Cryptocurrency, Blockchain and buy Roujcoin now [ROU]
  • Cryptocurrencies and the get-rich-quickery around are a suitably ominous rumble of these nu-Gilded Age times. I'd honestly expected the entire story to collapse into nerd infighting and federal prosecutions by now (and I started peeking in like 2011); that it hasn't, and is now well outside a tulipmania timeline, makes me really uneasy about stuff.
  • Escape
    Show networks
    Twitter
    Futurscapes
    PSN
    Futurscape
    Steam
    Futurscape

    Send message
    The roof's a lot higher than a trad Ponzi, but it must have one, no?

    Splitting investment between Bitcoin and Ethereum's popular at the minute, but who's to say that the collapse of one wouldn't ripple through all as a crisis of confidence...

    Illegality seems to be a good foundation for now.
  • I don't have any Boins.

    Nor would I want any now.
  • legaldinho wrote:
    Bitcoin's a ponzi, but so is money so who knows what'll happen. Probably go to zero, but the real interesting thing is the idea underpinning it, and what other use cases (more intricate ones) might emerge.

    It's definitely not a Ponzi. 

    ..Just seen your next comment. Nermind.
  • Fucking hell! Hello mate!
    Come with g if you want to live...
  • g.man wrote:
    Fucking hell! Hello mate!

    Hey G! You still tearing shit up on Battlefield?
  • Nah, mate. Didn't get on with B1 sadly. This year has been mainly about Ghost Recon: Wildlands.
    Come with g if you want to live...
  • g.man wrote:
    Nah, mate. Didn't get on with B1 sadly. This year has been mainly about Ghost Recon: Wildlands.

    Ah, would love a wee game of BF. I miss the days of playing with the forumites. Nice one. How's the multiplayer? ..It's also cool that you bought your copy with Cryptocurrency.
  • The multiplayer is incredible, but it's super hardcore compared to most modern multiplayer online games.
    Come with g if you want to live...
  • Worth a punt buying some crypto currency while they are cheap? (not bitcoins obviously).

    The way I see it, it the same as going to the bookies or casino, it's a punt. Whereas with bookies and casino you find out pretty soon if your punt has gone down the drain. A few coins of different cryptocurrency (say under £100 worth) kept in a hardware digital wallet (so you don't do a @kow and format your machine), could be a worthwhile long term punt.

    It would take just a single coin of a certain cryptocurrency to hit the current bitcoins high to more than make it worth your while.

    Thought? Advice?
  • I am also someone who lost their wallet a while back, probably 2011/12. Not overly fussed by it, I had a bit of change left over from a Newsgroup sub, of course it would be worth more now but I didnt lose any more than a quid in reality.

    I would be wary of investing heavily, a flutter is alright but if this stuff crashes there is no safety net.
    Another concern would be how easy it is to set up rival currencies. This is already happening and could end up diluting it all to nothing.
  • If there's money to be made, then the regulators will be on their way.
    Oh here they come!:)
    https://www.theguardian.com/technology/2017/dec/04/bitcoin-uk-eu-plan-cryptocurrency-price-traders-anonymity
    "Like i said, context is missing."
    http://ssgg.uk
  • If there's money to be made, then the regulators will be on their way.
    Oh here they come!:)
    https://www.theguardian.com/technology/2017/dec/04/bitcoin-uk-eu-plan-cryptocurrency-price-traders-anonymity

    Bitcoin isn't a magical land, irrespective of any duty to disclose identity, selling two bitcoins today for 11,000 apiece that you bought five years ago for 10 will go over the capital gains tax threshold, so you will have to pay CGT over the balance. If you don't, it's not because you aren't "regulated", it's because you're tax evading and if the receiving bank queries it / you get ratted out by others, you'll end up paying a fine. Or worse, for some I imagine prosecution will be pursued to make an example of them to other crypto nutters who think they are magically outside their domicile state's laws.

    Exchanges already practice KYC etc, so I think anyone selling other than privately and for cash, is taking a risk. anyone here selling bitcoins should probably get an accountant or make sure they stay well clear of the CGT threshold.
  • acemuzzy
    Show networks
    PSN
    Acemuzzy
    Steam
    Acemuzzy (aka murray200)
    Wii
    3DS - 4613-7291-1486

    Send message
    Intriguingly different to foreign currency gains then? That's income/ Sched V isn't it?
  • In the process of giving this a go. They don't make it easy do they? Gonna go with a cheap £10 flutter on a crypto currency and probably tenner each on two more. Not decided the other two just yet.
  • Don't forget us when you're rich mate...
    Come with g if you want to live...
  • GooberTheHat
    Show networks
    Twitter
    GooberTheHat
    Xbox
    GooberTheHat
    Steam
    GooberTheHat

    Send message
    Don't forget the only reason people are buying are buying bitcoin now is because they are going up in value, and the only reason they are going up in value is because people are buying them because they are going up in value, and the only reason they are going up in value is because people are buying them because they are going up in value.
  • acemuzzy wrote:
    Intriguingly different to foreign currency gains then? That's income/ Sched V isn't it?
    I'm no expert, but when I looked into it I determined it would be treated like any commodity, that's the conclusion in the US and I believe the HMRC has had guidance to that effect since 2016
  • Well I ignored the crypto currency that by in large allows to make almost anonymous trades. As legaldinho pointed out its gonna come under regulation.

    Went with a punt on Ripple. It's slightly different in that some banks I.e. Santander and others are using it for international transactions. It's dirt cheap at present so well worth my £20 punt.

    I actually enjoyed the process as it's something new to learn.
  • That one will definitely go to zero
  • IOTA gone up massively this week. Backed by Microsoft and Samsung.
  • As a means of transfer. As a store of value it will only go up according to Ponzi rules - IE a bigger fool than you will pay 10 times what you paid, 100 and so on. Same as bitcoin but at least bitcoin has an deflationary creation model and seeks to mimic a commodity - gold. Anyway, who knows, maybe you will strike it rich buddy. Just don't get too into alternative coins eh.
  • Where it can get a bit grubby is the question of why someone would pay more.
    Speculators will only take it so far, then you have to look at the people buying crypto for goods and services.
    Many will be buying mail order weed or a torrent subscription, no biggy. Then there are the people money laundering, arms, kiddy porn. Pretty much anything someone would buy and wouldn't want to be traced buying.

    It all gets a bit too dirty for me.
  • I don't think money laundering is the reason for the store of value feature of bitcoin - it's part design, part necessity, and lots speculation. Design because it's supposed to cut off supply over time (and thus have a deflationary character), necessity because the security of the bitcoin blockchain is based on a crypto-economic system (proof of work + incentive to do the work). The rest is just speculation. Not least because, unlike shares etc, there is no dividend. People who get rich off their bitcoins probably have less money in the bank than the average guy... They're only rich in theory. If you divest 1000 bitcoins in one go... There are problems. The price will shoot down as soon as you put a sell order. You have to trust the exchange, who is a single point of failure and mostly is unregulated and probably leveraged. (ie it has less bitcoin than can be cashed out). So you have to spread it, take time to divest. In the meantime if satoshi decides to sell just 10% of his bitcoins the price will go down 80%.

    I have a friend who has 50 btc, and even he is not sure how he'll cash them out.
  • https://techcrunch.com/2017/12/05/revolut-cryptocurrency/

    Revolut merges mobile banking with cryptocurrency trading. Url above.


    Futures exchanges are going to start trading cryptocurrencies as well. This bubble could get alot bigger before it bursts.

    @legal I'm all in at £20. That's my stake. Lol.

    On a sidenote why can't your friend use coinbank or similar and convert his bitcoins to pounds and transfer back into his bank account?!?

  • It's all about the CryptoKitties lads.
    Don't try and place me in a box, you cocks. If there's one thing I'm not, it's fucking rectangular.
  • cockbeard
    Show networks
    Facebook
    ben.usaf
    Twitter
    @cockbeard
    PSN
    c_ckbeard
    Steam
    cockbeard

    Send message
    Dinostar77 wrote:
    On a sidenote why can't your friend use coinbank or similar and convert his bitcoins to pounds and transfer back into his bank account?!?

    Tax implications I imagine. That's something near half a million quid at the minute, so even if he can get a decent price and doesn't get charged handling fees and whatever there's also the small matter of a 150k tax bill
    "I spent years thinking Yorke was legit Downs-ish disabled and could only achieve lucidity through song" - Mr B
  • cockbeard wrote:
    Dinostar77 wrote:
    On a sidenote why can't your friend use coinbank or similar and convert his bitcoins to pounds and transfer back into his bank account?!?

    Tax implications I imagine. That's something near half a million quid at the minute, so even if he can get a decent price and doesn't get charged handling fees and whatever there's also the small matter of a 150k tax bill

    Cocko, it would be a problem I would be quite happy to have. :)

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!