markyh Posted February 23, 2021 Share Posted February 23, 2021 2 minutes ago, MonsieurCopperCrutch said: https://investors.squareup.com/news/news-details/2021/Square-Inc.-Announces-Fourth-Quarter-and-Full-Year-2020-Results/default.aspx Square also announced today that it has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020. Average price of $51235 btc. They aint selling!! #StrongHands Quote Link to comment Share on other sites More sharing options...
longgone Posted February 23, 2021 Share Posted February 23, 2021 2 hours ago, jiltedjen said: If I were more organised I could of sold when I first said I needed to get out as it was toppy, I would of sold bang on the peak and made £20k more. But I was in the process, as I was selling the price was dropping and bounced and during the bounce I finally could cash out, the network traffic on bitcoin spiked and the transactions suddenly started taking ages. im glad I have sold when I did, feels like a good choice in the short to medium term. in other news: still funds are on hold, it’s a nightmare getting detailed transaction data from that long ago. I found all but one transaction, and may have to way for physical statements to land on my door-Mat which takes 5 days (hate legacy banking systems!) I also did what a previous user did and list the prices I bought at along with the dates it’s been useful for when I come to fill out the tax return knowing exact amounts sent it back to them, if it still gets held up I think they are officially being picky. fingers crossed I have provided enough information this time around or I may have to wait until the post arrives with the old requested statements from my bank and PayPal. I think they are basically making sure you actually bought the bitcoin for monies instead of being paid for anything illicit in bitcoin. I’m hoping everything is fine, I will have a record of that final transaction somewhere in the paper. would be a bit shit if due to one deleted e-Mail from years ago it would mean my funds are stuck/lost forever. I suppose I would have to get a Lawer or something if that’s the case. but fingers crossed for now. If you had reservations about selling before you should have sorted the path out ready for the off. expensive deliberation that. seeing how long it takes i can`t see it ever being a currency. fiat payments are instantaneous nowadays. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 23, 2021 Share Posted February 23, 2021 3 hours ago, MonsieurCopperCrutch said: You mean a couple of days like when I sold? 🤣 yeah something like that. sadly. 🤣 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted February 23, 2021 Share Posted February 23, 2021 15 minutes ago, longgone said: yeah something like that. sadly. 🤣 😂👍 Quote Link to comment Share on other sites More sharing options...
scottbeard Posted February 23, 2021 Share Posted February 23, 2021 5 hours ago, warpig said: Those that think cryptos don't adhere to trading patterns might want to look at these charts - All that shows is that when the price isn't going upwards it's flat, and when it IS going upwards you can draw a pink upward sloping line around the rise and it exactly matches the line that you've drawn around it. No matter how many charts you draw it's just a sham. If you can post five charts that show me what Bitcoin's price is going to do after 1 day, 1 month, 3 months, 1 year, 5 years and all of them come true then I will believe you from 2026 onwards. You won't because you can't. All you can do is chart patterns AFTER THEY HAPPEN and then say the charts "called it". Quote Link to comment Share on other sites More sharing options...
dannyf Posted February 23, 2021 Share Posted February 23, 2021 1 hour ago, RodCrosby said: I understand HMRC have a threshold of suspected £25k unpaid tax, where they take the gloves off, and pursue aggressively, come what may... Anyhow, not my problem. Good Luck, whatever you decide. I think if your skip a tiny amount of income tax and just put your cost basis as 0 and pay full capital gains they are very unlikely to investigate you. 41 minutes ago, longgone said: If you had reservations about selling before you should have sorted the path out ready for the off. expensive deliberation that. seeing how long it takes i can`t see it ever being a currency. fiat payments are instantaneous nowadays. Instantly visible (like the mempool) but reversible for days (bitcoin reversible for roughly 10 minutes) Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted February 23, 2021 Share Posted February 23, 2021 (edited) It is the HMRC's job to query anything that doesn't make sense. £0 acquisition cost doesn't make sense, unless it was a gift. "Was it a gift, Sir?" "No, err..." And then you are into some kind of investigation... Edited February 23, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
Londonkid Posted February 23, 2021 Share Posted February 23, 2021 3 hours ago, jiltedjen said: If I were more organised I could of sold when I first said I needed to get out as it was toppy, I would of sold bang on the peak and made £20k more. But I was in the process, as I was selling the price was dropping and bounced and during the bounce I finally could cash out, the network traffic on bitcoin spiked and the transactions suddenly started taking ages. im glad I have sold when I did, feels like a good choice in the short to medium term. in other news: still funds are on hold, it’s a nightmare getting detailed transaction data from that long ago. I found all but one transaction, and may have to way for physical statements to land on my door-Mat which takes 5 days (hate legacy banking systems!) I also did what a previous user did and list the prices I bought at along with the dates it’s been useful for when I come to fill out the tax return knowing exact amounts sent it back to them, if it still gets held up I think they are officially being picky. fingers crossed I have provided enough information this time around or I may have to wait until the post arrives with the old requested statements from my bank and PayPal. I think they are basically making sure you actually bought the bitcoin for monies instead of being paid for anything illicit in bitcoin. I’m hoping everything is fine, I will have a record of that final transaction somewhere in the paper. would be a bit shit if due to one deleted e-Mail from years ago it would mean my funds are stuck/lost forever. I suppose I would have to get a Lawer or something if that’s the case. but fingers crossed for now. A great example to not panic sell. You were getting nervous about the price for a while, you should have dca rather than one big trade Quote Link to comment Share on other sites More sharing options...
dannyf Posted February 23, 2021 Share Posted February 23, 2021 17 minutes ago, RodCrosby said: It is the HMRC's job to query anything that doesn't make sense. £0 acquisition cost doesn't make sense, unless it was a gift. "Was it a gift, Sir?" "No, err..." And then you are into some kind of investigation... They might see a discrepancy but they won’t waste limited time and money investigating if there’s only a small amount they could possibly get. But I get your point Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted February 23, 2021 Share Posted February 23, 2021 (edited) That's the gamble... And if they start an investigation, and you have other skeletons you thought were long dead-and-buried....? Then what? They can go back 20 years if necessary. Do you have tax-investigation insurance? I do... [the mere cost of an investigation, whether or not they find anything, can crucify you.] Better to have it all straight with them before you proceed, especially when there's absolutely no reason not to. Edited February 23, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
longgone Posted February 23, 2021 Share Posted February 23, 2021 anyone reckon HMRC is snowed under dealing with bounce back loan scams and such ? why not just underestimate your tax pay something and be conveniently stupid me no speak English. Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted February 23, 2021 Share Posted February 23, 2021 (edited) Ignorance has never been a defence, And the rules are available in multiple languages... Or find an accountant who speaks English, as well as your own language. https://www.accountingweb.co.uk/tax/hmrc-policy/lack-of-english-is-not-a-reasonable-excuse "HMRC offer translation services to those whose first language is not English. For example, they will allow a friend or family member to interpret for customers who do not speak English as a first language." https://www.litrg.org.uk/latest-news/news/150511-hmrc-offer-line-contact-facility-more-taxpayers-who-need-extra-help Any more nonsense posts concerning tax? Edited February 24, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
dannyf Posted February 24, 2021 Share Posted February 24, 2021 Don’t forget to pay income tax on coins you got due to forks even though you never asked for them Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 14 hours ago, MonsieurCopperCrutch said: Sounds like you were doing everything in a panic. It does, unfortunately. 14 hours ago, MonsieurCopperCrutch said: To move my coins to Kraken I set high fee so it was included in next block and they were there in an hour. (Kraken requires 6 confirmations). The fact that you had nothing set up confirms to me that you had no planning and no real intention to sell just last week. @MonsieurCopperCrutchI have yet to understand how to set my fees nor can I find the option? Please can you point me in the right direction. When I sold my Eth for BTC, I was able to alter the gas fee. 14 hours ago, Londonkid said: Even though you have disagreed with a lot of what I've said, still would advise to take at least cgt minimum allowance out and 10% is a good amount not to worry if it still doubles. I laughed when I saw this post as I initially thought it was directed at @MonsieurCopperCrutch 🤔 It's all relative. 11 hours ago, markyh said: $40k, -30% from $58k. #Jiltedjenweakhands I don't mean to undermine @jiltedjenbut it is starting to feel that way after held for so long but I concede, you know what you need. 10 hours ago, markyh said: A tenner says @Buffer Bear makes a bigger % gain in Bitcoin than @warpig, just buying and hodl, DCA in dips. Only a tenner?! Ye of little faith @markyh I'm not even certain if @warpighas bough BTC or not. I bought again today but on reflection, if I had greater confidence at the time, I should have just bought a larger amount for my first purchase. 9 hours ago, warpig said: How much BTC do you have @Buffer Bear and when did you buy? @Buffer Beartaps her nose. 🤐 If you have made a purchase, it's less than you. My first one was late December, (delayed by Kraken as a new customer) so I missed out a little there but I still got a decent price compared to now. I've treated myself a good few times since. And yes, the price has fallen but I have no plans to sell so this is irrelevant nor am I holding a paper loss. I'm still have a significant 'profit' if less than a few days ago, which I find quite unbelievable (I mean this) especially when I check my PB win and the paltry £25 or £50 (I can't even recall as it was so uneventful) I 'won' last month despite depositing the maximum permitted. @warpig 9 hours ago, jiltedjen said: wanted to use a UK exchange to be a bit more straight forward. I honestly think they just have a lot of withdrawals to deal with following the weekend. Other than an e-mail saying they are looking into it and chasing the relevant team, been about 24 hours so far and the funds not sent yet, bit stressful. Starting to think i should of sent it in smaller amounts instead of one big lump, at least some of it would of hit my account before hitting the FCA form levels, thankfully everything is legit just need some feedback or for them to process it now. Overall, I found Kraken easy to use despite finding out later that reviews suggest Coinbase is recommended for beginners. Apparently, Kraken is more technical. I have now graduated to limit orders, which is more fun. 2 hours ago, jiltedjen said: You would think so! the block-chain is great for finding the transactions and dates, just need to dig through block-explorer until you hit amounts which were obviously not yours. so that narrows down the search to a few dates, then you need proof of the transactions in the fiat world, so bank statements, PayPal statements, eBay statements, screen-shots if you mined, proof of the equipment costs, receipts, transactions from the issuer (in my case nicehash) the biggest issue I had is PayPal and my bank doesn’t go back that far, so you have to make special requests. it’s a bit of a pain. thankfully it’s obvious when transactions amount to and what that related to. just going to be painful waiting for physical bank-statements to come in the post (in five days time) and PayPal have to do a data now load from their servers to get the transactions from that far back, it’s possible bit takes 72 hours. lots of ringing around, and human error on the side of PayPal and my banks, which doesn’t help, not to mention coinfloor not getting back to me until fairly late in the day. What a pain. must be nicer for those just playing in bitcoin with £1k at a time. @jiltedjenThis is meant to be a special time but you sound more stressed out than ever! It might be sensible to take a break from this thread too...Take a deep breath, and relax. 🏖️ Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 (edited) I read this previously but have no idea where this options are to be found. https://support.ledger.com/hc/en-us/articles/360006535873-Choose-network-fees Edited February 24, 2021 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted February 24, 2021 Share Posted February 24, 2021 8 minutes ago, Buffer Bear said: @MonsieurCopperCrutchI have yet to understand how to set my fees nor can I find the option? Please can you point me in the right direction. When I sold my Eth for BTC, I was able to alter the gas fee. Only a tenner?! Ye of little faith @markyh I'm not even certain if @warpighas bough BTC or not. I bought again today but on reflection, if I had greater confidence at the time, I should have just bought a larger amount for my first purchase. I sent my Bitcoin from my Ledger Nano S and as part of the creating transaction process there is an option to set what level of fee to pay. As it was a high value transaction I was keen to get it included in the next block so set it as 'high'. This ended up costing me £9 for the transaction but it was worth it to get it included immediately. https://support.ledger.com/hc/en-us/articles/360006535873-Choose-network-fees Regarding confidence and reflection, when Bitcoin hits $100,000 (and it will) you'll also look back and think you should have bought more in the dips. That's just the way it is unfortunately. 🥺 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted February 24, 2021 Share Posted February 24, 2021 17 minutes ago, Buffer Bear said: I read this previously but have no idea where this options are to be found. https://support.ledger.com/hc/en-us/articles/360006535873-Choose-network-fees I forgot. Do you already have a ledger? The option to set the fee is there. Look at this video for how a fee is set (in this case he is setting it low): Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted February 24, 2021 Share Posted February 24, 2021 (edited) dup Edited February 24, 2021 by MonsieurCopperCrutch Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 https://news.bitcoin.com/federal-reserve-pro-bitcoin-chief-innovation-officer/ The crypto community sees Tuteja’s appointment as bullish. Lawyer Jake Chervinsky opined, “Continuing the trend of leadership roles in government being filled by extremely talented people with deep crypto knowledge & experience.” Bitcoin bull Mike Novogratz congratulated Tuteja, tweeting, “This is a big deal.” Tuteja shared her thoughts about bitcoin and its supporters in a series of tweets on Dec. 16, 2020. The former head of digital assets at TD Ameritrade wrote: [The] Thing I admire most about the bitcoin community is resilience. Sheer amount of shade & schadenfreude directed at bitcoin and the community over the years is enough to make anyone curl up into a ball. “Yet like bitcoin, this is a community that keeps bouncing back every time they are written off, and bounce back stronger, having been stress tested in ways expected and unexpected,” she continued. “I am sure there are many twists and turns yet to come that we’ll have to suit up and slay … but for today, take a moment and enjoy the power of this movement.” Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 https://cointelegraph.com/news/1-billion-people-will-store-life-savings-on-their-phone-in-bitcoin-by-2026-microstrategy-ceo Saylor was speaking a day after United States Treasury Secretary Janet Yellen described Bitcoin as "inefficient," comments that accompanied a price dip of over 20% from all-time highs of $58,300. For him, however, the comments were of little consequence compared with the broader Bitcoin use case quickly encroaching into more and more people's financial lives. "The story here that's not being told is that Bitcoin is egalitarian progressive technology," he told CNBC's Squawk Box segment. "We're going to see a day when 7 to 8 billion people have a bar of digital gold on their phone, and they're using it to store their life savings with it." Continuing, he cited Bitcoin's 12-year race to becoming a trillion-dollar asset — two to four times quicker than technology giants such as Amazon, Google and Apple. "So, the world needs this thing, and I think you can expect that we'll have a billion people storing their value — in essence, a savings account — on a mobile device within five years, and they're going to want to use something like Bitcoin," he added. "Bitcoin is the dominant digital monetary network." Possibly my favourite phrase of Saylor's Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 https://ambcrypto.com/heres-the-right-time-to-switch-into-buy-the-bitcoin-dip-mode/ CEO and Co-Founder of Real Vision Group, Raoul Pal welcomed Bitcoin’s recent price dip. The crypto influencer who once admitted to dividing his portfolio between BTC and ETH said that he is relieved when Bitcoin sell-offs arrive. According to Pal, this market trend presents an opportunity for traders to switch into “buy the dip mode.” It (Is) it just me that feels relief when the BTC sell offs come? You know they are coming but when they finally arrive you can switch into buy the dip mode. Pal noted that over the years, the month of March has often been associated with bear spells. He further added: Not sure if this is the bigger March correction of just another cheeky shakeout. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 https://www.coindesk.com/podcasts/coindesk-podcast-network/tether-settlement On today’s episode, NLW breaks down the final settlement of the New York Attorney General’s case against Tether. He argues that the outcome is extremely positive for the industry, discussing: Why this conclusion clears risk from institutional investors https://cointelegraph.com/news/pro-traders-went-long-as-bitcoin-fell-to-45k-liquidating-5-9b-in-futures https://www.theblockcrypto.com/linked/95820/uk-bitcoin-payments-seed-raise https://www.theblockcrypto.com/post/95882/square-bitcoin-2020-cash-app-results https://cryptopotato.com/the-laser-eyes-meme-not-a-coincidence-that-this-marked-a-local-top-for-bitcoin-opinion/ https://cointelegraph.com/news/north-america-s-first-bitcoin-etf-sees-explosive-debut-with-564m-in-assets https://www.cryptopolitan.com/robert-kiyosaki-responds-to-janet-yellens/ https://decrypt.co/58621/square-buy-another-170-million-bitcoin https://dailyhodl.com/2021/02/23/public-companies-will-mirror-teslas-bitcoin-investment-says-wealth-management-exec-heres-why/ https://cryptonews.com/news/extreme-selling-caused-kraken-ethereum-flash-crash-ceo-9320.htm https://www.cryptopolitan.com/crypto-market-cap-drops-by-over-260-billion/ https://www.cryptopolitan.com/crypto-positions-got-liquidated-over-the-24/ https://zycrypto.com/bitcoin-on-the-cusp-of-entering-unstable-phase-heres-what-to-watch/ https://zycrypto.com/crypto-market-loses-400-billion-in-a-day-after-janet-yellen-warns-bitcoin-is-extremely-inefficient/ https://zycrypto.com/indian-billionaire-investor-rakesh-jhunjhunwala-says-hed-never-buy-bitcoin-calls-for-ban-on-btc/ Rakesh manages a vast portfolio under his asset management firm Rare Enterprises. With a net worth of $3.2 billion, he is India’s 38th richest man. “All over the world, the power to issue currencies should only be with the state,” he toldthe outlet. “Something that fluctuates by 5% or 10% a day can’t be a currency. If the dollar goes up by 1%, it’s world news. So, for something that’s fluctuating by up to 15% every day, I think it’s speculation of the highest order.” I bet he's a hodler! https://www.newsbtc.com/news/bitcoin/bitcoin-makes-a-go-at-40000-amid-risk-off-trade/ https://cryptonews.com/news/bill-gates-champions-his-own-digital-money-but-what-is-it-9316.htm Now we know why Gates is 'neutral' on Bitcoin. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 21 minutes ago, MonsieurCopperCrutch said: I sent my Bitcoin from my Ledger Nano S and as part of the creating transaction process there is an option to set what level of fee to pay. As it was a high value transaction I was keen to get it included in the next block so set it as 'high'. This ended up costing me £9 for the transaction but it was worth it to get it included immediately. https://support.ledger.com/hc/en-us/articles/360006535873-Choose-network-fees Regarding confidence and reflection, when Bitcoin hits $100,000 (and it will) you'll also look back and think you should have bought more in the dips. That's just the way it is unfortunately. 🥺 Thank you. I have transferred several purchases yet have not noticed this option at anytime although I had checked previously. Will review the process and see what I come up with. I think you're right and is why I redirected additional funds during this dip. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 (edited) 21 minutes ago, MonsieurCopperCrutch said: I forgot. Do you already have a ledger? The option to set the fee is there. Look at this video for how a fee is set (in this case he is setting it low): Oh great, I will watch. My main purchases are not done but I have been hit by a range of fees which appear completely random. I have an X and S. Thank you. Edited February 24, 2021 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 24, 2021 Share Posted February 24, 2021 I will check for more vids as I still can't find the options. I transfer directly from Kraken to Ledger Live. Many thanks. Quote Link to comment Share on other sites More sharing options...
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