Reply With QuoteHaha that is a good question actually, hard to measure. If you count those who are employed at visa (the human capital) as a cost, then bitcoin might indeed come out ahead!Originally Posted by andyb28
I wonder how much power is used to keep visa transactions going worldwide?
Haha that is a good question actually, hard to measure. If you count those who are employed at visa (the human capital) as a cost, then bitcoin might indeed come out ahead!
https://wcy.weissratings.com/media/w...cy-Ratings.pdf
Nobody gets an A rating yet as obviously crypto is in it infancy with lot of hurdles to overcome but the top rated crypto is Ethereum
Interesting watching the last few hours as Eth makes marginal gains as the rest drift a little. I put Eth at £2000 by the end of the year minimum
RIAC
Will probably be more than that mate
Eth is currently 0.0946 ratio to BTC. So we are following that sack of shite in the markets due largely to automated bot trading. Once the 0.1 threshold is broken then what is known as the ‘flippening’ happens and we are psychologically not tied into the Bitcoin gains and losses and more money pours into ETH (which is happening now as more people get clued up on the fact BTC is Myspace and ETH is Facebook). Then you may well see the price rocket.
I would say NEO, OMG and XRB would be good-uns as well – lots of people recommending REQ as well but my holding in that has plummeted. VEN has done very well for me.
My bet. ETH to be at £5k+ by end of year, the same as Bitcoin will be
Sure hope so as Ive lumped a couple of quid into it middle of last year and thats been very rosy so if / when it does 5-10x what its currently on Ill need another wheelbarrow
RIAC
$400m worth of NEM stolen from Japanese exchange Coincheck...
https://www.bloomberg.com/news/artic...ts-withdrawals
Now it’s been confirmed, I’m stumped why the market hasn’t fallen. I thought we’d definitely see a crash like when Mt. Gox went. Any thoughts?
Because A the overall market cap is much higher than at the time of the Mt Gox hack so proportionally this is buttons and secondly because this was a centralised exchange whereas the point of blockchain tech is decentralisation so the Japanese hack kind of reinforces the notion that decentralisation is the way forward and basically if you leave your stuff on a centralised exchange you are risking things. That exchange wasn't even verified as a compliant exchange anyway
So is it better to leave your coins on, say, Coinbase or get a wallet to keep them in?
Can't understand why the exchange isn't liable in these cases, presumably they cant stand the losses.
It’s strange that it’s not more widely reported. If it wasn’t a cryptocurrency exchange then the theft would be headline news.
I reckon the market is actually pretty slow to react, so could actually fall in a few hours...
That's the difference between cryptos and the normal currency they are hoping to replace.
A normal bank gets hacked, your money is still there. Crypto's hacked, your money's gone.
Crypto hackers must be on the job 24/7 considering the amounts involved.
http://fortune.com/2017/12/19/cybers...n-north-korea/
Cheers,
Neil.
To be fair the normal banks don’t actually have your money
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RIAC
If a normal bank gets hacked your money might be 'transferred' elsewhere. The bank will replace it. What's the difference?
They will be refunding anyway.
http://www.bbc.co.uk/news/world-asia-42850194
Last edited by Kingstepper; 28th January 2018 at 14:26.
Only leave coins on an exchange if you intend to use them for trading in the short term.
If you are holding then get them into a software or hardware (preferable) wallet.
So,
A very interesting thread.... a question from me...
If if you were starting from scratch today.. how would you go about it?
Hardware wallet from day one ?
Is coinbase the best place/exchange to start with ?
Is there a easier way to get started if you just want to buy a few different currencies and stick them away for a rainy day ?
Has anyone used cryptomate.co.uk to just buyin direct (I guess they are a broker ).
Cheers
Matt
I would download coinbase and register. Download binance and register and maybe look at Gdax if required.
Ease yourself in slow transfer a decent wedge over to coinbase then sit back waiting for the right time to buy !
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RIAC
I was about to ask the same question, so thanks for the answer.
I see Bitcoin and ETH doing very well before the end of the year. If XRB finishes the year on a high I’d be very very surprised.
ETH is doing better as it’s probably the most used platform for the majority of current ICO’s good and bad at the minute.
It's just a matter of time...
Coinbase and GDAX. They are linked and buying and selling on GDAX is much cheaper than coinbase. Kraken was doing 0% trading cost in January after their upgrade. That might be running into Feb too.
Hook up a Revolut account as you get commision free and single rate GBP to Euro exchange. This can then fund into either Kraken or Coinbase.
Since the recent hardware upgrade, Kraken has been much more stable, usable and reliable.
Get Binance to get exposure to more coins. I also use Kucoin and Tidex for more exotic offerings.
Get a hardware wallet for the coins you want to store and not trade. Becomes more important as your value grows.
Good luck
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The markets are pretty volatile at the moment - hopefully they will stabilise soon and I will see a sizable increase in my ether and Telcoin holding!
I’m not sure this emerging situation concerning tether is going to help the markets.
Yeah I see abit of pain in the short term. Though I think therell be a big jump once it gets over those losses.
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An article regarding TAX to HMRC on bitcoin sales or conversions to other cryptos......
http://www.bbc.co.uk/news/technology-42872610
It is that time of year many a self-employed person dreads, the deadline to submit your tax return and pay anything you owe. But this year there is a question a select few should be asking themselves - have I profited from my investment in crypto-currencies?
If you have, you could be liable for tax.
In 2014 Revenue & Customs published guidelines making clear the different taxes that apply to any earnings from crypto-currencies.
For most people who have bought a few bitcoins some years ago, it is Capital Gains Tax that will be relevant.
This will apply to any profits, once you hit the £11,300 CGT threshold, not just if they are converted into a standard currency but if they are used to buy other crypto-currencies such as Ethereum or to invest in initial coin offerings (ICOs).
But in recent weeks there is some evidence that a few people are making trading in crypto-currencies a full-time job, in which case they are likely to be liable for income tax on their earnings.
Now, the acceleration in the value of Bitcoin and other crypto-currencies happened over the course of 2017 so it is unlikely many people will have incurred tax liabilities in 2016-17, the year HMRC is currently examining.
Fraudulent tactics
But over recent months there has been a flood of Bitcoin money heading into everything from ICOs to property - so next year there should in theory be a big boost for the government's Capital Gains Tax receipts.
One accountant told me plenty of his clients had piled into Bitcoin but seemed unaware of the tax implications.
What is clear is the whole crypto-currency industry is now under the spotlight of regulators around the world.
They are concerned not just about tax evasion but money laundering and major fraud.
In the United States this week the Securities and Exchange Commission got a court order to halt an ICO attempting to raise $1bn (£0.7bn) to fund what was claimed to be the world's first "decentralised" bank.
The regulator alleges this was a scam that had already used what it described as fraudulent tactics to raise as much as $600m, including failing to disclose the criminal background of key executives.
AriseBank has blamed the dispute on "confusion" over its activities and crypto-currencies.
Accountants have a warning for those who invest their crypto-currency gains in schemes that turn out to be fraudulent - if you lose your money, you won't even be able to write it off against tax.
Good luck HMRC.
If you want an up-tick in CGT revenues, close ALL the loopholes that allow the wealthiest to spirit money away in tax 'efficient' schemes. This ongoing tacit consent of non-payment provides zero incentive for many to participate in such a one-sided distribution of wealth and taxation.
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"if you lose your money, you won't even be able to write it off against tax." - gains are recognised and taxed, but loses are unrecognised and not a tax deductible... Right.
Ok, let's speak very simply about Tether. I have 2 billion USD and I decide to start a legit business that consists in "freezing" my 2 billion, printing 2 billion USDT (Tether) and selling them (because exchanges are willing to buy them from me) for 2 billion worth of BTC. BTC can go up on down (probably will go up in the mid-long term) but I still have my 2 billion, plus 2 billion worth of BTC, which I can keep or sell or play with them around. So, when people don't want my USDT anymore I just need to buy them back with the crypto I have and everybody is fine. Worse case scenario: Nobody wants USDT anymore and I have invested the BTC i got from selling my invented USDT in bitconnect and I got hammered in this scenario. Then, I need to use my 2 billion to buy BTC in order to be able to buy back all the USDT... Considering I HAVE to buy it all back at once! Ok, I have lost 2 billion and everybody is safe. Best case scenario. I have 2 Billion USD, I have printed 2 more billion in USDT and I have bought 2 billion worth of BTC. At the moment I have doubled my investment and I have 2 billion worth of crypto that I can sell or play with. A professional trader with 2 billion USD in BTC can probably make a lot of money... So, of course it could be a scam, but it doesn't make much sense when you can have a perfectly legit business doing this the right way. And also, what if they don't have those two billion? What if they have just half? They are still in a better situation than any bank. I am not concerned at all about Tether.
Except it seems likely that they don't have even a fraction of the $2Bn they claim, let alone half. And operating a fractional reserve (in any ratio) denominated in USD is not something the US authorities look very favourably upon.
Further it appears they have been printing Tether to try to prop up prices as they fall, so they are likely to be down on the BTC value that they have bought.
Plus, perhaps most crucially, Tether is being used as the base pair in many exchanges for multiple alt coins, so should people find that in fact they cannot readily exchange Tether for USD it could easily impact the entire market.
Some more information here: https://www.wired.com/story/why-teth...ptocurrencies/
That is about fraudulent schemes, not investing in Bitcoin (or other coins). Right?
As I understand it, capital gains tax is due on any profits accrued once the coin (whatever it may be) is converted in to another currency (crypto or "regular").
Yes, and the profits are gains - losses.
Ah right, i hope that's the case! Thanks
Incentive or not it is our liability to pay tax on investment gains.
I wonder how many who brag about their investments in Cryptos will pay their dues, after all the whole idea is that Cryptos are anonymous?
Cue replies full of self righteous indignation.
Cheers,
Neil.
Will be a lot harder to catch people if the Bitcoins are spent rather than 'cashed in'.Incentive or not it is our liability to pay tax on investment gains.
I wonder how many who brag about their investments in Cryptos will pay their dues, after all the whole idea is that Cryptos are anonymous?
On another note, how low do you think BTC will go in this cycle??
No one ever knows or it would be boring!
Id invest now
RIAC
You are good at pumping it, I'll give you that.
Don’t quite understand that!
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RIAC
I know nobody knows - was looking for opinions. Seems to be hovering at or around the same level for a couple of days - c. £7k.
I’d love to be buying it for £1000 like the first pursefull but sadly not. It’s a very personal choice but I’m buying at £7s all day long. Worth a gamble and only put in what you can lose
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RIAC
I’m completely in two minds about it:
1. The first mind says that $10k seems to be a fairly solid floor and every time it dips below it recovers fairly quickly, and probably we’ll sit at this level for a while;
2. The second mind says that it’s going to drop heavily, probably triggered by Tether imploding, and falling to around the $5k mark, followed by a very slow recovery.
I can’t decide between the two so as I result I’m doing nothing!
This is it exactly! The $10k floor gets tested (and breached a little) and seems to be stable, but there could be other events that trigger a massive sell down.
I might put a bit in now(ish) and then if it does dip down further buy a bit more. Oh I don't know!
What about other coins like Litecoin and Ripple? Are they expected to grow?
I think they are almost completely slaved to Bitcoin, so if Bitcoin falls they will too.
Ripple may be an exception, but I consider that rather overvalued at the moment.
Ethereum seems to have nearly broken free of Bitcoin so may move independently.
Last week, Ryan commented that ETH was trading at about 0.94 BTC. This week it’s over 0.1 and seems to be performing better than the three other coins on Coinbase.
It's certainly coping better than most, I'll give it that, but it has been over 0.1 before.
Do NOT buy Bitcoin. It's toast. It was the first of its kind but it's going to be usurped by Ethereum in market cap pretty damn fast and if you see the names of the companies who joined the Ethereum alliance today (ie who will be using the Ethereum platform) you can see it's going to snowball. Examples being Tesla, Ernst and Young, Bank of Canada, Pfizer.
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RIAC
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