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Has anyone actually cashed out a 5 or 6 figure amount to a UK bank account? There have been  various reports of people who have had there bank accounts closed after depositing large crypto gains.

Plus has anyone got any info on how capital gains tax would work for crypto?

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Shoot me down, but a few members seems a bit obsessed with this thread.  There are a lot of threads on HOUSEpricecrash and other things to do in general than aggressively defend Bitcoin (e.g. see fami

They could certainly put various things in place to try and stop but I just don't seem them doing it. Obviously they could make dealing, trading, holding or using bitcoin punishable with 10 years

Bitcoin Cash can and will scale on chain. The technology advance within the next decade will allow it to happen with ease and always remain ahead of demand. What Core have done to Bitcoin is criminal

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1 minute ago, Voltron said:

Has anyone actually cashed out a 5 or 6 figure amount to a UK bank account? There have been  various reports of people who have had there bank accounts closed after depositing large crypto gains.

Plus has anyone got any info on how capital gains tax would work for crypto?

I've cashed out a 5 figure. You pay 20% CGT.

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1 minute ago, Voltron said:

Has anyone actually cashed out a 5 or 6 figure amount to a UK bank account? There have been  various reports of people who have had there bank accounts closed after depositing large crypto gains.

Plus has anyone got any info on how capital gains tax would work for crypto?

not advisable,  best to cash it out anonymously overseas and make a payment to yourself for invisible goods over a long period paying a down a big debt like a mortgage with over payments direct from overseas accounts. 

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16 minutes ago, Voltron said:

Plus has anyone got any info on how capital gains tax would work for crypto?

Basically you have to declare crypto sales on your self assessment tax return like the sale of any other asset, and pay any tax due....there is a whole page on HMRC's website:

https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

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When you look at the market dominance chart over time bitcoin has lost a lot of ground to alt-coin leading up to the previous bubble/peak, since then it’s regained a lot of lost ground.

its looks like Bitcoin had been through that required baptism of fire, and moved to a new phase, where altcoins have finally died, and bitcoin is and always will be the only crypto in town. No longer is bitcoins dominance questioned, no longer is its dominance trending down, those days are over now.

what’s interesting about that, is a lot of funds were wasted by newcomers on rubbish in the last bubble, a lot of money flowed right into scam altcoins, and was quickly sold out again, yes some of that ended up in bitcoin, but plenty just ended up as fiat by the scam leaders, pump and dump style. 

when we finally reach the next bubble, it won’t be against a background of a long term lost of dominance by bitcoin, but instead against a bitcoin which has been tested and come out on top, with extremely high market dominance, AND altcoins have been very clearly been shown to be useless/worthless

prior to the last bubble people could tell themselves that bitcoin was long term losing dominance, and something else will take the lead, (people with little understanding of the full scope of bitcoin) but on the next bubble those sentiments won’t be there, the scenario has changed.

therefore the panic buyers won’t be flushing money down the drain, they won’t be piling into altcoins, suddenly almost the full mass of investors will be directing funds to Bitcoin.
 

BUT these panic buyers are jumpy, and will sell out as soon as the next bubble bursts. 
 

I think based upon that the next bubble will be a lot higher, and a lot sharper than previous bubbles. and just like many many altcoins buyers in the last bubble just kept grimly holding bags (or worthless crap back then), this time they will find themselves grimly holding bitcoin which they bought at the peak and are now sitting with 80% losses. 

but with bitcoin being what it is, several years later those grim bag holders will find they back in black and up considerably, that’s generally how it goes.

we have seen a huge important change in the history of bitcoin. it’s been proven, it’s been tested. 

it came out a lot stronger. 

these kind of changes and growth require years, if not centuries to play out, it needs to pass these important gates, not just Altcoins threats being forever killed off, but it needs to pass through a large important countries debt default and currency destruction etc, bitcoin will always be there, it just needs the world to keep churning through its own economic cycles, it just needs history to repeat (it always does). 

bitcoin is filling a vacuum, it’s filling a value store need. it just needs to be. the heavy lifting will be done outside bitcoin, with money printing, wars, state collapse, stock market crashes, etc etc

pretty much everyone on this thread will be too young to remember the days before time began in the 70’s was its inflation etc, will be too young to have been through dramatic changes in the economic landscape, will of lived through the recession but found everything was relatively stable, but drastic change does come, and it can happen very quickly when it does.

ruinous events do happen, they can be very rare, but they do happen. 

bitcoin is not something I would bet against.

and now it’s not just the blind believers who through the last bubble kept singing the same tune, even though at a few points it might of been touch and go that another coin took the lead, now it’s pretty obvious that bitcoin is forever long even to the worst skeptic.

now it’s not the altcoiners who call bitcoiners delusional, it’s now the other way around 

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10 hours ago, longgone said:

Global pandemic trillions printed of fiat and no rises = it`s never going to happen. ? tell me what conditions would need to be in place for a rise to the heady heights you believe are coming  a phucking great big asteroid that splits into two heading for the BOE and the FED buildings ??.

cashing out in 2017 was the best decision you could of made up to now its good you said that as that concluded that all of the above is a crock of krap as you just paid for your insurance policy in one go.  BTC is media driven BS the biggest indicator of price rises are how many spam emails you get in your junk folder from Bitcoin alchemists. ?

If you consider "work" work you are in the wrong job the only thing that forces the plebs to work on trains they don`t like is debt. 

just consider youself lucky, other`s maybe hoping BTC is going to pay off their debts, possibly but you need to sell to do that. 

Most of this we'll find out if it's true in several years and I'll come back and give you my score if possible. It'll probably (although no one can forecast anything with accuracy) be -1, or zero if I'm lucky. Finger in the air estimate is a low single digit % chance on a +10 ?.

Yes, work is pretty well paid but it's still work (and sometimes, hard and not particularly pleasant or fun work). If I could, I would be doing something nearer to home, that is fun, interesting, and I would look forward to starting at each day. Not aware of many jobs that are actually like that (thinking through my hobbies for a starter, there's probably a dozen I can immediately think of), and certainly nothing anywhere near as well paying as my current one.

I'll stick with that cheers. At this moment in life, I'd prefer the cash rather than the 'fun' although I don't actually hate work, it's just an inconvenience. No debt here either, just an ability and an inclination at present to do a reasonably difficult and technically demanding job. I'm willing to put up with suits on the tube for that. At least I can WFH at the moment and can avoid the more unpleasant aspects of work, ie. mixing with the general fecking sweaty public.

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4 hours ago, Huggy said:

Most of this we'll find out if it's true in several years and I'll come back and give you my score if possible. It'll probably (although no one can forecast anything with accuracy) be -1, or zero if I'm lucky. Finger in the air estimate is a low single digit % chance on a +10 ?.

Yes, work is pretty well paid but it's still work (and sometimes, hard and not particularly pleasant or fun work). If I could, I would be doing something nearer to home, that is fun, interesting, and I would look forward to starting at each day. Not aware of many jobs that are actually like that (thinking through my hobbies for a starter, there's probably a dozen I can immediately think of), and certainly nothing anywhere near as well paying as my current one.

I'll stick with that cheers. At this moment in life, I'd prefer the cash rather than the 'fun' although I don't actually hate work, it's just an inconvenience. No debt here either, just an ability and an inclination at present to do a reasonably difficult and technically demanding job. I'm willing to put up with suits on the tube for that. At least I can WFH at the moment and can avoid the more unpleasant aspects of work, ie. mixing with the general fecking sweaty public.

see i`m different i`m happy to go to work but not if unreasonable stress is placed on the role, i do like my creature comforts at work. in the good old days overtime sheets were pre filled in and getting to work on time was seen as you being a company man, frowned upon by everyone !  fridays down the pub all day was expected and deletion of used holiday allowance was rife. 

i`m annoyed they never let me bring a PlayStation in though. 

ahh the good old days. 

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14 hours ago, scottbeard said:

Basically you have to declare crypto sales on your self assessment tax return like the sale of any other asset, and pay any tax due....there is a whole page on HMRC's website:

https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

can you work out from the hmrc site if you can get away with buying in the uk and selling in a zero tax country after gaining residence there?

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2 hours ago, longgone said:

see i`m different i`m happy to go to work but not if unreasonable stress is placed on the role, i do like my creature comforts at work. in the good old days overtime sheets were pre filled in and getting to work on time was seen as you being a company man, frowned upon by everyone !  fridays down the pub all day was expected and deletion of used holiday allowance was rife. 

i`m annoyed they never let me bring a PlayStation in though. 

ahh the good old days. 

Ah public sector, yes I know a few of those.

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On 23/05/2020 at 18:01, longgone said:

if you paid 10p for a share and could of sold it for £15k a share would you sell or hold out for 100k a share ? 

You keep your allocation in the best prospects based on what you think is going to happen, not what has already happened. I still think bitcoin can 10-20x so why would I cash it in to put it in something  else ?.

To be fair though its easier to gamble recklessly (which investing in bitcoin is) with money I've already been essentially gifted.

Edited by goldbug9999
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4 hours ago, Lovely Rum said:

can you work out from the hmrc site if you can get away with buying in the uk and selling in a zero tax country after gaining residence there?

If you return to the UK within 5 years then the CGT needs to be paid. Getting out of UK tax is not that easy either....

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5 minutes ago, goldbug9999 said:

You keep your allocation in the best prospects based on what you think is going to happen, not what has already happened. I still think bitcoin can 10-20x so why would I cash it in to put it in something  else ?.

To be far though its easier to gamble recklessly (which investing in bitcoin is) with money I've already been essentially gifted.

indeed essentially gambling, gambled winnings are always different mentally. 

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5 hours ago, longgone said:

see i`m different i`m happy to go to work but not if unreasonable stress is placed on the role, i do like my creature comforts at work. in the good old days overtime sheets were pre filled in and getting to work on time was seen as you being a company man, frowned upon by everyone !  fridays down the pub all day was expected and deletion of used holiday allowance was rife. 

i`m annoyed they never let me bring a PlayStation in though. 

ahh the good old days. 

Didn't realise you were a public sector worker. 

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2 hours ago, longgone said:

indeed essentially gambling, gambled winnings are always different mentally. 


Man if we get to $100k by December 2021 and I still haven't cashed out (wont hit my target for 50% cash out until $140kish) you will lose you mind i'm sitting on over $500k , happy to Hodl. 

Like Goldbug9999 and others, I cashed out £5k in 2019 via selling Alts so I have my $2k stake back and over 100% profit, the rest is gravy, can moon again or go to $1.

We shall see, each month that passes we get closer to the 4 year cycle top.

I think you and 99% of most people would have never seen $20k top now mater how low you bought, once 200-300% up you wopuld have cashed out for good and watched the ship sail away, takes a special kind of mental strength to not sell in the 100's % and the 1000's % gains.  

Even is we peak at $300k this time round I will have cashed out 50% @ my $140k target and the other 50% will sit unsold through the next cycle, even if it crashes 85% back down to  $45k in 2022/23. 

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13 minutes ago, markyh said:


Man if we get to $100k by December 2021 and I still haven't cashed out (wont hit my target for 50% cash out until $140kish) you will lose you mind i'm sitting on over $500k , happy to Hodl. 

Like Goldbug9999 and others, I cashed out £5k in 2019 via selling Alts so I have my $2k stake back and over 100% profit, the rest is gravy, can moon again or go to $1.

We shall see, each month that passes we get closer to the 4 year cycle top.

I think you and 99% of most people would have never seen $20k top now mater how low you bought, once 200-300% up you wopuld have cashed out for good and watched the ship sail away, takes a special kind of mental strength to not sell in the 100's % and the 1000's % gains.  

Even is we peak at $300k this time round I will have cashed out 50% @ my $140k target and the other 50% will sit unsold through the next cycle, even if it crashes 85% back down to  $45k in 2022/23. 

global pandemic and no movement ?

whats the driver then ?  prayer ?

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Prices are currently being kept low at the moment because of the halving reward. Some miners are selling more coins than they are mining due to the price. Until prices rise to make it profitable again for them or these miners exit the market then I think the price will stay under $10,000 in the short term, maybe even a fall of some sort. 

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50 minutes ago, longgone said:

global pandemic and no movement ?

whats the driver then ?  prayer ?

With all due respect to COVID-19, it's not that tough. It talks a good fight through politicians who want to look like they're doing something, but I could slap it's wife's bottom, drink from it's pint, and help myself to a few of it's chips, and all of this in front of it's mates as well. It knows it's not doing anything of any concern to me, even after all of that. It will look at the floor and feel sad inside.

Big movements that are due to printing will come around when there is big hyperinflation. Gold, the uber-solid store of value, has increased by less than 20% since the start of the year (if my chart reading and calculator serves me well). Bitcoin won't, in my humble opinion, move much due to trivial matters such as a WuFlu simp. It will move because of other things (remember there was no WuFlu in 2017, or 2013!) and probably because of things we don't know about now.

Or it might not, who knows? It's gone from 7k to 8k down to 7k again and now back up to 7.5k, all within the space of 2 weeks, all while the Red Chinese virus has been in full flow. If Sterling goes full Mugabe, then we will see quintillions of % increases to BTC (priced in Sterling). If Sterling hasn't done that yet, then we shouldn't really be looking to the lack of that effect with BTC as a point of discussion.

Edited by Huggy
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4 minutes ago, Huggy said:

With all due respect to COVID-19, it's not that tough. It talks a good fight through politicians who want to look like they're doing something, but I could slap it's wife's bottom, drink from it's pint, and help myself to a few of it's chips, and all of this in front of it's mates as well. It knows it's not doing anything of any concern to me, even after all of that. It will look at the floor and feel sad inside.

Big movements that are due to printing will come around when there is big hyperinflation. Gold, the uber-solid store of value, has increased by less than 20% since the start of the year (if my chart reading and calculator serves me well). Bitcoin won't, in my humble opinion, move much due to trivial matters such as a WuFlu simp. It will move because of other things (remember there was no WuFlu in 2017, or 2013!) and probably because of things we don't know about now.

Or it might not, who knows? It's gone from 7k to 8k down to 7k again and now back up to 7.5k, all within the space of 2 weeks, all while the Red Chinese virus has been in full flow. If Sterling goes full Mugabe, then we will see quintillions of % increases to BTC (priced in Sterling). If Sterling hasn't done that yet, then we shouldn't really be looking to the lack of that effect with BTC as a point of discussion.

no basis for any of that sadly.  That is all based on want not reality.  If cov19 is not tough on the economy what is then exactly ?

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3 minutes ago, longgone said:

no basis for any of that sadly.  That is all based on want not reality.  If cov19 is not tough on the economy what is then exactly ?

Sorry, not following that too well. Have been on the beers so maybe it's me.

I was only reasoning that your expectation is that BTC should do very well in a crisis but hasn't right now. BTC has done very well in previous times when there hasn't been a crisis. In fact, 2009-2019 has been relatively benign and the increases have been $Zimbabwe impressive in their rises.

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6 minutes ago, Huggy said:

Sorry, not following that too well. Have been on the beers so maybe it's me.

I was only reasoning that your expectation is that BTC should do very well in a crisis but hasn't right now. BTC has done very well in previous times when there hasn't been a crisis. In fact, 2009-2019 has been relatively benign and the increases have been $Zimbabwe impressive in their rises.

https://www.geekwire.com/2020/will-chaos-world-impact-price-bitcoin/

"Crypto needs a significant amount of new capital to enter the space to break out of the global downtrend that began at the end of 2017"

That says ponzi to me ?

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34 minutes ago, longgone said:

https://www.geekwire.com/2020/will-chaos-world-impact-price-bitcoin/

"Crypto needs a significant amount of new capital to enter the space to break out of the global downtrend that began at the end of 2017"

That says ponzi to me ?

To me that says it's a 'thing' that has a price and the price depends, partially, on liquidity.

BTC is not a normal thing though, and may well be proved a ponzi in future, but more money coming in will certainly raise the price. Any market seeing "significant amounts of new capital" entering "the space" will see a breakout in a positive direction. Gold, bonds, shares, property, trading cards etc. Bitcoin is not special in that regard.

No more money coming in to BTC from me though, I am fully invested right now. I do need to get myself a monster box of silver Britannias I think, and the arguments I have for Bitcoin can all be transferred to that too ?

Edited by Huggy
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1 hour ago, longgone said:

https://www.geekwire.com/2020/will-chaos-world-impact-price-bitcoin/

"Crypto needs a significant amount of new capital to enter the space to break out of the global downtrend that began at the end of 2017"

That says ponzi to me ?

If it's a Ponzi who is at the top? A Ponzi needs an attractive "fake" % Yield to drag more people in, who's money is then used the pay the yield on those above it. 

Bitcoin has no yield! So how can it be a ponzi?

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