The Crypto Thread

Politics & News
862

I looked into this before.

Any profits are subject to CGT. The tax-free allowance for it is £12300 pa.

If you’re a higher or additional rate tax payer you’ll pay 20% on the excess.

Otherwise if the excess is £x in the tax year apply to £x whichever tax rate (taxable income + £x) falls into.

Example

Your taxable income (your income minus your Personal Allowance and any Income Tax reliefs) is £20,000 and your taxable gains are £12,600. Your gains are not from residential property.

First, deduct the Capital Gains tax-free allowance from your taxable gain. For the 2020 to 2021 tax year the allowance is £12,300, which leaves £300 to pay tax on.

Add this to your taxable income. Because the combined amount of £20,300 is less than £37,500 (the basic rate band for the 2020 to 2021 tax year), you pay Capital Gains Tax at 10%.

This means you’ll pay £30 in Capital Gains Tax.

Don’t be a tax cheat lol.

If you’re determined not to pay tax but want to stay within the law you can try spread betting at one of the online firms eg IG Index.

If you claim it’s from winnings at sports betting the IR can demand to see proof or evidence of bets you’ve made, including records they’ll expect you to keep. In reality they’re unlikely to bother with modest amounts but anything in 5 figures or over is always suspicious and smells of money laundering.

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863

Cool thanks, that’s good to know. Obviously something I’ll have to investigate more but that puts my mind at ease a bit.

I’d be OK accepting a zero basis since my entire portfolio now is from a few hundred bucks I left in an intermediary when transferring to/from a poker site like 7 years ago or something. Whatever extra I’d owe vs accurately calculating the original investment is probably worth avoiding the extra effort to figure out all my transactions. Hundreds of stupid X coin for Y coin trades at god knows what USD value.

864

Yeah and technically those are taxable events I think but if you declare gains when you sell and a zero basis doubt anyone is gonna really look deeper

I’m pretty careful with taxes and have some of those and am not sweating it

865

6ix or any of you other crypto peeps what are your thoughts on Wax?

867

Not sure what to think about it but one of the main things with wax right now is how you feel MLB Topps NFTs will do since that’s all with wax. We have a channel on the Topshot discord regarding topps and there have been issues getting the currency with delays and just not even being able to buy it at times, albeit that’s thru a couple of vendors where you can buy it with CC

Also I didn’t know about wax before Topps so not sure on the features or anything or why it might be a good crypto. I only have some idea about it because of Topps

1 Like
868

Ok that’s fair, sometimes I screenshot fast and loose and cut off the axis labels lol.

869

I feel like it’s one of the cryptos that was created back in 2017-18 and is only now finding a use case. Like, here’s the lifetime graph:

image
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Jan2018 was the ridiculous bubble frenzy but all the people buying close to the top, thinking ‘omg WAX is the next big thing’ weren’t inherently wrong, but, price speculation to adoption doesn’t follow some neat linear relationship.

If we cut off that first part, which imo even in the context of a market hype bubble was still an anomaly, it makes more sense:

image
image1214×808 43.9 KB

That looks more like the pattern of “Ok, WAX exists, it’s a functional, supported blockchain, it’s not vaporware, but… What’s its use-case?” Then the NFT boom the past few months.

The question you’re asking though is what do you do about holding it, right? That’s the harder answer and it’s the same thing that’s plagued poker players using bitcoin the past decade. Win 10k in poker, cashout with bitcoin, bitcoin drop 90%, oops. Or, convert to fiat immediately, bitcoin goes up 90%, oops.

My personal feeling is to still be very careful holding any WAX that you’re not using for NFT transactions. I’ve probably mentioned it before, but there’s this fallacious view that the crypto debate only has two binary extremes: Either you love bitcoin and thus the price per coin will be a zillion dollars in the near future, or it’s stupid and shouldn’t exist and will crash. The reality is there are numerous gray area opinions in between.

I’m of the school of thought that, duh, of course bitcoin is useful, I haven’t stopped playing poker since Black Friday though my volume has fluctuated wildly. But, bitcoin functions the same whether it’s 20k or 200k (or 2k, really, but that’s approaching the floor). So, even though WAX is useful right now and probably will continue to be useful in the future for these NFT markets, the price can still crash along with the market and get super volatile in between.

4 Likes
870

People are looking at a realistic top for this cycle between 3500 and 4000 USD, so that’d be like 2750ish in pounds I think.

871

This is a great point that I’ve had a hard time conveying to IRL friends. A coin can be useful without being super valuable.

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873

I thought you weren’t able to do anything because of the bank situation after relocating? Did that ever get straightened out?

875

Oh shit, right, you mentioned that, for some reason I didn’t put two and two together. So basically you got cold feet pulling the trigger on buying the Fantom?

876

I mean, it’s hard. Like all the people who talk shit about “omg if I knew about bitcoin when it was ten cents I would’ve bought like 10k worth and blah blah blah” like, no dog, no you wouldn’t have.

878

this could’ve been you

https://twitter.com/Struggle_Tweet/status/1387833740299182080

but now you’re here talking to me instead of Hot Babes

6 Likes
879

Btw the USD to CAD part is not in my wheelhouse; all I know about that is moosecock.

p.s. but it does highlight why I laugh when people say crypto price action is stupid speculative nonsense; like sure, what isn’t, ultimately

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880

I mean I had 2500 BTC when it was sub $1. There was no chance I was holding to $10 let alone $60k. That’s the other part of it. You would have to be a psycho to hold it for very long. I made decent money on BTC over the years but when I tell people I had that amount they are always saying how they would lose their minds. Like no way any of us ever hold it through all this. What do you think happened to mine? (Besides the ones I lost gambling).

4 Likes
881

@6ix what are your thoughts on WAXP and/or its chart? We’re in the baseball card game now on Topps, it’s on WAX blockchain so our card values are tied to the price of WAX. It seems super volatile and also super low volume

882

lol scroll up

i was about to pop into the discord actually in a few

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883

The thing I forgot to mention in the post above is that it’s weird that WAX isn’t on any major exchanges or wrapped on any defi.

885

Btw,

that’s actually a picture of that guy with his ex. He’s pulling off a trifecta of shaming her, OnlyFans workers, and dudes who don’t talk to Hot Babes, all in one fell swoop.

886

… seems like a good spot to buy some USD…

1 Like