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32 minutes ago, trmpton said:

I haven't got the balls to leave much in long term but made another 20% return before chickening out and turning  it back to pounds in a couple of hours this morning.

Would love to have enough spare cash at the moment to drop a few k in there and leave it for a couple of years - alas I haven't at the moment.

If I had rented a house and invested the money from the last time I purchased one I could retire now and have houses all over the world.

Apparently property was a safe bet.  Ain't hindsight wonderful.

I have the problem where it'll also consume me if I stick any meaningful amount in for any length of time. I end up sat watching tickers up and down instead of doing useful things with my time.

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11 minutes ago, AcousticallyChallenged said:

I have the problem where it'll also consume me if I stick any meaningful amount in for any length of time. I end up sat watching tickers up and down instead of doing useful things with my time.

I'll watch, frequently, but will not do any more deals until I decide the time is right to get out altogether.  Chasing little peaks and troughs, and day-trading, just erodes profits on the bid-offer spread and lines the brokers' pockets.

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29 minutes ago, trmpton said:

Would I be brave enough to rent for 12 months and try and turn a percentage of said lump sum into a life changing amount of money? Yes.

I read an interesting piece about financial bubbles last night.  There are 3 types of investor talked about, which you can extend to 4 by adding a 'type 0'

Type 0 - Only invests money he already has, and if it all goes - no biggie

Type 1 - Borrows to invest, but can afford capital and interest repayments on the loan, even if the investment tanks

Type 2 - Borrows, but can only afford the interest repayments on the loan - if the investment tanks he's in trouble

Type 3 - Borrows, but relies on the investment to pay off the capital and the interest on the loan - if the investment tanks he's in real trouble.

Financial crashes, like the sub-prime mortgage crash, happen with lots of type 3 investors in the market and when something happens (an economic shock of some sort) and investments fall, the whole house of cards comes tumbling down.

Be a type 0 investor, certainly when it comes to crypto. 

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3 hours ago, trmpton said:

In the process of renovating and seeking a house so should have a nice lump sum in 3 to 6 months.

Just interested. How do you prove source of funds to a lawyer when you buy a house with crypto proceeds? Or, if you need a mortgage the lender is going to ask the same question?

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52 minutes ago, Get a life said:

Just interested. How do you prove source of funds to a lawyer when you buy a house with crypto proceeds? Or, if you need a mortgage the lender is going to ask the same question?

No idea.  The lump sum i was referring to is the proceeds from the house sale.

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4 hours ago, wrighty said:

The best game to be in is be a crypto broker.  For the 20% you made, the exchange will have made 3-4% depending on the coin you trade via the bid/offer spread (less than 1% for BTC, but more like 3 for the rest, at least on my exchange).  And that's without any risk to them - they'd still be up if you'd lost 20%.

I'm planning to do exactly as you suggested - cashed in some premium bonds this morning (interest rate about 0.000001%, at least it seems that way) and when the cash comes through will buy a range of crypto and leave it for 6-9 months as my estimate of being just before the bubble bursts.  

It is a gamble though - certainly wouldn't advise anyone to do the same with borrowed money, or even money they would miss.

Which exchange are you using .  3 to 4% is too high !!

 

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Posted (edited)
1 hour ago, Get a life said:

Just interested. How do you prove source of funds to a lawyer when you buy a house with crypto proceeds? Or, if you need a mortgage the lender is going to ask the same question?

Easiest way Is to route most of your expenses  via crypto cards and save most of your real world income. 

No issues from banks or source of funds..

If you end up with more crypto income than your monthly spend then you can save in a mixture of stables/ btc  to prepare for a bear market 

Can get upto 14% per year on stables anyway ( USDT / USDC or if you want to stay in GBP use TGBP ) and this will help during the bear market.. I can also borrow stablecoins against my btc if I want to at nearly the same rates as my mortgage.  This is an additional way to fund my expenses without selling my crypto during a bear market.

Edited by mad_manx
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3 hours ago, mad_manx said:

Which exchange are you using .  3 to 4% is too high !!

 

eToro. I like that they’re an established company regulated by the FSC. I’m sure there are tighter exchanges available, but I can stand their spread especially as there are no trading charges. 

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Posted (edited)
53 minutes ago, wrighty said:

eToro. I like that they’re an established company regulated by the FSC. I’m sure there are tighter exchanges available, but I can stand their spread especially as there are no trading charges. 

Try binance. If you can do a kyc with them then you can transfer funds to and fro in minutes from your bank account . GBP deposits are free at the moment but withdrawals have a £1.50 fee.

Binance does not charge a fee if you do limit buy or sell orders with a BUSD pair  ( BUSD is their own stablecoin pegged to USD) 

So you can do GBP > BUSD  and then  to whatever crypto you want to buy  and in reverse without any fee... ( only catch is that you have to be  a maker i.e set up a limit buy ir sell order) 

The spreads are very good as well.

If you hold their native token  BNB then you can get their prepaid card which gives crypto cashback of upto 8% on everyday spend.

However they seem to have closed this to IOM residents over the last month or so :-(

Edited by mad_manx
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28 minutes ago, mad_manx said:

Try binance. If you can do a kyc with them then you can transfer funds to and fro in minutes from your bank account . GBP deposits are free at the moment but withdrawals have a £1.50 fee.

Binance does not charge a fee if you do limit buy or sell orders with a BUSD pair  ( BUSD is their own stablecoin pegged to USD) 

So you can do GBP > BUSD  and then  to whatever crypto you want to buy  and in reverse without any fee... ( only catch is that you have to be  a maker i.e set up a limit buy ir sell order) 

The spreads are very good as well.

If you hold their native token  BNB then you can get their prepaid card which gives crypto cashback of upto 8% on everyday spend.

However they seem to have closed this to IOM residents over the last month or so :-(

I dabbled with Binance previously. Didn’t like it. Probably not using it right.  eToro seems more user friendly, and I prefer their interface. 
 

 

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On 5/4/2021 at 11:37 AM, John Wright said:

 

 

Yes, but regular trading, buying and selling, would be a taxable activity for income tax

I did try to look this up a while back for selling stocks but I couldn't find any information related to the isle of man. I'm assuming cryptocurrencies would fall under the same rules (disregarding the dividend component which is taxed separately to capital gains anyway)

However Jersey do have some quite clear guidance on this, do you think it's likely that the IOM would rule similarly?

315232268_Screenshot2021-05-06at16_01_18.thumb.png.7ae874f341900358ee21c233a3aafee3.png

https://www.gov.je/TaxesMoney/IncomeTax/BusinessesSelfEmployed/Pages/AmITrading.aspx#anchor-3

If so, I don't think trmpton buying CUMROCKET and selling it a couple of hours later would count as taxable income, even if he was doing it multiple times a day successfully, and solely with the intent of turning a profit.

It does seem far closer to gambling than anything else.

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22 minutes ago, Aislinn said:

I did try to look this up a while back for selling stocks but I couldn't find any information related to the isle of man. I'm assuming cryptocurrencies would fall under the same rules (disregarding the dividend component which is taxed separately to capital gains anyway)

However Jersey do have some quite clear guidance on this, do you think it's likely that the IOM would rule similarly?

315232268_Screenshot2021-05-06at16_01_18.thumb.png.7ae874f341900358ee21c233a3aafee3.png

https://www.gov.je/TaxesMoney/IncomeTax/BusinessesSelfEmployed/Pages/AmITrading.aspx#anchor-3

If so, I don't think trmpton buying CUMROCKET and selling it a couple of hours later would count as taxable income, even if he was doing it multiple times a day successfully, and solely with the intent of turning a profit.

It does seem far closer to gambling than anything else.

It’s intention to make profit that counts, that’s evidenced, amongst other thing, by frequency of the action. You’re confusing trade with trader.

Gambling can be a trade for profit and be taxable, as can prostitution.

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Aren't all investments with the intent to make a profit?

7 minutes ago, John Wright said:

You’re confusing trade with trader.

Are you saying that the Jersey guidance isn't relevant here? When it says, "If you are just buying and selling for yourself with your own money it is unlikely that you are trading.", I'm pretty sure they're referring to the word trade in regards to whether the profit is liable for income tax or not (and not the financial "trader" meaning of the word)

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