Bitcoin

[glasshouse]

Between landlord and grain traders you don;t have a lot of luck

They both come from the same branch of cn.ut tree

 

[manhill]

Tangibles, tangibles, tangibles if you've got the room and balls.
should have stocked up with 240v drills when they cost about a fiver before copper shot up and £ went south.

 

[glasshouse]

The markets are more volatile now that banks can't use client money to take positions due to new rules.
This means there are bigger spreads to play with whereas before like the banks you needed huge amounts of capital to bet on very small moves in the market.
Rule 1 always remember your broker is working on his behalf not yours no matter what he tells you.
Take oil for instance a few years ago when price was ludicrous Max Keiser on RT brought on a guy called Curry in February. Goldmine sachs were forecasting $200 a barrel by Xmas. Curry forecast $50. Curry was right.
In very recent days the ass fell out of the oil market because the sand rats are fighting with the Ruskies. G Sachs the vampire squid forecast oil at $10 a barrel from $22. I bought against them just as I sold against them on Currys' advice.
These guys just try to suck you in. If the market was transparent you would have seen that while they were trying to get people to sell I bet they were buyers against not only the market but their own clients. Seen it 100's of times in oil and potato futures.
Trade in Bitcoin just the same. Forecast $20000 a coin. Had bought at average $5000 sold at average $15000. Watched market get back to $5000 then bought back in. Oh woe, it fell to $4000 but hey ho having made $10000 in between they were crocodile tears. Went back up nicely. Now trade in Bitcoin futures as watched too many people get burnt with lost or mythical coin.

Its like the south sea bubble or the tulip fiasco

 

[Breakthru]

Its like the south sea bubble or the tulip fiasco

Absolutely, only put in what you can afford to lose and never put more than half on any one bet. My principle is when I have made enough profit to return my capital I take it back out and then I am gambling with some one elses' money.

 

[pellow]

Crypto has lost $1 trillion this year

 

[Lincsman]

How do all you crypto holders pay the CGtax? what day of the year do you calculate? is it 5th April or your business year end day?

 

[blackisleboy]

How do all you crypto holders pay the CGtax? what day of the year do you calculate? is it 5th April or your business year end day?

If you are trading, then it is a simple calculation like any other gain - purchase price from sales price and pay CGT on the difference if you go above your yearly CGT threshold.
If you are mining - it is a little more complex. Every time your earn a crypto, the value should be calculated at the point it hits your wallet, and it is classed as income and taxed as income. Any further increase in value from this point would be taxed as capital gains.

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[Exfarmer]

If you are trading, then it is a simple calculation like any other gain - purchase price from sales price and pay CGT on the difference if you go above your yearly CGT threshold.
If you are mining - it is a little more complex. Every time your earn a crypto, the value should be calculated at the point it hits your wallet, and it is classed as income and taxed as income. Any further increase in value from this point would be taxed as capital gains.

Crypto Tax UK: Ultimate Guide 2023 | Koinly

Need help with crypto taxes? Here's everything you need to know about UK crypto tax! ⚡ HMRC crypto tax rules. ⚡ UK crypto tax rates. ⚡ How to avoid crypto tax.

koinly.io

Excuse me is it not the point that Bitcoin is all part of the black economy,

 

[oil barron]

How do all you crypto holders pay the CGtax? what day of the year do you calculate? is it 5th April or your business year end day?

You only pay CGT if you sell

 

[farmerfred86]

The thought has crossed my mind about filling a grain store with bitcoin mining PCs and using on roof solar pv to run the show. Rural broadband connection could be quite a stumbling block!

 

[Still Farming]

The thought has crossed my mind about filling a grain store with bitcoin mining PCs and using on roof solar pv to run the show. Rural broadband connection could be quite a stumbling block!

Think they use mega electric and main stay units are underwater cooled storage facilities apparently.

 

[Exfarmer]

The thought has crossed my mind about filling a grain store with bitcoin mining PCs and using on roof solar pv to run the show. Rural broadband connection could be quite a stumbling block!

I am told you do not need a good connection just plenty of leccie.

 

[farmerfred86]

Think they use mega electric and main stay units are underwater cooled storage facilities apparently.

They only use as much power as youre prepared to use/mine. To make it worthwhile you would need a lot of processing power but large solar PV would cover it. Cooling not a problem.... hell I could even use the heat generated to run the grain dryer!

 

[7610 super q]

OK. So what does Bitcoin actually look like ? Or does it not physically exist. In which case, how the hell can it be a currency ?

 

[Still Farming]

OK. So what does Bitcoin actually look like ? Or does it not physically exist. In which case, how the hell can it be a currency ?

Binary codes

 

[7610 super q]

Binary codes

So, can I wander into Riverlea, and buy a new tractor with binary codes ?

 

[Exfarmer]

OK. So what does Bitcoin actually look like ? Or does it not physically exist. In which case, how the hell can it be a currency ?

Look up NFT’s . Centuries ago the story of the emperors clothes was written. Now it is being rewritten. I suspect that Bitcoin belongs there too

 

[Still Farming]

So, can I wander into Riverlea, and buy a new tractor with binary codes ?

Ask them?
But they would take electronic bank bacs transfer so in essence the same just different formats possibly?
They take marbles if worth anything possibly too ???

 

[Lincsman]

You only pay CGT if you sell

I see, anyone actually make a capital gain to pay tax on then? and if you use them to buy a telsa (if you still can) does that crystallise the gain?

 

[Still Farming]

I see, anyone actually make a capital gain to pay tax on then? and if you use them to buy a telsa (if you still can) does that crystallise the gain?

A gain is a gain possibly?