Bitcoin Forum

Have you heard the news? IRS is asking Coinbase to provide transaction records of ALL of their users over 2 years. Just few days ago there was a SEC fintech panel, which I've been watching, since Emin Gun Sirer participated and I like his visions. Regulators are jumping on Bitcoin more and more and this affects entire 'cryptoworld' (i.e. +altcoins). I hope you, Polo whales, ICO scammers and I-wanna-make-$5-profit-no-mater-if-it-is-a-shitcoin-scumbags made enough money and I wish you bright future!

Thank you for your concerns.

It's a beautifull post. Do more.

Can you post a link to where you got your information from please? What does "provide transaction records of ALL of their users over 2 years" entail providing besides the transactions themselves? Does your source say the IRS wants names, addresses and bank account numbers in addition to the transactions?

I can post like 20 sources, but imo these are enough:

http://motherboard.vice.com/en_ca/read/irs-demands-identities-of-all-coinbase-traders-over-two-year-period
https://www.cryptocoinsnews.com/irs-targeting-bitcoin-transaction-records-coinbase-users/
https://goldsilverbitcoin.com/irs-seeks-transaction-records-of-all-coinbase-users/
https://cointelegraph.com/news/bitcoin-anonymity-over-united-states-government-seeks-identity-transaction-records-of-coinbase-users

Never stored anything in that trumpy hole, never bought a single BTC on there, never had any accounts on there. Never revealed any info to any centralized service, whether its dead or functioning. Use multiple accounts under reputable VPN service with 256 bit AES encryption or tor, disable flash applets, referrers, third party cookies and other crap and ull be good.

Its all over the reddit actually. Nothing new. Just another day in crypto.

why the hell would anyone be surprised by this? they're anxious to keep the corporate dick all the way up their ass so they can stay in business. of course they're gonna keep all the details and hand them over to whoever wants them. you'd have to truly dumb to be surprised by this.

I just read the cryptocoinsnews one, and it says the story originated at zerohedge, which is the same site that recently spread FUD that China was banning bitcoin. All the other news sites picked up on it, but it was FUD.

If the story is true zerohege has overstated and embellished it. The IRS only want details of USA customers, and are starting a court case to attempt getting permission. It might lose the court case, and court cases normally drag on for years so there will be no immediate effects.

https://www.cryptocoinsnews.com/irs-targeting-bitcoin-transaction-records-coinbase-users/

The cryptocoinsnews story gives this quote from a reddit post claiming to be by a coinbase employee called CB-Dave.


https://www.reddit.com/r/Bitcoin/comments/5dnyte/the_irs_is_seeking_the_identities_and_transaction/da6017c/

This coinbase page says it does have an employee with the reddit name CB-Dave.

https://support.coinbase.com/customer/en/portal/articles/1766604-is-coinbase-present-on-social-media-

However, I couldn't find any threads about the story on the coinbase forums, or an official announcement about it. Does coinbase normally make announcements through some obscure account on reddit which has only made 21 posts, 6 of which were made today by copying and pasting the quote above?

The IRS won't be getting any transaction history quickly, and might never get any if it loses its court case, if there really is a court case.

The evil truth be that a lion chunk of pseudonews spreading across the web like a plague has the origin on zerohedge. Its run by bovarian or romanian 40 yo dude if Im not mistaken who seems to have moved to the US but apparently failed to spare a bit of his lifetime savings and buy a 10 bux SSl certificate for that site. Indeed Trustworthy source doh

The next stage of the investigation assumes someone has to contact CB-Dave guy (if he exists of course) and ask what he has to say.

Finex doesnt have any limits if u do crypto in/out. Polo limits the daily to $2.5K in btc/crypto outflows for the tier 1 accounts. Bittrex had no limits when I was trading there. C-cex is a bear pit, but also had no limits.

To a large extent that is the whole point of FATCA so non US exchanges could be targeted next.
Personally I am neutral to positive over this since: 1) I pay my taxes, 2) I am not a US person, and 3) I stand to profit if FUD over this causes the price of Monero to increase.

Not true. AML/KNC is mandatory for withdrawals over certain limits. Those limits depend on the jurisdiction.

Have to always assume that any news url with the word coin in it is producing false news until confirmed from other sources. Can't trust sites like forbes either that just basically regurgitate coin news from these types of sites (doing actual research like a reporter requires effort).

That said IRS is likely looking for Taxes owed which has less to do with regulation and more with enforcing current tax rules.

Im a paranoid. I have always been. Right off the bat, its not my priority to deal via credit cards or wire transfers coz of a number of regulatory limitations imposed by banking policies on daily ATM and cashbox withdrawal limits here. I always deal in person. No coinmama coinbase or other shitcrap. According to LB, the daily buying capacity for my place is well over $90K meaning I can cash out $900,000 within 10 days. And theres an option to grab counterfeit cards for like $15 if a need arises to drain lesser amounts which is of a little use for me and is obviously workable with any exchange since all thats required on their part is holders name. As far as genuine fiat I prefer to keep it in Liechtensteinische Landesbank.

Yeah well, didn't the irs ask ebay for their high roller list, too?  I doubt it'll come to anything.  They're known as a nosy alphabet agency.

Zerohedge is the worst precious metal-doomsday bunker conspiracy site.  Well,  not the absolute worst but pretty bad.

honestly I think many probably assumed this...we already knew coinbase follows outgoing tx's
It could be surely more profitable if they take a deep look to the corporations  ::)

https://blog.coinbase.com/2016/11/18/protecting-customer-privacy/ (https://blog.coinbase.com/2016/11/18/protecting-customer-privacy/)

OP assumes people here are able to make an ethical judgement, when most are already self-identified Libertarians with sociopath tendencies like hostility towards anyone not a middle-class, middle-aged, white male.


Anyhoo - sure OP, and I don't think it is restricted to CoinBase.  We have 2 major alternatives, Monero and Dash, which are structurally and philosophically designed to enable pedophilia, ransomware and other criminal activities - CoinBase might be harassed by the IRS but we will see a higher response applied to those alternatives.

Bad news for the privacy of coinbase users ... I hope They are going to really protect their customers!

I am a little relieved that it is only the IRS and not the SEC. I speculate that they are looking for people who are trying to avoid paying taxes by using Coinbase. I would start to worry if it was SEC sticking their noses in the altcoin exchanges. This makes a point of the need for decentralized exchanges like Bitsquare. I hope the regulators become more strict and aggressive in taking the altcoin exchanges down because that will only enable decentralization.

Actually, ZeroHedge is a very sophisticated troll site...
Probably carefully crafted by at least 50 people on a Russian troll farm...
It's a brilliant mix of quality market info, comical conspiracy insanity and anti-American hysteria.

You do realize that Russia has entire networks (RT News) and massive trolls farms flooding the world with misinformation? Yes?

As for the OP...
All of these crypto exchanges are unregulated and their data is shoddy and worthless (see Cryptsy)...
But the IRS/NSA will methodically screen out high value targets and go after Bitcoin milllionaires and Devs...
And all the hard line "law and order" types being appointed by Trump is very bad news for crypto scammers and tax evaders...
(Though govt wheels grind slowly like 3-5 years before you are suddenly staring at jail time for money laundering).

But everyone relax, no one cares about you unless you have real money (7 figures).

The subpoena is overly broad and legally should be denied because of it.

https://www.rcfp.org/2nd-cir-privilege-compendium/4-subpoena-not-overbroad-or-unduly-burdensome


 8)

I think this is not new as before also coinbase have given the users details when ever law authorized have asked them and they have also clearly mentioned that they will ban the accounts who are using for gambling and illegal activity

Nope, its a european dude for sure, 40 yo or so, probably not russian. At least Im not aware of sources claiming their origin to be in russia.

Bloomberg article reads:


http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behind-zero-hedge-wall-street-s-renegade-blog

It appears he is 37 and from bulgaria. In the bogus draft about china's ban, they were referring to a banner popping up on a bloomberg terminal in one moment of time which was thereupon taken down for good reason. It was something like "China said to mull fund outflows via bitcoin on yuan drop". So the assumption be that zerohedge were probably possessing some kind of knowledge about that message / banner whatever it was since they were first to pioneer the media outlets with the original bogus article. Its hard to guess.


Actually Peter Thiel administers to Trump's needs. Currently under official appointment. So its not all that bad.

haha, i though they (coinbase etc) were already providing the FEDs and other three word agencies with all kinds of information and track records so this doesn't sound like a new thing to me, may it has just surfaced though :D
it is their (coinbase etc users) own fault for using a centralized wallet like this instead of a bitcoin wallet like a normal bitcoin user should!

good for me to be living in a country that no one still knows much or care much about bitcoin. not yet anyways ;)

The news came from zerohedge, but there's a reason for that. Use your Google Fu and find out why. Bottom line is that regulations are coming and I mostly blame scams. Why? Because the 'cryptoworld' is still not entirely developed (you see what happens with the new tech etc.). The banks and some of the big companies are exploring blockchain technology, but they are still relatively far from implementing it, because of one simple reason - it has flaws. That's also why I don't like (the way they got funded, the market speculations etc.) 'coins' like Ethereum or Zcash. Banks are often using an old code, which was proven and its working. Simplicity is what should help cryptocurrencies to be adopted, not 'nerds' saying: "This is awesome!".


That can't be true. I didn't researched zerohedge, but if he was a Bulgarian I should have known this.

Your horning in on my game bruh  >:(

I'm the one who been dishin' up them warnings !!!

I seen this info posted on the Cryptsy topic just now an dam reading.
Cryptsy's BigVern may have some tax charges soon LOL

Sooner or later people are going to start seeing why "anonymity" (better: fungibility) is important in a crypto currency.
At the moment, one is only investigating "bank" accounts on exchanges of which it shouldn't be a surprise that this behaves like a normal bank account, with all the auditing possibilities.  Soon, one will be doing some chain analysis.

I like this automatic association of people wanting to enjoy liberty from dictatorship and theft automatically be associated with racist, criminal and machists behavior.  No wonder, given this politically correct attitude of statist thieves and dominators, that a guy like Trump won the elections.