What do anonymous whales plan to do with their btc and they didn't pay taxes?

[Anonohmon]

I'm guessing, move out of the nation? But to what other nation?

Like looking on the blockchain and seeing so many btc millionaires hardly doing much with their btc. Like, they got it long long ago but haven't sold but might owe taxes (trades, buying, etc. ) wonder how many people in general dont pay taxes? I heard it's a lot in the US for crypto holders.

[Bitcoin.PN]

Well, if I was a whale and had millions in crypto, I would just trade peer 2 peer.

No need for pesky taxes.

Plus, you can always buy stuff with crypto or trade for cash etc.

[mk4]

While not paying capital gains taxes are most likely a major reason, I think a lot of people are totally underestimating how passionate and long-term bullish a lot of whales are with Bitcoin.

While I'm personally not a whale(I wish I was ofc), I'm definitely passionate about Bitcoin. My personal take is (and I assume most of the "whales" have the same idea): hold BTC and don't spend it as much as possible today, and just wait for the time when I don't even need to convert my BTC to fiat to be able to spend it. Pretty much when BTC is already an actual actively used currency in the economy.

This classic meme pretty much sums it up:

[Jawhead999]

Perhaps Dubai which doesn't have any income taxes.

But seriously, your purpose to move to another nation only to hide from taxes? You'll faced a lot problem e.g. culture shock, lifestyle, things to do etc. Tax evasion is illegal and you shouldn't do that, move to another nation isn't really solve the problem because it's depends on how good your privacy is. It will be suspicious when you have a lot money credited on your bank after you move to Dubai, you might got asked where's the money come from.

[aoluain]

I'm guessing, move out of the nation? But to what other nation?

Portugal or Germany for example have zero tax on crypto but you have to be resident
for 12 months (something like that)

Like looking on the blockchain and seeing so many btc millionaires hardly doing much with their btc. Like, they got it long long ago but haven't sold but might owe taxes (trades, buying, etc. ) wonder how many people in general dont pay taxes? I heard it's a lot in the US for crypto holders.

Just as mk4 above posted, Crypto whales epitomise the terms "long term" and "HODL"

Think about it, if they didnt sell in 2007/2008 2017/2018 when the then ATH was $20,000 and
didnt sell this time around at the ATH of $68,000, they are long term HODLers.

Maybe they are waiting for the magic number of $100,000, maybe they are waiting until
they are 50 years of age, who knows?


EDIT - thanks @rhomelmabini below - that was some typo.

[rhomelmabini]

We never know and it has lot of different reasons we can draw in it. It could either be they're too bullish just like what mk4 just said, we may never know if those bitcoins that hasn't yet move are already lost, they have price ranges to sell for, it could have significant reasons.

Think about it, if they didnt sell in 2007/2008 when the then ATH was $20,000 and
didnt sell this time around at the ATH of $68,000, they are long term HODLers.

You got it wrong right there, should be 2017/2018 to be exact, others will be confused if they read it, especially the newbies.

[pooya87]

Like looking on the blockchain and seeing so many btc millionaires hardly doing much with their btc.

You can't see people on the blockchain, you only see outputs and addresses so you have no idea if an actual wale is spending their bitcoin and paying their taxes or not. They may very well have a cold storage containing a large number of bitcoins and a hot wallet containing smaller amount that they spend from and pay the tax on that.

[DapanasFruit]

I am sure that these so-called whales whoever they are decided not to sell their BTC for many reasons just as there are so many choices for shampoo or conditioner for the hair. One big reason is they are seeing that maybe BTC can one day be worth a million each...so that is really worth waiting. Of course, if one has lost his private keys to the wallet then there is nothing he can do but to just let it be there...not moving anytime. In fact these  and more can be the reasons behind why we have the term HODLING as this symbolizes the decision by a big portion of Bitcoin coin owners not to move their holdings to be sold in the market. In addition, to assume that there are so many tax evaders in USA is something that can be true or just that...assumption all because I am under the notion that in that country it would be so hard to evade tax which I am really be wrong.

[franky1]

im not talking tax evasion(illegal) but tax avoidance(legal) is very easy if you know how. if you got enough profit/income whereby the tax payment is going to be alot, worthy of the effort to do some research into how to cut the amount then do it.

most average joe think the effort in finding the 'avoidance' loopholes is not worth it because their income is low and so their tax is low and getting the loophole wrong can come at a penalty far bigger than the tax cut potential.

but for all the whales. they know how to avoid tax.

[Leviathan.007]

Whenever we start talking about the whales we should also consider they do not necessarily trade every day or every week, the whales usually do long term or at least mid-term investing so they won't transfer their money a lot which can help them to stay anonymous a whale usually uses multiple wallets so there is no need to track sone single big transactions, instead they will do multiple and normal transactions, in the other hand they usually trade p2p and this will help them to stay away from the taxes.

[Findingnemo]

I'm guessing, move out of the nation? But to what other nation?

Like looking on the blockchain and seeing so many btc millionaires hardly doing much with their btc. Like, they got it long long ago but haven't sold but might owe taxes (trades, buying, etc. ) wonder how many people in general dont pay taxes? I heard it's a lot in the US for crypto holders.

Each country treats bitcoin as different when it comes to taxation but mostly they are treated as digital assets so you have to pay capital gains tax for whatever profit you will be making. But you don't have to pay taxes unless you convert them into fiat that is why most people keep it as bitcoin and they don't have to convert them for their living because we are talking about billionaires.

[Anonohmon]

Whenever we start talking about the whales we should also consider they do not necessarily trade every day or every week, the whales usually do long term or at least mid-term investing so they won't transfer their money a lot which can help them to stay anonymous a whale usually uses multiple wallets so there is no need to track sone single big transactions, instead they will do multiple and normal transactions, in the other hand they usually trade p2p and this will help them to stay away from the taxes.

I wish it were easier to find people willing to meet irl to buy/sell btc. I hear too many horror stories of p2p done online gone wrong. Someone wants to buy btc and sends seller cash, seller says "I didn't get anything from you" buyer swears they sent cash. Maybe it got lost in the mail, but if they sent it, I guess they lost how much ever they sent which could have been a heck of a lot. Usually it's the buyers end that gets the short stick because it's easy to see if someone sent you btc, but cash in the mail? It could be a case of it being no ones fault except for the mail service. WHo knows.

IRL has dangers too but at least you can do more about something if someone tries to cheat you and there is no middle man to go through. I wish there were btc conferences or groups or whatever in my geographical area.... I'd trust buying btc from someone at a btc hangout group or convention or something.