The Bubbly Bitcoin Thread -- Merged Threads

[Londonkid]

On 3/2/2021 at 3:28 PM, jiltedjen said:

i do 100% believe in bitcoin, but regardless of belief i was effectively betting the house on it, plus i have had real hard-ships which bitcoin could of solved at the time, but i rather hold then sell at the time.

It reached (for me) life changing amounts, and that was good for me. I will start DCA a small amount soon each month when i can be bothered to set it up.

I think the days of turning £500 into £100,000 in 8 years is probably behind us with bitcoin, but £5000 into £30k is probably realistic over a 10 year horizon.

I think there is saltyness from both holders and nocoiners 

Still don't know why you sold everything. Even leaving 12k next month for tax free

[goldbug9999]

47 minutes ago, PeanutButter said:

Hence why it's the preferred currency of pedophiles. 

Pedophiles wear shoes so we better ban those as well then

[goldbug9999]

1 hour ago, doomed said:

POS is the future. POW is an unnecessary value leak from the token holders to entities whose interests do not necessarily align in the longterm. 

Funny because I didnt hear you espousing the benefits of PoS back in your when you where a bcash shill, so I guess we can assume that whatever alt you are now balls deep in uses PoS 🙂

And FYI the "value leak" of PoW is an essential safety valve that stops people passively gaining more and more influence over the network over time - this is one of the fatal flaws in PoS, it creates positive feedback loops of influence over the network.

Edited March 3, 2021 by goldbug9999

[goldbug9999]

 

[MonsieurCopperCrutch]

1 hour ago, dugsbody said:

Is it really hilarious? Imagine taking a few seconds to copy an image url to demonstrate. Imagine being called a salty no coiner by johnny-come-lately who has commandeered this thread to brag about his wealth and pretend he is playing call of duty online but clearly hasn't bothered to read other people's posts.

Oh well, welcome Hairy.

You really are a card. Thank you. 🤣

I'm off to change my Twitter handle to starry eyes. 🤩

[MonsieurCopperCrutch]

1 hour ago, Londonkid said:

Still don't know why you sold everything. Even leaving 12k next month for tax free

Part of his reason for selling was the fear over the CGT rises. 

[MonsieurCopperCrutch]

1 hour ago, goldbug9999 said:

Pedophiles wear shoes so we better ban those as well then

In other news: banks entice robbers so we better close those too.

[doomed]

2 hours ago, goldbug9999 said:

Funny because I didnt hear you espousing the benefits of PoS back in your when you where a bcash shill, so I guess we can assume that whatever alt you are now balls deep in uses PoS 🙂

And FYI the "value leak" of PoW is an essential safety valve that stops people passively gaining more and more influence over the network over time - this is one of the fatal flaws in PoS, it creates positive feedback loops of influence over the network.

I always put my money where my mouth is haha.

Your second statement has so many holes. PoS is not passive and requires network participation. Can a miner not just keep buying more miners to increase their influence? PoS gives everyone an even footing to participate as it removes the necessity for large pools to be formed and access to cheap electricity.

Where PoW shines is initial coin distribution as it can be done anonymously and under the radar. The whole crypto space would likely never got of the ground without it.

Edited March 3, 2021 by doomed

[wighty]

4 hours ago, Buffer Bear said:

I guess better than a significant increase.  I noticed over the last few days, the media stopped referring to any change in CGT and focused more on the personal allowance freeze. 

Dont get your hopes up too much. 

Government seriously planning cgt/iht/income tax simplificaion and re-alignment (aka rises) in the next tax year

[markyh]

2 hours ago, Londonkid said:

 

In regards to moving abroad, I assume @markyh are you going to cash out 450k to go to Portugal and pay cgt, or take a crypto loan which means you keep your BTC and no cgt.

I'm roughly at the sorted for life phase so not sure what to do...

https://www.cityam.com/is-bitcoin-still-bullish/

My mates post, some great hopium

All pie in the sky now, with CGT @ 20% max, and i could take out £25k p/a tax free between me and the wife, then another £50k @ 10% under CGT rules (assuming i am deliberately limiting my taxed income to £12500), that is fine for now. 

So that could be £82500 p/a @ £5k tax (10% of £50k) , a marginal tax rate of 6%.  But i need nowhere near that, £2.5k pcm with the wife's earnings is more than enough. 

After my $100k BTC 50% cash out i will need BTC @ $750kish to now worry about a a £400k CGT bill.  

I guess every year will be a "review" now after budget time. But we have dodged a bullet for 12 months, and a crucial 12 months because we will see six figure BTC. 

My worries were the max 45% CGT, and $250k BTC, but neither have happened yet! 

[markyh]

2 hours ago, longgone said:

and you know this how ?

I like to sex traffic Eastern European teenage girls, just as a part time side job. 

[markyh]

2 hours ago, goldbug9999 said:

 

Lol, they don't like "China" having a big say on "their" bitcoin.  Make America Great Again!  

[longgone]

45 minutes ago, markyh said:

I like to sex traffic Eastern European teenage girls, just as a part time side job. 

nice two 18teens  for me. 

[elephant]

31 minutes ago, longgone said:

nice two 18teens  for me. 

Does your mum let you have older girls round to play?! 😉

[MonsieurCopperCrutch]

1 hour ago, doomed said:

I always put my money where my mouth is haha.

Your second statement has so many holes. PoS is not passive and requires network participation. Can a miner not just keep buying more miners to increase their influence? PoS gives everyone an even footing to participate as it removes the necessity for large pools to be formed and access to cheap electricity.

Where PoW shines is initial coin distribution as it can be done anonymously and under the radar. The whole crypto space would likely never got of the ground without it.

Doesn't PoS unfairly favour those who benefited from the initial coin offering? For example, I've got a fair few ETH because I was lucky enough to pick them up for pennies in 2014. I could stake them over someone who only has a few hundred. 

[wighty]

8 minutes ago, elephant said:

Does your mum let you have older girls round to play?! 😉

only if she can join in.

[MonsieurCopperCrutch]

1 hour ago, markyh said:

All pie in the sky now, with CGT @ 20% max, and i could take out £25k p/a tax free between me and the wife, then another £50k @ 10% under CGT rules (assuming i am deliberately limiting my taxed income to £12500), that is fine for now. 

So that could be £82500 p/a @ £5k tax (10% of £50k) , a marginal tax rate of 6%.  But i need nowhere near that, £2.5k pcm with the wife's earnings is more than enough. 

After my $100k BTC 50% cash out i will need BTC @ $750kish to now worry about a a £400k CGT bill.  

I guess every year will be a "review" now after budget time. But we have dodged a bullet for 12 months, and a crucial 12 months because we will see six figure BTC. 

My worries were the max 45% CGT, and $250k BTC, but neither have happened yet! 

Is there not some taxation announcement on 23rd March?

Government to publish range of tax consultations and calls for evidence on 23 March

 

https://www.gov.uk/government/news/government-to-publish-range-of-tax-consultations-and-calls-for-evidence-on-23-march

 

[BufferBear Bitcoin Bull]

This suggests clarity was needed as Bitcoin is not going away.  Not sure of the UK's position but if it is yet to be determined, in time they will perhaps have to follow suit. Creep, creep, creep.Lol 

https://cryptobriefing.com/you-dont-need-report-bitcoin-dollars-says-irs/?utm_source=thecryptoapp

Ps the other thing is, I guess the bitcoin decision, despite all the noise to the contrary, has been made by the gov as today's budget was the perfect opportunity to increase CGT, even if BTC could have been singled out? in order to deter prospective buyers?

https://cryptobriefing.com/uk-budget-avoids-tax-hikes-bitcoin-gains/?utm_source=thecryptoapp

Edited March 3, 2021 by Buffer Bear
2nd link added

[BufferBear Bitcoin Bull]

14 minutes ago, MonsieurCopperCrutch said:

Is there not some taxation announcement on 23rd March?

Government to publish range of tax consultations and calls for evidence on 23 March

 

https://www.gov.uk/government/news/government-to-publish-range-of-tax-consultations-and-calls-for-evidence-on-23-march

 

I wasn't aware of this until it's mention on today' budget thread. I have a v vague recollection of a story being published about taxes being reviewed from last year but it dropped off my radar and I didn't realise that it was an actual 'thing'. 

[longgone]

42 minutes ago, elephant said:

Does your mum let you have older girls round to play?! 😉

It`s never a problem i need to worry about. 

 

[doomed]

44 minutes ago, MonsieurCopperCrutch said:

Doesn't PoS unfairly favour those who benefited from the initial coin offering? For example, I've got a fair few ETH because I was lucky enough to pick them up for pennies in 2014. I could stake them over someone who only has a few hundred. 

It does but same argument also stands for Bitcoin with those that get in early 'unfairly' benefit.  If the rewards are paid out in proportion to stake amount it seems pretty fair.

Just to clarify I don't think any of this matters for a longtime yet. BTC has clearly found its market fit and will certainly not be getting challenged for a while.

 

 

[Mixle]

3 hours ago, markyh said:

All pie in the sky now, with CGT @ 20% max, and i could take out £25k p/a tax free between me and the wife, then another £50k @ 10% under CGT rules (assuming i am deliberately limiting my taxed income to £12500), that is fine for now. 

So that could be £82500 p/a @ £5k tax (10% of £50k) , a marginal tax rate of 6%.  But i need nowhere near that, £2.5k pcm with the wife's earnings is more than enough. 

After my $100k BTC 50% cash out i will need BTC @ $750kish to now worry about a a £400k CGT bill.  

I guess every year will be a "review" now after budget time. But we have dodged a bullet for 12 months, and a crucial 12 months because we will see six figure BTC. 

My worries were the max 45% CGT, and $250k BTC, but neither have happened yet! 

Humm, I know nothing about tax but referencing https://www.taxationweb.co.uk/forum/large-cgt-with-small-income-t53320.html wouldn't the 10% only work up to £37.5k (the difference between the band limit and the allowance 50k - 12.5k)?

Edited March 3, 2021 by Mixle

[BufferBear Bitcoin Bull]

 

On 25/02/2021 at 07:43, Londonkid said:

Big fan of your reviews and comments. I'm never going to marry, I personally don't see the point and current partner is happy with that, I'm assuming though there might be pressure later down the line

👍

You should know, well as certain as you can be,  when it's the right time once you're over 30ish and established. @Londonkid

On 26/02/2021 at 00:44, warpig said:

Any advice on cold storage wallets for BTC, Ethereum and XRP? I've got the following as a shortlist and curious on opinions.

Ledger Nano X        - £109.00
Trezor Model T        - £138.00
BitBox02 Multi Edition    - £  94.00

I have the Ledger Nano X  and S.  Easy to use @warpig Have you purchased more BTC?

On 28/02/2021 at 18:50, markyh said:

I lost PM during one of my "bans" over the years!!!  Google , "Richard McIntosh"  , they are in Edinburgh

@markyhbanned?!  I have no idea why this would have happened.  🤔🙄😁

I haven't been banned yet but I don't seem to have DM'ing. anyone, how can I find this option?

On 02/03/2021 at 07:12, dugsbody said:

So now we believe in charts?

I'm not sure I believe in PlanB's chart given Saylor's view - all charts are destroyed by Bitcoin, essentially.   However, I love PlanB's work because it supports what I hope will happen.  At least I know my failings   It seems very accurate and is tracking v nicely so far. @dugsbody@goldbug9999

On 02/03/2021 at 08:09, markyh said:

Ones than show a long term bull run up, up, up, yes.

@markyhexactly! 

On 02/03/2021 at 12:35, RodCrosby said:

Although for a family man, I think it's all rather impractical.

Your wife might divorce you for "desertion" !

Better to emigrate together, for say 3 or 4 years, with the option to return eventually.

You could all "holiday" together back in Blighty more often too, if that was your wont, than the other way you are thinking.

@markyhmust write a book:  "How to survive marriage: For Men Only!"  Very alternative thinking. 🤨😁 It clearly works for him.

On 02/03/2021 at 12:47, markyh said:

Already discussed this with the wife before Xmas, and she is fine with just me going, as long as they family can spend the max school holiday time with me in Portugal, (12 weeks a year?) and i spend the max legal non resident time in the UK , 45 90, 120 days etc. Your wife appears to be extremely understanding or she clearly understands how wealthy you are likely to become.  Lord of the Manor status soon.

Plus other conditions, i allocate part of uk time allowance for Hers and kids birthdays, and Xmas, they rest at my discretion. 

She wants an au pair and a cleaner for the duration too to help with family life with my labour absent.  Smart request!

But i will not push this button until my CGT bill would be £400k+ in the UK, for £200k-£300k its a lot of hassle and to money tight. The wife want's a 2 bed Portugal holiday home owned outright from the expat CGT avoidance adventure, for the future. 

 

On 02/03/2021 at 13:25, markyh said:

Unless the wife caved we just wouldnt do it, The way i see it its no different from being an Armed forces, oil rig worker, or contract worker in dubai etc, 3 months on 3 months off etc. Thousands of families in the UK live this way, and it's only for 5 years (confirmed).  Not exactly a hardship to save , better invest £1/2m+ , rather than hand it to Sunak to spunk. 

All eyes tomorrow lunchtime then, we shall see. Hopefully no major CGT changes, then i can cash out 50% around £100k pay 20% CGT, and then not worry about using this plan until the remaining 50% is worth north of £2m. 

@markyh  I think I was more concerned about a potential CGT increase for your wife's sake rather than my personal financial situation! Pleased you've an extra year for planning.

On 02/03/2021 at 14:38, dannyf said:

I didn't see heckling.  I saw congratulations, and I saw questioning of the complete reversal in stance from "bitcoin is the new value store, will replace housing as store of wealth, will hold the central banks accountable" to 100% out of bitcoin, paying 100% of the mortgage for a house.

Its purely his/her decision, and jilted gave good reasons like reducing stress of so much wealth in one asset - particularly an asset being secured by yourself (I can relate).

@jiltedjenWhilst I absolutely wish you the best, your perspective has shifted dramatically since you sold and it now seems as if you are trying to convince yourself that you did the right thing.  Only you know the answer, what's done is done so be at peace with your decision.  No need to make several attempts to rationalise it even if many wouldn't have closed their position completely.  Hope you managed to buy back in at the weekend?

On 02/03/2021 at 19:27, longgone said:

Hostile takeover maybe in order better distribute assets unevenly 🤣

😂. Jokes aside, did you buy when it hit £31k+?  I did.  @longgone

 

3 hours ago, wighty said:

Dont get your hopes up too much. 

Government seriously planning cgt/iht/income tax simplificaion and re-alignment (aka rises) in the next tax year

@wightyI will be keeping a close eye on this. I have been hit by CGT on an inherited property before as a higher rate taxpayer.  As I've posted before, to make myself happier, at least it was less than 40%!

[BufferBear Bitcoin Bull]

1 hour ago, Mixle said:

Humm, I know nothing about tax but referencing https://www.taxationweb.co.uk/forum/large-cgt-with-small-income-t53320.html wouldn't the 10% only work up to £37.5k (the difference between the band limit and the allowance 50k - 12.5k)?

Personally, I wouldn't refer to posts/guidance from 2018 so do be mindful of this.  Regulations could have changed significantly.  When my time comes, I will be relying on professional services to avoid any future headaches.

Edited March 3, 2021 by Buffer Bear

[longgone]

2 minutes ago, Buffer Bear said:

 

 

😂. Jokes aside, did you buy when it hit £31k+?  I did.  @longgone

 

 

why far too much 

i bought at $42000 dollars