Bitcoin Forum

https://www.neowin.net/news/coinbase-required-to-turn-over-user-data-to-irs

Warned ya.. a million times.

Enjoy your decentralized currency crap Investards  :D

I dont think anybody who uses coinbase is trying to hide anything.

Some coins are still anonymous though meaning governments will never be able to track the owners users of them, especially if they run on the tor network which is becoming more common these days. Just basically don't use coinbase if you live in the US and you will be fine. All this will cause is everyone to move underground. No threat really to the crypto community. The crypto life goes on...

Firstly, I think it is wrong for a service to just turn over customer details over to someone else, but I guess this is the danger of centralized parties. They can make you sign anything and do anything with your data with or without informing you.

But secondly, it is also wrong to not pay your taxes. If you earn an income, fiat or Bitcoin, you pay your taxes. That is fair and correct. So if you are using Coinbase, there is nothing to complain about here. At least you were informed. Most other places sell your data without telling you and whammo, you are on some fake passport halfway across the world.

Get it ?

When i played Postal i ALWAYS jammed the shotgun up the cats ass..

https://i.ytimg.com/vi/ArWtYCsugb4/maxresdefault.jpg

https://www.scienceabc.com/wp-content/uploads/2015/10/james-cameron.png

probably they are but it is not very wise of them.

my advice is that if you cash your bitcoin via the bank account or un-anonimous service, always report the due tax as per your country regulations. Currently the IRS all over the world are interconnected and inform one another on even minor transcations. Or: find a way to do that animously

there is nothing wrong with it. things like handing over personal information of customers and snooping around in personal affairs of people is like one of the amendments to the United States constitution :D

and whoever thinks Coinbase started to hand over data to 3 letter agencies is a big idiot. they have been doing it all along. **cough** KAT **cough**

This is the risk when you are storing your bitcoins in a 3rd party application or system. but if you store your bitcoins in hardware wallet like trezzor and bitcoin core you will still stay anonymous.

[NEWS] If you give me your name, It means that I will probably give it to someone else, They are really always news and never get old. Maybe they want to pay tax to IRS :D imagine if 70% of the population never had paid any tax, We would have less of what we have nowadays.

Well, I'm pretty sure that not only Coinbase shares user data with 3rd parties. There are a lot more services doing that. No matter how much they are "decentralized".

All services, who take data (email, addresses etc) can track and give out the data. When I use their services, I know that. So nothing is shocking me. Who wants to keep his privacy, should avoid any third party or protect privacy in another way.

Just remember, trading one crypto for another is a like-kind exchange under the Internal Revenue Code and not a taxable event. You only have to worry about paying tax when you sell for fiat.  Hth

True, we wouldn't have the interwebs for a start.  

As I understand it they aren't giving over everyone details, nor are the IRS going to tax everyone - you aren't liable for tax until you sell the crypto for $ as I understand it.  They'll get info on targeted persons of interest who they believe have sold a bunch of crypto and not declared it.  So small victory for them, a fuss blown out of proportion for others.

This is not a matter of coin, it is a matter of exchange, to trade on COinBase you need to perform KYC/AML and since they have your trade history, I know alot of people will get themselves exposed here, for me they will find  some loopholes to nail some people

I guess that it's not unexpected. Sooner or later all will have to do this.
I tend to believe that something similar also happens with Bittrex.
We talk here about a huge chunk of money and the governments want to get their share thru taxes.

Have you ever noticed that this happened on July too? And nothing happened at all, they are only going to share the information to those who were moving more than twenty thousand dollars on 2015, and that is more than $300k at the moment.


The only retards are those who were holding $20k on coinbase on 2015, and those who are still having those funds in there (talking about the $300k of course)

Who could be so dumb to still have your coins in there? no one, and there is no way to them to recover information if you did not provide anything in the past.

Coinbase thinks people will have less confidence in Coinbase if they share this special information with the IRS. Coinbase will lose most of its users in a very short time.

I think some people will hold their coins in coinbase because it is easy and convenient to use. Especially newbies who don't realise that the bulk of their assets should be on desktop / hardware wallets as it provides better security.

This will probably also happen (or most likely is already happening) with bittrex and other big exchanges.

This was filed by California, first of all. Secondly, do consider that this could have been the story all along, just not at such a wide scale. Users agreed to this when agreeing to Coinbase's ToS when signing up. At any point, Coinbase could have been handling user data to authorities. The only notable aspect of this story could be that it was ordered to.

Crypto world is changing,legislations,regulations etc in reverse we have very easy converting crypto to fiat
Coinbase is regulated by SEC,on other hand OP was involved in stealing funds Crypto Rush exch,Blackcoin lets say gently fraud

Tax man will get you one way or another when eventually cashing out (if you made a reasonable profit). Banks ain't going to let multiple unexpected transactions flow into your account without asking where it came from and informing the tax office.

If this touches a nerve, even if you're not necessarily wanting to evade taxes...If your privacy is something you hold sacred, look into anonymous crypto currencies and work towards making them more accepted by hoping on board and using them.  DeepOnion, which is routed through the TOR anonymizing network is a good example, and one that truly has the magnitude of users (already, since its conception in July) that it has a chance to become -the- Crypto Currency for anonymous markets, and become -firmly- established - all beyond the reach of everyone but your own conscience.

If the government wants to find out who has which money, they can do it on any exchange. The only decentralized exchange is EtherDelta, it is truly decentralized, but for that reason it's harder to use.

What country is this in?

No surprise there. I've been telling people for years: if you trade on Coinbase (and now on Gemini or Bitflyer US), you better pay your taxes. These exchanges put compliance before all else. And the IRS is up their ass.

Coinbase/Gdax is still one of the easiest place to buy/sell crypto. It might hurt them a bit, but I think by now most people who use the service knew it was only a matter of time till it happened. Plus, if you have nothing to hide, why would you leave the platform?

If you read the source of the source, you will actually find that it clearly states:


I believe that is a considerable amount and should not really affect regular users and the average joe. Its for rich folk who should be duly taxed anyway.
Lots of ways to get around it too. Just make your girlfriend or wife create an account and you instantly double your taxless capacity.

Only retards would panic about this.
@spoetnik

I mentioned KAT lots years ago now.. I'm on record many times on the Cryptsy topic ;)
I forgot about it though..

To those that STILL do not know.. Coinbase handed over the details to the owner of KAT "Artem" that helped the US govt get him him arrested and KickAssTorrents the P2P torrent indexing site shut down.

AML / KYC law is all over the world as well as tax laws.
Why would the IRS want the info ?
Most likely to see who is not paying their taxes properly.. which would be most people.
What are you suppose to pay ? Well off hand i think it's profit.. check with your countries laws.
For example..
http://www.coindesk.com/irs-bitcoin-tax-guidelines-mean/
http://www.coindesk.com/canada-revenue-agency-tax-rules-apply-bitcoin/

I just seen a guy bragging about how easy it is to get a 15% investment return commenting on a news web site story.
Some other guy laughed at him and said you aren't getting that at a bank.
He then claimed to be "investing" with crypto currencies.
Think he paid his tax on that ?
Not fucking likely  :D
But he was quick to advocate to the public the rush here to buy dem ICO's coinz. ROFL
Fuckin' dipshit  ::)

Hey derpty derp pajeets.. a good investment is not one that lands you in jail idiots  :D
Al Capone was "untouchable" well.. until the IRS owned his ass hard.

Bring on the audits so i can LOL it up over here.. i fuckin' love it ahhahaha  :D

PS:
When they asked for your Picture ID profiteers you were SUPPOSE to say no.
Not mumble "free market" and fork it over to continue to count your FIAT profits.

Assholes, i am crypto Jesus and i am kicking over your crypto-market tables in the bitcointalk-church.
You deserve it and it's coming.  8)

https://cdn.drawception.com/images/panels/2016/7-31/C4SKpGtbGs-10.png

Don't sprinkle cheese on me and call me a pizza investards !

Decentralized exchanges will fix these issues in the future.  As projects like blocknet develop, there will be less need for centralized exchanges.

You have some balls posting that after my last comment.  :D
I created topics showcasing how BlockNET was a scam when THE ICO launched a couple years ago.

Don't confuse an ICO coin scheme "token" with a REAL decentralized exchange system.  ::)
So far everyone who attempted this concept has created a coin they premined the shit out of.
Like the BlockNET assholes who had their hand out for a million dollars.

It's not an exchange if there is a coin with it.. then it's a coin  ::)

Hi! Thank your info! May be or not! But i think all info of member is private! So we need they hold it as private!

so practically, if someone cashes out 100 BTC to his bank account, what happens?

You'd be surprised just how many people that wants to be anonymous but do stupid things

Get taxed 40% i'm assuming

40%?
what for omg
government is the biggest scam :|

It would start with what country you reside in and and where it's sent and what the laws are in those places.
Most places have strict AML / KYC laws so you'd be breaking the law with just a few BTC potentially.
I am not a lawyer or an expert on various countries laws.
But i have been the only one warning you all along about the FBI arrest over BTC in 2013 in Florida.. or KAT etc.

Seek professional help and maybe care.
Caring about the implications would be the first step.

So far there is no talk about the important issues.
Nothing but 90% topics on page 1 here titled "What ICO coin on teh exchangerz should buy to make me profitz?"

The top major countries i think want you to declare your profits on your tax returns.. when tax time comes.
But there is also a secondary matter going on as well.
Take for example the defunct exchange CRYPTSY..
They told us they would lie to customers about network problems and freeze users accounts and then hand off their info to US Federal authorities for investigative purposes.. which could be wide ranging.
Coinbase did that to Artem from KickAssTorrents and the showed up at his door and put him in jail.
He's still there !

Make no mistake people.. if they collect your info they are all doing it.
Whether it's Bittrex or Coinbase or Poloniex.. all of them are 100% government compliant.
Which makes your "coins" 100% government compliant now doesn't it ?

Oh well, never mind the "FUD" ..just head over to Polo and buy some "anon" coins with your picture ID.  :D
You are safe as long as you chant free market and no laws / regulations.
You may have to yell louder to be heard when you are in a noisy jail cell with Artem from KAT though.  ;D

..it would behoove you all to cover your ass.

Not that much. If the BTC is held for over a year, a person would pay short term capital gains. I believe that is like 15% or something like that. Not sure, I will find out next year when I have to do my taxes hehe.

if it comes out of nowhere the bank goes nuts and you wind up in guantanamo bay. it ain't exactly rocket science.

it's about time the 'bitcoin is on the internet and i took a risk so i shouldn't have to pay tax' crew get a loud wake up call.

time to join the real world, kids.

im going to move to the UK

apparently fortunes made gambling on alt coins are non taxable since gambling is tax free there

others claiming their accountants submitted 28% cgt on them

even 28% is a pita but i can live with 72% not too bad. better to be less greedy and not end up in the slammer..

of course try the gambling route first.

Holland gets an even better deal i think

or jersey/guernsey could work nicely

This is so stupid.

Why does every 15 year old retard in Crypto think that everyone is trying to avoid capital gains tax? Im serious. Its like people are legitimately shocked that in a market where you can make 10x returns a year, that some people don't have a problem paying ~15% on long term earnings.

This has to stem from so few people in the crypto space having any experience in the traditional investment sectors of the world. Hundreds of millions of people are paying capital gains tax yearly on meager ass 5% returns annually from stock gains.... Just the very idea of having access to something that will give me 1000% gains or even half of that in a year is absolutely astonishing. And it makes the meager tax percentage paid nothing in comparison.

I don't know about other countries. But in the U.S. the IRS is only as big of a boogey man as you make them. Considering the raw size of my investments, trying to claim gains via localbitcoins or some other cobbled together anonymous system is a joke. The ease of use alone for large values is worth the cost. And if you aren't moving anything but small values, you are probably over thinking your importance/value to the IRS by far.