scb

Thats always been the plan but laziness has prevented me from doing it! I'm going to open up account with a few exchanges now over the next few days because it can never be a bad ting to have quite a few, just in case! I do have a Coinbase accout but it's expensive and not the best but it was ok as a backup.

I'm thinking Kraken, right?

What exchanges do people use? CoinBase switched my account to Coin Corner and they, "regret to advise that we can no longer provide services to you [me].". So where can I open an account in case I need to sell a 6 figure sum?

Happened to my parents about 5 years ago at a main dealer. Negotiated a price on a used car, all was happy, went to sit down to do the paper work and when dad said he was paying cash the price was the original price. He could only have the discount with finance. He got up and walked out, why having saved money to buy a car would he want finance?

Doesn’t surprise me. Local council “furloughed” the people in the council tax department last year so you couldn’t get through to them if you had an issue/request. Why? The same number of people still had to pay council tax, if anything call would have surely gone up with people unable to pay. Also had a friend who couldn’t get parts he needed for work because his supplier had furloughed people. So they had work but still furloughed people. Surely the point of furlough was if there was no work due to lockdowns you could furlough, not just do it anyway? I bet lots of companies did the same. A chance to risk free, cost free reduce staff and see if you could carry on.

Why? Sold for massive profit. Now mortgage free. That some huge financial freedom. Sure could have waited a bit longer and made more, might have waited and lost. Nobody buys in right at the bottom and sells right at the top, it’s just too unlikely to happen. If someone hits a monetary amount that would make them happy they should sell then.

Yep. When it was dropping and costing me a couple of thousand it didn't matter. Now its 10s of 1000s it a bit scarier. But as I said, its even scarier the thought of it taking off again and leaving me behind. I can now confirm, HODLing is the way to go, less scary!

Bottled it. Bought back in. I have made a whole 0.2 of a bitcoin though! It’s scarier the thought of the price rising and missing out than it is HODLing and the price dropping!

So, just sold 500k of BTC! But I’m not planning to take the gains yet, in just looking at the charts and I’m hoping for a drop and I’ll buy back in. Just hoping this doesn’t turn into a blip and it shoots back up now. TBH even if it does, I’ve still done well out of bitcoin, losing a few £££ here will still see me massively up.

I thought it would be. The taxman wouldn’t let that one slide!

Surely placing the bet is a taxable transaction? If gambling is not a taxable transaction, you sign up for two accounts, you offer odds on an event happening (“lay” it in betting terms) then you take the bet yourself. No liquidity issue as you’re taking your own bets. Okay you pay Betfair their 5% commissions but it beats 20 or 40% CGT. But like I said, the issue is, does placing the bet become a taxable event? This suggests its 5 years. https://www.gov.uk/tax-return-uk

You only pay CGT within 30 days for property. So BTC would be done on an annual SA. Admittedly this is just my layman’s understanding, I’m not an expert so it may be worth confirming either way.

And hope someone will pay him the large sums he’s quoting to look for it and he can run off with the cash. I’m sure there’s some scam going on.

I used to work with the a guy who has worked with this guy previously. Apparently he’s a bullshitter and a fantasist and the phrase “if you’ve been to Tenerife then he’s been to Elevenerife” was made for him. So I’m not convinced there’s much truth in this.

Surely if they ban bitcoin, I go abroad where it’s legal and CGT is zero. Get all my cash, move back to the UK and surely they can’t charge me CGT because it’s illegal in the UK anyway.