Buying bitcoins

Dades

You still have to pay income tax on any money your take from a company as fees or salary. Plus you have to deal with submitting audited accounts etc which are PITA.

Expenses against your income are allowed for sole traders too, and you can do your own returns.

smacl

Dades wrote: »

You still have to pay income tax on any money your take from a company as fees or salary. Plus you have to deal with submitting audited accounts etc which are PITA.

Expenses against your income are allowed for sole traders too, and you can do your own returns.

AFAIK, you only need to submit audited accounts when you're turning over > €250k per annum. Sole trader is ok but quite a bit less flexible in that your income is your turnover less costs, whereas with a company you can leave capital in the company and net off one years profits against the previous years losses. Chances are that if you were to set up a mining operation your up front costs would be big and you'd want to spread them over a few years trading. You also have the possibility of selling to company on as a going concern at some point in the future.

Dades

Yeah, I guess I meant you need to file returns and director forms etc. for a company, no matter what the turnover.

JohnnyFlash

Has India banned bitcoin and crypto?

smacl

Dades wrote: »

Yeah, I guess I meant you need to file returns and director forms etc. for a company, no matter what the turnover.

I worked as a sole trader myself for some years before setting up my first company, and while its handy enough starting out, a limited company makes more sense long term as it is a distinct legal entity. This means that if things go tits up, which will happen to most self employed people at least once in a career, you have some degree of protection. If you mess up as a sole trader, or if you're subcontracting to someone else and they mess up, or if the person you're subcontracting to is subcontracting to someone else who really messes up, you can end up royally forked and in a bad place. For anyone who is getting all of their income independently of the PAYE system, IMHO limited company is the only way to go. Yes you've got to file returns and most probably have an accountant, but it is well worth it.

Stoko

JohnnyFlash wrote: »

Has India banned bitcoin and crypto?

yeah they did ban icos etc

cnocbui

Stoko wrote: »

yeah they did ban icos etc

They have banned regulated financial institutions from offering services or having a relationship with companies dealing in cryptos.

Definitely puts a dent in things but just makes cash king, once again. I'm sure some companies will find a way around it by using non regulated entities like shelf companies to act as a legitimate intermediaries.

smacl

cnocbui wrote: »

They have banned regulated financial institutions from offering services or having a relationship with companies dealing in cryptos.

Definitely puts a dent in things but just makes cash king, once again. I'm sure some companies will find a way around it by using non regulated entities like shelf companies to act as a legitimate intermediaries.

Also most reasonable sized companies will have multiple bank accounts and can easily set up off-shore accounts for these purposes. The ban really affects individuals and small companies who want to exchange crypto with FIAT. Nothing to stop individuals holding or exchanging crypto, nor is it illegal.

Stoko

Well most ICOs are scam, quick pyramid schemes. Big promises.. not that bitcoin isn't just a big promise at the moment but at least it managed to stand all the attacks.
People want to invest into an apple and in return to receive an apple tree garden:) easy money is what drives everyone.

Tinder Surprise

Stoko wrote: »

People want to invest into an apple and in return to receive an apple tree garden:) easy money is what drives everyone.

is that not an orchard?


*sorry, yes I am pedantic

cnocbui

Stoko wrote: »

Well most ICOs are scam, quick pyramid schemes. Big promises.. not that bitcoin isn't just a big promise at the moment but at least it managed to stand all the attacks.
People want to invest into an apple and in return to receive an apple tree garden:) easy money is what drives everyone.

Nothing ventured, nothing gained.

Kenny Logins

10% bump just now.

Kenny Logins

Kenny Logins wrote: »

10% bump just now.

Ah, the good ol pump and dump

Back to 7k by midnight

:rolleyes:

asteroids over berlin

The market will bounce soon, whther this is the start is anyones guess bar the whales!

Tinder Surprise

There's seems to be a new (totally unsustainable) game in town...

https://twitter.com/BitmexRekt/status/985474081825882112?s=19

Fakent.ie

Tinder Surprise wrote: »

There's seems to be a new (totally unsustainable) game in town...

https://twitter.com/BitmexRekt/status/985474081825882112?s=19

Whats new bitmex or leverage ?

Tinder Surprise

Fakent.ie wrote: »

Whats new bitmex or leverage ?

I hear ya, but the last two BTC pumps this week have all been down to bitmex

I like to see more organic type growth than this type of volume/activity.

Fakent.ie

Tinder Surprise wrote: »

I hear ya, but the last two BTC pumps this week have all been down to bitmex

I like to see more organic type growth than this type of volume/activity.

What u dont like the bart simpson pattern?

Tango One

Fancy mining bitcoin at $531 head to Venezuela.

https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06

makeorbrake

Tango One wrote: »

Fancy mining bitcoin at $531 head to Venezuela.

https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06

Would be a very nervous miner - if you even got set up. Not even safe for their own, let along gringos...and then to take it to another level (gringo with 1000's of $$$ worth of mining gear), good luck with that!

Tango One

makeorbrake wrote: »

Would be a very nervous miner - if you even got set up. Not even safe for their own, let along gringos...and then to take it to another level (gringo with 1000's of $$$ worth of mining gear), good luck with that!

I wouldn't be heading there myself but interesting to see how much it varies from country to country. I wonder how close there numbers actually are to the real thing.

cnocbui

That really seems to highlight how stupid the Germans are to forego Nuclear power when they are at double the cost of France.

We sure get stiffed for it here. What's up with South Korea - do they hand-knit it or something?

h0neybadger

The numbers are not accurate.

I can assure these numbers are taken by using standard residential rates. However, a lot of countries have different rates for commercial, industrial and residential.

And again, they have tiered levels.

For example, Serbia. $3,133 seems tempting!
And yes, it is that cost. per KW, it averages approx €0.05c per KW over a 24 hour period. (Assuming day and night rates etc)
But what info isn’t provided, is as soon as you use x amount of KW in a month, you enter a higher tier.
Price increases to .07c per KW.
And again... and again. There are 6 tier’s.

I myself didn’t expect this.
I have a farm there. And we use approx 295kw/h.
We hit the first 2 tier tarrif’s in 8 hours!
And within 4 days, we were in the second highest tier.
And 10 days later, the highest tier.

Our bills spiralled out of control. So we moved back to Ireland, as we secured a very good rate, with a non tiered supply.

However, we have since returned to Serbia, and secured an agreement for the second tier with unlimited usage, plus a hefty monthly fee.

So yeah TLDR, price on that chart is correct. Until you actually start mining and realise prices are higher than you expect due to insane usage.

Doodee

h0neybadger wrote: »

The numbers are not accurate.

I can assure these numbers are taken by using standard residential rates. However, a lot of countries have different rates for commercial, industrial and residential.

And again, they have tiered levels.

For example, Serbia. $3,133 seems tempting!
And yes, it is that cost. per KW, it averages approx €0.05c per KW over a 24 hour period. (Assuming day and night rates etc)
But what info isn’t provided, is as soon as you use x amount of KW in a month, you enter a higher tier.
Price increases to .07c per KW.
And again... and again. There are 6 tier’s.

I myself didn’t expect this.
I have a farm there. And we use approx 295kw/h.
We hit the first 2 tier tarrif’s in 8 hours!
And within 4 days, we were in the second highest tier.
And 10 days later, the highest tier.

Our bills spiralled out of control. So we moved back to Ireland, as we secured a very good rate, with a non tiered supply.

However, we have since returned to Serbia, and secured an agreement for the second tier with unlimited usage, plus a hefty monthly fee.

So yeah TLDR, price on that chart is correct. Until you actually start mining and realise prices are higher than you expect due to insane usage.

Ukraine not an option?

Dohnjoe

RoboKlopp wrote: »

Ah, the good ol pump and dump

Back to 7k by midnight

:rolleyes:

I'll be honest I was surprised as well considering the lack of confidence, had this pinned as a short term trap. It's spiked, dramatically, held and continues to float for a few days now after the rise. Give it another few days and if this doesn't drop.. there's a chance we might be out of bear territory and into "cautiously optimistic phase"

Unless a new mania phase hits like December, early Jan - which I think the market as a whole has learnt from, then if we're to go up, I think it will be more gradual. Again, disclaimer, I haven't a clue bc this market is so unpredictable

h0neybadger

Doodee wrote: »

Ukraine not an option?

Spent wayyyyy too much money getting setup here and I know no one in Ukraine.

Tango One

Wonder did the take AC cost into account. Ireland is supposed to be the number location for data centre due to our climate.

h0neybadger

Tango One wrote: »

Wonder did the take AC cost into account. Ireland is supposed to be the number location for data centre due to our climate.

Looks like their costs for mining 1 BTC are targetted at home users with 1-2 ASIC’s over x amount of months to get 1 BTC.
It’s impossible for that to be industrial / commercial costs for a large mine running AC / rental, and higher tariffs for higher usage.
The KVA connection rental alone in Ireland is insane once you go over the standard 30+- supply for any warehouse / factory.

Thargor

$10k incoming.

el diablo

Hope everyone's onboard for another bull run.:)

Truckermal

el diablo wrote: »

Hope everyone's onboard for another bull run.:)

Oh yeah I bought cheap when everyone else was moaning that this was the end of crypto!

jobless

el diablo wrote: »

Hope everyone's onboard for another bull run.:)

if mount gox guy dumps some more then the bull run will be short lived

Dohnjoe

jobless wrote: »

if mount gox guy dumps some more then the bull run will be short lived

BTC volume in just 24 hours is close to USD 10 billion - don't think a gradual sell of the Gox amount will affect it much (no one dumps it all or in one go)

The run has stopped, we're down around 12% since this time yesterday. The rise was too sharp, so the market has adjusted. Seems healthy, normal. If this approx level doesn't enter a bad slide for the next few weeks then things could be looking good

Shauny2010

Anyone any predictions for June, I think its going to make the brake and move above $10k to trade $11-13k

cnocbui

Shauny2010 wrote: »

Anyone any predictions for June, I think its going to make the brake and move above $10k to trade $11-13k

I know I had a crystal ball around here somewhere, can you hang on a minute while I take a look under the sofa - or it might be in one of the kids bedrooms, which would mean I could be a while looking?

Shauny2010

cnocbui wrote: »

I know I had a crystal ball around here somewhere, can you hang on a minute while I take a look under the sofa - or it might be in one of the kids bedrooms, which would mean I could be a while looking?

Not crystal balls but using TA you can see that it has broken out after retesting the lows of sub $6k



This is going higher and will start trading above $10k

jacknorris

Hi Guys, I'm looking to buy Bitcoin and hoping to use an Irish company if possible. I came across bitireland.ie and I'm wondering if anyone on here has used them and if so what they thought of them? Thanks in advance.

OldHouse

I never heard of them, but the best way to buy bitcoin is to set up a kraken or coinbase account and then transfer money from your own bank account. Then you can exchange your euro for bitcoin or a handful of other coins within these exchanges. That's the first step.

donegal.

I'd recommend coinbase too.
Its very straightforward if this is your first time.

Edited to remove referral link. User banned from forum for a week. Read the charter before posting please.

el diablo

donegal. wrote: »

I'd recommend coinbase too.
Its very straightforward if this is your first time.

Of course you would. Your referral link is in there. :P

Kraken is a cheaper option. You can send funds by SEPA for free and put in a limit order for BTC rather than taking Coinbase's inflated markets price and paying their huge fees.

GarIT

el diablo wrote: »

Of course you would. Your referral link is in there. :P

Good spotting! That's a siteban if the rules are followed to the letter. Referral links are banned, trying to disguise it in a link is another level of scummy.

Kuva

GarIT wrote: »

Good spotting! That's a siteban if the rules are followed to the letter. Referral links are banned, trying to disguise it in a link is another level of scummy.

It's a rule I've always despised on here cuz of the way they brought it in and all their bullsh1t Schiller talk but yea, this was snakey/scummy.

GarIT

Kuva wrote: »

It's a rule I've always despised on here cuz of the way they brought it in and all their bullsh1t Schiller talk but yea, this was snakey/scummy.

I'm actually a bit confised because it is in the charter for this forum specifically but I remember from a few years back it was a siteban unless it was in a referral thread.


I think I missed the bull****

Kuva

Bitcoin power usage currently the same as Ireland.

https://arstechnica.com/tech-policy/2018/05/new-study-quantifies-bitcoins-ludicrous-energy-consumption/

el diablo

donegal. wrote: »

I'd recommend coinbase too.
Its very straightforward if this is your first time.

Edited to remove referral link. User banned from forum for a week. Read the charter before posting please.

It wasn't my intention to get anyone banned. Was just pointing it out.

LoLth

el diablo wrote: »

It wasn't my intention to get anyone banned. Was just pointing it out.

The post was reported by several users.

the charter is pretty clear on referral links.

JohnnyFlash

Kuva wrote: »

Bitcoin power usage currently the same as Ireland.

https://arstechnica.com/tech-policy/2018/05/new-study-quantifies-bitcoins-ludicrous-energy-consumption/

That’s his conservative estimate as well. Some disgusting power consumption for a speculative instrument with no real utility apart from hoping that someone will pay you more for it than what you paid for it. And Bitcoin’s is overwhelmingly distributed to a small percentage of people.

JohnnyFlash

This article is even more damning: https://grist.org/article/bitcoins-energy-use-got-studied-and-you-libertarian-nerds-look-even-worse-than-usual/


“A single bitcoin transaction is so energy intensive that it could power the average U.S. household for a month”.

“A fluctuating bitcoin price, along with increases in computer efficiency, has slowed the cryptocurrency’s energy footprint growth rate to “just” 20 percent per month so far in this year. If that keeps up, bitcoin would consume all the world’s electricity by January 2021”.

“By late next year, bitcoin could be consuming more electricity than all the world’s solar panels currently produce — about 1.8 percent of global electricity, according to a simple extrapolation of the study’s predictions. That would effectively erase decades of progress on renewable energy”.

That’s preposterous.

smacl

JohnnyFlash wrote: »

This article is even more damning: https://grist.org/article/bitcoins-energy-use-got-studied-and-you-libertarian-nerds-look-even-worse-than-usual/


“A single bitcoin transaction is so energy intensive that it could power the average U.S. household for a month”.

“A fluctuating bitcoin price, along with increases in computer efficiency, has slowed the cryptocurrency’s energy footprint growth rate to “just” 20 percent per month so far in this year. If that keeps up, bitcoin would consume all the world’s electricity by January 2021”.

“By late next year, bitcoin could be consuming more electricity than all the world’s solar panels currently produce — about 1.8 percent of global electricity, according to a simple extrapolation of the study’s predictions. That would effectively erase decades of progress on renewable energy”.

That’s preposterous.

Which why we'll no doubt see POS based blockchain (and maybe tangle), with coins such as NEO and DASH, replace POW in the medium or long term. In addition to the environmental issue, a low energy footprint makes more economic sense and will give them a stronger competitive edge.

Kuva

Now that the blockchain is editable (if they want) is it all not now a waste of time?