Cryptocurrencies

What cryptocurrencies do you use/own?

  • Bitcoin (XBT)

    Votes: 30 27.8%

  • Ether (ETH)

    Votes: 16 14.8%

  • Litecoin (LTC)

    Votes: 15 13.9%

  • Peercoin (PPC)

    Votes: 0 0.0%

  • Dash (DASH)

    Votes: 3 2.8%

  • Dogecoin (XDG)

    Votes: 4 3.7%

  • Blackcoin (BLK)

    Votes: 0 0.0%

  • Zcash (ZEC)

    Votes: 3 2.8%

  • Other

    Votes: 14 13.0%

  • None

    Votes: 69 63.9%
  • Total voters
    108
I suppose it could be disguised as a purchase for some sort of cloud computing or virtual server service.

Thinking about it further though, I'm not sure if NiceHash accept fiat payments anyway (only BTC I think) so I guess that kills that theory if you first need to acquire BTC somehow.
 
It’s Not Really About Bitcoin Price Surging, It’s Fiat Currencies In Free Fall
Link: https://cointelegraph.com/news/its-...rice-surging-its-fiat-currencies-in-free-fall

It's not so much that Bitcoin is going through the roof - it's that fiat currencies are in free fall, but only Bitcoin is noticing.
Click to expand...

“You think that’s a bubble? What do you think that fiat currency you carry around in your purse is? This dollar stuff, it’s just some fiat currency based on … the surplus taxing authority of the US Treasury of which I assert there is zero ... It’s about time the world switches to real money. Either gold or Bitcoin,” said Byrne.

Currently, the two forms of money or assets that are not subjected to the control and manipulation of governments are Bitcoin and gold. But, as demonstrated by the Indian government in late 2016, because of its physical attributes, gold can be confiscated and repossessed by the authorities at their will.

With Bitcoin, confiscation of user funds and assets is not possible, if users store their Bitcoin on a non-custodial platform in which they have full control over their private keys and funds.

One major advantage Bitcoin has over gold is its transportability. Gold is a viable store of value given that investors can store large amounts of money in the asset. But, it is difficult to transfer gold, especially through borders.
Click to expand...
 
NYJimbo said:
Started to read but then I saw Stefan Molyneux and stopped. The guy is a far right, Alex Jones level conspiracy nut case. ANYTHING he says should be taken lightly. Besides "fiat" currencies are not in a free fall.
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I've never heard of either of them, but I don't doubt that you're right.

And I agree. I think it's an over-dramatic exaggeration. I suspect the intention is to shock and to grab people's attention, just like governments do when they try to convince people that things like cryptocurrencies or file-sharing are all about terrorism:
http://www.zdnet.com/article/united-kingdom-plans-tighter-regulation-of-bitcoin/
https://www.privateinternetaccess.c...-crime-than-terrorism-and-child-exploitation/
https://gizmodo.com/244452/file-sharing-like-drugs-and-dissent-supports-terrorism

While I don't think all fiat currencies could be described as "in free fall" quite yet, certainly some are and I think it's likely that there's a direct correlation between the collapse of those economies and the increasing value of cryptocurrencies. For the fiat currencies that are still relatively stable, continued currency devaluation through inflation is no doubt playing some part in the rising value of cryptocurrencies too.
 
Saw an article on how the Fed is looking for names of people who have done $20k+ transactions of Bitcoin. Could be pretty ugly if they decide to tax you big on something you thought was outside the grasp of the Fed.
 
Wonder how they're trying to find them. Going on their websites and looking for "We accept bitcoin!" or something? Haha.
 
Krynn72 said:
Wonder how they're trying to find them. Going on their websites and looking for "We accept bitcoin!" or something? Haha.
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Via the places that cash out bitcoin like coinbase. Coinbase eventually stops you from buying and selling at a certain point until you provide your info and last 4 of ssn. They stopped me from instantly buying bitcoin too with a CC unless I provided a scan of my drivers license.
 
Tax reporting is difficult and it depends on if you bought or mined it from what I recall. I think for mining IIRC you only owe tax on the increased value since earning it but I might be flipping them as it would make more sense the other way around.

I am curious about something I noticed with NiceHash miner so I have been using legacy miner mostly and haven't really used the newer one since it first came out. I opened it up the other day and I get a prompt about not supporting AMD GPU is this because mine is an old GPU or would this be true even for a newer one such as the RX 450 or RX 550? I do understand that it seems the "legacy" version is kinda the advanced client and still has support but with the name legacy is certainly makes one wary of its future and if the future version doesn't support AMD it makes one cautious about buying AMD cards for mining.
 
On the subject - anyone familiar with tax laws surrounding cryptocurrency in the UK? Or have experience in "cashing out" a significant amount to fiat?

Regarding VAT the HMRC states
"income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes"

So I think we are ok in terms of mining.

But how about income tax, capital gains etc?

If it's classed as taxable income a big withdrawal could push me into the 40% tax bracket which would actually loose me money overall (since my wage would take a hit).

In my personal situation it would also be a nightmare to track. Every time I mine more than ~£50 worth of zcash I trade it for bitcoin. Then I generally buy another currency with that bitcoin. Currently I have Zcash, Bitcoin, IOTA, Monero and Vertcoin. I've probably held 20 different coins in the past 6 months.
 
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Blues said:
I am curious about something I noticed with NiceHash miner so I have been using legacy miner mostly and haven't really used the newer one since it first came out. I opened it up the other day and I get a prompt about not supporting AMD GPU is this because mine is an old GPU or would this be true even for a newer one such as the RX 450 or RX 550? I do understand that it seems the "legacy" version is kinda the advanced client and still has support but with the name legacy is certainly makes one wary of its future and if the future version doesn't support AMD it makes one cautious about buying AMD cards for mining.
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My understanding that they keep having major issues surrounding keeping their miners off of every antivirus' hit list, and apparently its pertaining to AMD stuff.

I don't see any mention of them removing AMD anywhere. Care to screencap?
 
I've been mining Ether with two rigs (9 and 5 GPU)
I decided to get 3 Antminer S9, arriving the first week of January

I need recommendation for PWR Supply using 110-120V.
The EVGA 1600 Gold average $350. Hoping to get one between $150 - $200

Any recommendations
 
SAFCasper said:
On the subject - anyone familiar with tax laws surrounding cryptocurrency in the UK? Or have experience in "cashing out" a significant amount to fiat?

Regarding VAT the HMRC states
"income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes"

So I think we are ok in terms of mining.

But how about income tax, capital gains etc?

If it's classed as taxable income a big withdrawal could push me into the 40% tax bracket which would actually loose me money overall (since my wage would take a hit).

In my personal situation it would also be a nightmare to track. Every time I mine more than ~£50 worth of zcash I trade it for bitcoin. Then I generally buy another currency with that bitcoin. Currently I have Zcash, Bitcoin, IOTA, Monero and Vertcoin. I've probably held 20 different coins in the past 6 months.
Click to expand...

I'm no expert, nor am I familiar enough with the present tax laws to give advice but, as I understand it, you're presently only liable to pay income tax if/when you exchange your cryptocurrencies for GBP. The UK government is yet to properly define their stance on cryptocurrencies, hence the recent announcement calling for 'better regulation' (which translates as, "sh1t, this is getting big ... we need to find a way to tax these people!"). The reality of course is that they will never be able to tax cryptocurrencies directly (or at least enforce any such tax laws), especially once the exchanges become decentralised/distributed.

Personally, I have no plans to convert any of my cryptocurrencies into pounds any time soon. Maybe in a few years, by which time the situation may be clearer and most places will likely accept cryptocurrencies as payments.

One thing I do find interesting/amusing is that the governments like to warn about the risks of investing in cryptocurrencies yet are keen to tax those who make money from their investments. If investing in cryptocurrencies is such a gamble, shouldn't any profits be considered as 'winnings'? (I believe gambling winnings aren't taxable in the UK).
 
rsarceno said:
I've been mining Ether with two rigs (9 and 5 GPU)
I decided to get 3 Antminer S9, arriving the first week of January

I need recommendation for PWR Supply using 110-120V.
The EVGA 1600 Gold average $350. Hoping to get one between $150 - $200

Any recommendations
Click to expand...
I am on mobile right now, but apparently there is one on Newegg, a Rosewill, which has great reviews from miners. 1600W I believe.

Sent from my ONEPLUS A5000 using Tapatalk
 
looking to build a mining rig with 5 gtx 1070 where can i get a power supply to support that many cards? also trying to find gtx 1070's in quantity none of my suppliers can get any in quantity .
 
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MudRock said:
My understanding that they keep having major issues surrounding keeping their miners off of every antivirus' hit list, and apparently its pertaining to AMD stuff.

I don't see any mention of them removing AMD anywhere. Care to screencap?
Click to expand...
I will try and remember next time I relaunch the NiceHash Miner 2, only present in the fancier GUI version, and I couldn't find mention of it to learn when and why it happened either. Yeah I have to tell my AV to ignore the entire folder that NiceHash is installed in to keep it from quarantining and deleting my miners.
 
Moltuae said:
I'm no expert, nor am I familiar enough with the present tax laws to give advice but, as I understand it, you're presently only liable to pay income tax if/when you exchange your cryptocurrencies for GBP. The UK government is yet to properly define their stance on cryptocurrencies, hence the recent announcement calling for 'better regulation' (which translates as, "sh1t, this is getting big ... we need to find a way to tax these people!"). The reality of course is that they will never be able to tax cryptocurrencies directly (or at least enforce any such tax laws), especially once the exchanges become decentralised/distributed.

Personally, I have no plans to convert any of my cryptocurrencies into pounds any time soon. Maybe in a few years, by which time the situation may be clearer and most places will likely accept cryptocurrencies as payments.

One thing I do find interesting/amusing is that the governments like to warn about the risks of investing in cryptocurrencies yet are keen to tax those who make money from their investments. If investing in cryptocurrencies is such a gamble, shouldn't any profits be considered as 'winnings'? (I believe gambling winnings aren't taxable in the UK).
Click to expand...

Thanks. I had a feeling the answer would be along the lines of "nobody really knows"
Done plenty of googling beforehand and all you find is opinions and guesses. Nothing solid or official.

I also plan to hold for at least 6 months to a year - but I'd still like to know my standing. Wishful thinking but cryptocurrencies can sometimes rise 500% or more in a month. If I make a sudden profit like that I'd consider selling some off for GBP.
 
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