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    (Original post by HucktheForde)
    screw the gov!! i use bitcoin only to avoid them!
    This is the main reason why Bitcoin will not be allowed to succeed (even if it could, which of course it can't). Bitcoin is awash with criminals who are trying to hide or launder money, and a fair few ultra Libertarians who think tax is optional. Governments will sooner or later take Bitcoin down.
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    (Original post by Snufkin)
    This is the main reason why Bitcoin will not be allowed to succeed (even if it could, which of course it can't). Bitcoin is awash with criminals who are trying to hide or launder money, and a fair few ultra Libertarians who think tax is optional. Governments will sooner or later take Bitcoin down.
    by? taking down the internet?? :lol: good luck with that.
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    (Original post by Ganjaweed Rebel)
    -snip-

    Ironically these same media outlets run on endlessly about the dotcom bubble like it's some gospel of the stock market when some of the biggest and most successful companies were a part of this, including Google, Ebay and Amazon and have gone on to beat their pre-crash peaks.

    -snip-
    Survivorship bias - a minority of bubble companies survived and are household names today.

    This doesn't mean telling your stockbroker to buy you lots of dotcom shares back in 1999 would have made you money.
    Buying shares in companies that would survive and surpass their peak valuations would have eventually made you money, but at the time no one was really able to judge which ones would make it - all the bubble stocks had approximately equally implausible stories including the ones that no one remembers anymore.

    Another characteristic of bubbles is that everyone's talking about them - people who previously weren't interested in investments are giving out investment advice in unexpected places... see Joe Kennedy's shoeshine boy quote.
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    (Original post by Ganjaweed Rebel)
    As far as I am aware you only pay capital gains on Bitcoins you bought when you convert to fiat, but I am concerned about ''income'' from the forked tokens
    Does it have to exceed 11k capital gain tax allowance?
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    (Original post by HucktheForde)
    by? taking down the internet?? :lol: good luck with that.
    by listing it as a security and if BTC does not comply with SEC, all exchanges would be forced to remove it from their listings. In this scenario, average joes won't be able to buy bitcoin, it'll be underground like 2010-2011 when people were buying it for cash. Who knows at what price it would traded in this scenario.
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    (Original post by Joinedup)
    Another characteristic of bubbles is that everyone's talking about them - people who previously weren't interested in investments are giving out investment advice in unexpected places... see Joe Kennedy's shoeshine boy quote.
    This I agree on and bitcoin / blockchain is a long way away from being a bubble as barely anyone even knows what bitcoin / blockchain is and most who do know what it is don't actually invest in it. $200billion market cap might seem like a lot but this is peanuts compared to the dotcom value before collapsing.

    I think forbes did a survey and concluded that less than 1% of the population knows what bitcoin / blockchain is and only 0.5% of the population are actually invested. I still think blockchain has at least 10 years of growth left before we even need to start thinking about bubbles.
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    (Original post by Ninja Squirrel)
    This I agree on and bitcoin / blockchain is a long way away from being a bubble as barely anyone even knows what bitcoin / blockchain is and most who do know what it is don't actually invest in it. $200billion market cap might seem like a lot but this is peanuts compared to the dotcom value before collapsing.

    I think forbes did a survey and concluded that less than 1% of the population knows what bitcoin / blockchain is and only 0.5% of the population are actually invested. I still think blockchain has at least 10 years of growth left before we even need to start thinking about bubbles.
    Well according to a (presumably different) survey reported today 80% of people in the UK have heard of bitcoin
    http://www.cityam.com/275703/nearly-...ext-six-months

    15% said they were thinking of investing in it and 7% said they already had
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    (Original post by Joinedup)
    Well according to a (presumably different) survey reported today 80% of people in the UK have heard of bitcoin
    http://www.cityam.com/275703/nearly-...ext-six-months

    15% said they were thinking of investing in it and 7% said they already had
    "30 per cent predict it will collapse and be worthless within the next six months" from that article lol. It's worth pointing out that hearing about bitcoin is not the same as knowing what it is. Even up until 2 years ago I thought bitcoin was some shady underground mafia run enterprise designed to conduct illegal dealings on the dark web.

    But now I actually know what it is and what the underlining technology is, my perspective has completely changed. There's no doubt that bitcoin will eventually crash and undergo a major correction, probably up to 80% of it's value but crashes don't usually happen until mass adoption takes place and we are many years away from mass adoption in my opinion.
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    (Original post by IStructE)
    Does it have to exceed 11k capital gain tax allowance?
    Would bitcoin cash and bitcoin gold even come under cgt laws or income if you acquired it from a fork?
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    (Original post by Ganjaweed Rebel)
    Would bitcoin cash and bitcoin gold even come under cgt laws or income if you acquired it from a fork?
    I would presume they are not, based on the information on gov website I don't see any paragraphs that would address this particular case. Hence, in my view, Home office would struggle to put up a legal case for claiming some chunk of your BCH or gold. I would treat it as a gift. Are there any taxes on 'expensive' gifts?
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    (Original post by IStructE)
    I would presume they are not, based on the information on gov website I don't see any paragraphs that would address this particular case. Hence, in my view, Home office would struggle to put up a legal case for claiming some chunk of your BCH or gold. I would treat it as a gift. Are there any taxes on 'expensive' gifts?
    In my case it's not worth the risk. It could just as easily be treated as income or a scrip dividend.
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    (Original post by Ganjaweed Rebel)
    In my case it's not worth the risk. It could just as easily be treated as income or a scrip dividend.
    Move to Denmark. They have 60% income tax, but don't tax crypto profits
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    (Original post by IStructE)
    Move to Denmark. They have 60% income tax, but don't tax crypto profits
    I have noticed that the nordic countries are far more open to new tech than this country is. They have that computer geek culture with young men coding as a hobby.
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    (Original post by IStructE)
    by listing it as a security and if BTC does not comply with SEC, all exchanges would be forced to remove it from their listings. In this scenario, average joes won't be able to buy bitcoin, it'll be underground like 2010-2011 when people were buying it for cash. Who knows at what price it would traded in this scenario.
    i would definitely riot
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    Imma set up an offshore and store my crypto in there for tax free moon gains
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    Though the only concern I have right now is the whole Tether and Bitfinex situation...
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    bitcoin resumes its bull run

    OP update ur thread title to Bitcoin breaks $7000 !!!!111
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    I sure am regretting all those short positions I took.

    Spoiler:
    Show

    /jk

    Spoiler:
    Show

    I'll hodl down to £0 if I must
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    (Original post by Ganjaweed Rebel)
    I sure am regretting all those short positions I took.

    Spoiler:
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    LOOOL you almost got me
 
 
 
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