Cryptocurrency

[Jog On]

XRP is what I read elsewhere, likely early January if it happens.

I saw a youtube video of XRP in beta on coinbase but it could be faked.

I listened to a good interview with the CEO of Ripple today - well worth a listen. It addressed a lot of questions I had around the longer term future of XRP, it's relationship to banks and governments and all the negativity around it regarding that.

Made me want to hodl and add more.

[TheCyclingProgrammer]

A question for those not trading but just sitting tight and holding with a diverse portfolio - where are you keeping your coins? In the exchange, an online wallet or some kind of offline wallet? I’ve got my XRP in Toast as it seemed one of the safer options.

Also, whilst making enough of a gain to exceed the CGT allowance is a nice problem to have, if you are fortunate to realise a huge gain, what records are you keeping for your tax calculation? Every individual trade (eg getting GBP TO EUR TO BTC TO altcoin)?

[VirtualMonkey]

You could just sit out the year now with that lot and watch the fortunes come.

Diversification is the ticket.

That's the plan. When one goes up enough to get me 0.05BTC minimum in another coin I'll remove that and invest in the new one. Just trying to stay away from Bittrex is difficult...it's addictive

[Hobosapien]

...Just trying to stay away from Bittrex is difficult...it's addictive

Simple, close the account, they won't let you open a new one yet.

The longer they and others delay new registrations the more I worry it's not just amateurish infrastructure they're struggling to upscale, and maybe something else going on.

On the plus side, the floodgates will open when they do start accepting new registrations so those lucky enough to already be in waiting for that will surf all the way to the moon on the massive demand for coins.

Edit: Just seen a twitter from Bittrex that some services were affected by Azure server reboots following that Intel patch. So if they're using Azure surely upscaling to cope with demand is the whole point of being in the cloud.

[finlay1888]

You could just sit out the year now with that lot and watch the fortunes come.

Diversification is the ticket.

Anyone got thoughts on this?
https://coincube.io/

Offers to maintain a balanced portfolio across top 5/10/30 coins of coinmarketcap, for nowt just now whilst in beta.

Thinking it may be a good use of 0.5BTC and see where it goes. Should automatically cash you out of pumped coins and shore up the under performers. Takes the emotion out of it too. Appeals to the passive investor in me.

[finlay1888]

Also, ripple, my days.

I'm not convinced it can keep climbing forever so have sold off near 50%, hoping to pickup more when it comes back down. Has there been news?

Cant believe I was buying that at 10p.

Also offloaded a good chunk of Stellar during the peaks last night!

[psychocandy]

A question for those not trading but just sitting tight and holding with a diverse portfolio - where are you keeping your coins? In the exchange, an online wallet or some kind of offline wallet? I’ve got my XRP in Toast as it seemed one of the safer options.

Also, whilst making enough of a gain to exceed the CGT allowance is a nice problem to have, if you are fortunate to realise a huge gain, what records are you keeping for your tax calculation? Every individual trade (eg getting GBP TO EUR TO BTC TO altcoin)?

Some of them on ledger nano hardware wallet. Some on exchange. Some on desktop wallet.

[psychocandy]

So what are the rules (in one sentence) for tax in the uk?

£11K per person (and you're allowed to gift to spouse so £22K per couple).

What this about holding for more/less than a year?

[TheCyclingProgrammer]

So what are the rules (in one sentence) for tax in the uk?

Blurry, from what I can see. If you expect to make gains over the personal allowance you'd be well worth asking your accountant.

My understating is that if you're just buying and holding as an investment then they are treated as capital gains and subject to CGT. If you're actively trading then potentially liable to income tax, or not taxable at all (if its so speculative that it could be considered gambling).

£11K per person (and you're allowed to gift to spouse so £22K per couple).

£11.3k to be exact. Yes, you can gift assets to a spouse without there being a CGT charge.

What this about holding for more/less than a year?

You pay CGT when you realise your gains (e.g. at disposal). Where it gets complicated, as alluded to by my questions in a previous post, is how you handle the numerous disposals you may make in trying to obtain alt-coins, as it typically involves jumping through several hoops to exchange fiat currency into a coin that you can trade with. Technically every exchange you make is a disposal.

It also gets complicated if you add to your investment in the same coin over time at different prices. You could look at the rules on calculating gains on shares bought over time as a starting point:

https://www.gov.uk/tax-sell-shares/work-out-your-gain

[Jog On]

That's the plan. When one goes up enough to get me 0.05BTC minimum in another coin I'll remove that and invest in the new one. Just trying to stay away from Bittrex is difficult...it's addictive

Tradingview is becoming a problem for me - those daily recommendations of new coins ready to pump/dump could keep me very active.