Cryptocurrency

[SalouClaret]

Ok, let’s just deal here I guess mate. Do you want to do 10% first. Then we can sort the rest out? Just so we’re not doing big numbers all at once.

I'm happy to send you all the Pi before you send the money mate, it's only fair since the bigger risk is probably at your end with sending cash to a stranger haha.

If you message me on that email I gave, I'll then give you the PayPal details, which I obviously don't want to put on here!

[ClaretAndJew]

I'm happy to send you all the Pi before you send the money mate, it's only fair since the bigger risk is probably at your end with sending cash to a stranger haha.

If you message me on that email I gave, I'll then give you the PayPal details, which I obviously don't want to put on here!

Sent you my wallet address

[KateR]

Interesting watching P2P play out in front of my eyes

Do let us all know, when/if the transaction is totally completed please

[HagridsHut]

Pi as in the one you mine off your phone via the app? I have 1800 no idea what to do with it though

[GetIntoEm]

Pi as in the one you mine off your phone via the app? I have 1800 no idea what to do with it though

Yes, have you cleared KYC etc on your account? Are the pi available to you?

[willsclarets]

For any in doubt that crypto is different to any other risk asset this is the perfect demonstration of how it is not. Complete sell off across the board. I only trade indices really but I'm expecting a bit of a relief rally here. Let's see if bitcoin follows suit if I'm right.

[alboclaret]

For any in doubt that crypto is different to any other risk asset this is the perfect demonstration of how it is not. Complete sell off across the board. I only trade indices really but I'm expecting a bit of a relief rally here. Let's see if bitcoin follows suit if I'm right.

I know what your saying but if your holding long term then it doesn't really matter.

[KateR]

For any in doubt that crypto is different to any other risk asset this is the perfect demonstration of how it is not. Complete sell off across the board. I only trade indices really but I'm expecting a bit of a relief rally here. Let's see if bitcoin follows suit if I'm right.

I can't speak for others, but all I'm doing is buying, sold nothing, but also did swap some reward coins for other 2 crypto coins that are down more than my free rewards (interest from staking). I also did buy more in regard to my BTC derivative stocks, it's like everything else, in that you need to zoom out, and buy now for the future, not for today.

[Goliath]

I can't speak for others, but all I'm doing is buying, sold nothing, but also did swap some reward coins for other 2 crypto coins that are down more than my free rewards (interest from staking). I also did buy more in regard to my BTC derivative stocks, it's like everything else, in that you need to zoom out, and buy now for the future, not for today.

This is all well and good but at what's the exit plan. How do we know what the top is.

[willsclarets]

This is all well and good but at what's the exit plan. How do we know what the top is.

Well, with equities, although they are risk assets it's more or less guaranteed you will get returns over time. On average the S&P 500 returns around 7%. More recently it's been more like 20% and prices are frankly ludicrous owing to FED policy. But even if and when it crashes 50%, you'll eventually see a return. If you're really unlucky and bought assets at the top of the Japanese bubble in 1989, it took you 31 years to get your money back. But that's the mother of all bubbles.

There's obviously a difference between investing in businesses with real assets, that produce goods or services, and crypto projects. I don't think anyone knows what Bitcoin is going to do over the long term. Some say it'll go to $1 million, some say $0. So the answer to your question is "no idea". What I do know, is that when people massively over-leverage into a single asset like Michael Saylor has, the market has a habit of making them pay for it.

I'm not all out against crypto, and I'm sure there's some great opportunities out there for people like Kate who know the space. But it has to be seen as a very risky investment, and a proportion of a portfolio. No matter how wide your time horizon is, we don't have enough history behind crypto to know what longer term trends and returns will be if any.

[Goliath]

Well, with equities, although they are risk assets it's more or less guaranteed you will get returns over time. On average the S&P 500 returns around 7%. More recently it's been more like 20% and prices are frankly ludicrous owing to FED policy. But even if and when it crashes 50%, you'll eventually see a return. If you're really unlucky and bought assets at the top of the Japanese bubble in 1989, it took you 31 years to get your money back. But that's the mother of all bubbles.

There's obviously a difference between investing in businesses with real assets, that produce goods or services, and crypto projects. I don't think anyone knows what Bitcoin is going to do over the long term. Some say it'll go to $1 million, some say $0. So the answer to your question is "no idea". What I do know, is that when people massively over-leverage into a single asset like Michael Saylor has, the market has a habit of making them pay for it.

I'm not all out against crypto, and I'm sure there's some great opportunities out there for people like Kate who know the space. But it has to be seen as a very risky investment, and a proportion of a portfolio. No matter how wide your time horizon is, we don't have enough history behind crypto to know what longer term trends and returns will be if any.

Yep. Surely any realistic advice should be to at least take some profits along the way if you're in for the long term.

[GetIntoEm]

This is all well and good but at what's the exit plan. How do we know what the top is.

You don't, but sell it when you're happy with the profit. It's still more than you started with. Or leave it if don't need the cash, you've still got the same amount of crypto

[HagridsHut]

Yes, have you cleared KYC etc on your account? Are the pi available to you?

Yes I’ve done the KYC and everything required, there’s ~1000 unverified because of my circle and ~750 on the mainnet. I’m stumped after that

[bfccrazy]

This is all well and good but at what's the exit plan. How do we know what the top is.

My pension is down nearly 5% this year and my crypto is up us over 15%.

Theres no way to know what's going to happen with any investments and where the top/bottom is for anything.

[dushanbe]

What is everyone doing regards their capital gains tax tracking for all this crypto trading?

[bfccrazy]

What is everyone doing regards their capital gains tax tracking for all this crypto trading?

Hold to avoid the gains being taxable (for now) and/or gift to spouse as with conventional gains.

Everyone will be different though no doubt.

[dushanbe]

Hold to avoid the gains being taxable (for now) and/or gift to spouse as with conventional gains.

Everyone will be different though no doubt.

I bet loads aren’t, with regular trading it’ll add up. Also mining coins like the one mentioned above - PI - is treated as income. It’ll catch folk out.

[aggi]

What is everyone doing regards their capital gains tax tracking for all this crypto trading?

HMRC are keeping their eye on this and working with the exchanges.

Just a spreadsheet is sufficient if you're organised. Be aware that using one coin to buy another can also trigger CGT.

Plenty of people are going to get hit on this.

[bfccrazy]

I bet loads aren’t, with regular trading it’ll add up. Also mining coins like the one mentioned above - PI - is treated as income. It’ll catch folk out.

It'll 100% catch out a lot of folks who won't plan ahead.

This applies for everything again though as financial knowledge isn't common I've found amongst most people who won't think they're anywhere near cap gains tax but their basic savings accounts will be adding up if they have a rainy day fund etc....

[alboclaret]

Another reason to hold long term.
Hopefully cgt will be scrapped on crypto at some point. . (Doubtful in uk)

You can create a trust and "sell" you coins to the trust.

[aggi]

Another reason to hold long term.
Hopefully cgt will be scrapped on crypto at some point. . (Doubtful in uk)

You can create a trust and "sell" you coins to the trust.

There's probably a better chance of CGT increasing to come in line with income tax.

[dushanbe]

Another reason to hold long term.
Hopefully cgt will be scrapped on crypto at some point. . (Doubtful in uk)

You can create a trust and "sell" you coins to the trust.

Not a chance this happens, it will equalise to income tax and crypto won't be exempt.

Theres folks sat with those PI coins they've 'mined' who have a theoretical tax liability, or at the very least a declaration, they know nothing about. It'll take a while for HMRC to catch up.

[KateR]

This is all well and good but at what's the exit plan. How do we know what the top is.

nobody knows when the top is in, plus anyone using ATH as a single metric is not going to well, that Market Cap are not good metrics on there own.

In regards to selling, obviously it should only be when you have profit, but again stating the bleeding obvious (which I'm an expert at) if a coin is dropping due to bad news or you know longer believe in it, I would, and have exited.

Regarding top and selling, I look at value, and think of things as transitionary peaks, I don't worry about the top of the peak, I look to get close to the peak, whether on the upside or downside is irrelevant, you get the same price when selling. Many coins peak at different time to the BTC/Market peak usually on good news and/or hype, do not underestimate hype and herd mentality, and be prepared to exit quickly. I have the majority of my crypto portfolio long term, but I've entered a few coins and sold at 3-7X, in all cases there wasn't a lot of $Value in them, but when I sold, I bought into the long term coins I hold again, some I sold at a slight loss or break even, no way do I get all these calls right. I'll cover tax on another reply to a post below.

Important: NOT FINANCIAL ADVISE, IT'S JUST WHAT i DO

[KateR]

I'm not all out against crypto, and I'm sure there's some great opportunities out there for people like Kate who know the space. But it has to be seen as a very risky investment, and a proportion of a portfolio. No matter how wide your time horizon is, we don't have enough history behind crypto to know what longer term trends and returns will be if any.

But, in the BTC case, if you bought and held for 5 years you made profit, of course as you allude to, there's not a lot of history for that, but it still holds true.

[KateR]

What is everyone doing regards their capital gains tax tracking for all this crypto trading?

I complete my portfolio for each year around this time, and give it my accountant who then takes the details and ensures it is filed as taxes, it's never been all that much, but it will be quite a lot more for 2024 than previous years, because I increased buying and staking, so the "interest" received will be substantially more. I'm in the middle of this now, and I really dislike doing and am always fearful of the outcome, however I am much more fearful of the taxman than paying the tax itself.

NOTE: It's Eric Trump that started of the zero tax on crypto, then clarified, only American Crypto, it's of course grown and is a real hype for many, I simply don't believe it for a moment.

[alboclaret]

Not a chance this happens, it will equalise to income tax and crypto won't be exempt.

Theres folks sat with those PI coins they've 'mined' who have a theoretical tax liability, or at the very least a declaration, they know nothing about. It'll take a while for HMRC to catch up.

It leaves a bitter taste for me, you invest a little money you have paid tax on and risk loosing it to attempt to make a bit effectively gambling, and if you win you get taxed again.

[willsclarets]

Hope you don't mind me posting a broader market outlook, but bitcoin and other crypto will move with the market.

FOMC day today, where Jerome Powell may hint at QE and/or rate cuts to support the economy. Despite fears of tariffs and geopolitical uncertainty, if central banks juice up liquidity, we'll be back to risk on. He may not of course, and I still think one more low is very possible. But I'll be looking to buy a few things this week. Not advice obviously.

The time to worry is usually when everything seems fine, not when everything seems doomed. My real marker is Q4 of this year and Q1 of 2026. Liquidity will dry up massively, hoovered up by servicing debt that has rolled over at higher rates. And by then, as always, the FED will realise they were far too late and the economy was already in a recession when they started trying to save it.

Obviously I might be wrong but if we're making new highs into the end of the year, be cautious if that's starts to reverse into a sell off.

[No Ney Never]

I've added more SOL & BTC this morning, I can't miss out on the opportunity in the long term value I believe is in today's price.
I've reserved funds for further additions as I monitor the trend.
Anyone else trading?

[FCBurnley]

Buy the dip. XRP

[Falcon]

I sold most of my Bitcoin at around the high water mark in January (held since 2021) for a nice 50% profit.

Wondering when will be the right time to hop back in. It feels like it's got further down to go yet.

[FCBurnley]

You need to be very lucky to catch the bottom of any dip but good luck to all

[Claretforever]

I sold most of my Bitcoin at around the high water mark in January (held since 2021) for a nice 50% profit.

Wondering when will be the right time to hop back in. It feels like it's got further down to go yet.

I agree. I’d be surprised if BTC doesn’t break below $70K and XRP to the $1.25-$1.35 area. I still believe the top for this cycle will be $120K+ though. Short term bearish even if it goes back up to the CME gap around $84K. I just hope it’s quick. Perhaps it’s wishful thinking…

[willsclarets]

If Trump doesn't back out of this nonsense, we'll get a recession and more likely than not a nasty credit event. I don't trade crypto but I won't be buying stocks here. The next rally will likely be an exit for big money before leg 2. I thought we'd get a big correction, or crash, at some point. I did not however forsee the president willingly trigger it

[KateR]

If Trump doesn't back out of this nonsense, we'll get a recession and more likely than not a nasty credit event. I don't trade crypto but I won't be buying stocks here. The next rally will likely be an exit for big money before leg 2. I thought we'd get a big correction, or crash, at some point. I did not however forsee the president willingly trigger it

It's his modus operandi, done it all his business life, did it the first term, cause chaos, watch the sideshow to make personal gains, this is just another move, upset others, see how they react and profit. I believe there's lots of countries having internal discussions, some have knee jerked as an opening gambit in terms of setting their negotiation position, long way to go but I'm confident the vast majority will come to agreement, but accept slightly higher tariffs or reduce tariffs on US goods and services The market will follow in a reactionary manner, so going to be bumpy for quite a while yet, the FED will look to reduce rates and the debt will be paid out to bonds at a slightly reduced prices, meaning another saving he will take credit for!

I still believe we will see a Bull Market late in the year/early next year for Crypto


I've been buying bits all weekend, but I agree there's the potential for further drips/drops.

[willsclarets]

It's his modus operandi, done it all his business life, did it the first term, cause chaos, watch the sideshow to make personal gains, this is just another move, upset others, see how they react and profit. I believe there's lots of countries having internal discussions, some have knee jerked as an opening gambit in terms of setting their negotiation position, long way to go but I'm confident the vast majority will come to agreement, but accept slightly higher tariffs or reduce tariffs on US goods and services The market will follow in a reactionary manner, so going to be bumpy for quite a while yet, the FED will look to reduce rates and the debt will be paid out to bonds at a slightly reduced prices, meaning another saving he will take credit for!

I still believe we will see a Bull Market late in the year/early next year for Crypto


I've been buying bits all weekend, but I agree there's the potential for further drips/drops.

The amount of corruption resulting from this behind the scenes will be monumental. So I agree, he'll personally gain a huge amount. I also agree eventually this will wash out into something that avoids triggering a much worse economic crisis for now. He won't care as long as he saves face and can claim a win.

[KateR]

he will absolutely claim how great he is and that it was beautiful, in fact the most beautiful deal ever and that Americans are going to be so rich you won't know what to spend it on.

and a large percentage of the population will believe him is what is more worrying!

I knew when W. Buffet started selling off to cash that something big was coming, that guy must be smiling ear to ear, he's certainly someone I listen to. Except for crypto of course

[alboclaret]

Buy the dip. XRP

Got some more this morning at 1.6 whilst I was still in bed

[Superjohnnyfrancis]

Been in crypto for a few years now and have done well the past year.
This year is about dot(polkadot) ksm(kusama) these 2 will be pushing eth(Ethereum) off it's spot with the parachains and tokens being built on its chain.
I personally would keep an eye on what tokens are being built on it, a massive one yet to be released on general sale is KILT.. this is a must buy.
Anyone interested in long term 5+ years I would look into ewt(energy web token) it's all about renewable energy with most of the world's energy companies involved.
Other tokens worth watching/buying are ocean (ocean protocol) mir(mirror protocol) pha(phala network)

Hi Cockney, are you still using kucoin? I need to withdraw some xmr from a cold wallet can i still do it via that exchange?

Hope your well.

[cockneyclaret]

Yes all good thanks, just sitting out the constant ups and downs on this market cycle before exiting lol..

You can do it via that exchange all ok. Tbh I only use kucoin and UniSwap now

[IanMcL]

It leaves a bitter taste for me, you invest a little money you have paid tax on and risk loosing it to attempt to make a bit effectively gambling, and if you win you get taxed again.

There is a gambling tax on...gambling.

[Tall Paul]

There is a gambling tax on...gambling.

Not in the UK there isn't.

[alboclaret]

There is a gambling tax on...gambling.

No there isn't

[Tasty Corn]

No there isn't

There is, the gambling shop pays it on receipt of the bet.

[Bosscat]

Not in the UK there isn't.

yes there is

"Are There Gambling Taxes In The UK?
As mentioned earlier, gambling has always been a popular activity in the UK, with people engaging in various forms of gambling, including lotteries, bingo, and casino games. As a result, gambling taxes have been a significant source of revenue for the government. However, the question is, are there gambling taxes in the UK, and if so what kind?

The answer is yes; there are gambling taxes in the UK, but not for individual players.

The government imposes a tax levy on various types of gambling operators, which include sportsbooks, physical casinos, and online casino sites. The taxes are levied to ensure that the government receives a fair share of the profits generated by the gambling industry. For example, Her Majesty’s Revenue and Customs collected £2.9 billion in gaming-related duty in 2017 alone.

The rate of tax for online gambling is 21% of the profits generated by the operator. The government also imposes a duty on gaming machines and other gaming equipment.

So while you do not have to worry about taxes while gambling, rest assured that the government is benefitting from your activities as a percentage of the profits from casino and betting operators help the economy, a number which ranges in the billions"

[Tall Paul]

That's obviously not what Ian or albo were talking about. There's no tax on the punter on gambling winnings.

[Superjohnnyfrancis]

Yes all good thanks, just sitting out the constant ups and downs on this market cycle before exiting lol..

You can do it via that exchange all ok. Tbh I only use kucoin and UniSwap now

Thanks for that

Are you getting out of crypto now?

I still kick myself over the movr error even now all about holding your nerve with this stuff

[alboclaret]

yes there is

"Are There Gambling Taxes In The UK?
As mentioned earlier, gambling has always been a popular activity in the UK, with people engaging in various forms of gambling, including lotteries, bingo, and casino games. As a result, gambling taxes have been a significant source of revenue for the government. However, the question is, are there gambling taxes in the UK, and if so what kind?

The answer is yes; there are gambling taxes in the UK, but not for individual players.

The government imposes a tax levy on various types of gambling operators, which include sportsbooks, physical casinos, and online casino sites. The taxes are levied to ensure that the government receives a fair share of the profits generated by the gambling industry. For example, Her Majesty’s Revenue and Customs collected £2.9 billion in gaming-related duty in 2017 alone.

The rate of tax for online gambling is 21% of the profits generated by the operator. The government also imposes a duty on gaming machines and other gaming equipment.

So while you do not have to worry about taxes while gambling, rest assured that the government is benefitting from your activities as a percentage of the profits from casino and betting operators help the economy, a number which ranges in the billions"

Cmon that's just tax on profit for the bookies.
There's no tax on my winnings. If I loose i loose. Crypto is a little like that but if someone "wins" there's a tax. If they loose, I can only imagine that can be off set against any tax returns

[FCBurnley]

Nice move by XRP today

[cockneyclaret]

Thanks for that

Are you getting out of crypto now?

I still kick myself over the movr error even now all about holding your nerve with this stuff

It's definitely an emotional game lol
I don't think I'll ever leave crypto but I believe we are coming to the end of this cycle, BTC will probably hit 115/125k and then I believe that's it's top.. money will then give us a huge alt season and that's it.
I'm heavily in NPC (on uniswap) got in at 1p hope to offload when it hits 20p+ definitely a good one with alot of big influencers shilling it on X, which is all good for the project

[Superjohnnyfrancis]

It's definitely an emotional game lol
I don't think I'll ever leave crypto but I believe we are coming to the end of this cycle, BTC will probably hit 115/125k and then I believe that's it's top.. money will then give us a huge alt season and that's it.
I'm heavily in NPC (on uniswap) got in at 1p hope to offload when it hits 20p+ definitely a good one with alot of big influencers shilling it on X, which is all good for the project

Thanks mate hoping for good gains at it powers to the moon