Exit plan doubts
The dominance of bitcoin is plummeting, steadily even though the Total Market cap is on the verge of reaching a new ATH. We are clearly in what would be called ALTCOIN SEASON
Honestly, I think this is happening very prematurely. I wasn't expecting an altcoin season until well into June and it seems like it's been at least a month early.
The chances therefore of seeing BITCOIN close to 100K seem to decrease although, what the hell !, 60000 is quite a feat!
It is very likely however that we will see Major Altcoins like ETHEREUM bordering on 10K per token, which is also incredible madness.
Is it time to plan a good outing maybe?
I don't know, but we have to be vigilant and remember the preceding story.
BTC flows to the MAJOR ALTCOINS, then to the Medium Cap Alts and later to all the others. The cycle will continue after collecting in Stable Coin, most likely on TETHER and when the market has completely deflated it will be time to return to BITCOIN, if you have not extracted the profits in FIAT money.
For my part, the cycle slows down in TETHER maybe ... I don't want to discover all my profits to the state and the way to make it more evident is to withdraw the profits in FIAT ... However, at some point we will have to pay taxes , and it's not that I don't want to, I think that taxes are necessary in some way to pay for the welfare state that we all enjoy... the problem is that the tax declaration becomes highly complex for people like me who trade crypto on a daily basis and that we can do thousands of operations in a year.
On the other hand, it is not very clear how to declare the profits produced by projects like HIVE neither...
how do we declare profits from something that, by the mere fact of having it, generates dividends when staking?
How do we explain to the tax office that by the simple act of upvoting we are already generating a profit?
Doubts and more doubts, nothing clear at the moment...
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In the past I did learn that there is also another FOMO. The fear of selling. We must remind ourselves that it is only a profit when the money in back into fiat. Otherwise it is only a virtual profit in my eyes. But each time I do want to sell, something in the back of my mind tells me that it is too soon and that it can go higher. So the fear of missing out some more profit. This goes until the point that I did miss the peak and in crypto the missing out of the peak often results in a major decrease in the coin you were planning to sell :(
So yes an exit plan is a great idea, but only if you do follow and don't step into the feam of selling.
Cheers,
Peter
I believe that taxation should be voluntary, and each of us should have the freedom to choose how much and for what purpose our taxes should be used for. This will make the state part of our lives, and not a silent enemy that knows better what is good for us. But I have no power to change the current way imposed to us to the tyranny of the state, and therefore I choose not to exchange any crypto to fiat. If the state want my money, then they should accept BTC and altcoins.
That's what I think also.
The tax man doesn't want to understand how curation on Hive earns you money, he just wants you to pay tax! 😂😂
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That's true, the question is how much we have to pay and based on what
This things varies from region and to be honest in SA one has to pay tax as well which I don't know the process. I guess when the time comes for spending I will find out but until then I will keep stacking and learn from others how they pay tax 😃
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We're gonna have a hot month in crypto. I'm not going to pay any taxes though. If they can print money out of thin air what's the point of taxes.
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Isn't there an agency that should shoulder the responsibility of calculating tax obligations?
Nop
A ver que pasa en la zona esta ahora la dominancia...