Amazing you played 1.1m hands and made $20k but just ploughed on through kept discipline etc super impressive actually youre straight up crushing, nice one. Good to see hard work etc pay off
Nearly half of these hands were in a span of maybe 3/4 months 24 tabling full ring on UB trying to win the BBJ. I was grinding 50nl on there and it hit one day and I think you got around $300 a table for every table you were on. So naturally the bigger it got the more you got per table and during that span it got up to around $1.4m. So never having played fullring I just played it purely for the $500~ a table payoff if it hit. Managed to play for 28 hours straight in a grindpit at a friends house, took a break to watch Spurs v Arsenal and obv it hits during the 2nd half, at 50nl as well. Just devo'd so I tilt cashed out of UB. This was maybe a month before UB went down. Run good comes in many forms lol.
Had a pretty meh month on the poker front. Volume wasn't great, although I did have 2 weeks off, but I got a ton of off the table work done in a few games. Also hit a very nice personal milestone on HEM.
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I've been lucky enough to be able to retain pretty much every hand I've ever played of online poker (that can be imported to HEM). I still specifically remember the day that I hit $1k, $10k and $100k. As a purely cash game player it's really the only thing you get from all those hours so it's nice to be able to look back and visualise all that sweat and tears. The reason why I actually checked my lifetime graph was because a maybe not so famous (infamous) crusher retired this week and shared his. I think a lot of people knew on the down low he had made a ton but his winrate and just sheer dollar amount I think have surprised nearly all. He's one of those players who you'll do a database review on and not really be able to get much out of it. He must have the biggest notes file on the internet. King of exploit.
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Obv a massive inspiration, for both talent and sheer dedication. From personal experience I know how valuable having the top tables of a lobby are. To have them all, at every stake, on every site on the internet is ridic and it's not that surprising he made so much. God bless HU. I def know of one of player who has a better winrate over a similar sample size but not sure he has won close to $7m. This is his interview from yesterday. Def worth a watch, even if he is a little (lot) awkward.
Your accountant is missing one huge issue here. ... It is quite surprising an accountant misses the Money Laundering issues that can associate themselves with holding and realising cryptocurrency.
Unless I missed something I think he covered them perfectly, cliffs of the advice I got was this;
1) 100% CGT 2) CGT not applicable until its becomes cash, govt not classing BTC as currency 3) Anything you can buy with BTC before you liquidise is a very easy, totally legal tax efficiency. Not talking about buying tables or cars etc, mostly he was referring to me settling gambling credit balances 4) Do not just not declare as you run the risk of HMRC calculating on your behalf. 5) Once it becomes CASH, in the UK, then it needs to be declared.
Looking at your original post, you have said that there is no way of HMRC finding out how much you paid for the asset. I disagree, you will have transferred GBP into your wallet before you invested and if the realised amount is an inordinate amount of money you could well be flagged up for investigation. Especially if in relation to your other income the amount realised is a significant amount of money.
The Financial Conduct Authority (FCA) requires banks to have "adequate policies and procedures sufficient to counter the risk that they might be used to further financial crime". In addition, banks must "identify and monitor customer relationships". In effect, this is a requirement for banks to "know their customers" and be confident they are not using accounts to receive the proceeds of crime.
There is no specific limit on cash receipts imposed by the FCA. So the attitude of the banks will depend on their prior knowledge of you.
In the same way, if you are hiring an accountant and they are not observing these regulations, when they are doing a tax return for you then they are not following ML rules that they should be very familiar with.
I've never actually bought any bitcoin, never deposited on an exchange or had money from my bank go into an exchange. I've received them from poker sites as cashouts, held them to play in bitcoin fractional and redeposited back to be converted to USD and back to bitcoin or transferred them from person to person. I think this is what Dave was getting at in his original reply to me.
So say I deposit 1 BTC (at $5k a coin) on a site. Win 10 coins at various values throughout a few months, then cashout 11 coins at $8k, do I pay CGT on the 1 coin (3k increase)? Or just sack it off as there is no way of keeping track of what each coin won has increased/decreased in value?
Before you start running a virtual machine for hours you can buy a lot of the PIO solutions for fairly cheap. Or get someone with a good comp to run them for you for free
Hypothetically speaking if I cashout x amount of bitcoin from a poker site, the bitcoin increases by y amount in value so that capital gains tax would need to be enforced, but I also use that bitcoin to play poker on various other sites where I win/lose z amount, is there any way for the IRS to prove that I have to pay CGT on the bitcoins I have held? So for example I withdraw $100k worth of BTC to my exchange, I redeposit $70k of that, lose $20k but the $30k I have in the exchange increases in value by $10k does that qualify? Is there any way for the IRS to prove this? Are they in contact with the exchanges?
Gunna be heading over to Blackpool this weekend for the GUKPT. Haven't been there since I was a wee nip. Anyone else heading there? Recommendations on the best place to stay etc?
You can get a shithole for £40 a night or a huge shithole for £35 a night, it's blackpool, enjoy it it's fucking class
I booked one of the afore mentioned shit holes so after busting the tournament in unspectacular fashion, doing my bollocks in on DC cash, rocked up at 4am to find it completely shut with no night porter and no way of getting in so drove home and got in at 8am. Fucking fuming.
I got one for Christmas last year and have added a few of the dots to most rooms in the house. Use it purely to play music on and the occasional alarm. Feels like the kind of thing that everyone will have in their house in maybe 5 years time when they can do a lot more stuff but for now they are pretty limited. That being said I use mine every day and so def got my monies worth. Saw a google version advertised the other day so I’d prob check that out as well as I’d sway towards google for anything like this.
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