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Originally Posted by Regulus
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I had a quick look at this and I got a very biased feeling towards it. Everything is terrible so buy MY THING....He may be right and there has been a shake up in the stock markets and I'd trust wall street as far as I could throw them....The whole banking thing with sub-prime reselling where they were bailed out and just got a slap on the wrist was despicable and it doesn't take a genius to see that they'll do it again with different names.....However gold i've always felt was a pretty useless commodity on the whole and a highly manipulated substance (it's not *THAT* rare).
Crypto has a long road and to be honest as an investment strategy has issues....It's not really why it was created, though being a medium of exchange, I can see why it's happening. It's worth a flutter with spare money but anyone betting their house on it is stupid and really hasn't done their research. Sure there are great gains to be main, but equally great losses.
The Dot Com bubble that it's been likened to had quite a few winners amongst the losers and i'm sure crypto will be the same. From the ~1600 current coins there currently are will be maybe ~100 that will go on and do something interesting and no one really has an idea which and only time will tell....
This is why I've said from the start that beer money in a variety is a good plan, because you can write it off if nothing comes of it....However *IF* you are lucky (research has a part in luck here) and you hold the right ones through the storm then you may be able to change your fortunes!
As for tax....well if I make enough to put me in the winning category at some point then it won't be an issue and if not, it's less of an issue!
From the UK point of view, currently you only appear liable when you convert back to fiat, until that point it's all virtual.