[Finance] The cryptocurrency (Bitcoin etc) thread

chickens said:

As @CheeseRolls pointed out above, you haven’t cleaned up until you’ve converted back to FIAT and paid the tax man. I wish you well with it, but on the evidence so far it’s not for me.

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Knocky's Nose said:

XRP, XLM, XDC, QNT are my 'Bankers' to make significant gains. Once utility kicks in and the Blockchain is being used by financial institutions it's game on - and you'll see massive gains.

In the meantime we've got the mother and father of all stock market crashes around the corner. The US stock markets (S&P, Dow, NASDAQ) are all pretty much at the exact Fib levels they hit in the roaring 20's immediately before the 1930's collapse and subsequent depression. This will probably be followed by CBDC's being offered as the saviour when everything collapses in on itself and the Federal Reserve will most likely be disbanded and replaced by the Treasury. Cash will fairly quickly be phased out.

You may say "so what, thats America - nothing to do with us" - but be assured if America sneezes, the UK farts and follows through.

Oh, and Digital ID's are coming. Why do you think the Governments of the world are doing fork all about immigration?

Problem, Reaction, Solution. Create the problem (mass illegal immigration and crime) then provoke a reaction (hit the media up and report all the horrible stories) then offer the solution (If you don't have a full UK Digital ID you get deported). People will welcome it.

And, if you think I'm wearing a tinfoil crash helmet - print this out and look at it again in about 5 years time.

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MJsGhost said:

This pump in the market is very good news for the lazy HODLers like me. My portfolio value is up 96% in about 5 and a half months.

I haven't put any more money in for about 5 years and barely traded in the same period, but I was fairly active 2017-2019 (mostly bad decisions, but a couple of good ones). There will be a big chunk of tax to pay if I'm lucky enough to cash in at a good time, but I'm looking at a (pre-tax) profit into 6 figures if I did so today. The market will have to drop a VERY long way (90%) for me to make a loss.

I owe a debt of gratitude to a friend who is far more clued up than I am, who gave me the confidence to get in when I did and to ride it out for the long-term gains. I could have saved a lot of time & effort (and losses on individual coins) and had an even healthier asset value today if I had fully taken on board his advice, which was to ignore the alt coins.
He managed to buy a house mostly with crypto profits and now lives in the Alps, snowboarding most days while working remotely in IT (part-time) and taking a healthy rental income from his house in London. If he wasn't such a nice bloke it would be annoying.

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sydney said:

unfortunately i am not involved ....smart cats i know withdraw their profits to accounts in Thailand , Vietnam and India etc where you can take your money out of an atm ....tax free....are you catching on yet...?

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sydney said:

yes , it's easily doable if you had the nuts back then , the only downward pressure is from banks and institutions who are staring down the barrel of complete loss of control.

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Knocky's Nose said:

Bitcoin was supposed to be the absolute rebellion against banks. Now, Blackrock et al (the banks) have Bitcoin ETF's...

They've now wrapped their arms around it with a wry smile. All whilst the people who initially shouted "Freedom!!" have now changed their tune and are now mumbling "profits!..." into their glasses of champagne.

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Tom Hark Preston Park said:

Bitcoin was only ever about the lambos, same as with all the other crypto casino chips. At least when they all go to zero, nothing of value will be lost

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Tom Hark Preston Park said:

Bitcoin was only ever about the lambos, same as with all the other crypto casino chips. At least when they all go to zero, nothing of value will be lost

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Knocky's Nose said:

They won't all go to zero. The crypto with real utility, which solves real problems, will flourish. Bitcoin will always be a "store of value" and now the big boys have their hands on it - it will never go to zero.

Your Pepe's and Shiba's will go to zero. They serve no purpose apart from tying up capital which the banks and institutions can use. Therefore laws will be passed to get rid of them, thus shuffling the capital into the regulated and approved coins.

99% of crypto will go to zero. I'm no fan of either, but Bitcoin and Ethereum will survive.

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Marshy said:

institutions are buying bitcoin, so they can sell it to the masses in an ETF etc but not because it has any real utility or is a threat to the banking system

There are 20 or so coins/tokens that really do have value because of the utility they provide/will provide.
Those are the ones you should be interested in and looking at.
The big banks, financial institutions etc will use them, they have too, its well past the stage, adapt or die.

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beorhthelm said:

that's clever until John down the road spots your new Lambo and make a phone call to HMRC. declaring and paying the 20% is lot easier, and you get to write off the loses along the way.

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borat said:

They wont want to over regulate the ''alt market''. It provides hype, interest and liquidity from retail which can further fuel BTC and ETH.

My view is that alts (in their thousands) are here to stay - just how they are regulated will change and this will kill only a proportion of them.

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sydney said:

unfortunately i am not involved ....smart cats i know withdraw their profits to accounts in Thailand , Vietnam and India etc where you can take your money out of an atm ....tax free....are you catching on yet...?

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giveusfalmerplease said:

and doesnt the Thai Baht devalue about 50% each year against major currencies so wave goodbye to half your profits. oh and banks restrict a lot of the currencies when converting back to GBP or EUR etc.

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Knocky's Nose said:

Politely disagree. They want the money tied up and used in their own financial and banking system at the end of the day, not sat in an exchanges coffers or on cold storage. They're steadily working to own the 'blue chip' space, and the narrative and laws will change to get people to dump the alts and memes and switch to the regulated crypto they want to sell you... 'Some' crypto will be bad, and I reckon that'll be about 99% of it.

My personal opinion is they'll let one last bull run happen, profit greatly from it, then bring the hammer down.

That hammer could be banning it, taxing any profits made into oblivion, or simply forbidding exchanges from listing them so people lose interest.

As mentioned, only my personal opinion. I'm probably half right and half wrong...

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