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Let's see.

 

I'm going to ride it out for another 6 months after halving, then accumulate more BTC in the dips. As I say, I've already doubled my stake, it's just the cgt bit that I don't understand and don't want to get stung on.

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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. 

But it's only gain when you withdraw it?

 

I've gained a lot more than that currently but don't believe I am due to pay cgt until I trigger an event by withdrawing, and this would be tested on what I take out in that tax year. If I withdraw 3k per tax year, I went be gaining any more than the limit, if you see my logic?

 

If you buy something (let's say a house), you pay cgt on your profits, ie income. You would only pay cgt on the whole house if you sell it again ( that's assuming it was a second property as a rental income investment ).

 

Another example, if I have a huge pension pot and take a part withdrawal, I only pay tax on the bit I withdraw and but the whole fund.

 

Not totally crystal on the accuracy re rental rules etc, but you get the gist.

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24 minutes ago, Martin1234 said:

Let's see.

 

I'm going to ride it out for another 6 months after halving, then accumulate more BTC in the dips. As I say, I've already doubled my stake, it's just the cgt bit that I don't understand and don't want to get stung on.

Obviously do you.

 

But the typical flow of cycle. 1st liquidity in btc, then eth then alts.

 

Btc already gone up 5x from bottom. Maybe another 2x from here. But meat of move is already done.

 

The rotations haven't yet, so the next 5x 10x will be in the alts and eth catch up, once btc dominance drops.......

 

Btc play almost done now imo....

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2 hours ago, Martin1234 said:

But it's only gain when you withdraw it?

 

I've gained a lot more than that currently but don't believe I am due to pay cgt until I trigger an event by withdrawing, and this would be tested on what I take out in that tax year. If I withdraw 3k per tax year, I went be gaining any more than the limit, if you see my logic?

 

If you buy something (let's say a house), you pay cgt on your profits, ie income. You would only pay cgt on the whole house if you sell it again ( that's assuming it was a second property as a rental income investment ).

 

Another example, if I have a huge pension pot and take a part withdrawal, I only pay tax on the bit I withdraw and but the whole fund.

 

Not totally crystal on the accuracy re rental rules etc, but you get the gist.

  

Yes that's right (in the UK). Sorry for any confusion, I thought you were talking about when you were going to sell up and crystallise gains/losses. It's just sale price minus purchase price, and the cycles and halving events etc which happen inbetween aren't relevant for CGT. 

 

You can also include costs of buying/selling - I don't know if you have any charges with crypto but can be relevant for other assets. 

 

Houses and pension funds are a bit more complicated but not this topic. 

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5 hours ago, Martin1234 said:

But it's only gain when you withdraw it?

 

I've gained a lot more than that currently but don't believe I am due to pay cgt until I trigger an event by withdrawing, and this would be tested on what I take out in that tax year. If I withdraw 3k per tax year, I went be gaining any more than the limit, if you see my logic?

 

If you buy something (let's say a house), you pay cgt on your profits, ie income. You would only pay cgt on the whole house if you sell it again ( that's assuming it was a second property as a rental income investment ).

 

Another example, if I have a huge pension pot and take a part withdrawal, I only pay tax on the bit I withdraw and but the whole fund.

 

Not totally crystal on the accuracy re rental rules etc, but you get the gist.

 

Correct so if you are in BTC and want to accumulate and ride it out till......next great flood I mean armageddon...then you won't pay tax every year.

But I would dump all shitcoins because there will always be another shiny coin. Cash out everything but that's not a financial advice. 😁

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8 hours ago, Mr H said:

Obviously do you.

 

But the typical flow of cycle. 1st liquidity in btc, then eth then alts.

 

Btc already gone up 5x from bottom. Maybe another 2x from here. But meat of move is already done.

 

The rotations haven't yet, so the next 5x 10x will be in the alts and eth catch up, once btc dominance drops.......

 

Btc play almost done now imo....

 

I don't think BTC has even begun yet.

 

After halving event it should soar, taking everything else up with it. Then alts after. Traditionally it's after each halving that BTC really hammers up.

 

5 hours ago, Campion said:

  

Yes that's right (in the UK). Sorry for any confusion, I thought you were talking about when you were going to sell up and crystallise gains/losses. It's just sale price minus purchase price, and the cycles and halving events etc which happen inbetween aren't relevant for CGT. 

 

You can also include costs of buying/selling - I don't know if you have any charges with crypto but can be relevant for other assets. 

 

Houses and pension funds are a bit more complicated but not this topic. 

 

Yeah I'm UK sorry.. think I've grasped what I need to do.  I work with pensions so am more comfortable with that side tbh!

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8 hours ago, Mr H said:

Obviously do you.

 

But the typical flow of cycle. 1st liquidity in btc, then eth then alts.

 

Btc already gone up 5x from bottom. Maybe another 2x from here. But meat of move is already done.

 

The rotations haven't yet, so the next 5x 10x will be in the alts and eth catch up, once btc dominance drops.......

 

Btc play almost done now imo....

 

I don't think BTC has even begun yet.

 

After halving event it should soar, taking everything else up with it. Then alts after. Traditionally it's after each halving that BTC really hammers up.

 

5 hours ago, Campion said:

  

Yes that's right (in the UK). Sorry for any confusion, I thought you were talking about when you were going to sell up and crystallise gains/losses. It's just sale price minus purchase price, and the cycles and halving events etc which happen inbetween aren't relevant for CGT. 

 

You can also include costs of buying/selling - I don't know if you have any charges with crypto but can be relevant for other assets. 

 

Houses and pension funds are a bit more complicated but not this topic. 

 

Yeah I'm UK sorry.. think I've grasped what I need to do.  I work with pensions so am more comfortable with that side tbh!

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Was not expecting that. Another break of all time highs.

 

First time in history new all time highs prior to halvening.

 

More please....

Edited by Mr H
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9 hours ago, Martin1234 said:

I was reading earlier that post halving, the price will need to be $100k for the miners to turn a profit. It feels like a no brainer!

That's very interesting...

 

I used to follow the cost of production closely but haven't for a while.

 

Last time I checked the cost to mine a btc was below 30k

 

So I'm wondering if you have the analysis showing it will be 100k in couple weeks time?

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13 hours ago, Mr H said:

That's very interesting...

 

I used to follow the cost of production closely but haven't for a while.

 

Last time I checked the cost to mine a btc was below 30k

 

So I'm wondering if you have the analysis showing it will be 100k in couple weeks time?

 

I don't think this is the exact one I was reading, but says similar..

 

https://cointelegraph.com/news/bitcoin-halving-how-impact-btc-mining-costs

 

The mining reward will be halved, so the cost of production will double as they have to mine twice as much. This says post halving the cost of mining one BTC will be 'above 80k'. The halving event should be a no brainer really I think I said before, this must be why the likes of BlackRock are all over it..

 

By rights this world push the BTC price well into the 100k numbers.

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On 4/9/2024 at 9:59 PM, Martin1234 said:

 

I don't think this is the exact one I was reading, but says similar..

 

https://cointelegraph.com/news/bitcoin-halving-how-impact-btc-mining-costs

 

The mining reward will be halved, so the cost of production will double as they have to mine twice as much. This says post halving the cost of mining one BTC will be 'above 80k'. The halving event should be a no brainer really I think I said before, this must be why the likes of BlackRock are all over it..

 

By rights this world push the BTC price well into the 100k numbers.

Thanks.

 

I guess also doesn't factor inflation. If we have another inflation run, electricity costs could drive price even higher......

 

This plays into my other investment thesis that we are about to enter a commodity super cycle due to inflationary pressure, lack of investment, increased demand...a d btc is a commodity and as a rare one I expect it to move a lot over the coming 10-15 years alongside all commodities....

 

Any profits I make in crapto will rotate into oil, gas, metals etc....

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1 hour ago, Mr H said:

Thanks.

 

I guess also doesn't factor inflation. If we have another inflation run, electricity costs could drive price even higher......

 

This plays into my other investment thesis that we are about to enter a commodity super cycle due to inflationary pressure, lack of investment, increased demand...a d btc is a commodity and as a rare one I expect it to move a lot over the coming 10-15 years alongside all commodities....

 

Any profits I make in crapto will rotate into oil, gas, metals etc....

 

It's good to have a plan 👍🏼

 

I see BTC is dipping again which is what was always predicted in the run up to halving.  Usual trend is for new highs and levels post halving.  Let's see that happens in a month or so.

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On 4/13/2024 at 10:11 AM, Martin1234 said:

 

It's good to have a plan 👍🏼

 

I see BTC is dipping again which is what was always predicted in the run up to halving.  Usual trend is for new highs and levels post halving.  Let's see that happens in a month or so.

I suspect the real party time in circa 6 months or so. But let's see what happens

 

So far so good...

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just my 2c...
the more people use these forms of digital currency - the more normalised its gonna get

i say stay away  from it dont give it power

for investment, there are loads of other ways to do it
business,land and buildings,gold,etc

Edited by shabbirss
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On 4/20/2024 at 10:09 AM, Mr H said:

I suspect the real party time in circa 6 months or so. But let's see what happens

 

So far so good...

 

I agree. The halving block has been mined, now it's the calm before the storm. The bull market should really take off any time in the next few months as the supply of BTC reduces.

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2 hours ago, shabbirss said:

just my 2c...
the more people use these forms of digital currency - the more normalised its gonna get

i say stay away  from it dont give it power

for investment, there are loads of other ways to do it
business,land and buildings,gold,etc

Blockchain tech is in its infancy. It's going to be huge. 

 

I suggest getting in on it now. 

 

If it was 25 years ago and you knew what you knew now, you would probably have invested in one of the big tech firms and rode the waves. I don't disagree with your point though btw.

 

I wish I could go back and buy BTC when it started at a dollar each!

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On 4/21/2024 at 6:05 PM, shabbirss said:

just my 2c...
the more people use these forms of digital currency - the more normalised its gonna get

i say stay away  from it dont give it power

for investment, there are loads of other ways to do it
business,land and buildings,gold,etc

Everything has been tainted by the cabal unfortunately.

 

Gold and silver. Owned and controlled by central banksters.....

 

Stocks? Yeah. Nearly every stocks largest shareholder is blackrock..

 

Property. Slowly all being bought up by blackrock and the price of your investment is dependent largely on how much money the banksters print.

 

They own and control EVERYTHING.

 

Trade it don't hate it.

 

Price go up.......we good.

 

Spend the money on people and things that actually matter. Better money in good hands than evil banksters hands.

Edited by Mr H
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And as for getting used to digital currencies.

 

I would say we're all accustomed to digital currencies these past decades or so. Pretty much all transactions/ settlements /savings/ collections digital for quite some time already.

 

Only difference is, these coins are doggy coins, with dog faces on em. What a clown world we're in! Lolz

Edited by Mr H
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