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Except you can already do that with Bitcoin et.al. (albeit there’s a stumbling block in identifying who owns the wallet you cans ee the money ending up in). But then would anyone not be shocked if the CIA/GCHQ hadn’t found a way around that?
They have, and it's made it a lot easier to trace money around than it would be via fiat and conventional banking:
https://www.nytimes.com/2021/06/09/technology/bitcoin-untraceable-pipeline-ransomware.html
Ms. Haun added that the speed with which the Justice Department seized most of the ransom was “groundbreaking” precisely because of the hackers’ use of cryptocurrency. In contrast, she said, getting records from banks often requires months or years of navigating paperwork and bureaucracy, especially when those banks are overseas.
Yes, and with CBDCs and no alternatives he will be living in all our heads 24 hours per day.
Whilst I'd be anti extra surveillance. I'm not sure an increased ability to evade tax is an upside of anything.
No one ‘controls’ bitcoin. Also, no one owns 80% of it. The largest wallet (Binance’s cold wallet) owns 1.6%.
Hyperbole turned out to be hyperbolic. But from your link 80% seems to be owned by 0.05% of wallets. Even if a proportion of those are in essence banks, a quick scroll down the list shows that at least half the front page aren't. Hardly a democracy.
They have, and it’s made it a lot easier to trace money around than it would be via fiat and conventional banking:
It's possible.
However, if the FBI has a secret way to compromise BTC wallets I wonder why they chose to reveal it's existence to recover $2.2 million dollars?
I think it's more likely that they used the FBI equivalent of a $5 wrench attack to access the wallet.
But from your link 80% seems to be owned by 0.05% of wallets. Even if a proportion of those are in essence banks, a quick scroll down the list shows that at least half the front page aren’t. Hardly a democracy.
Something like less than 1% of wallets own 85% of BTC. Where a market is so cornered one has to has doubts over the veracity of its true worth.
Yeah it was reported that they didn't hack the wallet, they just obtained the key. Darkside don't seem to have been the most sophisticated operators.
But even so, the FBI were at their door in a matter of days.
Whilst I’d be anti extra surveillance. I’m not sure an increased ability to evade tax is an upside of anything.
It's not just about evading tax. With a non-fungible currency you can make currency more or less valuable. You can time limit currency. You can make it conditional on being spent in certain ways.
The opportunities for government manipulation if you have a CBDC and no other alternatives are endless.
But from your link 80% seems to be owned by 0.05% of wallets. Even if a proportion of those are in essence banks, a quick scroll down the list shows that at least half the front page aren’t. Hardly a democracy.
True, but isn't that just reflective of wealth distribution in general? How much wealth do the top 0.05% in the world control?
Also, BTC is still in the very early stages of adoption. The very very very early adopters were able to grab a large share. In order for the value to continue going up more people will have to acquire it. In order for that to happen the top holders will have to give up some of their holdings. This is a large part of the reason the price varies so much. In order to widen adoption BTC has to be sold which causes the price to drop. As people buy the available BTC the price starts to rise and people become reluctant to sell until one of the big holders releases more BTC and so the cycle continues.
So yeah, it could be a giant ponzi. However, fiat could also be a giant ponzi. It's difficult to tell if you've made the wrong decision until after it's too late, normally.
Anyway, I'm sticking with 10% of my savings being in crypto and working on my trading bots.
Personally, I haven’t touched a bank note in years so it could just be that the end of physical cash is a reality to me in a way people in the UK can’t imagine yet.
Nope, it's more or less the same here. I've had the same cash sitting in my wallet for over a year now.
Perhaps like others I've rather lost track of the argument you are making BruceWee, but my feeling is you are too cynical regarding western government motives. As already stated, they do already have a lot of power regarding the value of our savings. If you're worried about your savings disappearing overnight then "open" cryptocurrencies would currently seem to be one of the worst place to keep it..
Perhaps like others I’ve rather lost track of the argument you are making BruceWee, but my feeling is you are too cynical regarding western government motives.
Yeah, it's a big subject and it touches on philosophical debates about how we attribute value to things.
I actually started off down the rabbit hole because I was shocked at our electricity bills while working from home. I looked at this 1500W electric heater I use to heat the basement and started wondering if I could use a mining rig to heat the house instead of just pumping electricity through metal bars.
I'm planning on putting an old laptop in a metal container filled with mineral oil and using it to mine Monero to see how much heat it can generate and how much money it can make next winter (Monero is designed to work with CPU mining rather than GPU or ASICS).
From there I just kept reading and decided to invest.
From there I discovered I could make my own trading bots.
The point is that there isn't a single reason I got into crypto. At this point it's probably more of a hobby than an investment for me.
So yeah, I find the entire field fascinating. In addition, I don't trust governments of large countries with low levels of accountability so it's a match made in heaven 🙂
In order for the value to continue going up more people will have to acquire it.
So yeah, it could be a giant ponzi.
So it has the defining characteristic of a Pyramid/Ponzi scheme, and it could be a Ponzi scheme. Walks like a duck?
So it has the defining characteristic of a Pyramid/Ponzi scheme, and it could be a Ponzi scheme. Walks like a duck?
Yes, fine. It's a ponzi. Happy now?
I won't bother asking you to justify why fiat isn't a ponzi because I know that the answer is, 'Because the government have promised us it isn't!'
This is now page 17 and I see the same protestors are still hell bent on stopping people from actually talking about crypto so I'll leave you to it.
From there I discovered I could make my own trading bots.
This has the potential to be very interesting.
I had looked at bots but I'm not that computer savvy. I found someone showing people how to program them on python but that was way beyond my skill level.
How do you do yours? Do you litterally create them from scratch or are there commercially available (and reasonably priced?) ones you can adapt, setting your own rules for them to follow and suchlike? How do you link them into an exchange (and which ones can you do this with?)
Is this a reasonably straightforward thing from the average laymen or do you need to be pretty good with computers? I've got some rules which appear to working (ie I made a small profit doing it manually) but unless I can automate it I'd have to sit at the computer 24hrs a day and I don't want to do that
I actually started off down the rabbit hole because I was shocked at our electricity bills while working from home. I looked at this 1500W electric heater I use to heat the basement and started wondering if I could use a mining rig to heat the house instead of just pumping electricity through metal bars
An interesting point! And one which is often overlooked... e.g. the overall energy efficiency gained by use of LED lightbulbs is eroded in the winter, when the reduced heat output will instead need to be generated by the central heating system....
I use 3commas.io. It takes a bit of getting your head round to start with but it's the easiest way to get into automated trading, imo.
A good place to start would be The Trading Parrot on YT: https://www.youtube.com/channel/UCrqilwm_w0Jww188AyxBq7w
Take what he says with a pinch of salt, particularly when it comes to returns, but he has some good introduction videos.
You can set up your own buy signals but the QFL strategy that comes as standard with the Gordon bot is actually one of the most profitable or at least that's what I've found so far.
Now I'm working on my own signals generated on TradingView to trigger the buy and sell signals.
I probably will end up making my own bot in python (just for fun more than anything else) but so far I'm pretty happy with 3commas.
In a cashless CBDC future.....
I'd like a copy of the Apple newspaper please. That will be 10 sats
Thankyou for your payment.
I'd like a copy of the Apple newspaper please. That will be 10 dRMB.
Sorry sir - your payment has been rejected. Have you been watching too much youtube about the recent HK protests?
Next please.
I'd like a copy of the Apple newspaper please. That will be 10 dRMB.
Thankyou for your payment.
Feel free to substitute 'Apple newspaper' with other words such as food/transportation/public library/unvaccinated.
Feel free to substitute 'watching Youtube' with you're Coloured/Asian/White/Muslim/Catholic/Uyghur
bitcoin/eth/ tokens created on an open blockchain (created by nerds) is permissionless - just like cash. CBDC will most certainly not be. Whitelist and Blacklist will be words of the future.
I believe NFTs are our future. Teach them well and let them lead the way...
🙂
I believe NFTs are our future. Teach them well and let them lead the way…
🙂
I thought NFT's were for selling digital artwork? In which case is this the digital equivalent of buying something with the rear wheel off Jimmy Saville's bike?
How will the UK market respond to NONCEfinance?
How will the UK market respond to NONCEfinance?
It's still in it's infancy. I'll wait until it's more developed even if it does offer an attractive spread position, could get you in trouble right now if you opt to pump and dump.
People still buying on the dip? Pretty big dip if so, but still plenty of profit for people who got in early. Anyone who bought Bitcoin at ~$60k must be sweating.
I'll be chucking another £50 in on pay-day. It's beer-money investment gambling for me, not life savings.
Same as the-muffin-man for me.
Although this month I'm gonna probably send the money to Kraken and sit on it there, until deciding to buy rather than buying as soon as the money arrives.
Anyone with nice tingly feelings over the last 2 weeks?
I bought some AUDIO half way through a youtube video. It had me at 'fairer spotify'.
Followed my own advice regarding ETH and ADA announcements.
To be fair - throwing at a dart board would have given me the same result with the current bull market.
I also heard the Taliban aren't happy that the US have frozen the Afghanistan Govt reserves that were held with them.
@Earl - yes, very much so. I'm currently up 136% in the last month - LUNA, ETH, ADA and SOL have all done very well for me recently. Only slightly annoyed that we didn't have any spare cash to buy the dip.
I wish I had had more spare cash too. SOL has done mental in the last month.
I noticed Audio yesterday and it reminded me of the conversation about crypto I had with a young lad while out on a group ride in the woods at the start of April, which actually prompted me to splash my toes in the crypto sea.
Yes watching ADA climb has been good the past few days. Thanks to that, and also ATOM, I'm no longer in the red with crypto. I only started buying crypto as things were already high around April/May. During the dip, converted some of it to XLM and transferred out of coinbase, then split between ADA and ATOM and staked it.
A long way from a new bike though. Possibly a good 2nd wheel if I find a bargain lol.
For those already in, by the time this thread starts really kicking again and people are talking about profits we'll have made lots of money, should be looking for the top and selling to stablecoins ready to buy back in later on in the bear market and repeat. Don't be the bag holder. Happy green candle days!
Yeah, I'm currently up on all of my crypto investments.
I am still putting a bit in every month.
I have been looking into FIRO over the last few days, but it's not available on Kraken so I need to look at where it is available and decide whether I want to set up an account on another exchange.
I noticed on my PayPal today you can buy and hold four flavours of crypto. I'm sure that will have sucked in some new speculators.
Took some profit from ADA the other day, bought me a Tele and Apple TV for the pain cave whilst still leaving my original investment in so happy with that.
I’ve not read any of this thread before, going by the theory that having not bought any Bitcoin 10 or more years ago, now is not the time. However, reading this page I cannot tell if any of it is for real or not. It reads like the Mornington Crescent thread.
There are a number of accounts that give you interest on your crypto currencies. The rates are quite high and if you are investing in Crypto then it make sense to be gaining interest whilst you are holding them and waiting for them to rise...
Nexo is one
I'm in for the long-game. Got no interest in making short terms gains as I'm not active enough to trade at the right times.
Currently sat at £600 profit from £700 put in. Not the best, but decent.
Whacking about £50 a month in.
For me it's ETH, ADA and SC (Siacoin as a 'they're dirt cheap but being crypto it may go balistic!').
But it's all one massive gamble! 🙂
should be looking for the top and selling to stablecoins ready to buy back in later on in the bear market and repeat. Don’t be the bag holder.
I did that when Ethereum hit £2.2k again, sold half of it with a buy order a £2k to increase my holding when it dipped. Still waiting...
There are a number of accounts that give you interest on your crypto currencies. The rates are quite high and if you are investing in Crypto then it make sense to be gaining interest whilst you are holding them and waiting for them to rise…
I use Blockfi for that. Appear to be fairly reputable but as I guess with all crypto things don't put all your eggs in one basket, I've half my stuff there and half on Coinbase.
Currently 5% on Ether, 8% on some stablecoins, 4.5% on Bitcoin and a bit less on a few others.
If anyone wants to use it you get a wee bonus if you use my refer a friend thingy (disclosure, so do I)
https://blockfi.com/?ref=dd67ec53
andrewh
Free MemberI did that when Ethereum hit £2.2k again, sold half of it with a buy order a £2k to increase my holding when it dipped. Still waiting…
This hurts. Why? Nothing was pointing to an immediate reversal.
@the-muffin-man I'll have to take a look at siacoin.
Do you ever look at any of the crypto channels on YouTube?
I've started watching Coinskid. He does tech analysis of the charts and seems to talk a lot of sense. He's not always talking it up, and tries to give a balanced view of the upsides and downsides.
I did that when Ethereum hit £2.2k again, sold half of it with a buy order a £2k to increase my holding when it dipped. Still waiting…
This hurts. Why? Nothing was pointing to an immediate reversal.
Just seemed a bit high so I sold it. 10% up on that bit now. That was more intuition than a coherent strategy...
.
I've actually been researching bots. Brucewee up there ^ set me thinking. I've made a few quid scalping on ether and would like to automate it, going for Cryptohopper. Anyone got that and wants a referral bonus? Post your link below and I'll use that to sign up.
Mr Goxx apparently doing well.
https://www.bbc.co.uk/news/technology-58707641
Tomorrow: China crackdown on rodent crypto traders.
Have we done the hampster yet? :d
Hes making a 25% return, currently but was making about 75% for a while 😀 😀
EDIT: gah! beaten to it 😀
So who bought into Shibu then?
Nope. I don't tend to bother with any of the tiny alt-coins. I don't have the time to be day trading stuff, so just regularly top-up the 3 coins I'm currently invested in; Bitcoin, Ethereum & Cardano.
Try to buy them when they have dips, but don't manage it very well.
Still a decent amount into the black so it's all good.
So how do you buy and sell this stuff? Is there an easy-to-use app or something?
So how do you buy and sell this stuff? Is there an easy-to-use app or something?
Coinbase is probably the easiest to start with. Plus you get a load of free money from them for watching short "educational" videos. $74 for me so far.
I use Coinbase and Blockfi.
Coinbase is really easy very intuitive, Coinbase pro is better for trading (you get that automatically with coinbase) as the fees are much lower.
Blockfi has fewer coins on it but they pay interest, better if you're just buying and holding. Also splitting across two sites halves the chances of losing it all in a hack.
I use Kraken. It's easy to use and fees seem low.
Quite a few vids on YouTube about how to make trades on the various platforms.
Or instead of buying crypto - you could earn it??
Sell something on the dark web - receiver payment in crypto.
Hack into a company and install some ransomware - receive payment in crypto.
Both methods would be considered income so taxable naturally.
I recommend you put your life savings into Bitcoin and Ethereum. You won't regret it. You will be able to retire next year, easy, upgrade your wife, get a bigger house.
Seriously, I had a curiosity about crypto years back so studied it, bought some, exited it all in May this year. If it really tumbles again I may be interested but for the moment it just looks like an excellent opportunity for fools to be parted from their money.
Not really, just be realistic about it and don't expect anything. You might make profit, you might lose it all.
Looks like a couple of people got out the bitter side of the bed this morning
Well, Bitcoin is at new all time highs... Every single holder is in profit.
Well, Bitcoin is at new all time
Wondering whether to sell my BTC and ETH now and buy back in the next dip.
It can't stay this high forever can it?
It might all be one big bubble, which is fine if you time the exit right....
.
Trouble is, most of mine is in Blockfi, great for earning interest, but has no stop-loss to take advantage this rapid rise
It can’t stay this high forever can it?
Potentially it can go a lot higher.
If you sell now, you'll kick yourself.
This may be true.
But I could sold all my ETH at £3k at the last peak and bought back at £1.4k.
.
If I was any good at this I could be rich....
🥳 free money bonanza. Take some profits and enjoy it. That's what it's all about isn't it?
My belief is that all crypto will end up at zero sooner rather than later. This is a classic bubble, nothing more nothing less.
My brother is still holding his bitcoin. He could sell now and buy a modest house. I think he's foolish to wager this.
My brother is still holding his bitcoin. He could sell now and buy a modest house. I think he’s foolish to wager this.
That's a different ball game. If I was lucky enough to be there it would be on an exchange with a stop-loss set at enough to clear the mortgage. However, I guess most of us on here just have a couple of hundred, nice but not life changing so we can afford to take more risks.
Your brother can now buy a house from his investment, large financial institutions are buying, it's a national payment method in El Salvador and soon to be other countries and you still think it's going to go to zero? Mleh, your loss.
That kind of extreme exuberance is a sign of a bubble, and since when was El Salvador the barometer of financial futurism? 😀
Anyway, it's possible that I'm wrong but otoh 12,000 altcoins cannot all be right, many of which I might add actually work much better than bitcoin as a means of exchange. BTC is just a big wager that an arbitrary digital token will become an accepted store of wealth over the long term.
Bitcoin isn't intended as a means of exchange. It's digital gold.
Anyway, I'm going to enjoy this bull market. There will be another "it's dead" crash, after surpassing $100,000 but then the bottom will likely be $30000, 9 times what it was in March 2020.
Sure, it may reach those prices. Who knows? However, I don't see it as a replacement for gold. It's too arbitrary, has no actual use and could suffer from digital obsolescence.
Every single Salvadoran who didn't instantly decide to exchange there free BTC for USD is in profit. Adopt will surely in increased in ES.
US companies like Starbucks and MacDonalds have been forced to develop pos systems to accept BTC. Cool. It's a investment they will surely roll out in other countries?
BTC might be 60k+ but it's still way smaller than the maker of iPhones.
Apparently..... I've heard that bitcoin will now double in value from today over the next 20-30 days then crash and all that money will then spill into the alt-coin market.
I take no heed of these predictions, I've got some coins and I'll sell when I'm happy with the price or I'll hold indefinitely, but it'll be interesting to see if this prediction comes to anything!
If Bitcoin crashes the alts will go with it, it works in stages and usually Bitcoin pumps first then ETH and the alts will have there turn, sometimes ETH takes the lead. It's more like BTC will retrace to the 50 day average on a particular timeframe and stabilize there rather than crash.
It's all just speculation and risk. A few months ago I invested (an amount I was prepared to lose) in:
BTC (+23%)
ETH (+98%)
XRP (-42%)
MIOTA (-42%)
LTC (-40%)
DOGE (-62%)
TRX (-23%)
I'm actually just barely back in profit (as nearly half was in BTC and ETH), but also nearly half was in IOTA (that was my hail Mary play that didn't work out :p ). If it was a serious amount of money I'd sell the ETH now to take the profit but it's not so I figure I may as well hold on to it (you can thank me later when it crashes...)
Or you could just buy Solana and make lots of money. Not financial advice.
Wonder when we get the letters from the tax man 🤣
Even they want 20% of my tulips now
Only if you're lucky enough to have realised a profit of £12300 or more.
Per annum of course. Yeah notional profit is meaningless.
Yes, it's taxed as capital gains so you'll get the allowance for that.
You can no longer buy through an ISA or SIPP though.
.
No idea what crypto interest counts as, does that come out of your normal allowance for interest or does that get lumped in with the capital gain?
.
Given how risky it is there may be an arguement for making it exempt like gambling winnings...
Not sure I was thinking taxed like dividends but I cannot see how.ive aways said on here it's gambling to me
My mate has been DCA in for the last 4 months. Today his bank has blocked any movement of funds to the exchange. Too risky - too much like gambling they say.
So yes - if they consider it gambling they why don't they tax it like gambling?
Anyhow - mate is 40+ and on the board of a international company. Yet the bank feels the need to protect him from his stupid financial decisions.
What bank is that? Sucks.
One of the high street banks.
Time to look for a modern progressive risky bank me thinks.
Too risky – too much like gambling they say.
I assume that the bank has therefore also blocked any transactions related to gambling, betting or lotteries then.
Natwest let's me play the lottery online by direct debit but has blocked payments to Binance. This does seem very odd