Binance End Game Thread

[Mellberg]

This is like Wolf of Wall Street, but with autistic FM nerds instead of Margot Robbie

Okay, so the interactive bit. Considering the interest and the stronger starting position than I ever envisaged, we have two choices:

Option A = Binance: Crypto

- 125% leverage and possible quick rip in fortunes. High risk. High reward
- Subject to CGT
- Slippage on trades (this means that we may not get the price executed and any closing trades may end up smaller in size than stated at time of closure. Can be costly)
- Fast track everything goes right path to £1,000,000 as a collective = 1 month

Option B = IG: Indicies/Commodoties/Forex

- 30% leverage, but with options trading this would be boosted further. Probably close to 100%
- No CGT
- No slippage
- Fast track everything goes right path to 1,000,000 as a collective = 3 months

Need to be in to cast a vote. In a nutshell, faster and looser with Option A, but subject to CGT and slippage. Option B will be a slower process, without tax and slippage.

[Spikey M]

Option B for me. Mainly for the Tax reasons, but also because the chances of success are much better.

BUT...we're back to being the lame weirdo's again. Sorry Mahow.

[Boydy]

I haven't a clue. I'll let Mel cast my vote for me.

[Lewis]

An approach that landed our hero in prison.

[Yevrah]

Option B for me too, even better if it means I don't have to put whatever we make on a tax return.

[Jimmy Floyd]

B seems sensible given the high buy-in.

[7om]

Option B.

[Ben]

I'll go with B because I can't be fucked with tax returns.

[Baz]

Only half read the OP but count me in for maximum investment.

Edit: A

[Foe]

B will hopefully give us a better ride.

[Dark Soldier]

Are we investing jn $ElonCum then

[-james-]

TTH isn't supposed to do things to my serotonin like this. In for £100.

[Offshore Toon]

Option A so I've got a lambo for the summer.

[Spikey M]

Option B for me too, even better if it means I don't have to put whatever we make on a tax return.

I'm not sure on this. We won't be taxed on every trade with Options, so that's a massive bonus, but I've absolutely no idea what happens if Mellin sends us all big money. Presumably it's liable for tax somehow? I can't imagine the government leaving a loophole like that for us plebs.

[niko_cee]

Worrying about laundering the millions.



I'm ambivalent as to either A or B.

[Lofty]

A for alpha innit.

[Yevrah]

I'm not sure on this. We won't be taxed on every trade with Options, so that's a massive bonus, but I've absolutely no idea what happens if Mellin sends us all big money. Presumably it's liable for tax somehow? I can't imagine the government leaving a loophole like that for us plebs.

I'm pretty sure it's all taxable, whatever option we take.

[Baz]

I'm pretty sure it's all taxable, whatever option we take.

[Yevrah]

True dat Baz, but I'm not lying on a self assessment form.

[Sir Andy Mahowry]

Option B for me. Mainly for the Tax reasons, but also because the chances of success are much better.

BUT...we're back to being the lame weirdo's again. Sorry Mahow.

[Manc]

Option A for me.

[Mellberg]

For clarity, option B:

Is spread betting taxable? No, spread betting is not taxable in the UK. Spread bets are free from both Stamp Duty and Capital Gains Tax (CGT), which means you don't have to report any profits or losses to HMRC. Tax laws will vary in other jurisdictions outside of the UK and are subject to change.

[Yevrah]

Option B all the way then.

[Kikó]

Still, if I get a million in the bank from you, the taxman is probably want to know why.

[Kikó]

Also, happy to take the money in cash in a suitcase.

[Spikey M]

Still, if I get a million in the bank from you, the taxman is probably want to know why.

This is it. Nice problem to have, obviously, but I have absolutely no idea what actually happens in that instance.

It's an odd situation, because Mellin is making the money in a tax free way, but are we? We're kind of investing in Mellin. Is that tax free?

Can you make yourself into an ISA, Mellin?

Can't wait to get this all ironed out only for the market to crash the second the first trade goes in.

[Giggles]

For some reason I thought Yev started this thread.

[Ben]

Better to have the taxman chasing a percentage of shit loads of money rather than him not knowing who you are because you bottled it and made £0.

[Yevrah]

Let's all worry about the tax when we're enjoying a TTH meet in Monaco.

[Spikey M]

I'm going to live in Niko's shed for a bit.

[SincereTheRebel]

B - Max

[Josh]

I lurk 99% of the time, have no idea what any of this means but count me in for the £100 and the absolute ride that will hopefully come with it.

[Mellberg]

Option A is a bit murkier - https://www.gov.uk/hmrc-internal-man...manual/cg56004

The difference is A is futures. B is spread betting. B is winning the vote and tbf I'm siding with that myself. Trade analysis is better too, so will be able to better represent how we're doing in here. And fuck the tax man ennit.

[7om]

Why wait til Thursday? Let’s get going now and we can have a quarter mil in the bank for the weekend.

[Dark Soldier]

If Russia invades Ukraine this thread is gonna be hilarious.

[Shindig]

"And in lighter news, a bunch of blokes from an FM forum bankrupted Binance, resulting in billions of lost funds."

[SincereTheRebel]

If Russia invades Ukraine this thread is gonna be hilarious.

Will that mean we win?

[Giggles]

If Russia invades Ukraine this thread is gonna be hilarious.

If?

[Mellberg]

I think we win if that happens as the volatility will be mega. Just have to be the right side (or not on the wrong side), which we will be.

[Dark Soldier]

Will that mean we win?

You always win, sincere

[Sir Andy Mahowry]

[Dark Soldier]

I think we win if that happens as the volatility will be mega. Just have to be the right side (or not on the wrong side), which we will be.

If it happens BTC is going to 20k or sub, just gotta get in there sharpish for an easy win.

[7om]

We better win, I’ve already put in a bid for Birmingham City.

[Spikey M]

We better win, I’ve already put in a bid for Birmingham City.

You already have £20 though.

[Magic]

I'm in too for £100.

[Offshore Toon]

How much is CGT? 20%?

Crypto gains will come harder and faster. We'll be paying 20% on 10,000% more profit. You lot really make some awful decisions.

[Dark Soldier]

How much is CGT? 20%?

Crypto gains will come harder and faster. We'll be paying 20% on 10,000% more profit. You lot really make some awful decisions.

If swing trading assets you are taxed on each one, not just profit as a whole it's why you need to keep a log of every single transaction on the crypto exchange.

Every 'sell' can be taxed. Also taxed if you just exchange, so BTC to ETH etc.

[Dark Soldier]

Its why I'm a proponent of slightly longer term hold.
.
https://www.gov.uk/guidance/check-if...l-cryptoassets

[Spikey M]

How much is CGT? 20%?

Crypto gains will come harder and faster. We'll be paying 20% on 10,000% more profit. You lot really make some awful decisions.

20% of every trade through.

And the losses also come harder and faster.

[Baz]

I lurk 99% of the time, have no idea what any of this means but count me in for the £100 and the absolute ride that will hopefully come with it.

Yeah fuck you @Greg.