BufferBear Bitcoin Bull Posted May 7, 2021 Share Posted May 7, 2021 6 hours ago, Londonkid said: Defi is a real eye opener. Before ppl say it's a ponzi with the interest rates, just think you elimate all of banking costs with smart contracts. And payroll departments etc...😁 2 hours ago, Salty1 said: How does tax work with staking/defi? I'm tempted to start staking eth and/or depositing btc somewhere like abra but I'm concerned the tax/record keeping will be a massive pain (both the treatment of interest in the first instance but also in working out average acquisition price in event of cgt at some point down the road) HMRC recently released new guidance. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted May 7, 2021 Share Posted May 7, 2021 Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted May 7, 2021 Share Posted May 7, 2021 Well, JD is still very SALTY despite accepting BTC is valuable. During a May 6 conversation with ICI President and CEO Eric J. Pan, JPMorgan CEO Jamie Dimon urged regulators to pay closer attention to cryptocurrencies instead of the Dodd-Frank Act before the nascent market becomes too big to be tamed: Because when it's $3 trillion, then $4 trillion, then $5 trillion when grandmas start buying it and people start being ripped offand ransomware's going into a hundred cities, not 30, I think you're going to have an uproar about what was allowed to happen. Well, JD is a bundle of laughs. He really is encouraging GenZ to say: ok, boomer." Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted May 7, 2021 Share Posted May 7, 2021 @Salty1 https://www.gov.uk/government/publications/tax-on-cryptoassets Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted May 7, 2021 Share Posted May 7, 2021 (edited) Jamie won't be very happy. Edited May 7, 2021 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted May 7, 2021 Share Posted May 7, 2021 Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted May 7, 2021 Share Posted May 7, 2021 (edited) It's all good but I need more excitement/volatility. I'm not even checking my portfolio regularly! 🙄 Edited May 7, 2021 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
Huggy Posted May 7, 2021 Share Posted May 7, 2021 8 hours ago, MonsieurCopperCrutch said: A 6 figure Bitcoin and many a salty nocoiner on here will absolutely lose their chit. 😀 They are very funny those guys, and I suspect 10 times funnier should the magic 7 figure target get breached. Now that is a thought! Quote Link to comment Share on other sites More sharing options...
markyh Posted May 7, 2021 Share Posted May 7, 2021 4 minutes ago, Huggy said: They are very funny those guys, and I suspect 10 times funnier should the magic 7 figure target get breached. Now that is a thought! Just time imho, if not 2025, then 2029 , either way will happen before i am 60, so full retirement is looking good. Quote Link to comment Share on other sites More sharing options...
Salty1 Posted May 7, 2021 Share Posted May 7, 2021 6 hours ago, Buffer Bear said: @Salty1 https://www.gov.uk/government/publications/tax-on-cryptoassets Thanks. It looks like a massive PITA. Staking needs to be declared as income. Need to keep records of each reward and its price at the time in GBP. Then for a sale later on that's relevant for CGT all those small rewards need to be incorporated in to the average cost of acquisition. I presume interest works the same in terms of record keeping. I'm also a bit worried about whether doing the staking/depositing or interest might count as a disposal for CGT... I dont really know enough here.... have seen some explainers about eth staking talking about staking eth2 rather than eth; I think eth is the "old pow" eth and eth2 is the "new pos"... does turning one to the other count as disposal? When I put tokens in to abra interest account is that a disposal or do i still own them? All a massive faff. I am so annoyed that we cant get access to funds/etns etc through ISAs/SIPPs that would mean all this aggravation could be avoided. Quote Link to comment Share on other sites More sharing options...
headmelter Posted May 7, 2021 Share Posted May 7, 2021 Are you prepared to lose it all ? https://www.bloomberg.com/news/articles/2021-05-06/boe-s-bailey-says-only-buy-crypto-if-ready-to-lose-your-money Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted May 7, 2021 Share Posted May 7, 2021 5 minutes ago, headmelter said: Are you prepared to lose it all ? https://www.bloomberg.com/news/articles/2021-05-06/boe-s-bailey-says-only-buy-crypto-if-ready-to-lose-your-money Yes. That’s why people only invest what they are comfortable losing. And people have been saying this for 11 years now. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted May 7, 2021 Share Posted May 7, 2021 6 hours ago, Buffer Bear said: Well, JD is still very SALTY despite accepting BTC is valuable. During a May 6 conversation with ICI President and CEO Eric J. Pan, JPMorgan CEO Jamie Dimon urged regulators to pay closer attention to cryptocurrencies instead of the Dodd-Frank Act before the nascent market becomes too big to be tamed: Because when it's $3 trillion, then $4 trillion, then $5 trillion when grandmas start buying it and people start being ripped offand ransomware's going into a hundred cities, not 30, I think you're going to have an uproar about what was allowed to happen. Well, JD is a bundle of laughs. He really is encouraging GenZ to say: ok, boomer." Dimon is a grade A moron. You could swap commute for zoom in his words: "And everyone is going to be happy with it, and yes, the commute, you know people don't like commuting, but so what." Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted May 7, 2021 Share Posted May 7, 2021 13 minutes ago, headmelter said: Are you prepared to lose it all ? https://www.bloomberg.com/news/articles/2021-05-06/boe-s-bailey-says-only-buy-crypto-if-ready-to-lose-your-money Yeah hes not a vested interest at all lol. Quote Link to comment Share on other sites More sharing options...
longgone Posted May 7, 2021 Share Posted May 7, 2021 20 minutes ago, headmelter said: Are you prepared to lose it all ? https://www.bloomberg.com/news/articles/2021-05-06/boe-s-bailey-says-only-buy-crypto-if-ready-to-lose-your-money Well the useless waste of fecking space chunt could whack up interest rates then plebs would be less inclined in the first place to invest. But these fecking scum won't untill kicking and screaming and forced. Quote Link to comment Share on other sites More sharing options...
markyh Posted May 7, 2021 Share Posted May 7, 2021 40 minutes ago, headmelter said: Are you prepared to lose it all ? https://www.bloomberg.com/news/articles/2021-05-06/boe-s-bailey-says-only-buy-crypto-if-ready-to-lose-your-money Yes, have been since 2013, but it's doing the opposite!! Quote Link to comment Share on other sites More sharing options...
headmelter Posted May 7, 2021 Share Posted May 7, 2021 26 minutes ago, longgone said: Well the useless waste of fecking space chunt could whack up interest rates then plebs would be less inclined in the first place to invest. But these fecking scum won't untill kicking and screaming and forced. I have no vested interest but found it interesting that the BoE took the time to fire a pre digital currency warning shot at BTC... No doubt preparatory lgislation is in the pipeline for when it is viewed as a serious threat to their proposed new digital currency & feel the need to eradicate it. Quote Link to comment Share on other sites More sharing options...
longgone Posted May 7, 2021 Share Posted May 7, 2021 2 minutes ago, headmelter said: I have no vested interest but found it interesting that the BoE took the time to fire a pre digital currency warning shot at BTC... No doubt preparatory lgislation is in the pipeline for when it is viewed as a serious threat to their proposed new digital currency & feel the need to eradicate it. Its never going to be a threat. However the work reward structure is broken so may be a threat to employers. Quote Link to comment Share on other sites More sharing options...
smash Posted May 7, 2021 Share Posted May 7, 2021 3 minutes ago, headmelter said: I have no vested interest but found it interesting that the BoE took the time to fire a pre digital currency warning shot at BTC... No doubt preparatory lgislation is in the pipeline for when it is viewed as a serious threat to their proposed new digital currency & feel the need to eradicate it. Thats going to be be one hell of a difficult thing to do though surely? How would it work in the drawing up of the legislation, presumably all have to be done in secret so no insider-ism and multiple countries all acting in unison at the same moment? I dunno, I'm new here but sounds very difficult to me. Quote Link to comment Share on other sites More sharing options...
headmelter Posted May 7, 2021 Share Posted May 7, 2021 (edited) 8 minutes ago, longgone said: Its never going to be a threat. However the work reward structure is broken so may be a threat to employers. If it will never be viewed as a threat it will eventually go to zero... There is no intrinsic value in BTC & advancements in technology will eventually develop something that is more user friendly, less volatle & useable... All imho... Edited May 7, 2021 by headmelter Quote Link to comment Share on other sites More sharing options...
headmelter Posted May 7, 2021 Share Posted May 7, 2021 4 minutes ago, smash said: Thats going to be be one hell of a difficult thing to do though surely? How would it work in the drawing up of the legislation, presumably all have to be done in secret so no insider-ism and multiple countries all acting in unison at the same moment? I dunno, I'm new here but sounds very difficult to me. TAX... TPTB will just tax any profit derived from #BTC or other crypto's for that matter making it non-profitable & therefore herding all the 'clever' people who thought they had went 'off grid' preventing governments from stealing their money into their new digital currencies... I would hazard a guess that all the central banks are capable of acting in unison... If they have managed to manipulate & control the $10-$11 Trillion gold market a much smaller market, much easier legislated against will be wee buns to control... Quote Link to comment Share on other sites More sharing options...
wighty Posted May 7, 2021 Share Posted May 7, 2021 1 hour ago, headmelter said: Are you prepared to lose it all ? https://www.bloomberg.com/news/articles/2021-05-06/boe-s-bailey-says-only-buy-crypto-if-ready-to-lose-your-money Tell me punk do you feel lucky?. You prepared to lose it all?. Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted May 7, 2021 Share Posted May 7, 2021 16 minutes ago, headmelter said: TAX... TPTB will just tax any profit derived from #BTC or other crypto's for that matter making it non-profitable & therefore herding all the 'clever' people who thought they had went 'off grid' preventing governments from stealing their money into their new digital currencies... I would hazard a guess that all the central banks are capable of acting in unison... If they have managed to manipulate & control the $10-$11 Trillion gold market a much smaller market, much easier legislated against will be wee buns to control... they control gold via paper gold (fake gold) with bitcoin the same cant be done as its all transparent on the block-chain. Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted May 7, 2021 Share Posted May 7, 2021 40 minutes ago, longgone said: Its never going to be a threat. However the work reward structure is broken so may be a threat to employers. i was thinking this the other day. If the average man can just go and pay his mortgage off, then how do you keep said average man living in fear? how do you keep smart people like engineers in the work-force. Bitcoin was always going to be a golden ticket out of the nightmareish debt surftdom we all live in. And now we are starting to reach a point in the next peak that say 0.5% of the workforce drop out, productivity goes down in the general economy. Too many people end up rich. Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted May 7, 2021 Share Posted May 7, 2021 2 hours ago, Salty1 said: Thanks. It looks like a massive PITA. Staking needs to be declared as income. Need to keep records of each reward and its price at the time in GBP. Then for a sale later on that's relevant for CGT all those small rewards need to be incorporated in to the average cost of acquisition. I presume interest works the same in terms of record keeping. I'm also a bit worried about whether doing the staking/depositing or interest might count as a disposal for CGT... I dont really know enough here.... have seen some explainers about eth staking talking about staking eth2 rather than eth; I think eth is the "old pow" eth and eth2 is the "new pos"... does turning one to the other count as disposal? When I put tokens in to abra interest account is that a disposal or do i still own them? All a massive faff. I am so annoyed that we cant get access to funds/etns etc through ISAs/SIPPs that would mean all this aggravation could be avoided. My reading is that staking should not count as a disposal as you still own the asset but transfoming it into anything else, even if you eventually withdraw it back in its original form, would. Quote Link to comment Share on other sites More sharing options...
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