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11 hours ago, DaleP said:

Do you believe any of these stories? 🤔

I haven't watched them yet though.

 

I can lose $100 for 400M gain.

 

I've got $500 and I can wait five years.

 

No.

 

99.9999% of anything crypto related in social media is fake and manipulative.....get retail sucked in. "Look how easy it is"....etc

 

 

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8 hours ago, Mr H said:

No.

 

99.9999% of anything crypto related in social media is fake and manipulative.....get retail sucked in. "Look how easy it is"....etc 

 

Trying to make money out of crypto trading is just like any other foreign exchange trading imo, which is notoriously risky if you're doing it speculatively. You're basically hoping the exchange rate moves in your favour to make a profit. You need good and timely intelligence to stand a chance and get ahead of the rest of the market. 

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14 hours ago, Campion said:

 

Trying to make money out of crypto trading is just like any other foreign exchange trading imo, which is notoriously risky if you're doing it speculatively. You're basically hoping the exchange rate moves in your favour to make a profit. You need good and timely intelligence to stand a chance and get ahead of the rest of the market. 

I would say it's a bit different because the participants are different. Fx is a really rigged game, lots of politics and mainly institution.

 

Crypto market is purely speculative market with high retail participants.

 

Because of the high amount of retail you get the mad parabolas which you don't typically get in fx(because market is driven by emotion and retail more emotional). And is why a coin with a dog on it that does nothing can be valued at 20bn market cap

Edited by Mr H
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6 hours ago, Mr H said:

I would say it's a bit different because the participants are different. Fx is a really rigged game, lots of politics and mainly institution.

 

Crypto market is purely speculative market with high retail participants.

 

Because of the high amount of retail you get the mad parabolas which you don't typically get in fx(because market is driven by emotion and retail more emotional). And is why a coin with a dog on it that does nothing can be valued at 20bn market cap

 

FX, crypto, Stock, all are rigged. Whales take the lead e.g. security houses. Pranktons get crumbs if lucky.

Fuck it, just play demo account of futures, DEX is the way. 😝

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2 minutes ago, DaleP said:

 

FX, crypto, Stock, all are rigged. Whales take the lead e.g. security houses. Pranktons get crumbs if lucky.

Fuck it, just play demo account of futures, DEX is the way. 😝

He hee. Yes it's true all markets are rigged. 

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The halving event is coming. Hopefully this means some more decent gains. I've been buying mainly BTC, ETH and SOL during the crash and have a good profit at the minute. Basically as it sits now I've doubled what I've paid in.

 

I bought via ramp swaps and use cold storage, so it's not on and exchange. They did ask for kyc from me, so they know who I am ☹️

 

I'm now a bit concerned about taxation, as it comes under cgt rules, and has a 3k annual threshold which my profits are way way over.

 

Any thoughts on how to avoid the tax man?!

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Move to Dubai. Tax-free?

What a bummer that they have reduced the CGT allowance from 12K to 6K (currently) and from April 3K!! That's dismal.

I'd say cash in before the end of the financial year?

 

People say that it's easy to buy but hard to sell..... truth? 🥴

 

 

 

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21 hours ago, Martin1234 said:

Any thoughts on how to avoid the tax man?!

 

You can't put crypto directly in your ISA, but you can indirectly using ETFs (exchange traded funds).  You can go to one of the big fund managers and look for one which does an ETF for bitcoin or other crypto. 

 

https://upthegains.co.uk/blog/how-to-add-bitcoin-to-your-isa  

 

I don't do it myself though, so I can't advise for or against, but just flagging that it's possible nowadays. 

 

I totally agree about the CGT allowance collapse. Under a conservative govt too, tut tut ... These political parties get more alike all the time. 

 

Edited by Campion
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On 3/28/2024 at 7:49 PM, Campion said:

 

You can't put crypto directly in your ISA, but you can indirectly using ETFs (exchange traded funds).  You can go to one of the big fund managers and look for one which does an ETF for bitcoin or other crypto. 

 

https://upthegains.co.uk/blog/how-to-add-bitcoin-to-your-isa  

 

I don't do it myself though, so I can't advise for or against, but just flagging that it's possible nowadays. 

 

I totally agree about the CGT allowance collapse. Under a conservative govt too, tut tut ... These political parties get more alike all the time. 

 

Yeah. There are some high net individual who are actually moving from self custody to ETF for security reasons. 

 

It's a spot ETF. So you do actually own the btc officially anyways....lol...(Probably should ask to see their paperwork)

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20 hours ago, Mr H said:

Yeah. There are some high net individual who are actually moving from self custody to ETF for security reasons. 

 

It's a spot ETF. So you do actually own the btc officially anyways....lol...(Probably should ask to see their paperwork)

 

It's a dilemma, isn't it?

To own or not to own. That is the question. 😁

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1 hour ago, DaleP said:

It's a dilemma, isn't it?

To own or not to own. That is the question. 😁

 

It's a no for me. But hypothetically, if I were to buy there's also the question of when. It looks pricey at the moment so if I had some spare cash (ha ha) I'd wait for it to drop. 

https://uk.finance.yahoo.com/quote/BTC-GBP   (click on the 'max' timescale) 

 

It looks very volatile and afaik there's no income with this type of asset (such as dividends you get with shares) so it's all down to capital gain. It's a case of timing the market: when has it peaked and troughed?  I don't really fancy my chances of figuring that out  🙄 

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1 hour ago, Campion said:

 

It's a no for me. But hypothetically, if I were to buy there's also the question of when. It looks pricey at the moment so if I had some spare cash (ha ha) I'd wait for it to drop. 

https://uk.finance.yahoo.com/quote/BTC-GBP   (click on the 'max' timescale) 

 

It looks very volatile and afaik there's no income with this type of asset (such as dividends you get with shares) so it's all down to capital gain. It's a case of timing the market: when has it peaked and troughed?  I don't really fancy my chances of figuring that out  🙄 

 

It has gone up in price a little but now is still good to buy if you aim for the pump after the halving later this year.

Crypto has always been volatile so if you have a weak heart, it's not for you. There is always a premium bond. 😁

For those who like a bit of gambling and excitement...play the game. As far as timing wise e.g. every 4-year cycle, it is predictable unlike stock.

You won't figure it out unless you get burned i.e. pay a tuition fee.

 

 

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2 hours ago, Campion said:

 

It's a no for me. But hypothetically, if I were to buy there's also the question of when. It looks pricey at the moment so if I had some spare cash (ha ha) I'd wait for it to drop. 

https://uk.finance.yahoo.com/quote/BTC-GBP   (click on the 'max' timescale) 

 

It looks very volatile and afaik there's no income with this type of asset (such as dividends you get with shares) so it's all down to capital gain. It's a case of timing the market: when has it peaked and troughed?  I don't really fancy my chances of figuring that out  🙄 

In an inflationary environment. Risk on assets are your friend, rather than income generating value assets which worked do well in the past.

 

The dollar has lost 25% of it's value in past 4 years. So you needed to equal that just to keep afloat. Which means risk on.

 

How I value a btc is same as other commodities. Cost of production. I haven't checked recently but I believe it was circa 30k. So yeah it to me looks overpriced by 2x.

 

But still plenty of opportunities in the alt coin market.

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@Campion

 

But historically the time to buy bitcoins is after a 78.6 fib retracement from previous all time high

 

And just fyi. You can actually get yield on btc and crypto but then you enter defi land which has its own inherent risks.

 

Or you could do what Michael Saylor does and keep on putting btc down as collateral to buy more btc.....😆

Edited by Mr H
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On 3/27/2024 at 9:54 PM, Martin1234 said:

The halving event is coming. Hopefully this means some more decent gains. I've been buying mainly BTC, ETH and SOL during the crash and have a good profit at the minute. Basically as it sits now I've doubled what I've paid in.

 

I bought via ramp swaps and use cold storage, so it's not on and exchange. They did ask for kyc from me, so they know who I am ☹️

 

I'm now a bit concerned about taxation, as it comes under cgt rules, and has a 3k annual threshold which my profits are way way over.

 

Any thoughts on how to avoid the tax man?!

I actually tried to find out consequences of not declaring CGT.

 

May need further investigation. But from what I could find. There seems to be a lot of threatening language used. "You will cause an offence"  but basically from what I can gather if they do catch you, it seems like some sort of fine....

 

Guess things like amount would factor into it. 

 

 

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21 minutes ago, Martin1234 said:

I'm not selling before the halving, no way 😂

 

Think I can withdraw 3k a year with no cgt though? Let's see what happens in a few weeks.

 

You're waiting until it's dropped more than half? Or do you mean wait for it to drop then bounce back up again? Obviously I don't understand this crypto stuff!! 

 

With CGT (in the UK) £3k allowance is for your gain rather than how much you withdraw, so it needs a calculation. That's from the 24/25 tax year starting on Saturday. If you sell in this tax year 23/24 it's £6k. Unfortunately you can't carry forward your unused allowance, but if you've got some losses elsewhere you can offset against the gains. I think losses can be carried forward but would need to look into that. 

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So who is investing in newly minted rug pull this time around? You know the kind that clearly states that you cannot sell and its white paper is still under construction and people buy them. 😂 Any hot name? I'm not following reddit because it's shit over there.

Edited by DaleP
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On 4/3/2024 at 10:21 PM, Campion said:

 

You're waiting until it's dropped more than half? Or do you mean wait for it to drop then bounce back up again? Obviously I don't understand this crypto stuff!! 

 

With CGT (in the UK) £3k allowance is for your gain rather than how much you withdraw, so it needs a calculation. That's from the 24/25 tax year starting on Saturday. If you sell in this tax year 23/24 it's £6k. Unfortunately you can't carry forward your unused allowance, but if you've got some losses elsewhere you can offset against the gains. I think losses can be carried forward but would need to look into that. 

After the halving event.

 

It's coming up end of April. The miners rewards halve, but the work to decode the Blockchain stays the same. On effect it costs the same to produce but the miners earn less. Happens roughly every 4 years.

 

My logic tells me it'll double at least in value. Probably why BlackRock were buying up billions in value of it...

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8 hours ago, Martin1234 said:

After the halving event.

 

It's coming up end of April. The miners rewards halve, but the work to decode the Blockchain stays the same. On effect it costs the same to produce but the miners earn less. Happens roughly every 4 years.

 

My logic tells me it'll double at least in value. Probably why BlackRock were buying up billions in value of it...

The btc halving effect is actually a misnomer that it effects price, except as a marketing piece.

 

The designer of btc overlaid the halving cycle with the credit cycle. Btc follows the credit and M2 cycles.

 

In simple speak btc price more or less matches M2 money supply. 

 

 

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On 4/3/2024 at 10:35 PM, DaleP said:

So who is investing in newly minted rug pull this time around? You know the kind that clearly states that you cannot sell and its white paper is still under construction and people buy them. 😂 Any hot name? I'm not following reddit because it's shit over there.

I am degen - ing on degen chain, sol and base...😂

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But it's the halvening which will bring btc in the news = retail money = temporary parabola and opportunity to make some wonga....

 

Everyone from the man in the supermarket will be talking crypto soon and doggy coins.....this is the sell signal!

Edited by Mr H
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