BITCOIN

Veteransaver

Adyinvestment said:

UK spot Bitcoin ETP's to begin trading on the LSE next week.

https://www.ft.com/content/76e9ecf3-4429-42c5-a945-43ab92abfda4

Professional/institutions only though, unlike the US and most of Europe our government has not deemed them fit for retail yet, they must think it is safer for us to buy the real thing from the countless unprotected exchanges out there...

Odd argument, buying the "real thing" is unregulated too, so no, the FCA do not think it is safer

Scottex99

onomatopoeia99 said:

I mentioned some way up this topic I mined some crypto using my gaming PC over 10 years ago.  Today I successfully transferred it out of Bitcoin Core where it hs always been in a wallet.dat file and into an exchange, mainly as I want to sell it to create a CGT liability before the budget and potential changes to allowances or rates.

I know it has no value / is a tulip / south sea bond / etc etc, but ignoring that, do any of the experts here know if it is treated like shares and I have to wait 31 days before I can repurchase, should I decide to do so? And supplemental question would be if I could use the money from the sale to buy a different coin immediatey? 

EDIT - I have found HMRC have guidance on this https://www.gov.uk/guidance/check-if-you-need-to-pay-tax-when-you-sell-cryptoassets

Congrats, not many are able to recover BTC from that far back.

Trading into fiat or into other coins triggers a taxable event, as it says in the link

onomatopoeia99

Scottex99 said:

onomatopoeia99 said:

I mentioned some way up this topic I mined some crypto using my gaming PC over 10 years ago.  Today I successfully transferred it out of Bitcoin Core where it hs always been in a wallet.dat file and into an exchange, mainly as I want to sell it to create a CGT liability before the budget and potential changes to allowances or rates.

I know it has no value / is a tulip / south sea bond / etc etc, but ignoring that, do any of the experts here know if it is treated like shares and I have to wait 31 days before I can repurchase, should I decide to do so? And supplemental question would be if I could use the money from the sale to buy a different coin immediatey? 

EDIT - I have found HMRC have guidance on this https://www.gov.uk/guidance/check-if-you-need-to-pay-tax-when-you-sell-cryptoassets

Congrats, not many are able to recover BTC from that far back.

Thank you. It helps that bitcoin core by default does not encrypt the wallet.dat file so no passwords to remember, just have to save the file and copy it to a new installation of the software (and then wait for the blockchain to download).  Also that I'm a computer nerd in my day job so understand the importance of backups and knowing where they are / checking the media they are stored on remains viable.

Scottex99

Hi all,

BTC close to ATH again. We might surpass it this week.

The narrative is that Trump is good for crypto too (and markets overall?). let's see if he wins

onomatopoeia99

Sold mine a couple of weeks too soon then!  Had no problem transferring the resulting money out through my Nationwide current account over a couple of days and now thinking about buying a motorhome with the proceeds of my single GPU mining efforts a decade ago. For the time being I filled up my premium bonds and this years ISA and put the remainder in a savings account for the CGT I'm going to have to pay.

Scottex99

A win is a win! 

An orange motorhome, surely 

Moose1960

Yes, well done onomatopoeia99. This is probably the first time I've heard of an early miner retrieving their stash from a decade or more ago.

Comforting to hear as well that Nationwide didn't seem to blink at your chunky withdrawal. It's become apparent that the banks are twitchy on deposits but more relaxed on withdrawals. I can't match your longevity but have been hodling for some years and will likely realise some profit in the coming days.

BTC touched $80k a few hours ago, has dipped slightly under again at the time of writing this but Scott's $100k prediction edges ever closer albeit later than originally suggested

I've lurked a lot on this thread but posted little. I've taken a similar approach to crypto threads on another forum that I frequent and opinions are as polarised there as they are on here but the "antis" are a little less polite. It's a scam, a ponzi, enthusiasts are merely perpetuating the greater fool theory etc. One of my favourites was that crypto is designed to starve the public sector of funds. Beyond that, BTC investors/hodlers are apparently "cretins" and other (worst) terms.

The antis go quiet during bull runs like now and re-emerge during the inevitable dips. Most will likely never change their views but the vocalisation of those views will become increasingly muffled and difficult to hear as their heads become buried ever deeper in the sand.

fwor

Moose1960 said:

The antis go quiet during bull runs like now and re-emerge during the inevitable dips.

And, of course, the opposite is true. This thread suddenly came alive when the last "halving" was going to send the price beyond $100k.

And the thread is brought back to life whenever the price hits all time highs - even though that is the worst time to be "investing".

If you can't see and understand both sides of that picture then you really must have swallowed your own pro-Bitcoin rhetoric.

Moose1960

It should be apparent from my post that I can see and understand both sides and have "swallowed" nothing. Do you have anything rational or constructive to contribute?

Scottex99

Probably not ideal to be buying the all time high, but doing so in a controlled way with a small % of your liquid wealth, should be fine.

I completely missed NVDA, still up 60% from a buy in March and 6% from a buy in June. If it turns out to overhyped in the market then I have some leeway to get out.

”investing” or not, we’re all here to make or grow our money.

Be nice if we can get to $100k and I can get that monkey from the last cycle off my back 😉