The quality of journalism in the once revered Times newspaper, is now as poor as any other trashy mainstream rag.
"Bitcoins 23% drop biggest in its 23 year history" indeed.
Bitcoin has experienced far more violent price movements in its 8 year history. For instance in a 24 hour period 6 - 7th Dec 2013 fell price on Stamp fell from roughly 1020 to 550 which is 185%.
Or from 10th to 11th April 2013 price fell from $260 to under $60 around $430% those were the days.
Bitcoin is a model of stability now in comparison.
ive been logged into bitstamp since 1 hour in uk
no problems with trading
No problem with any other sites - but still can't get into Stamp - have fiat there and want to get in...!
Bitstamp said if you change your DNS server to Google ( 8.8.8.8 ), it will work as a temporary solution. Have you tried that?
Thanks for that I used both 8.8.8.8 and 4.4.4.4 and Ive got Stamp back up just in time to find all my buy orders from 792 to 831 filled. Shit I could have done better had I been able to log in. Do you think this was deliberate?
Thanks for that I used both 8.8.8.8 and 4.4.4.4 and Ive got Stamp back up just in time to find all my buy orders from 792 to 831 filled. Shit I could have done better had I been able to log in. Do you think this was deliberate?
Yes. PBOC waited for Bitstamp to be unavailable.
snip
Buying and selling dash is not a taxable event for you? How is that?
Well I understood you pay captial gains when there is a fiat gain in value at the time when you dispose it, ie sell it for fiat. I'm in the UK. I hope I got that right. If I have to proof every single trade between Dash and Bitcoin or whatever other crypto I don't know how on earth I could even start to do that
Some exchanges I have used no longer even exist.
I sympathise, in UK too.
Since HMRC advice is so sketchy (it goes back to a vague 2014 reference effectively saying 'we will treat it all on a case-by-case basis') we are in the dark.
I only cash out in BTC and only (originally) went in via BTC so, I am asking my accountant to simply list all fiat 'in' events and fiat 'out' events and hoping it will be just CGT. But be aware they can see it as 'badge of trade' and charge as though it was income if they think you're a trader.
I am hoping if I cough up CGT and list only Bitcoin bought and sold and just pay up, they will accept it.
If not, I will find others here in the same position and suggest we club together to get a QC to fight HMRC - as paying 45% income tax will be too much to let pass.
I know you and I have different 'cryptos of choice' but we may end up in the same expensive boat, under the same threat of a massive tax bill.
Odds on they will just take the CGT, but if not... Let's consider a fight - I think we can probably both afford to chip in for a legal case with others, which they won't have the staff or competence to want to bother with.
Sometimes Dashheads and Moneroans can perhaps find common cause ;-)
I was reading about an ultrapreneur tax that is flat 10%, you may need to pass a few ticks and go through some hoops in the year before to meet the conditions.
That, I think - is if you sell your business off completely, that is to protect people retiring who have one business and want to cash out (after paying tax on the profits along the way).
If you trade cypto 'as a business' you will pay tax up to 45% on profits made. Then you 'could' sell the business and get 'entrepeneur's relief'
So unless you have found a way my accountant and I have not - I don't think it's possible. I wish!
Just had a meeting with my accountant today.
If your sales exceed 4 times CGT allowance ie 4X £11,100 £44,400 ye 2016 then even if your gain is under the annual allowance and no CGT is payable you still have to submit every single transaction. FFS.
Exceptions are sales reinvested same day and sales bought back up to 30 days later.
The transactions must be matched up, the paperwork involved is the stuff of nightmares.
As you say if trading is your business it's treated as income and is subject to income tax top tax rate 40% plus NI at 9% then 2% above £45k.
Yet if BTC collapsed and you wanted to offset the losses against your other capital gains, HMRC would suddenly declare BTC trading as a highly risky enterprise like gambling where no taxes are payable on wins or reliefs on losses.
Just had a meeting with my accountant today.
If your sales exceed 4 times CGT allowance ie 4X £11,100 £44,400 ye 2016 then even if your gain is under the annual allowance and no CGT is payable you still have to submit every single transaction. FFS.
Exceptions are sales reinvested same day and sales bought back up to 30 days later.
The transactions must be matched up, the paperwork involved is the stuff of nightmares.
As you say if trading is your business it's treated as income and is subject to income tax top tax rate 40% plus NI at 9% then 2% above £45k.
Yet if BTC collapsed and you wanted to offset the losses against your other capital gains, HMRC would suddenly declare BTC trading as a highly risky enterprise like gambling where no taxes are payable on wins or reliefs on losses.
I intend to only submit transactions to and from Fiat currency.
And this '4x allowance' thing? Not in any tax rule I have seen.
Get a second opinion, there is no real guidance yet that is this specific on crypto from HMRC.
Accountants are assuming things, but they MAY not be right.
Get yours to show you HMRC guidance specifying what you say above. A capital gain under the limit is not reportable AFAIAC and if it is over it, it is still simply a capital gain and chargeable at 20%.
You invested X, you sold Y - you pay the difference, I reckon. And capital gains are only taxable when cashed in IMHO.
I am not an accountant - but I asked three, and they all gave varying advice, except that they all said you need to say what you orginally paid for the BTC you are now selling. I realise that ain't easy - but it is possible to do most if you have exchange history. For Gox, you cannot - but neither can they prove what you spent unless your bank statements show it.
I tend to agree with you.
Having paid for this advice I am reluctant to pay again unless it was for someone or a firm specialising in crypto.
Anyone know of such a person / firm.
It seems that HMRC can treat crypto just like any other currency. Any sales transaction is treated as a taxable event, whether you transfer your fiat to your bank account or just leave it on the exchange.
Fortunately last year I was under the limit and so it does not have to be declared on return.
A nightmare avoided as I have no chance of submitting all the transactions made as my Armory wallet was lost when hard drive failed. Although coins are recovered the transactions, purchases goods etc were not. Just as well!
This tax year I will be hit with CGT however I have mostly hodled during this bull run so few transactions and fairly straight.
I just posted this as many small timers will be finding themselves in this position for the first time and should give it some thought in the coming months.
I think Jimbo Toronto has the right idea by buying at ATM even if paying % over odds. And keeping dealings private.
I tend to agree with you.
Having paid for this advice I am reluctant to pay again unless it was for someone or a firm specialising in crypto.
Anyone know of such a person / firm.
Whoever you went to see, I've never, ever heard any 'advice' along those lines. Sounds like total bilge to me. The problem with the UK is that the HMRC have basically published a few paragraphs a few years ago and now leave it to everyone else to interpret them.
This geezer -
https://www.reddit.com/user/krissaroth I think is an accountant and has written quite a bit in r/bitcoinuk. Maybe it's worth PMing him. If he himself doesn't do crypto he might know someone who does.
Lots of other threads about it in there too.
Thank you for the advice, I'll do a bit more research.
I really thought we can win vs jews from WS - no way.
It's easy to tell what you should be buying. All you really need to know is, ALL media is Jewish media. Do you think Harry Dent actually buys all these ads? HELL NO. He's a shabbos goyim. The Comex is forwarding all their contracts to London recently - that's a TECHNICAL DEFAULT. And how could it not have happened when it's the only asset on earth not in a bubble? The Jews want to keep people from buying physical silver or gold at all costs:
https://i.imgur.com/tLaQvrN.jpgAs you are someone seriously into metals you gave me some sound advice back in 2015 when I was about to buy silver at $16.
You said to wait as it had a couple $ to go, I managed to buy at $14.30 not quite the bottom but near enough.
I am in EU now where buying silver attracts 20% VAT so I am about to buy some gold which is not taxed.
In your opinion is this month a good time to buy also is it better to buy in many smaller units or to go for the cheaper option of one or two large units.
Many thanks.
I really thought we can win vs jews from WS - no way.
It's easy to tell what you should be buying. All you really need to know is, ALL media is Jewish media. Do you think Harry Dent actually buys all these ads? HELL NO. He's a shabbos goyim. The Comex is forwarding all their contracts to London recently - that's a TECHNICAL DEFAULT. And how could it not have happened when it's the only asset on earth not in a bubble? The Jews want to keep people from buying physical silver or gold at all costs:
https://i.imgur.com/tLaQvrN.jpgAs you are someone seriously into metals you gave me some sound advice back in 2015 when I was about to buy silver at $16.
You said to wait as it had a couple $ to go, I managed to buy at $14.30 not quite the bottom but near enough.
I am in EU now where buying silver attracts 20% VAT so I am about to buy some gold which is not taxed.
In your opinion is this month a good time to buy also is it better to buy in many smaller units or to go for the cheaper option of one or two large units.
Many thanks.
My apologies Roach it was Shroomskit who gave the advice on silver that the 4th quarter of 2015 would be the buy point.
But I would appreciate any input from you.
I really thought we can win vs jews from WS - no way.
It's easy to tell what you should be buying. All you really need to know is, ALL media is Jewish media. Do you think Harry Dent actually buys all these ads? HELL NO. He's a shabbos goyim. The Comex is forwarding all their contracts to London recently - that's a TECHNICAL DEFAULT. And how could it not have happened when it's the only asset on earth not in a bubble? The Jews want to keep people from buying physical silver or gold at all costs:
https://i.imgur.com/tLaQvrN.jpgAs you are someone seriously into metals you gave me some sound advice back in 2015 when I was about to buy silver at $16.
You said to wait as it had a couple $ to go, I managed to buy at $14.30 not quite the bottom but near enough.
I am in EU now where buying silver attracts 20% VAT so I am about to buy some gold which is not taxed.
In your opinion is this month a good time to buy also is it better to buy in many smaller units or to go for the cheaper option of one or two large units.
Many thanks.
The commercial shorts nearly always win (aka the ESF), and since they are high right now, it signals they will drop the price a little. But like I was saying about this FISA thing, the release of this seems VERY orchestrated and might be used as a scapegoat for some type of economic implosion as I was talking about here:
http://steemit.com/news/@r0achtheunsavory/the-r0ach-report-35-the-fisa-memo-is-likely-the-scapegoat-to-blow-up-the-economyOne of the goals of these people in entities like the ESF is to "disconnect cause and effect", which is why they made sure to implode gold during the 2008 crash when it obviously shouldn't have. Some claim people had to liquidate their ETF & Comex contracts to cover other investments, but that's complete bullshit why the price went where it did. Anyway, if my FISA theory is correct, they will probably attempt to do the exact same thing they did during 2008, then metals skyrocket after the dip IF they manage to force it down. Maybe it wont dip at all this time before going up, who knows. Supply seems too tight for them to force it low to me, unlike in 2008. It's always possible it could be the one time where the ESF shorts get screwed and it skyrockets
If nothing comes out of this FISA stuff, that $900 platinum bottom is a REALLY REALLY hard floor, so they will have an enormously hard time screwing with metals too much. And getting silver below $16 for any extended period of time is also too hard for them. They could drop gold to as low as $1050 or so, but that's about it. The downside potential on all this stuff is really small without a deflationary event that would wipe out every bank in America anyway.
Thankyou for you much valued answer to my post.
Thanks for the link.
written by Christine Lagarde a paragon of virtue.
convicted of negligence - the French tax payer forked our over $306 million to settle a case brought by Bernard Tapie for alleged fraud by the French Bank Credit Lyonnais over its sale of Tapie's stake in Addidas. Lagarde did not appeal the award given to polititian Bernard Tapie (no one seems to know why?)
Her punishment - none. No fine, no jail time, no criminal record.
Her predecessor in IMF Strauss-Khan resigned over sexual assault charges again no conviction.
And Strauss- Khan's predecessor Rodrigo Rato faced trial for corruption charges he got 4years 6 months jail time.
A nice bunch of guys altogether and instead of putting their own house in order they are worried about crypto being used for money laundering, tax evasion, etc. Hell you dont need crypto to do any of that good old fashioned fiat will do nicely.
Is there anyone else, who comes here just to see the hardcore bitcoiners being mad at the world for not buying their virtual units? Am I the only one? Is there something wrong with me that I enjoy observing entitled people not getting what they want? So many self-aware questions rise in this place.
No you are pretty much one of the very few poisonous imbeciles with poisonous trolling posts around who feels the need to piss on other people's parades.
Congratulations.
Yes I would say there is something very wrong with you.
Hopefully you will GTFO.
Maybe you can troll a banking interest forum where people are having orgasms at making 2% per year profit on their savings instead.
Actually, almost all of the fucktard bearshills come into this thread and act like they have some kind of meaningful and unique insightful perspective into bitcoin price dynamics..
but they are proven to be retards, over and over and over.. For some reasons (I wonder why?) they want to trick you out of your bitcoins.
After they fuck up then they kind of disappear when they do not have anything to latch onto in their pie in the sky bitcoin death fantasies.
Surely this Jacques_Bittard troll shit shill job would have been with Tera beara calling the end of bitcoin (and further and more painful price corrections) during the March 2017 down to $890 - and that surely would not have been a good time to sell any decent amount of your bitcoins.
You are using a lot of profanity. You were a lot softer a couple of years ago. Before your avatar picture I actually thought that you are a girl and thought on hitting on you. So, what happened in the meantime? Hit puberty and testosterone is finally doing it's thing or something?
I have never called the time for the end of bitcoin. Bitcoin will end when the governments will finally crack down on exchanges creating funny-money to pump bitcoin. As long as people ignore things like goxdollars or tether, then there is no height high enough. One thing is certain though - the governments will crack down on fake money exchanges and greater fools will also run out eventually. Then I'd like to see the bitcoin fanatics pay for the 7billion dollar revenue to the miners, just to sustain the network. So, I have no idea when will bitcoin crash, but I know that it will crash, and it will do it with a lot of tears from people who mostly deserve whats coming.
your posts remind me a lot of a guy called falling who hung round here on the way down from $500 to $160 are you he?
Thanks for that made me smile!
.
How these dipsticks get jobs evades me totally.
Looking forward to seeing Amber Baldet of JP Morgan crypto fame fail miserably in her new venture.
