According to the Bank Of England’s Inflation Calculator, UK inflation from Jan 2023 to October 2023 was 4.4%
Ignoring any further inflation until next January, and assuming you’re fortunate enough to be a higher rate taxpayer, if you want to just keep up with inflation, you’ll need a 7.5% payrise (to compensate for that which you lose to tax and NI).
You need more than that to actually get ahead.
Just smash-bought a much bigger than usual stack of sats because, well, I’m feeling a sense of urgency. You might say I have a high time preference for a low time preference.
What do we want?
A low time preference!
When do we want it?
Now!
Would’ve been nicer if he’d been even more honest and said: “because registering a security is way too much hassle, plus this way I don’t need to wait to be bought out by Google, I can just dump my bags when the time is right.”
On that note, any particular reason the fees 10x-ed a couple of days ago? It was happily chugging along in single-figures per vByte and then shot up to mid-double figures and hasn’t come down since.
Actually, I still had some Eth and other shitcoins until I saw you* in Edinburgh last year, so I’d say you should just keep being you and if he’s really that good a friend, then I don’t know why he’s not listening.
(*and Jim, and Larry, and Greg, and Jeff, and Samson, etc)
Now’s as good a time as any for any UTXO management you might want to do. However, I don’t buy into the line of thinking that says that in the future any UTXO < 1M sats will be dust — that seems patently ridiculous to me because when 1 BTC = $10M, then 1M sats will be $100K. Fees might rise, but in dollars, not sats. No, I’m driven by the thought that if transacting at today’s value scares the bejeezus out of me, then wondering if my change is going to the right address will damn near kill me in 10 years. I’d rather, in future, have to send several UTXOs to, say, buy a house than have enough change to buy a house when buying a coffee.
Think of it like going to the bank and taking out $1K — you might want 8 Benjamins, 2 Grants, 4 Jacksons and a couple of Hamiltons — you don’t want to break $100 to buy a coffee, but it’s fine to throw down a few $100s for a TV.
Having said that, I do now find myself with some actual dust — a few hundred sats in Badbank. Can’t mix it with anything else to move it, and not likely enough to cover the fees on its own. On day it’ll be a few hundred dollars-worth, though.
According to a currency converter, the ratio of AED to USD, and the ratio of BTC to USD, the price of Bitcoin in AED should be 97632, but on Kraken, it’s 72227. That means I could sell all of my Bitcoin for GBP, convert to AED for near zero loss with my bank, then buy back 35% more Bitcoin with AED. Seems too good to be true. Why isn’t everyone doing that? What are the gotchas?
I suppose it’s possible I could incur tax. Any UK accounts out there? I believe that to sell something and by it back within 30 days or so is fine, but what if I go through an intermediate step?
And the chart looks weird, which I guess might mean that liquidity is an issue. OK, so maybe it’s not a get Bitcoin-rich quick scheme. Shame. Could have sold X Bitcoin, bought back 1.35X, sold it, bought back 1.8225X, sold it, bought back 2.46X etc.
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Just smash-bought a much bigger than usual stack of sats because, well, I’m feeling a sense of urgency. You might say I have a high time preference for a low time preference. What do we want? A low time preference! When do we want it? Now!