Cryptocurrency

[scooterscot]

BTC to ETH would be liable for CGT. If you later sold your ETH for fiat/another asset that even too would be deemed in scope for CGT on point of sale.



I'm afraid I think he's wrong, even in German jurisdiction.

https://www.toytowngermany.com/forum...to-currencies/

I hope you guys have lots of lube for when the authorities come knocking

Ha ha toy town!! I read it on toy town, it must be true


Actually I've the German tax folks to be very accommodating over the years. HMRC have far sharper teeth IMO. The first few years are the most difficult for a UK national because we're not used to paying our corporation tax as we go every month. And for as long as you maintain good communication alles ist gut. Also da.

[scooterscot]

There's some terrible advice on that page "If you live in Germany, your worldwide income is taxable by Germany"

That's certainly not true, the steueramt in münchen even told me directly they've no interest in my UK BTL income.

Honestly if you want the truth just call the steueramt on the phone, they're happy to talk. There's no need to depend on folklore on internet forums.

[scooterscot]

The volume coming into Ethereum Classic (ETC) is impressive. If there's another coin about to sky rocket, this one might be worth considering holding until at least February.

[TheGreenBastard]

Ha ha toy town!! I read it on toy town, it must be true


Actually I've the German tax folks to be very accommodating over the years. HMRC have far sharper teeth IMO. The first few years are the most difficult for a UK national because we're not used to paying our corporation tax as we go every month. And for as long as you maintain good communication alles ist gut. Also da.

Sure it's a forum; seek professional advice but what I'm saying still stands, going from BTC to ETH is a taxable event and does reset DE crypto year holding clock. I have a mate getting hit hard by this as we speak - in his case, ignorance is no defence; if you don't calculate the gains at point of trade the DE authorities will (unfavourably unfortunately in his case).

The ignorance defence doesn't wash with HMRC either, I'm sure many of us here are earning two contract rates the way things are going, so take my advice and research the tax implications.

[bish]

looks like binance is back up for new registrations, at least for the moment.

https://www.binance.com/?ref=15372888

[Murder1]

Expect some drops today

SEOUL (Reuters) - The South Korean government on Thursday said it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges on alleged tax evasion.

https://www.reuters.com/article/us-s...-idUSKBN1F002B

[Hobosapien]

Expect some drops today



https://www.reuters.com/article/us-s...-idUSKBN1F002B

Let them. The clampdown is good. It's what will lead us to internet 2.0 when all the centralised services (including Facebook, Google, ...) are out of favour due to government medalling controlling them and we get a true decentralised network of services.

The governments and the banks that control them are worried about crypto and what it means now for people's awareness of just how much of the internet and their life is controllable and manipulated.

Bring on the decentralised exchanges (not dealing in pseudo coins that themselves are at control of a central controllable source, e.g. Openledger pseudo coins on Bitshares ), our decentralised internet starts here.*

* I know it really started with p2p music sharing and subsequent torrents and the like, but they were just playing at it by a bunch of geeks. Now it involves 'money' it will have much more momentum as the authorities will try to clampdown faster and fail harder.

[FrontEnder]

Expect some drops today



https://www.reuters.com/article/us-s...-idUSKBN1F002B

Seems that they're clamping down on unregulated exchanges and KYC rather than banning it.

[Murder1]

Seems that they're clamping down on unregulated exchanges and KYC rather than banning it.

Seems that way, I just expect some panic selling today which in itself will be a good thing if you've got the money to move in.

[scooterscot]

Expect some drops today



https://www.reuters.com/article/us-s...-idUSKBN1F002B

I remember well how the market reacted to China's ban on ICOs, made some excellent buying opportunities. Notwithstanding that, why does this stance be government feel like an attack on people's freedom? Folks up top rant on about the benefits of a commonwealth, then when it looks likely to happen for the people where borders don't apply the governments brick it. If anything, cryptocurrency, or rather blockchain, is turning out to be an attack on a state trying to control everything around it. Look what's happening in Africa, folks are transferring money without being fleeced by border transactions from the likes of Western Union: This is an interesting read:

Why African millennials can't get enough of Bitcoin