Bitcoin / Bitcoins / Crypto Currency

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  • Apologies if I caused any offence. I didn’t mean to, and definitely was writing without any consideration or tact.

    I’d get involved creating some nfts given the chance. I’ll mop floors if someone’s paying.

    Agreed NTFs CAN be useful tokens. I’d say for the most part they are not though.

    And justifying the price of an ape? That’s exactly my point. I cannot justify that being worth more than a few hundred pounds as an original artwork and I feel I’m being generous.

    That’s why I don’t get it.

    That’s why I’m irrelevant

  • One thing that has crossed my mind though - is from a pure investment standpoint, the NFT should grow in value given time against ETH, therefore you’re kind of investing on top of an investment if you’re backing ETH to grow.

    I hope that made sense. Bare in mind I openly don’t know what the fuck I’m talking about when it comes to all this.

  • I’m a freelance designer with a limited company and a client that I’ve worked with before wants me to work on an interesting project that partly involves NFT’s. He has suggested that he would prefer to pay me for this work in ETH. I’m not completely averse to this idea but I’m unsure on the tax implications of running it through my business. I’m going to have a chat with my accountant but wanted to see if anyone on here has done something similar and how best to approach it.

  • That was stupidity.

  • And if it can be a terrible deal for NFL superstars it can be a terrible one for you too. I’d tell them to fuck off and pay me proper money.

  • I’m not completely averse to this idea

    Why? What’s the upside? It will probably just give you hassle.

  • yeah I am with @Howard ask for money with queen's face on it

  • It would be treated as equivalent to the cash value. You may also end up with capital gains tax when you sell it but obviously it may go down in value (possibly very quickly).

    Only seems worth it if they pay you considerably more than they would in cash.

  • Initially this project might only be a 1 or 2 days a week so wouldn't be my main source of income so I was thinking I could just hold on to the ETH for a while and see where it goes. As I understand it you would pay capital gains tax when you convert it back to £ but at the value it was when you first got it which given how volatile it is could be wildly different.
    Got a call with the guy tomorrow so will see what the options are.

  • I’m going to have a chat with my accountant but wanted to see if anyone on here has done something similar and how best to approach it.

    If you have any specific questions, feel free to PM me.

  • I was thinking of dipping my toe with Bitcoin via paypal, it's unclear what the fees will be, has anyone got some real world examples?

  • What is this?

  • Can't help on PayPal but I wouldn't do that as you don't own your coins, so you can get exposure to price movements, but won't get an understanding of how things work.

    I'd sign up with an exchange. It's easy to do small volume stuff as a way of learning and the fees are transparent.

    I think Coinbase Pro has the lowest fees at the moment. Binance is probably the biggest. They all take £ deposits from UK banks nowadays.

  • It's a internet link

  • There are benefits to having your crypto in the care of a custody provider like Paypal. You cant lose it by accident. When you say getting an understanding of how it works you mean transacting and each transaction has the carbon emissions of a transatlantic flight (fuck bitcoin).

  • You cant lose it by accident

    I'm not sure this stands up to scrutiny. Plenty of people lose crypto that is hosted with exchanges. Plenty of exchanges that are too big to fail have indeed failed. Seems crazy to assume PayPal will be different.

  • each transaction has the carbon emissions of a transatlantic flight

    One single transaction? Is that correct?

  • It's complicated. The power usage doesn't stay constant and it depends on hash rate and other things. I cant find a source for it but...

    Forbes is saying here that the average carbon footprint of a bitcoin transaction is 369.49 kgCO2eq.
    A return from London to New York is quoted at 986kg here. So yes it's within the same ball park definitely.
    I also just came across this claiming that one bitcoin transaction produces the same e-waste as binning two iphones.

    So if you must invest in bitcoin do it through Paypal where it's just a number on your account and you're not in danger of locking yourself out of your wallet. Ethereum is also similarly terrible.

  • Thoughts on the current war on the market?

  • Who know, but crypto is fucking tragic right now. I'm down on so many ive lost count.

  • Thoughts on the current war on the market?

    With apologies for the redactions, major finance publications are struggling to figure that out too. We've had at least 8 requests for insight since Friday so far.

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  • Short answer: Nobody knows. We're facing the potential for an unknown number of truly unpredictable black swans in relation to the war.

    Purely personal opinion: Nobody knows, and this is being reflected in the increase in gold futures volume over the last few days. People either parking funds in relative safe havens or making less risky gambles at the moment. If this holds true, I think BTC volume will be low for a few weeks and what happens next depends on what happens with the war. If it de-escalates, I can see a bull run within a couple of months. If this gets worse or stumbles on like this, I have no idea.

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Bitcoin / Bitcoins / Crypto Currency

Posted by Avatar for hippy @hippy