There is no tax on unrealised gains, realised gains over £12k are liable for CGT.How much tax do you pay on your imaginary currency gains? In real money I mean?
Not quite, I've been buying a little every day while its under $20k, but I reckon this could go down as low as $10k, and as I keep very little in fiat, I dont want to get hit with a lekky bill that I might have to sell bitcoin to pay.Have you taken this opportunity to shift all your last available £ into bitcoin at such an awesome exchange rate? I guess you could even sell all your worldly possessions for extra £ to someone and rent them back using bitcoin, also take out a huge £ loan against your future £ salary and shovel that in too. It must be profitable to have such confidence in something.
Not yet, but there is a whole load more pain to comeAt least it’s not yet quite as bad as the South Sea Bubble of 1720. Almost, but not quite.
Tether is the biggie. The majority of bitcoin transactions are done using Tether. When that fails, it won't be 20 or 30 per cent wiped off crypto. Add a zero.Not yet, but there is a whole load more pain to come
- there are still insolvant exchanges
- the tether shitshow has yet to come crashing down
- miners are underwater with a cost of $19300 to mine 1btc.
If you have bitcoin on a centralised exchange IMMEDIATELY move it to a wallet that you own the private key for.
So you’ve been in Bitcoin quite a while from what I gathered, and in that time it’s gone up in value many multiples, even if it’s taken a recent haircut, but still quite considerably up from what you originally put in I’m assuming? Meanwhile you haven’t sold any while it’s been reaching new highs and IRL you have little to your name and even considered taking out loans to buy more numbers on screen? Is this a fair summary?There is no tax on unrealised gains, realised gains over £12k are liable for CGT.
There are some kind of complicated tax avoidances that you can do if you want to exchange more, but the only thing I'd want to buy with the money is bitcoin, so I just move some to stablecoins when its high and buy back when low. That way I dont need "real money" to pay tax, so I dont have to move anything back to the legacy system
Not quite, I've been buying a little every day while its under $20k, but I reckon this could go down as low as $10k, and as I keep very little in fiat, I dont want to get hit with a lekky bill that I might have to sell bitcoin to pay.
In wilder moments I do think about taking out some kind of fiat loan, but tbh, I dont really want to have anything more to do with banks or credit cards or any of that shit than I absolutely have to.
What happens when a bit coin owner dies? Does their bitcoin stash just lay dormant forever or can it be included in a will? Do people keep their long password written down somewhere?
In text messages to Reuters, Bankman-Fried said he "disagreed with the characterization" of the $10 billion transfer.
"We didn't secretly transfer," he said. "We had confusing internal labeling and misread it," he added, without elaborating.
Asked about the missing funds, Bankman-Fried responded: "???"
Coming back to this, if that number is correct, then good. Very good. Let miners drown.- miners are underwater with a cost of $19300 to mine 1btc.
So you’ve been in Bitcoin quite a while from what I gathered, and in that time it’s gone up in value many multiples, even if it’s taken a recent haircut, but still quite considerably up from what you originally put in I’m assuming? Meanwhile you haven’t sold any while it’s been reaching new highs and IRL you have little to your name and even considered taking out loans to buy more numbers on screen? Is this a fair summary?
Wibble Wibble Green Energy Wibble.Yep, should be morally unacceptable to use crypto from an environmental perspective.
Yep, should be morally unacceptable to use crypto from an environmental perspective.
Wibble Wibble Green Energy Wibble.
Except that green energy could be used for something useful.
Plus all the cases where miners are causing grid problems are using non-sustainable sources.
Cheap drugs in the post tho...
That's epic whattaboutery.OK, ignoring the whole investment in renewables that miners are incentivised to make....why should it be illegal to use energy to number crush, rather than bomb <whatever country is the current target>, take a load of rich people to a "climate conference" in a gaudy vegas-style retreat in the desert, move vegetables round the world to be wrapped in plastic.
Blocks are mined every 10mins (ish) regardless of how many transactions there are. There were loads of empty blocks in the beginning.to offset the energy footprint of one transaction on the blockchain, you would need to turn the heating off in your house for a month. One transaction. One fucking transaction. That's how much damage you are doing.
That's a disingenuous way of looking at it. The only thing that actually exists with bitcoin is the blockchain and the transactions on it. You yourself seem keen to stress this point. And the only reason the blockchain exists is in order to enable transactions. Dividing the number of transactions by the total energy used to come up with a figure for energy use per transaction is entirely fair. Ballpark figure, taken from this website, is 1,200 kWh per transaction. If you like, I can add the word 'secure'. It takes 1,200 kWh per secure transaction. Whoopdedoo. You could heat a home for more than a month with that much energy.Blocks are mined every 10mins (ish) regardless of how many transactions there are. There were loads of empty blocks in the beginning.
Transactions are energy free, its the security that requires a lot of energy.
Fuck me, you’re deluded.Blocks are mined every 10mins (ish) regardless of how many transactions there are. There were loads of empty blocks in the beginning.
Transactions are energy free, its the security that requires a lot of energy.
OK, ignoring the whole investment in renewables that miners are incentivised to make....why should it be illegal to use energy to number crush, rather than bomb <whatever country is the current target>, take a load of rich people to a "climate conference" in a gaudy vegas-style retreat in the desert, move vegetables round the world to be wrapped in plastic.
Yep, should be morally unacceptable to use crypto from an environmental perspective.
The economics of mining create an incentive to use energy as efficiently as possible. Plus there is the problem that they're not always likely to be welcome in an area if they hog the lecky and push prices up, which they do. That's all. That can mean turning to renewables or it can mean reviving coal plants.Was reading about how mining was paradoxically creating incentives in terms of renewable energy development but don’t have the depth of knowledge to back that up very well.
Regardless, not a crypto fan. Whole thing is riddled with rackets and dishonesty.
The entire crypto story is fucking insaneChrist some of the stories about this are insane.