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the bitcoin community are absolutely the embodiment of moving the goalposts
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Dec 7, 2017 07:12
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QuarkJets posted:I don't see any posts that are mad at bitcoins, most of the posters are either buying/selling them or laughing at the dumb libertarians who constitute the core of the bitcoin community Here is a picture of the milk crate mining rig with the brand new 250 dollar graphics cards that he just ordered this week. Risky Bisquick posted:
Less than 6 hours after this post, Nicehash, the cool goon-approved mining pool got "hacked".
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Dec 7, 2017 07:29
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man how can that picture not put a smile on your face? That's like seeing groverhaus and being like "you people should stop getting mad at architecture"
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Dec 7, 2017 07:37
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There's a guy on r/bitcoin showing off his new car he bought with cashed out bitcoin. Amidst all the congratulations someone asked "hey do you know what the tax implications are for this?" his reply was basically "lol no, I should look into that" Can't help but feeling a lot of bitcoiners haven't even thought about tax. And now they've shifted the goalposts and bitcoin has become a "store of value" and not actually a currency cashing out to buy anything is suddenly going to become a lot more fun!
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Dec 7, 2017 08:01
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Sickening posted:I am sure like a lot of other work places this dumb bitcoin stuff is all people talk about. Everyone has made all this money but nobody seems to have cashed out. I keep asking "Isn't that the point of risking the money, to cash out?" but everyone thinks they are smarter than system. literally two-thirds of bitcoin "investors" haven't locked in a penny of profits that's as good a properly random sample of American bitcoin holders as they could reasonably get, fwiw - funded by an interested company, but done by a proper polling firm and those are the questions
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Dec 7, 2017 08:49
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divabot posted:literally two-thirds of bitcoin "investors" haven't locked in a penny of profits this is good for bitcoin because FINALLY someone is taking this seriously
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Dec 7, 2017 08:53
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So Long Dental Plan posted:Maybe I'm wrong, but this doesn't seem like a particularly good idea. I've been doing it for months, made plenty, and will be paying income tax on it in whatever way HMRC desire. I don't want to get in the poo poo for it over a few thousand in unpaid taxes!
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Dec 7, 2017 08:56
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Sometimes I remember the first bitcoin thread when it was like 9$ a bitcoin and goons were telling everyone to not buy into because it was a pump and dump scam. I could have been rich. Oh well life is good I praise the Lord for what I have. 
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Dec 7, 2017 09:08
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I misplaced over 4700 bitcoins and I'm not sure where they went.
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Dec 7, 2017 09:11
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Devian666 posted:I misplaced over 4700 bitcoins and I'm not sure where they went. wow thats 59 million dollars. Oh well guess it wasn't meant to be.
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Dec 7, 2017 09:15
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Pookum posted:wow thats 59 million dollars. Oh well guess it wasn't meant to be. I'm just doing my nicehash impersonation. They have no idea what happened, but they take security seriously. By seriously they mean they have no idea what they are doing.
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Dec 7, 2017 09:17
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Ohnonotme posted:I've been doing it for months, made plenty, and will be paying income tax on it in whatever way HMRC desire. I don't want to get in the poo poo for it over a few thousand in unpaid taxes! All in all paying the taxes on profits made from selling bitcoin should be extremely easy so long as you take notes. And you should take notes, right now if you haven't yet. Make a spreadsheet of your purchases and your sales, with dates and quantities and purchase/sale values. That's probably all that you'd need in the case of an audit to prove that your income was what you claimed it was, and I wouldn't trust an exchange to actually preserve that information in the 2-5 years that it may take for an audit to happen I'm not an accountant or a lawyer, but this seems like common sense once you think about it and a lot of people seem to just not be thinking about it
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Dec 7, 2017 09:22
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Yep, Etoro have a record of your transactions which I print out from time to time. I think the problem is that the UK government haven't decided how to tax it yet - is it capital gains tax, if you own bitcoin? Or if you trade CFDs and declare that, is it treated as gambling (which is tax free and doesn't even need to be declared) The last directive I could find on bitcoin taxation was from 2014, and the directive is only valid for 6 months... I'll just declare it and see what way they want to treat it!
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Dec 7, 2017 11:15
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Are you a UK resident? A cursory google search shows that CFD income is taxable as capital gains, for UK residents
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Dec 7, 2017 11:52
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Ohnonotme posted:Yep, Etoro have a record of your transactions which I print out from time to time. yeah, basically: 1. do all your paperwork in good faith, and keep your records to hand in case HMRC get confused and you need to redo it. 2. you do have a proper accountant, don't you? For gosh sakes use a proper accountant.
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Dec 7, 2017 12:22
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divabot posted:yeah, basically: 1. do all your paperwork in good faith, and keep your records to hand in case HMRC get confused and you need to redo it. 2. you do have a proper accountant, don't you? For gosh sakes use a proper accountant. Yes, I have an accountant, and keep all my documents etc. in a safe - I'm fine with paying CGT if that keeps me legal and out of court!
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Dec 7, 2017 12:47
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QuarkJets posted:All in all paying the taxes on profits made from selling bitcoin should be extremely easy so long as you take notes. And you should take notes, right now if you haven't yet. Make a spreadsheet of your purchases and your sales, with dates and quantities and purchase/sale values. That's probably all that you'd need in the case of an audit to prove that your income was what you claimed it was, and I wouldn't trust an exchange to actually preserve that information in the 2-5 years that it may take for an audit to happen
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Dec 7, 2017 13:15
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oh yeah bitcoin is over 15k now lol
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Dec 7, 2017 13:18
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are the Illuminati buying all the bitcoins
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Dec 7, 2017 13:46
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https://twitter.com/evilseanbot/status/938226348161605632
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Dec 7, 2017 14:52
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BTC DOMINANCE: 63.4% GET DOMINATED YOUR'RE DOMINATED
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Dec 7, 2017 15:20
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Looks like it might hit 16k today. I'm only now getting used to that 'just to scare you!' wiggle it does when it crosses each thousand barrier - but it still has my finger hovering over the "close contract" button every bloody time!
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Dec 7, 2017 15:21
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Short sell at 20k
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Dec 7, 2017 15:33
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Ohnonotme posted:Looks like it might hit 16k today. I'm only now getting used to that 'just to scare you!' wiggle it does when it crosses each thousand barrier - but it still has my finger hovering over the "close contract" button every bloody time! Who do you use for CFD trading? I was using Plus500 but the fuckers reduce your leverage and the amount of contracts you can have open when you do well as part of their 'risk management policy' (aka the 'gently caress you, we don't like you winning policy').
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Dec 7, 2017 15:38
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Stupid question : Lets say I have 1 butt and sell it, but do not immediately transfer money to my bank. Due to the current 16k price, moving more than 10k into your bank at a time per month is BAD and triggers a whole ton of red flags. What unit of "stuff" does my sold butt reside in and where? A) You're dumb, when you sell a butt, you can't hold the money before transferring it out of the exchange. B) It's USD on the exchange, its real money, you can transfer it out ANYTIME! C) It's not USD but "tethers" which is basically an IOU, all coin exchanges are solvent and will pay you! D) Don't touch the poop.
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Dec 7, 2017 15:39
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WalletBeef posted:Stupid question : Lets say I have 1 butt and sell it, but do not immediately transfer money to my bank. Due to the current 16k price, moving more than 10k into your bank at a time per month is BAD and triggers a whole ton of red flags. What unit of "stuff" does my sold butt reside in and where? From my limited understanding it's some combination of B, C, and D
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Dec 7, 2017 15:47
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WalletBeef posted:Stupid question : Lets say I have 1 butt and sell it, but do not immediately transfer money to my bank. Due to the current 16k price, moving more than 10k into your bank at a time per month is BAD and triggers a whole ton of red flags. What unit of "stuff" does my sold butt reside in and where? The flag it triggers is called a CTR and there are tens of millions of them filed a year/no one cares. Trying to evade that or just getting unlucky triggers another, more important flag called an SAR. There are still a million of those filed a year as well/if you're not actually doing anything wrong nothing will happen, but don't be dumb and look guilty by moving $9999 at a time. At any rate, the answer to your question is B on most US exchanges and C on most of the non-US ones*. D depends on how much you like being paid ludicrous amounts of money to take a ludicrous amount of risk. *solvent until they aren't, if we're talking about not touching the poop you want to start by not touching the tethers
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Dec 7, 2017 15:58
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Theophany posted:Who do you use for CFD trading? I was using Plus500 but the fuckers reduce your leverage and the amount of contracts you can have open when you do well as part of their 'risk management policy' (aka the 'gently caress you, we don't like you winning policy'). Etoro. Been going for 11 years, regulated by the FCA, amd according to Wikipedia had 3 million accounts by the end of 2013. God knows how many now!
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Dec 7, 2017 16:01
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Theophany posted:Who do you use for CFD trading? I was using Plus500 but the fuckers reduce your leverage and the amount of contracts you can have open when you do well as part of their 'risk management policy' (aka the 'gently caress you, we don't like you winning policy'). One thing to note - if a company is within a day or two of an Earnings Release, they will limit leverage to x5 maximum. So buy the day before if you want to use x10 leverage.
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Dec 7, 2017 16:03
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Adar posted:The flag it triggers is called a CTR and there are tens of millions of them filed a year/no one cares. Trying to evade that or just getting unlucky triggers another, more important flag called an SAR. There are still a million of those filed a year as well/if you're not actually doing anything wrong nothing will happen, but don't be dumb and look guilty by moving $9999 at a time. Bitcoin: Teaching internet people about structuring one IRS audit at a time.
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Dec 7, 2017 16:06
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All these people are thinking they are getting rich off bitcoin and the people who run these bitcoin exchanges are just like...
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Dec 7, 2017 16:09
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Who is going to want to spend a currency that inflates in value so quickly? So if it's not currency what is it?
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Dec 7, 2017 16:16
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Edit - double penetration due to phone posting.
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Dec 7, 2017 16:17
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15k? Wasn't it 10k last week? I don't even.
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Dec 7, 2017 16:18
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Nifft posted:Who is going to want to spend a currency that inflates in value so quickly? So if it's not currency what is it?
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Dec 7, 2017 16:19
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Waltzing Along posted:15k? Go to coindesk and look at the last few weeks. It's disgusting.
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Dec 7, 2017 16:20
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Nifft posted:Who is going to want to spend a currency that inflates in value so quickly? So if it's not currency what is it? For now it's a way of making money. Soon it will just be a Wikipedia entry with a link to "Tulip Fever".
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Dec 7, 2017 16:22
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If bitcoin investing were a game it would be hot potato
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Dec 7, 2017 16:25
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1. Cleared Bitcoin futures contracts are coming soon. 2. Futures contracts are used to take large short positions. 3. Bitcoin is an illiquid special purpose vehicle with no default value.
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Dec 7, 2017 16:30
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Rascallion posted:1. Cleared Bitcoin futures contracts are coming soon. You can also short Bitcoins with CFDs - you just hit "sell" instead of buy. Costs you the same, makes you the same amount of money as a rise. And yes, I agree, Wall Street will probably be the end of Bitcoin.
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Dec 7, 2017 16:33
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