IRS may get approval to conduct tax probe on Coinbase

So, back to LBC and the shit exchange rate I guess..

https://news.bitcoin.com/the-irs-may-get-approved-to-conduct-coinbase-tax-probe/#


Comments


[24 Points] lostinOz_:

I'm posting another article which gives a little more information: http://fortune.com/2017/07/10/bitcoin-irs-coinbase/.

People should steer away from using Coinbase, but if anyone is concerned please note that due to the lawsuit, the IRS is only seeking information for accounts that engaged in transactions worth $20,000 or more. Originally they wanted everyone, but they have officially modified that request.

An IRS spokesperson declined to comment on the investigation’s new scope, which is limited—in the agency’s words—to users with “at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013-15 period.”

I also found this unsurprising but disturbing nonetheless. The government wants access to every piece of us, the constant overreach drives me nuts. At least they backed off with pushback:

Perhaps in response to this pressure, a lawyer for the IRS told a judge last week that the agency would no longer seek password and security settings for the accounts.


[6 Points] blahbloop69:

Probing the big transactions?

Coinbase still the most convenient if your ordering personal amount of stuff.


[5 Points] CloudDrop:

If they're continuing like that; they'll merge with the DEA and FBI next year.


[4 Points] DarknessIsVisitingMe:

I'm looking at it from the perspective of the days of Capone. They can't tie the vendors to transactions if their OPSEC is on point and know what they are doing. So, what's left? The money. With Coinbase all your personal info is on there, and if you are buying full coins at this stage of the game, you're either starting an investment portfolio or about to buy a bird of some yeyo.

They could never tie Capone to any of his most serious crimes, but they got his ass on tax fraud and it looks like the gov't is doing the same thing here.

This is just gonna keep up until the BTC bubble bursts and another currency becomes common place as payment.


[3 Points] elfer90:

i thought they already did this like last year?


[3 Points] dnmthrowawayobvious:

Even though it seems they are only looking at the whales on the site, I'll say it now and I'll say it again.

DONT USE COINBASE.


[3 Points] A530:

If I've said it once, I've said it a million times, if the exchanger/market maker is in the US (or has US customers), they will have to bend over and spread 'em for FinCEN to be allowed to operate.

FinCEN will absolutely wreck any company that tries to operate a crypto/virtual currency exchanger in the US without conforming to their stupid, backwards-ass, antiquated regulatory requirements.

Just ask Neteller how that worked out for them. This is also why Moneybookers was smart enough to never allow US customers.

Moral of the story is that US citizens are pretty much fucked and will have to deal with big brother snooping in their financial transactions.


[3 Points] anonymousduder:

Things like this will only be solved with cryptocurrency is actually accepted as a widely used currency.

The issue all lies in converting it into a widely used currency, like USD.

If we could have bitcoin debit cards, this would never really be an issue.


[1 Points] co1nstar:

For some reason Coinbase closed my account without any notice. I've transferred over $20k easily I wonder if that's why? Are they trying to get rid of their records?


[1 Points] TheKeyOfKet:

I find LBC gives me the best fees, if you buy at a good time and off a good seller ur golden. Fuck buying off a corporation like coinbase who will 100% willingly hand information over to LE if questioned and not even subpoenaed.


[1 Points] PhLUPhH34D:

Coinbase is perfectly fine.

What's stupid is sending to a market from your Coinbase wallet. You gotta move the money through a few wallets to ensure reasonable doubt can be established.