had in Cel before they went down (in USD Value) but a few grand I never thought i'd see again.

BTC 52K, pump me

onomatopoeia99

Scottex99 said:

onomatopoeia99 said:

At the current price it would be tempting to sell 0.14 BTC to use up my CGT allowance, as it effectively cost me nothing, since I mined it a decade ago and the waste heat from the GPU reduced the amount of central heating I needed (marginal difference in gas and electric heating costs aside).

Since I've never bought or sold crypto I don't even know which exchanges are good and won't cause a problem when the money lands in my current account.

Interesting you mined so long ago and still have access to the coins, but have done nothing in the space since?

I ran a GPU miner (nothing more sophisticated than the computer I used to play games) and used an auto-switching pool that paid out in BTC (remember those? Middlecoin etc), until the GPU blew up. By then the BTC price had fallen a lot from the dizzy heights of $1000, so I basically forgot about it and I felt it wasn't worth starting mining again due to the electricity cost vs difficulty increases combined with the falling price.  I had been doing it mainly as a technical challenge trying to get the most out of the GPU by tweaking the settings both in the miner software and tinkering with the GPU clock and voltages and hoped I'd be able to make a few hundred quid out of it, but I ended up needing to buy another card.

When things went bananas at the end of 2017 and $10k was reached I found the old hard disk with the wallet.dat file on it and copied it to a new installation (and multiple other places to back it up).  So I've been HODLing, primarily due to inertia. I think what I have was worth around about 200 quid when the GPU blew up in 2014.  More like £30,000 now, so a 150x increase, which is a lot better than any of the funds, equities or investment trusts I have in my ISA or SIPP have manged.

I honestly don't know what I'd do "in the space" now, since even with the hashing capability per joule of something like the latest antminers, I can't see how it's profitable to mine unless you get free electric. Even then I'm not convinced the purchase price of the miner would ever be repaid.