Cryptos are BULLSHIT... based upon nothing more than hope, greed, and stupidity

I posted this almost 1 year ago:
https://elitetrader.com/et/threads/bitcoin-price-thread.315402/page-82#post-4567867

https://nordic.businessinsider.com/...is-bitcoins-because-its-as-good-as-useless--/

The Swedish co-founder of Bitcoin.com has sold all his bitcoins (on dec 18, 2017)

2018-11-21 13_42_11-Window.jpg
 
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yg10 said:
Hmm. According to this article people are selling in order to pay 39% tax rate instead of 23.8%.
Fantastic logic! :)
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To protect your own ego any explanation is good enough.

When a person holds on to Bitcoin for more than a year before selling, it will only be liable for what the IRS refers to as long-term capital gains. The rate for this kind of tax is significantly lower from about 15 to 23.8%. So your logic is not logical.
They should just hold for over 1 year. It would be cheaper to pay a lower rate then to pay more taxes now. The problem is however that, at the actual rate of crashing, they will lose more money, as the IRS wants $$$ not BTC.
"Bitcoin millionaires" knew already since 2014 that they would be taxed, so why wait till end of 2018 to prepare selling coins for tax reasons. In hindsight it was a horribly wrong decision.

Probably the crash is caused by people who cannot longer suffer their huge losses and decide to sell what is left. There are far more people who lost money then people who made money.
 
schweiz said:
To protect your own ego any explanation is good enough.

When a person holds on to Bitcoin for more than a year before selling, it will only be liable for what the IRS refers to as long-term capital gains. The rate for this kind of tax is significantly lower from about 15 to 23.8%. So your logic is not logical.
They should just hold for over 1 year. It would be cheaper to pay a lower rate then to pay more taxes now. The problem is however that, at the actual rate of crashing, they will lose more money, as the IRS wants $$$ not BTC.
"Bitcoin millionaires" knew already since 2014 that they would be taxed, so why wait till end of 2018 to prepare selling coins for tax reasons. In hindsight it was a horribly wrong decision.

Probably the crash is caused by people who cannot longer suffer their huge losses and decide to sell what is left. There are far more people who lost money then people who made money.
More...
The logic of article quoted is not logical. Also I do not think that there were short term capital gains in 2018.

Your say that I am protecting my own ego. Not sure how you came to such conclusion (that's about logic).
I started buying BTC late, summer 2016 at ~$350, stopped buying at $1500, liquidated 80% between $18,000 and $13,000 and still keep >100% profit for the rest at current price.
 
yg10 said:
The logic of article quoted is not logical. Also I do not think that there were short term capital gains in 2018.
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You cearly did not read the linked article well. Selling coins to pay taxes concerns 2017, not 2018. At least that is what the article suggests.

yg10 said:
I started buying BTC late, summer 2016 at ~$350, stopped buying at $1500, liquidated 80% between $18,000 and $13,000 and still keep >100% profit for the rest at current price.
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Yeah, like all bitcoin "traders".
Between 2012 and 2018 you never posted anything about crypto's.
Nobody lost money, everybody is a winner. And they all started posting their profits long after they did. Hindsight always shows perfect timing and maximal profits. I can post every day after the closing how much money I made that day.
 
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