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Post by ashleyscfc on Mar 4, 2014 0:11:01 GMT
Who knew there would be this much of a debate amongst stokies re bitcoin, tempted to get Pi and start mining myself as having read up on the theories/principle as others have said "for now" it seems pretty solid.
Like others have said, our current money is worth whatever the bank of england decide its worth, no more, no less. Which in turn means its, worthless. It has no inherent value connected to it. There is no intrinsic wealth in bits of paper, whatsoever. Not any more anyway, as someone has already hinted towards, our wealth used to come from the "Gold Standard" removed by Nixon in the 70s and this allowed governments and banks to run wild ever since. The gold standard, as I understand it, was the principle that the money created by governments was backed by gold. And when I say backed by gold I mean, a govt would go to the "bank of where-everland" and request some money. The central bank would check its gold reserves and swap for govt bonds, these bonds could be bought and sold if it was believed a country was creating more paper money than it had gold to support bonds would be cashed in and the govt could be caught with their pants down.
Essentially it tied a currency to a finite resource, gold, and therefore allowed for a stable economy and growth. It helps to stop hyperinflation and devaluing of our labour, value of our money, cost of goods, cost of living etc. Where as now as the govt have to keep pumping money into the "ponzi scheme" that is our economy to prop it up our money becomes worth less and less due to there being more available. This increases inflation and decreases living standards. This FIAT scheme is a licence to print as much money as you can get away with until it gets tied up and the music stops. Money is now created from a debt for it to be repaid, and as you need to create more money to repay the initial debt there is constant bubbles, which is why we are in the mess we are now.
No country in the world uses the Gold Standard that functioned for decades, the banking cartels soon saw to that. Currency was soon to be tied to the good old US dollar that has a worth of zilch and can be controlled by the IMF, that most shadowy of agencies that can destroy countries in the swipe of a pen using loans etc.
So...bitcoin....if the above makes sense, bitcoin goes back to creating "money" as in something tied to a finite resource (in principle) that resource is the processing power of computers, which as has been explained, processes some ever more complex calculations following a set of rules set by the founder of bitcoin. It essentially allows for a steady stream of growth tied to something physical, that cant be cheated. Thats where its value comes from. I know there are challenges up ahead and there is the rubbish about anonymity etc. But bitcoin, in principle, is a great idea. It is outside of influence from govt control, its flexible, it follows some solid basic principles that we havent seen for 40 years. Its in its infancy and will experience problems and outside influence from banks, govts. But its a message, one that we can change and not be susceptible to ourselves instead of governments and institutions like the IMF. And thats a good thing
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Post by Deleted on Mar 4, 2014 1:15:35 GMT
You'll be totally wasting your time with a Pi for mining. This is the sort of rig you'll need. Watercooled.  |
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Post by Deleted on Mar 4, 2014 2:09:21 GMT
That's a very good write up, ash  bitcoin - and especially the human-hullabaloo around it - is fascinating I think you're right to see the intended humour in bitcoin. I still believe it was/is meant (at least in part) to demonstrate how fragile the "real" monetary system is. I am - quite often - pointed-at-and-laughed-at for being very nihilistic. And - if there was such a thing as ridicule - I'd probably deserve it. However, try as I might, I am unable to be anything other than nihilistic where humans and wealth are concerned. Finite: I don't think your understanding of this is quite correct. And this does matter to understanding bitcoin. I guess, at the extreme, you are correct in saying Processor-Cycles are "finite". However, only when you run out of the materials to make more "machines" and/or electricity to run them; so not just "time" (though, when the other two conditions are met, that would be the case). So, instead of waiting for that to happen, bitcoin uses an artificial mechanism to make itself finite. Simply put, there will only ever be 21-million "puzzles" for people to solve and so only 21-million coins (because of the math behind it). However, there are already other "virtual currencies" (and may be many more "invented"). And these currencies are no different to bitcoin (other than the actual maths used to create/solve the "puzzles" and the actual systems put in place to allow a person to mine and trade) A bit more food for thought:***************************************** You are very lucky to have won a 10-year trip to Mars (not the confectioners!) You do NOT need to take any spending money with you. The trip is all-inclusive. What are you going to do with all of your "money", left back at home?
And why have you made the choice above? <--- Think really hard. Easy to just say X or Y. Ten years ...****************************************** We are very lucky, over here in Oz, to have a unique commodity that we would like to turn into a new hybrid-currency. We will only allow it to be traded and held as a virtual currency. However, we do accept new deposits, which are mined in the real world. Our new currency is called The-Aussie and - unlike bitcoin et al - ours has a standard on which it is based: Koala Shite. What is wrong with our hybrid-currency? ****************************************** You know that brand new Rolls Royce you just bought? The one that cost you £300,000 ... Now that you have driven it out of the showroom, what is it worth? ****************************************** Having thought about all of those - why did the gold standard ever matter? ****************************************** And Finally ...Should you be buying bitcoins right now? I am not. If you are, you need to be very sure it is money you could have just as easily chucked out of the window (as in, you won't miss it, when/if it is gone). Volatile markets can make you fantastic returns ... or spectacular loses. Should you be mining right now? Providing you can afford the electricity (and if you are posting on here, you probably can!), you could mine very, very slowly with an existing PC. But you will either melt it, or mine around 1 coin a year, unless you improve the hardware in the machine. I would NOT be paying the large sums of money required to build an "economical" commercial bitcoin-miner at the moment. |
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Post by ashleyscfc on Mar 4, 2014 2:45:11 GMT
That's a very good write up, ash bitcoin - and especially the human-hullabaloo around it - is fascinating I think you're right to see the intended humour in bitcoin. I still believe it was/is meant (at least in part) to demonstrate how fragile the "real" monetary system is. I am - quite often - pointed-at-and-laughed-at for being very nihilistic. And - if there was such a thing as ridicule - I'd probably deserve it. However, try as I might, I am unable to be anything other than nihilistic where humans and wealth are concerned. Finite: I don't think your understanding of this is quite correct. And this does matter to understanding bitcoin. I guess, at the extreme, you are correct in saying Processor-Cycles are "finite". However, only when you run out of the materials to make more "machines" and/or electricity to run them; so not just "time" (though, when the other two conditions are met, that would be the case). So, instead of waiting for that to happen, bitcoin uses an artificial mechanism to make itself finite. Simply put, there will only ever be 21-million "puzzles" for people to solve and so only 21-million coins (because of the math behind it). However, there are already other "virtual currencies" (and may be many more "invented"). And these currencies are no different to bitcoin (other than the actual maths used to create/solve the "puzzles" and the actual systems put in place to allow a person to mine and trade) When I said that in principle its tied to finite this is sort of what I meant, there will be only so much processing power we can create but like gold there is a cut off point. A bit more food for thought:***************************************** You are very lucky to have won a 10-year trip to Mars (not the confectioners!) You do NOT need to take any spending money with you. The trip is all-inclusive. What are you going to do with all of your "money", left back at home?
And why have you made the choice above? <--- Think really hard. Easy to just say X or Y. Ten years ...****************************************** Honestly, not a clue ****************************************** We are very lucky, over here in Oz, to have a unique commodity that we would like to turn into a new hybrid-currency. We will only allow it to be traded and held as a virtual currency. However, we do accept new deposits, which are mined in the real world. Our new currency is called The-Aussie and - unlike bitcoin et al - ours has a standard on which it is based: Koala Shite. What is wrong with our hybrid-currency? ****************************************** Where do I start? Ease with which it can be created. Effort required to get it. Ability with which the stream of koala shit can be increased or decreased/manipulated/inflate. How the koala shit is stored. To name but a few problems. Processing power is a far more consistent constant, as is the ability to get gold out the ground. And it gets harder over time. ****************************************** You know that brand new Rolls Royce you just bought? The one that cost you £300,000 ... Now that you have driven it out of the showroom, what is it worth? ****************************************** Dont really get this point, If you are making a point about something being worth whatever someone is willing to pay for it, its kind of obvious. Isnt it? ****************************************** Having thought about all of those - why did the gold standard ever matter? ****************************************** As ive said it mattered because of the trust that was placed in it, and that this could be tied to something physical that created stability by its very nature of being a resource we had to retrieve from the ground that was easily stored and had a finite figure. Most importantly the ability and ease with which the value of money could be inflated and therefore the worth of our labour was less at the mercy of governments etc ****************************************** And Finally ...Should you be buying bitcoins right now? I am not. If you are, you need to be very sure it is money you could have just as easily chucked out of the window (as in, you won't miss it, when/if it is gone). Volatile markets can make you fantastic returns ... or spectacular loses. Should you be mining right now? Providing you can afford the electricity (and if you are posting on here, you probably can!), you could mine very, very slowly with an existing PC. But you will either melt it, or mine around 1 coin a year, unless you improve the hardware in the machine. I would NOT be paying the large sums of money required to build an "economical" commercial bitcoin-miner at the moment. |
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Post by Deleted on Mar 4, 2014 14:47:10 GMT
Earth calling Ash..come in Ash....
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Post by Deleted on Mar 4, 2014 15:37:25 GMT
***************************************** You are very lucky to have won a 10-year trip to Mars (not the confectioners!) You do NOT need to take any spending money with you. The trip is all-inclusive. What are you going to do with all of your "money", left back at home?
And why have you made the choice above? <--- Think really hard. Easy to just say X or Y. Ten years ...****************************************** Honestly, not a clue People usually pick gold, over that kind of time period. Could be property, or leave it in UK Sterling, or koala sh1te, or whatever though. As ive said it mattered because of the trust that was placed in it, and that this could be tied to something physical that created stability by its very nature of being a resource we had to retrieve from the ground that was easily stored and had a finite figure. Most importantly the ability and ease with which the value of money could be inflated and therefore the worth of our labour was less at the mercy of governments etc ****************************************** But people trust "real" currencies today. They are not linked to gold. So the only thing that really mattered (and still matters) to people is the trust. The trust that the promise on the note will be honoured. Because of history and adoption. When you left for Mars, would you have converted all your wealth to bitcoins? Maybe in three hundred years time, when it has proved itself? Gold is the lovely surround to the diamond your other half wants. Or part of your mobile phone. The gold standard went because every country isn't lucky enough to be able to dig it up; you would not base a currency on oil. And because computers - and computer bits - could replace the physical tokens (bars and coins). You are right, gold is precious; because it is in reasonably short supply (not as short as koala sh1te!) and because it looks nice (and can be "easily" shaped to look nicer). But that has nothing to do with a currency. The biggest problem virtual currencies look likely to face is remaining legal tender (you can change them for dollars, or sterling). After MtGox, regulation will probably have to be applied, for that to continue; which will remove the "anonymous" features. At that point, bitcoin has little if any reason to exist (other than people thinking it is cool); certainly nothing "free banking" offers wouldn't replace. |
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Post by Deleted on Mar 5, 2014 2:19:43 GMT
Sometimes i really wish I could decipher your posts SFS.....
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Post by Deleted on Mar 5, 2014 11:39:50 GMT
Sometimes i really wish I could decipher your posts SFS..... Which bit(s) haven't I explained clearly enough, **************? |
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Post by Deleted on Mar 5, 2014 11:58:47 GMT
Sometimes i really wish I could decipher your posts SFS..... Which bit(s) haven't I explained clearly enough, **************? the last bit. |
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Post by Deleted on Mar 5, 2014 14:02:27 GMT
Which bit(s) haven't I explained clearly enough, **************? the last bit. Ignoring this recent/current speculation-bubble; the only semi-sensible reasons I have seen given to use bitcoin are: * Transactions can be anonymous * It is "free/cheap" (to exchange or trade) AnonymousBitcoin is only of any value once it is converted into a currency you can spend on stuff (no shops etc accept it). So - somewhere in the chain - some merchant or whatever has to cash it in. But quite a few countries are starting to declare it as illegal-tender (because it is unregulated ... not to mention the current spate of "hacks/thefts"). And so, it seems very likely that it will be forced under financial regulation, if it is to remain a trade-able currency. But anonymous transactions aren't allowed in the regulated system (hence all the recent/current fuss with Swiss bank accounts etc). So, if it no longer offers anonymity; one of it's reasons-for-using is gone. Free/CheapIn theory, if you were going on holiday to Spain from England, you could change your bitcoins into Euros for free and at "the best current" exchange rate; even in relatively small amounts. Whether or not you could buy the bitcoins without "charges" is much more debatable. However, "cheap/free" transactions costs are (currently) a feature of bitcoin. And so, in this area it could compete with the regular banking system. It's future - if it has one - might lie in providing low-cost, smaller-value international money transfers and the like. Although it would not be a surprise to see banks lower fees (and remove fixed-fees etc) in response. |
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Post by ashleyscfc on Mar 5, 2014 21:57:01 GMT
***************************************** You are very lucky to have won a 10-year trip to Mars (not the confectioners!) You do NOT need to take any spending money with you. The trip is all-inclusive. What are you going to do with all of your "money", left back at home?
And why have you made the choice above? <--- Think really hard. Easy to just say X or Y. Ten years ...****************************************** Honestly, not a clue People usually pick gold, over that kind of time period. Could be property, or leave it in UK Sterling, or koala sh1te, or whatever though. As ive said it mattered because of the trust that was placed in it, and that this could be tied to something physical that created stability by its very nature of being a resource we had to retrieve from the ground that was easily stored and had a finite figure. Most importantly the ability and ease with which the value of money could be inflated and therefore the worth of our labour was less at the mercy of governments etc ****************************************** But people trust "real" currencies today. They are not linked to gold. So the only thing that really mattered (and still matters) to people is the trust. The trust that the promise on the note will be honoured. Because of history and adoption. When you left for Mars, would you have converted all your wealth to bitcoins? Maybe in three hundred years time, when it has proved itself? Gold is the lovely surround to the diamond your other half wants. Or part of your mobile phone. The gold standard went because every country isn't lucky enough to be able to dig it up; you would not base a currency on oil. And because computers - and computer bits - could replace the physical tokens (bars and coins). You are right, gold is precious; because it is in reasonably short supply (not as short as koala sh1te!) and because it looks nice (and can be "easily" shaped to look nicer). But that has nothing to do with a currency. The biggest problem virtual currencies look likely to face is remaining legal tender (you can change them for dollars, or sterling). After MtGox, regulation will probably have to be applied, for that to continue; which will remove the "anonymous" features. At that point, bitcoin has little if any reason to exist (other than people thinking it is cool); certainly nothing "free banking" offers wouldn't replace. People do trust currencies today, but as we can see, they are pretty wrong to do so as they are just paper. Theres no commodity attached to them to give it value. I think it was the commodity of gold that gave it its value because of its scarcity. Faith or not, scarcity gave it value. Theres no scarcity in paper. Gold standard went because it took the shackles off what could be printed, dont forget the original principle as well as its scarcity in using Gold as money was that it was able to be swapped, stored, shared and measured. Its decentralised and for the most part, bitcoin would remain difficult of wankstains that are politicians or worse, big business, to influence. The endless printing of money and its devaluing is one of the main reasons we are in the mess we are now. The entire ponzi scheme of the economy with debt as its core is the reason the crashes and bailouts will only get worse and the supply contracts and the money disappears off into the hiding holes of the super wealthy. Based on what you've written I imagine you've seen this but for the benefit of others who may of not: |
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Post by Deleted on Mar 6, 2014 7:33:54 GMT
People do trust currencies today, but as we can see, they are pretty wrong to do so as they are just paper. Theres no commodity attached to them to give it value. I think it was the commodity of gold that gave it its value because of its scarcity. Faith or not, scarcity gave it value. Theres no scarcity in paper. Gold standard went because it took the shackles off what could be printed, dont forget the original principle as well as its scarcity in using Gold as money was that it was able to be swapped, stored, shared and measured. Its decentralised and for the most part, bitcoin would remain difficult of wankstains that are politicians or worse, big business, to influence. The endless printing of money and its devaluing is one of the main reasons we are in the mess we are now. The entire ponzi scheme of the economy with debt as its core is the reason the crashes and bailouts will only get worse and the supply contracts and the money disappears off into the hiding holes of the super wealthy. Based on what you've written I imagine you've seen this but for the benefit of others who may of not: The trouble is that people can't have it always. A virtual currency is not backed by anything - at all. Never mind the Gold standard. bitcoin doesn't have a police force to investigate when someone runs off with your money, an army to try to prevent you getting invaded, airports, roads to drive about on ... nor anything else. It is almost amusing to see people who have lost bitcoins on mtgox - or any of the other handful of recent "thefts and hacks" - pleading with the Japanese authorities to investigate, or ganging up behind law firms with class action law suits. Real currencies have the ability to protect themselves and their users - And, nowadays are regulated as part of that protection. bitcoin is currently being referred to as, The Wild West of Finance (no, not that WWF!  ) - And, to be fair, just like back in the real wild west; there's no one to cry to when the man in the black hat robs all your gold. Currencies - virtual and real - are about trust. Trust that they will offer long term stability and that they will be there tomorrow. While virtual currencies might end up having a part to play - foreign exchange, online trading or whatever - I don't think they will ever play more than a part. Oh and just in case, yes I had seen the videos. And I agree that the real financial system is just as bad, if not worse ... some 'coiners are at least doing all of the work because they - like you it seems, ash? - believe in the dream; you won't find many in the real system doing that. |
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Post by Deleted on Mar 6, 2014 7:45:41 GMT
People do trust currencies today, but as we can see, they are pretty wrong to do so as they are just paper. Theres no commodity attached to them to give it value. I think it was the commodity of gold that gave it its value because of its scarcity. Faith or not, scarcity gave it value. Theres no scarcity in paper. Gold standard went because it took the shackles off what could be printed, dont forget the original principle as well as its scarcity in using Gold as money was that it was able to be swapped, stored, shared and measured. Its decentralised and for the most part, bitcoin would remain difficult of wankstains that are politicians or worse, big business, to influence. The endless printing of money and its devaluing is one of the main reasons we are in the mess we are now. The entire ponzi scheme of the economy with debt as its core is the reason the crashes and bailouts will only get worse and the supply contracts and the money disappears off into the hiding holes of the super wealthy. Based on what you've written I imagine you've seen this but for the benefit of others who may of not: The trouble is that people can't have it always. A virtual currency is not backed by anything - at all. Never mind the Gold standard. bitcoin doesn't have a police force to investigate when someone runs off with your money, an army to try to prevent you getting invaded, airports, roads to drive about on ... nor anything else. It is almost amusing to see people who have lost bitcoins on mtgox - or any of the other handful of recent "thefts and hacks" - pleading with the Japanese authorities to investigate, or ganging up behind law firms with class action law suits. Real currencies have the ability to protect themselves and their users - And, nowadays are regulated as part of that protection. bitcoin is currently being referred to as, The Wild West of Finance (no, not that WWF! ) - And, to be fair, just like back in the real wild west; there's no one to cry to when the man in the black hat robs all your gold. Currencies - virtual and real - are about trust. Trust that they will offer long term stability and that they will be there tomorrow. While virtual currencies might end up having a part to play - foreign exchange, online trading or whatever - I don't think they will ever play more than a part. Oh and just in case, yes I had seen the videos. And I agree that the real financial system is just as bad, if not worse ... some 'coiners are at least doing all of the work because they - like you it seems, ash? - believe in the dream; you won't find many in the real system doing that. So, SFS what you are saying is that Bitcoin sort of merges capitalism with an element of faith. The Chinese worship money. Is that plausible? |
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Post by Deleted on Mar 6, 2014 8:15:07 GMT
... So, SFS what you are saying is that Bitcoin sort of merges capitalism with an element of faith. The Chinese worship money. Is that plausible? If I wanted to read that pun, I would have used faith, **************! Faith as in, trust; yes. Faith as in, worship; no. Although the Chinese do worship* lots and lots of things; so soon, if not already, capitalism - And they won't be first to practice that particular religion, either. * Kinda. |
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Post by Deleted on Mar 6, 2014 9:15:46 GMT
Got you down to 6 lines of words and 17 lines of clearspace there chap.
AND I need some help off you...give me a moment..
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Post by Deleted on Mar 7, 2014 7:48:55 GMT
Apparently / allegedly / maybe; the guy "most responsible" for bitcoin has been found: www.bbc.co.uk/news/technology-26469895Whether it is, or not, his doorstep will be buried under journos and saddos for a few days. If it is "him" - Sad though he might be to be found - be interesting (in a sad way) to read his story. The odd thing is that other, still active, developers have named this guy's name for quite some time; but only a 'paper about to relaunch, was able to track him down ... Hmmm |
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Post by Deleted on Mar 7, 2014 14:11:46 GMT
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bitcoin
Mar 20, 2014 20:53:40 GMT
via mobile
Post by boothenpaddock86 on Mar 20, 2014 20:53:40 GMT
Here's an interesting more advanced take on bitcoin
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bitcoin
Jun 11, 2017 16:50:45 GMT
via mobile
Post by Jimmyg on Jun 11, 2017 16:50:45 GMT
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Post by felonious on Jun 11, 2017 16:54:11 GMT
I think I'll wait a while. There are car parks up Hanley duck still not accepting the new one pound coin.
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bitcoin
Jun 11, 2017 16:54:52 GMT
via mobile
Post by Jimmyg on Jun 11, 2017 16:54:52 GMT
Up 135% in last 3 months
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bitcoin
Jun 11, 2017 16:57:50 GMT
via mobile
Post by Jimmyg on Jun 11, 2017 16:57:50 GMT
I think I'll wait a while. There are car parks up Hanley duck still not accepting the new one pound coin.  Only a matter of time mate,probably a bit over priced ATM but the sooner you buy the better IMO |
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Post by tuum on Jun 12, 2017 14:34:22 GMT
I think I'll wait a while. There are car parks up Hanley duck still not accepting the new one pound coin. Only a matter of time mate,probably a bit over priced ATM but the sooner you buy the better IMO I know of many people who have bought over the last few years. I also know through these people a couple of people who have allegedly made a couple of million each. My only question to my colleagues is if you (they) have made a couple of million why are they still working? I suspect they may not be so easy to dispose of in bulk. There seems to be something in it and a number of my friends are confident. I may have a dabble (not bitcoin though) and if one of them comes off then it will be nice. I see it as a form of gambling. Only invest what you are prepared to lose. |
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bitcoin
Jun 12, 2017 15:41:45 GMT
via mobile
Post by Jimmyg on Jun 12, 2017 15:41:45 GMT
Only a matter of time mate,probably a bit over priced ATM but the sooner you buy the better IMO I know of many people who have bought over the last few years. I also know through these people a couple of people who have allegedly made a couple of million each. My only question to my colleagues is if you (they) have made a couple of million why are they still working? I suspect they may not be so easy to dispose of in bulk. There seems to be something in it and a number of my friends are confident. I may have a dabble (not bitcoin though) and if one of them comes off then it will be nice. I see it as a form of gambling. Only invest what you are prepared to lose. Only very early adopters have become millionaire's unless of course you already had a sizable amount to invest. 3 years ago they were around £600 per coin compared to £1 6/7 years ago. ethereum is a relatively new concept which can incorporate contracts into any transaction on the blockchain. en.m.wikipedia.org/wiki/Ethereum |
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bitcoin
Jun 12, 2017 16:19:01 GMT
via mobile
Post by tuum on Jun 12, 2017 16:19:01 GMT
I know of many people who have bought over the last few years. I also know through these people a couple of people who have allegedly made a couple of million each. My only question to my colleagues is if you (they) have made a couple of million why are they still working? I suspect they may not be so easy to dispose of in bulk. There seems to be something in it and a number of my friends are confident. I may have a dabble (not bitcoin though) and if one of them comes off then it will be nice. I see it as a form of gambling. Only invest what you are prepared to lose. Only very early adopters have become millionaire's unless of course you already had a sizable amount to invest. 3 years ago they were around £600 per coin compared to £1 6/7 years ago. ethereum is a relatively new concept which can incorporate contracts into any transaction on the blockchain. en.m.wikipedia.org/wiki/EthereumOne of my mates put me on to Ethereum. It seems the better option..a bit less reckless so to speak. He sent me all the links and how to stuff. Seems pretty easy. Just haven't had time to dip my toe. |
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bitcoin
Nov 26, 2017 1:42:38 GMT
via mobile
Post by Jimmyg on Nov 26, 2017 1:42:38 GMT
1 Bitcoin equals
£6656.68 British Pound Sterling
gone up £2400 in last 3 months
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Post by Deleted on Nov 26, 2017 15:18:28 GMT
All I know is my graphics card has doubled in value because the boy (who runs a pc shop and is mining) is blowing them up at an alarming rate.
Reminds me of when we used to overclock athlon processors with a pencil and the memory used to jump off the motherboards.
Or when we had multi systems in the bedroom doing data searches for SETTI.
Glad I'm out of it and just a social gamer now.
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Post by tuum on Nov 28, 2017 13:08:31 GMT
A friend of mine who was a bit late to the game in 2015 is currently sitting on 600,000 GBP of crypto currency.
He is still looking at ways to turn it into hard cash. He works overseas but is not sure of his tax liability in the UK so he needs to tread carefully.
I believe he may have found a credit card that deals in crypto currency but I can't see how he can spend 600,000 unless he buys a property somewhere.
I think the other guys who made millions cashed in no problem because they were full expats with no ties to the UK.
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Post by flea79 on Nov 28, 2017 16:34:21 GMT
A friend of mine who was a bit late to the game in 2015 is currently sitting on 600,000 GBP of crypto currency. He is still looking at ways to turn it into hard cash. He works overseas but is not sure of his tax liability in the UK so he needs to tread carefully. I believe he may have found a credit card that deals in crypto currency but I can't see how he can spend 600,000 unless he buys a property somewhere. I think the other guys who made millions cashed in no problem because they were full expats with no ties to the UK. I have the answer to this one as I had to research it when I worked in Dubai and was paid into a UK bank account (well if I ever got paid) you are only taxable on interest on money earned whilst abroad |
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bitcoin
Dec 2, 2017 19:34:52 GMT
via mobile
Post by Jimmyg on Dec 2, 2017 19:34:52 GMT
A friend of mine who was a bit late to the game in 2015 is currently sitting on 600,000 GBP of crypto currency. He is still looking at ways to turn it into hard cash. He works overseas but is not sure of his tax liability in the UK so he needs to tread carefully. I believe he may have found a credit card that deals in crypto currency but I can't see how he can spend 600,000 unless he buys a property somewhere. I think the other guys who made millions cashed in no problem because they were full expats with no ties to the UK. classed as a currency in uk mate so no tax due here not sure where he's being taxed but it's classed different else where ie asset,commodity etc can still sell it in country of origin otherwise I'd sell it in uk as he will escape the tax |
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) - And, to be fair, just like back in the real wild west; there's no one to cry to when the man in the black hat robs all your gold.
