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RE: [Video Blog #77] - Bottoms, Flash Crashes & 14 Days to Go (Cryptocurencies & Cryptoassets)

in #video8 years ago

Thanks for taking the time to write such a detailed response. I agree in part although not with all of what you say, but to me that is what steemit etc is all about, sharing of ideas and concepts and identifying the good and bad in each other's arguements, not just the constant congratulatory messages I often see elsewhere.

Iam pretty sure UK capital gains tax is only paid when you realise the gain, i.e. Sell the item in question. This is usually done for fiat so would be complicated if you sold one crypto for another. I do not intend to sell enough to make this an issue until crypto is work considerably more and so, although this may be an issue, I have a few ideas around this.

Income tax is more complex I think. I think this would cover mining, blogging etc. Anything where you have nothing, give your labour or resources and are paid! If you mined bitcoin or was paid in bitcoin for a job and instantly transferred to fiat, you could be taxed on that, but bitcoin is volatile (we have seen 10% daily swings recently) so is this viable? Especially as you are unlikely to transfer to fiat like that!

Tax is not normally of any interest but I think it's going to have to be in the future, unless many people who previously would not have bothered, want to remain on the right side of the law!

Looking forward to future debates!