Bitcoin / Bitcoins / Crypto Currency

All of my pay comes in the form of altcoins and BTC.

Sure, a bull run like this could cause problems I guess. If a client is worried about this happening (i.e they aren't hugely BTC rich and don't give a fuck) we'll agree a USD price.

A lot of my income is through the governance system on Crown and Dash via masternodes so it is true to say that the majority of my income doesn't come from anybody but the cloud. Which is really weird. My accountant nearly fainted when I first tried to explain that one.

In a nutshell, for client work I often agree a USD or EUR rate to be paid in BTC and for everything else my income is heavily subject to BTC/altcoin exchange rate so on days like today I take a relative hit.

Makes sense. I'd wondered if you'd just switch to something less volitile, like LTC.

I guess you / they could always use futures. Although that's something I still haven't properly taken the time to investigate from an investment pov.

From an accountancy pov it must be a nightmare - in a bull market do you get taxed twice when you convert it to fist?

No. HMRC has some pretty clear guidance.

CGT or IT is paid on conversion to £ only. Vat exempt also.

https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

I believe that in the US you are required to pay tax on trades and also keep records of individual trades. I do the record keeping anyway because I love stats but even so, must be a ballache and I cannot imagine that the IRS has the resources or the knowledge to validate returns.

Cheers for thats

Oh well I'm holding tight on the BTC I have but I have been reading that it could crash hard the coming of next week if it goes massive over the weekend I might dump what I have.

I think ETH is a great long term once as loads of places are backing it plus its not that expensive when you compare it to the dizzy heights that bitcoin has go to this month.

Whats everyone using for there wallet, I'm looking at getting out of coinbase as its a rip and getting a Ledger wallet and using GDAX to buy and sell and avoiding coinbase all together.

Is there a wallet associated with coinbase? I can't see how to move them to my bitcoin wallet once I've bought. Sorry, total noob
Edit: sorted now. Made my first purchase!

I just remembered I attempted to mine some bitcoins in like 2010. And I have an email from MtGox in 2013.

No idea how much I had or whether I can find them again.

Edit: I know I definitely had a private wallet at some point though. Time to search every old hard-drive I can find! And fairly sure I had a tiny amount so I probably had well under 1BTC so nothing life changing. Still, worth having the cash if I can find the wallet.

Coinbase is having a meltdown right now with high levels of users. Absolute fuckin liberty

When you say great long-term, do you mean from a technology pov or investment?

I like the idea of smart contracts, not so crazy about a centralised system. The relative stability makes it seem more useful as tech. That said there seem to be more horror stories about the implementation of the tech as well. From a purely speculate standpoint I'd only keep a very small % in ETH right now. But then I've already made my point about "cheap coins" + FOMO. I'd also worry that there's no real need for ETH as a currency.

https://instagram.com/p/BcsDCiFHBbJ/

Hi all.
Can I ask a stupid question?

I've found 100,000 dogecoin from when 2013/14 and it's become worth about £400 I think. What should I do? Is it too late to buy BTC to make this any bigger?
What's the quickest safest way to make this into £500? Cheers!

@Heitzman

Quickest and safest are generally inversely proportional.

I would take out whatever your initial investment was, so you're even, then gamble fuck out of the rest on whatever gives you the horn. If you lose it all you didn't lose anything. If you win, you might win big.

In my very flawed and humble opinion (and also wishful thinking)

2017 has been a year of insane, blind, panic investing in projects that offer no value or prospects at all. We have seen billions of dollars ploughed into ICOs that have no prospect of success or achievement. My gut feeling (or wishful thinking) is that 2018 is going to see a a reckoning for the novelty or bullshit projects (doge included) and a flow of money into the projects that have utility, good plans and a track record of delivery.

So...do some research, ignore marketing and PR and try to find something that actually seems to add value or solve a problem.

Some projects that I like a lot (disclosure, some of these I have worked for and also invested in):

Dash
Game
Bitcoin (long hold)
Monero
Crown (I am one of the founders of CRW so I am obviously biased)

So smash doge hard then?

Well, if 2018 is like 2017 Doge holders will all be driving Lambos.

Well, if 2018 is like 2017 Doge holders will all be driving Lambos.

Great! So hold. Got it.

J/k I actually have no idea what to do with them or how to sell them. I'm not even a member of an exchange. Which is the most secure and least likely to disappear?

Cheers.

Bittrex will do Doge, currently worth about $0.01 per coin.

In addition to the above Litecoin is (I think) still a good buy (and currently in a dip), Ripple and Ethereum are probably good long holds, as mIOTA might be too.

I'd definitely skip Electroneum (lots of hype and seems rather overvalued compared to comparable coins).

I should've set this up 7 years ago!

On the off-chance that people have BTC that they want to donate... and that in the future your £5 of BTC might be worth £10... an LFGSS tip jar.

bitcoin: 12aseZNSsz2AaGoeec8mxNBffma8oX4sZ2

1 Attachment

Pinged a little over just to get the ball rolling.

Queue people trying to trace my transaction on the chain :P

That worked. Even I'm surprised.

Also... thank you, that's basically the most anyone has donated in ages.

Nah, I've donated more in £ recently...% of classifieds sales.

No problem though, boss.

Single donations? I don't recall any being that much. Accumatively you're probably right, I don't actually monitor the PayPal enough to spot if people do that... I just panic if a Linode hosting charge is rejected (hasn't happened in over a year... we must be doing fine).

Also... thanks too for that then :)

Though frankly, I always think other people in the community should be the ones to give thanks, they're the ones receiving a free service thanks to the generosity of yourself and a small number of others.

November 2nd.