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Posts posted by southmartin

  1. 5 hours ago, evetsm said:

    There are objective technical reason for 1 or the other. It's not a game football cards on the playground. Actually, 90% of the people are so tech illiterate that it could be a game of football cards.

    Microsoft spent a year researching blockchain scaling and came to the conclusion that it couldn't work. As did Satoshi. This is science. But the luddites cannot understand it, so they fob it off.

    Btrash WILL burn, it already is burning, take a look at the chart. Not because I say so, but because the science shows that it CANNOT work. It only has low fees because nobody is using it, not because it can scale.

    ETH is a complicated Turing Complete mess with a Russian oligarch in charge. The editor of their repository recently resigned because of the unilateral demands. No consensus and a bloated blockchain. Only used for ICOs. Smart contracts looking like a white elephant.

    XRP is a joke. It is a verion of paypal where the owner printied himself >50% of the bazillions float. The bridge nodes can just freeze your funds on a whim. See how they froze the xrp creator Jed's funds recently. It's a gestapo coin. Great for banks.

    LTC is just a BTC ripoff. Adds nothing that BTC could not add in a morning. It's used as a bitcoin testbed.

    Monero is OK, but hugely bloated. Anonymous transactions are massive(very large) by their nature.  Can't scale. Layers will not work with this.

    Btrash is a joke. Run by criminals(convicted felons) and they just try and trick people into transacting with them. Look at their logo , just a bitcoin ripoff. Their single dev just makes unilateral decisions, scr*w the rest. The latest was to reinstate opcodes already abandoned by the real satoshi. Told no one. It's all smoke and mirrors. The one criminal Wright can barely spell his name, but he calls himself "Satoshi" LOL !

    There are zero coins that are viable, except bitcoin. It can scale infinitely on layers. It is 100% secure , it has never been down save about 2 hours back in 2010 for an emergency upgrade. No network on the planet has that record. Nothing.


    Have you looked into EOS - that addresses all of thee and zero transaction fees. I thin this is going to be huge when it comes out of ICO

  2. Hope this isn't a thread hi-jack - but can anyone explain what MyEtherWallet is actually used for? I just don't see where it fits into the flow of things? 

    I mean, if you buy coins/tokens from an exchange, then you can send those to your hardware wallet (or ETH wallet if the tokens are ERC20) then what's the point in registering them on MEW as well? Isn't that just another link in the chain - and anther potential hacker weak spot?

  3. 1 hour ago, Carcassonne said:

    As far as I can tell if you are a basic rate taxpayer, earning up to £45,000, you would pay a CGT rate of 10% on the profits you made selling cryptos. But first you get to deduct your tax free allowance of £11,300 for the 2017-18 tax year rising to £11,700 for the 2018-19 year. If you are a higher rate taxpayer, earning above £45,000, the CGT rate goes up to 20%, but you still get your £11,300 allowance.

    As I said on an earlier post, I do not believe there is a tax implication if you were able to find a seller prepared to take BTC directly for a house. I could be in this position this year, at least for part of the cost of a house.

    15% stamp duty? That's surely not correct. The rates are I believe -

    Stamp Duty Calculator - Your Results
    Purchase price of property Rate of Stamp Duty Buy to Let/ Additional Home Rate*
    £0 - £125,000 0% 3%
    £125,001 - £250,000 2% 5%
    £250,001 - £925,000 5% 8%
    £925,001 - £1,500,000 10% 13%

    So, the maximum you could possibly pay is 13% and that for the part of the house above £925,000 AND if it is a 2nd home. Most of us would surely be in the third band. So, if you bought a half million pound home the liability should be £15,000 - 0% for the first 125k, 2% or £2,500 for the next 125k and 5% or £12,500 for the last 250k.

    I'll check with my accountant (aka Dad, still working as a chartered accountant in his mid-80's!)

    the 15% stamp duty is if you bought a property as a corporation: https://www.gov.uk/guidance/stamp-duty-land-tax-corporate-bodies

  4. 9 minutes ago, RickyD said:

    Out of interest. I would like to hear some opinions on that dreaded T word no-one in the crypto community likes to talk about -  tax. 

    For those who have lots of transactions, from buying coins with cash, to exchanging one coin to another, are you going to hire an accountant?

    I expect a lot of crypto-investors plan to ignore tax completely, although  I don't think that's wise - most of these coins are not anonymous and there's a very real chance that HMRC will come looking for tax that should have been paid at some point in the future.  Whether or not they can handle the massive amounts of data is up for discussion.. but I for one don't really want to have that little dark cloud hanging over my shoulder..

    I too have considered this. I mean your standard tax to pay would be CGT @ 28%... which is better than higher rate income tax, but still.

    I guess it depends what you intend to buy. For a start if you wanted a house and could find a seller prepared to take BTC for it (and not an actual £ amount, but BTC written into the exchange contract) then you'd be in an interesting area tax wise 

    My long term plan is to make a fortune (yeah yeah) then buy a house. If there isn't a reasonable tax cost  then i'll do what the footballers etc do when they buy expensive properties. That is to buy an offshore company located in a place like the Seychelles or Batrs & Nevis where privacy is paramount. Put my money into that company, and the company then buys a UK property.

    Yes you'd get hammered for the new 15% stamp duty, but that's better than 28%... and of course the added bonus is that the property will never be counted toward IHT as you don't own it - you'd just leave 100% of the shares of the company to the person/persons in your will. If they then wanted to sell it they just put the company in the new owners name - no stamp duty there either

  5. If DB goes down surely the German Government will backstop them with the taxpayer guarantee RBS style....

    Or am I missing something here??

    DBs exposure to the derivatives market is some $75 trillion.. or about 8 times the size of the entire EU GDP...

    Gonna be tough to write a valid cheque to bail that sucker out...

    You know the episode of The Simpsons where Monty Burns suggests printing a trillion dollar note to clear the USA's debts... not looking so crazy now is it!

  6. You don't think people who have had their vote torn up and thrown in their face will treat a General Election as a single issue vote? What strange thoughts you entertain.

    If UKIP is the only party standing on a Brexit platform I would vote for them even if they elected the re-animated corpse of Adolf Hitler as their leader.


    If they call an election (or we manage to struggle on to 2020) then all it'll be is UKIP Vs 'everyone else'... assuming that 35% of the electorate (down from 52%) vote to leave the EU (i.e. have to vote UKIP) then we'll be looking at a UKIP PM and via an 'SNP style' landslide

    Frankly the chances of this happening increases the longer we stay in the EU - as overtime they do something stupid (crazy rules, forcing businesses to close, mass immigration, economic collapse of the Euro) then every MP who said "stay in the EU for safety" will lose at the ballot box.

    I predict a Cons/UKIP coalition - though hard to say which would be the junior partner in that scenario

  7. Can you guys (and girls) let me know what you think the worst economic excesses/failures of the Eu are


    1. Goldman Sachs cooking the books to let Greece in
    2. EU fraud and accounting (not signed off accounts for 20+ years? Is this true
    3. Deutsche Bank derivatives balance (potential for mega Lehman moment)
    4. Cameron paying the extra £1.7bn in 2015 after he said he wouldn't
    5. GDP > Debat ratios
    6. etc etc

    Anything else that leaps to mind?

  8. Anecdote:

    So I just got off the phone with my local MP. He's a decent man, though I didn't support him at the election.

    However we are working together to bring home the OUT vote. he was telling me that the Labour MPs who are returning to their offices after canvassing on the doorstep in their constituencies, are ashen faced, and know they're going to lose. Apparently some of them have spent all day canvassing and not found a single INNER...

    If we win this (and the MP thinks it's almost a definite) then it'll be thanks to the Labour heartlands!

    Good to hear from inside the Portcullis House eh??

  9. Continue registering to vote in EU referendum, David Cameron says


    A very convienient website error yesterday is to be used as an excuse to extend the last voter registration date.

    Young people are most likely to not be registered and also most likely to vote IN

    Desperation, election fraud or an understandable 'these things happen' moment?

    either that, or people had the chance to listen to Farage last night, and want to vote for Leave

  10. southmartin, can you remember anything in recent history where the will of ~50% of the population is ignored? And of the other 50%, quite a few won't be too happy about it either.

    Not really no. Well maybe every US election (as that's pretty much a 50:50 thing)

    I want to agree with you - honesty I do, but I just don't think those who'd been wronged would be upset enough to actually do anything about it.

    Maybe other posters might have an opinion, or suggest an example to clarify

  11. With no Brexit the LIBLABCON party will be wiped out at a snap election cause by rioting throughout the country.

    UKIP will do an SNP imho.

    the best result is a decent vote to LEAVE, but one that is then ignored by MPs... However I'd like to hope that the people would then rise up, but lets be honest - the people of the UK are pretty docile (apart from some very loud 'tutting' in church halls up ands down the country)

    There are people who are prepared to demonstrate but the anti-capapitalist scum crowd are (bizarrely) pro-EU... I'm not sure I can see the WI marching on Downing Street hurling pots of jam at the PM

  12. Talking about campervanman has he given up :lol:

    He wasn't meeting his 'percentage of change' criteria that his EU paymasters expected, so he's been moved onto a different forum that doesn't consist of people who can actually add up.

    Probably some university ones I expect.

  13. Place we choose? That would have to be the UK, we can't very well go and dump people in someone else's country.

    Actually we can. We would have the right to return them to the last known safe country... most likely France

    What are the onion-sellers going to do then? Scare us with their white flags? Promise not to give the aircraft carrier back when it's our turn?

    You'd only need to do it to a few thousand for them to get the message

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