Crypto meetup Zug 28/03. beware of the taxman
I guess this will become a weekly post. So here is a small recap of what was going on in Crypto traders meetup in Zug yesterday.
First of all I would like to thank all for coming and participating with your views and opinions. I would like to think that we are all learning from each other.
There are 2 things you cannot avoid: death and taxes
so yesterday we did not go to deep into the topic of death but we did look a bit closer at taxes. There were loads of opinions and views around the table but the concensus was that it was hard to get around paying them.
The rules of thumb in Switzerland are
- You can get away with "forgetting" once if the amount isn't that big
- under 100k CHF you do not have to pay but should declare to be safe
- if you hold and do not trade then taxes will be lower
- traders get taxed a lot more (30% I believe)
- just give the tax man an excel sheet with what you bought and its value and then they will check at the end of the year how much you owe them
- like any other country crypto is a real grey zone so better safe then sorry
Whats with ICO's these days?
Here I would say there was also a general consensus. No one was very eager to jump into any new projects. This can also be seen on the general market. It is harder now for ICO's that are not really projects that have a lot going for them to raise funds. The people are getting wiser and are no longer willing to throw money at any random project with a 2 page white paper.
So the "dumb money" has been spent (and lost) and the smart money is waiting for regulation.
There were also no projects at the moment that really drew the attention of the room.
Trading this week
Here we turned again to the experts and we did chart out some actions that some members took this week.
Someone really made a good move in buying ONT and selling it at the top of 0,00035 BTC and this was done using own research but putting into use the lessons learnt in the last weeks, so congratz to that good move
Then we turned back to the big guy... BTC.
on a question round we were all agreeing that we had not hit the low low yet. But to my personal surprise the expectation from the "pro traders" was that it would go up a bit first and then do a proper crash down.
so basically Drop Bounce Crash
After, most of us also went for a nice drink and some good conversation to the Pickwick bar in Zug
As usual we would like to invite anyone that wants to come to our meetup to join the group taking place every Wednesday. It does not matter if you are complete novice or amateur or pro. We are there to help each other get further in this amazing world of Crypto
https://www.meetup.com/CryptoTradersZug/
Lets see what you think?
- are you looking at any ICO's (and why?)
- where will BTC go in your opinion?
as usual, if you want to make a little bit of extra SBD and Steem just sell your spare voting power on smartsteem by clicking the banner above
Hey @felander! Thanks for this write-up, it's a very nice summary of what we discussed. It was a pleasure to join for the first time and meet all the different people in the group. In the area of cryptocurrency, I spent most of my time with technical aspects. Although I plan to keep this focus, it was nice to get other perspectives. Especially from the trader side. I see great potential for Bitcoin in the long term and don't ever really worry about the news. As long as I consider the technical aspects to be strong, I'm fine. And from a technological point of view, Bitcoin seems stronger than ever. Up until now, my trading strategy was roughly aligned with one famous quote of Warren Buffett:
So I mostly just traded the biggest swings. When it dropped a lot, I took the chance to buy some BTC. When the hype kicked in, I sold some. In between: A lot of missed opportunities. Yesterday I learned, that a more versatile approach that considers the market and isn't just bullish because of the technology, might be worthwhile. I still need to figure out, where I take the time for learning and doing so. 😅
Thanks for this valuable insight into trading, I'm looking forward to the next meetup!
Cheers - @sblue
Am still an amature in the crypto world but learning steadily on this steemit platform from experts like you.
With the little knowledge i have so far attained. These are my opinions to your two questions posed in your post;
am just planning to begin trading in other cryptos though apparently am very much of observing steem and BTC closely to see that i acquire more of them at their lowest so that i attain some great profits in their future bullish scenarios.
In my opinion, BTC will make its highest of 20k this year.
Its such a great work you are doing of organising such meet-ups through which you are sensitising many on the crypto world.
Big ups to you @felander.
that is the goal, opening up this amazing world of crypto to all and not just to the 1%
and thanks for your views here ... setting a goal of 20 k by the end of the year sounds reasonable to me as well
Great update Felander, indeed an important subjet to tackle.
Great picture of the slide by the way ;)
I am really enjoying it so that makes it easier
well, the slide might get a bit longer, lol
it's really valuable information for us . thanks a lot for sharing your idea . i'm waiting for you next post .