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q_w_e_r_t_y
You see an investment scam and I see divinity
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.
q_w_e_r_t_y
You see an investment scam and I see divinity
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.
q_w_e_r_t_y
You see an investment scam and I see divinity
This is a really good summary of the shitshow
littlebabyjesus
one of Maxwell's demons
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.
The craziness of Tether is that nobody believes that they have the reserves they say they have. So everybody knows it is primed to fail.
MrCurry
right after this urgent rest
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?
platinumsage
HaveMyPassword123
I signed up with some exchanges many moons ago and had pretty much forgotten about it.
Now they're all spamming me, they must be nervous e.g:
Now they're all spamming me, they must be nervous e.g:
BigTom
Well-Known Member
Like any asset it can be transferred to someone else via a will or intestate if no will.
But of course if someone dies without leaving anyone their password/seed phrase then the coins will be trapped forever.
This is what happened with Quadriga crypto exchange: Mystery of crypto CEO who died — or did he? — taking $250 million with him
Although of course there's big suspicion that the person who ran this did not die but instead exit scammed $250m
Back to FTX, there's between $1bn and $2bn of customer funds that cannot be located: Exclusive: At least $1 billion of client funds missing at FTX
I suspect we need to look behind Bankman-Fried's fridge, or perhaps down the back of his sofa.
One very laughable moment in that article regarding a $10bn transfer from FTX to Alameda (Bankman-Friend's investment fund firm)
Father Ted vibes there, "it was just resting in my account"
beesonthewhatnow
going deaf for a living
There’s some hilarious crypto bros types on Twitter at the moment, desperately trying to make out all this is totally fine and time to buy more and just wait till we see what things are like in three years time etc etc
I hope every last one of them loses everything
I hope every last one of them loses everything
littlebabyjesus
one of Maxwell's demons
It's odd how the various failed tokens stick around.
Terra Luna's original is bumbling along at about 0.02 cents each, but that still amounts to millions in notional market capitalisation given that there are trillions of them in circulation. TL's new attempt, the 2.0, is trading at a couple of dollars each, which isn't nothing - a notional market cap of more than 200 million.
Meanwhile the FTT has dropped by 90 per cent, but again still represents a notional market capitalisation of a couple of hundred million dollars.
These are liquidated/bankrupt companies whose founders are being revealed as crooks. How are their tokens worth anything at all? Who is buying them?
Terra Luna's original is bumbling along at about 0.02 cents each, but that still amounts to millions in notional market capitalisation given that there are trillions of them in circulation. TL's new attempt, the 2.0, is trading at a couple of dollars each, which isn't nothing - a notional market cap of more than 200 million.
Meanwhile the FTT has dropped by 90 per cent, but again still represents a notional market capitalisation of a couple of hundred million dollars.
These are liquidated/bankrupt companies whose founders are being revealed as crooks. How are their tokens worth anything at all? Who is buying them?
littlebabyjesus
one of Maxwell's demons
Coming back to this, if that number is correct, then good. Very good. Let miners drown.
This is one of the most important parts of the bigger picture here, one we need to remember every single time we talk about crypto. We are living through a climate emergency and yet bitcoin miners are expending $19300-worth of effort and energy to mine 1btc.
This...
... is fucking madness.
q_w_e_r_t_y
You see an investment scam and I see divinity
Yes - except perhaps that the loans were more a passing notion, like when you feel the excitement, have a brilliant amazing idea that is sure to turn out very well indeed, sleep on it, and realise what a stupid one it actually is.
Storm Fox
Trying the find the next noun to verb
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.
Ranbay
The same rules apply
Cheap drugs in the post tho...
q_w_e_r_t_y
You see an investment scam and I see divinity
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.
I'm actually wondering if this might have something to do with the whole FTX meltdown. There is apparently a lack of a drug called Adderall in the US - which is a prescription drug that works a bit like speed, apparently it was common in the whole FTX/trading scene and highly addictive. If traders were off their meds, they would be jittery, and if they had to use crypto means to obtain their prescriptions on the black market, that would give higher than average withdrawals (in both senses of the word).
I suspect drug and gambling addition has a lot to do with this whole shitshow.
littlebabyjesus
one of Maxwell's demons
That's epic whattaboutery.
You're not going to find many people here defending bombing countries, nor the unsavoury spectacle of rich people jetting in to climate change conferences (the latter is peanuts compared to bitcoin mining, mind you - they could hold a massive conference in a different country every week and not do anywhere near as much damage).
Meanwhile, the world supply chains of food, and agriculture generally, need massive reform, but they serve the purpose of feeding people, so however badly they are done, they're not comparable to bitcoin mining.
To put that into context, 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.
q_w_e_r_t_y
You see an investment scam and I see divinity
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.
littlebabyjesus
one of Maxwell's demons
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.
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beesonthewhatnow
going deaf for a living
Fuck me, you’re deluded.
BigTom
Well-Known Member
None of those things should happen. The only one that might get pass is the vegetables if you can show that wrapping in plastic leads to lower losses in transit then it might be worth doing, especially if you can use cellulose rather than oil based plastic. Plus the vegetables do actual good, unlike the first two and although I think the climate change conferences can and do produce good outcomes, they could and should be done largely if not entirely online and the energy used to get people to these places is disgraceful.
The other three should all stop and I have no idea why you think anyone here is happy with war, like do you think anyone is going to say "oh yeah, I think we should definitely be bombing people and who cares about the harm to the environment so shit yeah how can I be critical of crypto mining?". I'm pretty sure we can take it as read that we are all going to say no to war, and not just from an energy wastage/environmental issue point of view. It's a terrible argument to make tbh, it just solidifies the view that yes, bitcoin mining is fucking terrible, just like war is.
8ball
Maximum Facepalm
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.
littlebabyjesus
one of Maxwell's demons
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.
Bitcoin miners revived a dying coal plant – then CO2 emissions soared
It can also mean operating in places with dodgy regulations and plenty of bribery potential, such as Venezuela, where bitcoin miners use the cheap oil, and have been known to plunge whole towns into blackouts by hogging the lecky.
On the whole, people who think mining bitcoin on an industrial scale is a good thing to do are not nice people.
Rob Ray
Weight is meaningless
Just to add injury to injury, somehow $650m was robbed out of the FTX accounts yesterday, after the collapse. You'd think someone would have had an eye on it by now ...
Shippou-Sensei
4:1:2.5
Christ some of the stories about this are insane.
beesonthewhatnow
going deaf for a living
The entire crypto story is fucking insane
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