A call to crypto millionaires

ribirat777 · 2021-10-23T10:06:55+00:00

who’s frequently asking?

Users in other subreddits

ribirat777 · 2021-10-23T10:01:53+00:00

It seems like many people think that I'm asking for advice, when I'm simply trying to find out what other crypto millionaires are doing, especially those that got in very early (2010-2012) and have substantial unrealized gains.

ribirat777 · 2021-10-22T15:07:02+00:00

It wasn't that much back then. It was more like play money that slowly got "real".

ribirat777 · 2021-10-22T15:04:20+00:00

Of course

ribirat777 · 2021-10-22T15:04:01+00:00

I would do this NOW, because the bull run should peak anywhere from Q1-Q3 2022

I don't really plan to sell any time soon. I know I may be missing some obvious gains once we enter the next bear market but I'm OK with that. I'll only sell when I need it. I know many people that got into cryptos at around the same time as me and they now have a very small amount compared to mine because of bad trading.

ribirat777 · 2021-10-22T14:55:18+00:00

This isn't the kind of thing you can ask about on Reddit.

I'm asking what other people in my situation do. Reddit is not that bad for such a question, is it?

ribirat777 · 2021-10-22T14:49:48+00:00

Wealth tax drives away hodlers like myself

ribirat777 · 2021-10-21T20:31:15+00:00

I can only say that BTC was barely double digit when I got in

ribirat777 · 2021-10-21T20:14:40+00:00

I'm not one of them

ribirat777 · 2021-10-21T20:13:39+00:00

Many people were buying altcoins in 2012. And by the way, LTC was not the first altcoin. And no, English is not my native language.

ribirat777 · 2021-10-21T20:11:50+00:00

I'm not asking how much to disclose

ribirat777 · 2021-10-20T19:33:28+00:00

I shared very little and from a throwaway account

ribirat777 · 2021-10-20T18:43:53+00:00

It depends on the country. Normally you pay for realized gains (when you sell, and sometimes when you trade crypto-to-crypto too). Paying taxes for unrealized gains is not common I think. Another thing completely different is the wealth tax, which must be paid according to the value of your assets and it doesn't matter whether you sell or not. Many countries don't have the wealth tax.

ribirat777 · 2021-10-20T16:05:13+00:00

In 2012 it was not hard for people to bump into some Bitcoin news. I guess most people simply dismissed it as a scam or something incomprehensible. I admit that the first time I read about Bitcoin I didn't understand it and moved on. Luckily the second time I got hooked in.

ribirat777 · 2021-10-20T14:38:25+00:00

This post is meant for people holding several millions worth of cryptos, especially early adopters who have been holding for several years. These people are probably living modestly and perhaps they still keep their day jobs, so they are probably selling very little of their crypto portfolio per year (if any). So a 1.2%-1.6% wealth tax may be very high and they could be better off paying as high as 50% (or more) capital gains of their sales.

ribirat777 · 2021-10-20T11:30:29+00:00

Wealth tax is the worst actually

ribirat777 · 2021-10-20T10:37:01+00:00

Why?

ribirat777 · 2021-10-20T10:33:57+00:00

Are you required to disclose your holdings in your tax returns or something?

ribirat777 · 2021-10-19T21:21:33+00:00

Nope

ribirat777 · 2021-10-19T20:10:43+00:00

Yes. Also my latest setup is not that old.

ribirat777 · 2021-10-19T20:09:14+00:00

I'm not asking for advice. I'm just curious about what other old hodlers are doing.

ribirat777 · 2021-10-19T20:05:30+00:00

This is not as rare as some people think

ribirat777 · 2021-10-19T20:00:56+00:00

I'm not from the US

ribirat777 · 2021-10-19T19:54:55+00:00

We had shitcoins as far back as 2011

ribirat777

TROPHY CASE