Stevo985 Posted March 14, 2018 VT Supporter Share Posted March 14, 2018 1 hour ago, PieFacE said: Bitcoin looking very fragile at the minute. Google have just banned crypto advertisements, supposedly that's caused it to take a hit. Seen predictions that it'll go as low as $5000 Works out quite well for me as I said earlier, I'm pretty low in BTC and ETH. Going to put some money in when I think it's hit the bottom. I'll probably miss, but hopefully it'll be there or thereabouts. 1 Link to comment Share on other sites More sharing options...
PieFacE Posted March 15, 2018 Author VT Supporter Share Posted March 15, 2018 10 hours ago, Stevo985 said: Google have just banned crypto advertisements, supposedly that's caused it to take a hit. Seen predictions that it'll go as low as $5000 Works out quite well for me as I said earlier, I'm pretty low in BTC and ETH. Going to put some money in when I think it's hit the bottom. I'll probably miss, but hopefully it'll be there or thereabouts. Ah you have to be very lucky to hit the complete bottom! Yeah if it goes down to $5k then that is an insane retrace from its high. Though it will provide the next step up for the next cycle. If there's going to be one. I'm in the hodl gang at the minute. Should have taken some profits in January but greed got the better of me! Link to comment Share on other sites More sharing options...
Stevo985 Posted March 15, 2018 VT Supporter Share Posted March 15, 2018 1 minute ago, PieFacE said: Ah you have to be very lucky to hit the complete bottom! Yeah if it goes down to $5k then that is an insane retrace from its high. Though it will provide the next step up for the next cycle. If there's going to be one. I'm in the hodl gang at the minute. Should have taken some profits in January but greed got the better of me! This has been playing on my mind. I think it was you who posted something saying that every january sees a dip after a boom. If we get a similar boom towards the end of this year, will I have the balls to sell and then bank on that dip hitting again? Will probably do it with half my portfolio or something. Link to comment Share on other sites More sharing options...
PieFacE Posted March 15, 2018 Author VT Supporter Share Posted March 15, 2018 (edited) 54 minutes ago, Stevo985 said: This has been playing on my mind. I think it was you who posted something saying that every january sees a dip after a boom. If we get a similar boom towards the end of this year, will I have the balls to sell and then bank on that dip hitting again? Will probably do it with half my portfolio or something. Yeah I think I will too. A lot of people withdraw in December/January to pay taxes and it tends to give the market a wobble as it's so small at the minute. When (if) the market reaches trillions at some point then it will probably have less of an effect. So if there's another boom next Christmas time I'll be withdrawing a lot I think, possibly half like you said. It's heart over head investing though, head would say withdraw, heart would say "well what if... "... Best to go with head when it comes to investing I think. Can't complain with taking profits. Edited March 15, 2018 by PieFacE 1 Link to comment Share on other sites More sharing options...
Tayls Posted March 15, 2018 Share Posted March 15, 2018 When you guys are talking about selling.... Who are you selling to? Link to comment Share on other sites More sharing options...
PieFacE Posted March 15, 2018 Author VT Supporter Share Posted March 15, 2018 1 hour ago, Tayls said: When you guys are talking about selling.... Who are you selling to? People who will buy it on exchanges. Link to comment Share on other sites More sharing options...
NurembergVillan Posted March 15, 2018 Moderator Share Posted March 15, 2018 I hope everyone is paying their capital gains taxes on these winnings! Link to comment Share on other sites More sharing options...
Stevo985 Posted March 15, 2018 VT Supporter Share Posted March 15, 2018 1 minute ago, NurembergVillan said: I hope everyone is paying their capital gains taxes on these winnings! Interesting point. How does this work with crypto? Do I have to pay the tax even if all the money is still in crypto? So say I owned £1000 worth of bitcoin, and by the end of the year it was worth £2000. Do I have to pay the tax on that £1000 profit even though I haven't sold the bitcoin yet? I'm guessing not. Usually capital gains is money made on the sale of an asset. Just wondering if it works differently with crypto given that it's "currency" Link to comment Share on other sites More sharing options...
PieFacE Posted March 15, 2018 Author VT Supporter Share Posted March 15, 2018 (edited) 1 hour ago, Stevo985 said: Interesting point. How does this work with crypto? Do I have to pay the tax even if all the money is still in crypto? So say I owned £1000 worth of bitcoin, and by the end of the year it was worth £2000. Do I have to pay the tax on that £1000 profit even though I haven't sold the bitcoin yet? I'm guessing not. Usually capital gains is money made on the sale of an asset. Just wondering if it works differently with crypto given that it's "currency" Yep. You'd need to pay £100 (10%) if you've not gone over your 11k allowance, if you have gone over your 11k allowance it's £200 (20%) You're also supposed to pay tax on every trade you make. So if you bought bitcoin and it rose in value, and then you buy flixx and it raises in value, you're supposed to pay tax on the profits on Bitcoin and Flixx even if you haven't sold them. That's my understanding anyway... 1 hour ago, NurembergVillan said: I hope everyone is paying their capital gains taxes on these winnings! Don't need to til Jan 19, not looking forward to it Edited March 15, 2018 by PieFacE Link to comment Share on other sites More sharing options...
omariqy Posted March 15, 2018 Share Posted March 15, 2018 No you need to realise the gains otherwise it's just a paper gain. You would have to disinvest. The issue is if you then use the proceeds to invest in another investment. You will need to keep track of everything. Link to comment Share on other sites More sharing options...
PieFacE Posted March 15, 2018 Author VT Supporter Share Posted March 15, 2018 3 minutes ago, omariqy said: No you need to realise the gains otherwise it's just a paper gain. You would have to disinvest. The issue is if you then use the proceeds to invest in another investment. You will need to keep track of everything. Oh cool, so as long as I don't cash out, I don't need to declare it? Link to comment Share on other sites More sharing options...
omariqy Posted March 15, 2018 Share Posted March 15, 2018 1 hour ago, PieFacE said: Oh cool, so as long as I don't cash out, I don't need to declare it? If it's like any other investment or asset then yes. Obviously you could disinvest a bit every year to make sure you lose your allowance but if it gets complication then always get tax advice. 1 Link to comment Share on other sites More sharing options...
Genie Posted March 16, 2018 Share Posted March 16, 2018 FLIXX down about 90% on its peak value before Christmas! Link to comment Share on other sites More sharing options...
PieFacE Posted March 16, 2018 Author VT Supporter Share Posted March 16, 2018 9 minutes ago, Genie said: FLIXX down about 90% on its peak value before Christmas! Eeeek! Ha just had a look, got dumped. I'm now £6k down on Flixx 1 Link to comment Share on other sites More sharing options...
Xela Posted March 16, 2018 Share Posted March 16, 2018 (edited) On 3/15/2018 at 13:23, Stevo985 said: Interesting point. How does this work with crypto? Do I have to pay the tax even if all the money is still in crypto? So say I owned £1000 worth of bitcoin, and by the end of the year it was worth £2000. Do I have to pay the tax on that £1000 profit even though I haven't sold the bitcoin yet? I'm guessing not. Usually capital gains is money made on the sale of an asset. Just wondering if it works differently with crypto given that it's "currency" CGT only kicks in after you have made £11k profit in the tax year AFAIK So if your BTC cost £1k and you sell it for £6k then you don't pay CGT. If it sells for £15k then you pay CGT on the £12k-£15k portion. Obviously anything else sold after for a profit is subject to CGT as you have used your your £11k limit in that tax year. Might be worth a read https://www.gov.uk/capital-gains-tax/allowances Edited March 16, 2018 by Xela 1 Link to comment Share on other sites More sharing options...
PieFacE Posted March 18, 2018 Author VT Supporter Share Posted March 18, 2018 Link to comment Share on other sites More sharing options...
Stevo985 Posted March 18, 2018 VT Supporter Share Posted March 18, 2018 3 minutes ago, PieFacE said: Is this likely to see the market take an upturn again? Link to comment Share on other sites More sharing options...
PieFacE Posted March 18, 2018 Author VT Supporter Share Posted March 18, 2018 (edited) 19 minutes ago, Stevo985 said: Is this likely to see the market take an upturn again? Yep I'd say so! Edit. Bitcoin already rose $400 Edited March 18, 2018 by PieFacE Link to comment Share on other sites More sharing options...
Stevo985 Posted March 18, 2018 VT Supporter Share Posted March 18, 2018 1 hour ago, PieFacE said: Yep I'd say so! Edit. Bitcoin already rose $400 Very tempted to buy some now. 1 Link to comment Share on other sites More sharing options...
Genie Posted March 18, 2018 Share Posted March 18, 2018 58 minutes ago, Stevo985 said: Very tempted to buy some now. Looks there has been a bounce on the back of that news Link to comment Share on other sites More sharing options...
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