Bitcoin Forum

Well not sure how relevant it is to ask however feeling an urge to know the thoughts floating at this moment in general in the minds of those who are more knowledgeable on Crypto platform than me.
What impact do you see of recent US GOVT decision to ask Coinbase to share customers acct? Coinbase did a well defending fight but to loose eventually to the Big sharks and been ordered to share customer accts having transactions done worth more than 20K. It might just be a beginning however it gives me a bit alarming sense to stay awake and take precautionary actions...I honestly do not know what could that be.

Appreciate thoughts and discussion around it.

it has already been posted in here, but you should know that they are not asking for those who have been moving more than $20k during the last time, they are only trying to find and get the id's from those who were moving more than $20k on 2015.

they are only trying to do it because they know that bitcoin was more than 20 times lower during 2015.

Just make those maths; $20,000 x 20= It is more than $400,000.

That is why they want to get as much information as possible about them.


THESE COMMENTS WEREN'T WRITTEN BY ME, SOMEONE SCAMMER HAS HIJACKED MY ACCOUNT.  I HAVEN'T POSTED ANYTHING HERE FOR ABOUT TWO YEARS BECAUSE I'M NOT TRADING AT THE MOMENT.  I've changed the password so hopefully that'll stop them.

I'm not in the US, so I'm not worried too much, but I wouldn't like my data to be shared with government agencies, even though i'm ready for that. If you put any information online expect that it can be used against you. If you expect to find yourself in their database and used to trade a lot of cryptocurrency, pack your bags and make sure your coins are well hidden and drives are wiped. I've seen what government agencies can and like to do to people that have the scent of money on them.

As other users have specified, it seems more than less like they're going after those who had transferred a specific quantity and who have had the value balloon into a massive portion of value. If you didn't transfer large amounts like that then I wouldn't be worried to be honest. I used Coinbase and I have yet to get v& if there is something going on, but I should also say that I'm not American.

I'd just start to transition away from online wallets as they start to come after attack from government agencies hunting for information. That's what I'm starting to do.

Technically, they want anybody who had transactions totalling $20,000 in any one year during 2013-2015. So if you made a handful of trades during the 2013 bubble, there's a good chance that you got netted in this court order.


This case doesn't pertain to prices in 2017. Taxes on capital gains in 2017 aren't due until next year. The IRS is targeting cases within the 3-year statute of limitations on inaccurate tax returns. I don't think it's because the price is now $10,000 because the IRS has been pursuing this case for more than a year already.

I think it's more about scaring bitcoin traders into paying taxes than about catching anyone.

i am totally opposite with US.why they will want our details??its really clueless

Well they will have to pay taxes. That is alot of money for us goverment and they will legalize bitcoin I think which is huge and I am bullish on bitcoin overall!

This is the beginning, I think deep down we all knew the Gov was going to get involved, at least their not shutting the whole thing  down. Death and taxes

thanks to clarify.

Well, on the other side...US Govt is skeptical about legalizing cryptos. Sharing personal information with Govt agency makes it risky move and paying taxes doesn't seem to make it all stop...rather inviting them to expose other assets and futures...
there're many sides of this move, we might not be able to all though.

Considering that they're already legal, that might be quite a difficult task for them.

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This could potentially be part of a broader movement in the US to tax BTC earnings and regulate exchanges properly.

Since they're the US though, they'll inevitably do this over several years in a variety of sinister but not quite outright malicious moves that makes everyone hate them while also achieving nothing meaningful.

Everyone already hates the us already right?  ::) We're lucky they aren't running the world.

It is only the beginning because US IRS is finding people laundring money and hiding their gains. Tax evasion is the worst thing you can do in the U.S and they are incredibly very effective to find these people believe me. In a way or another they would eventually get to have these people's infos. Now Coinbase is the first and I bet Bittrex is the next.

What about foreigners who save some coins with coinbase and are not directly United States citizens? How are they going to verify their information or even tax them plus I wouldn't save a chunk of my assets in Bitcoin with an online wallet so chances are that the real culprits are hiding them in a cold storage somewhere.

Well no to worry about this . Because this process
Is for our betterment , Us government want reliablity and assurance of any fraud and money laundering
Issues. I hope coinbase manage successfully this situation.

Avoiding taxing? I mean, those who transferred more than 20k might just as well hold just as much and with todays price that's around 2mil on gain, avoiding taxes for that much of money, no wonder they're looking for them.

The news may tell us that it's time to sell some bits of bitcoin.
The market is always strenuous when there is news. Let's take a serious look at the bit of bitcoin this week.

at the same time I do not see how a government will let so much money go

Beginning ? Where have you been ?

https://news.bitcoin.com/coinbase-helps-fbi-shut-kickasstorrents/

Cryptsy admitted they were doing this YEARS AGO.
Others are all AML / KYC compliant so why would they be any different ?

And besides why didn't you noob idiot pajeet profiteers pay attention to this news when it came out a year or two ago ?
It was all over the web long ago that the IRS was on a fishing expedition.
Did any of you care or warn others or even try and stop it ?

Fuck no.. you don't care.

..about crypto

EDIT:
When i seen their account verification measures in 2013 i decided then i would not sign up.
I have never had a Coinbase account.. nor would I.
I did not join crypto to fork over my picture ID to sketchy assholes.
Nor do i owe any tax money on crypto related bullshit either.. i know i am clean and safe. (with REV-CAN)
My taxes are in paid in full and i have no hidden / obscured or unclaimed crypto earnings.
Do you ?

Long back itself coinbase has begun to make the identity verification mandatory and the US government to insisted to frame the KYC norms for the exchange needs. This data addition will surely benefit the government to keep track of the users. Hope the same doesn't gonna give a effective result.

We won't know for sure until the next wave of info from the next exchange is asked for, but it's definitely an alarming precedent. We can't really keep anything private anymore, which is ironic given that privacy is what cryptocurrencies were named after. Still, it's not the end of the world. We simply have to keep in mind that we have a transaction limit in exchanges, and that coins shouldn't be stored in them (which everyone should already be doing in the first place). People should still be able to freely trade amongst themselves in private.

That being said, this was prompted by people not paying their taxes. It's your obligation as a citizen who is enjoying the state's services and protection, so just pay the proper amount.

Im not a US resident and also a coinbase user so I don't care about that issue but for example our government would ask the same info from wallet I am using I won't be in favor of it coz I know they would do that primarily for tax implementation lol. I don't want a restatement of my personal income of past years and pay taxes for it. Hope cryptocurrency wallet would have policy like bank secrecy law.

I have cryptos, no fiat profits taxable or not. You're not that safe if you've reported your cryptocurrency gains and let the government know you're a bitcoiner. What if they come knocking to ask for your money transmitting papers? I prefer to keep my cryptos as far away from those snooping thieves as possible and spend it directly or trade for cash. No money in the system = no problem.

It has already asked before the details of customers similarly.But it has asked this time only the details of those who have more than $20,000 amount of BTC in their accounts.So,its a relief for those who have less than that amount.

Even US have your info they can't do nothing legally. But some countries work together giving people's info around the world if they commit crimes (like tax evasion). But I think your major concern should be your own government getting those infos, because they can legally ask you to provide them. Be careful.

Other than wanting to chase those who have been hiding from paying their taxes, they probably wanted to aavoid money laundering. They must have imposed this policy in order to avoid and prevent illegal activities made or done. We can't avoid having the government getting involved in this, especially since it deals with huge amounts of money. Having to do with millions of dollars send red flags and alarms the US government. Nothing is ever private in this world that we live in.

@pixie85
If you handed your info over to an exchange you are at a heightened risk.
But a risk still exists regardless of picture ID or not.
You think they aren't tracking your account activity and a govt request will ALWAYS be denied ?

I've been warning you all about this for a couple years now.
I posted this "news" first in the Altcoin section before anyone else here did (i checked)

Thanks to me you got an admission from a now defunct exchange where they admitted to it too.
Coinbase has ALREADY done this before and others.. as i keep telling you all year after year.
So when the guy earlier says "precedent" i have to laugh my fucking god damn balls off.
This has been going on all along and the exchange even tell you.. then i repeat it you then you go deaf and fucking dumb.
Fer teh god damn'z ROI'z derpty fuckin' derp  :D

News here was that this was going on and that it was a wide sweeping request.
Not a single user.
It was deemed to be a "fishing expedition" by the IRS.
But you are leap frogging over the fact that single users were ALREADY subjected to this EXACT behavior for years.

Everyone in crypto is a greedy fucking idiot.
Even when you tell these morons something they still play dumb.
Gotta count dem ROI's.  :D

PS:
How many fucking times have i reminded you all that THIS FORUM is US govt compliant ?
I can go show you quotes from theymos saying he will gladly call the cops.
So you think if the FBI show up with a request he is going to deny it ?
Not fucking likely.
I have been saying that over & over since 2013.. to deaf & dumb ears.

Probably they are getting alarmed and alert now that bitcoin is tending to increase dramatically as compared to its price last year which is why they are getting some of the accounts of coinbase to conduct some partial investigation on it well even though we are not from the US but does this sound suspicious especially that we know that the US is one of the most influential countries in the market industry.

Regulating cryptocurrency is just a matter of time.
Any government should find a way to track companies activities like Coinbase. Otherwise, Bitcoin network will be badly exploited by criminals
since it will be easier for them to finance their illegal job.

Governments will never let such big amount of money circulate without being controlled and do not impose taxes on it.

Years ago the guy in charge of the Bitcoin Foundation got a request to come and have a meeting with the CIA.

Gavin Andresen (https://bitcointalk.org/index.php?action=profile;u=224)

He went ..as he was told.

And no he never did explain what was discussed in any detail.
He said he would talk about it later but...

Back then he was getting a salary of a million dollars a year to travel the world.
As others in the foundation such as a women who received 128k a year.

https://encrypted.google.com/search?hl=en&safe=off&q=+%09Gavin+Andresen+CIA

I think it's time to grow up crypto-kids.

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EDIT:

@khaled0111
Are you all ignoring me or what ?
How many times do i have to keep telling you since 2013 they ALREADY are taxing it ?
I keep posting the USA and Canada news stories on it from 5 years ago.
Then you all line up to post yeah.. they might.

No....

THEY DID !

..five years ago. ::)

I am not surprised.. anything like this comes up you all simply stuff your head in the sand and go silent.

I am seeing this as a fishing expedition by the United States IRS "Tax service" to see who they should audit.
Who has been naughty and who has been nice.  :D

How many of you have been paying your proper taxes on Bitcoin profits ?
I'd wager most of you have not.

I had a consultation in office with my lawyer about Bitcoin 2013.
I suggest you all start talking to a lawyer pretty quick if this news applies to you.
And the rest of you i hope this gets you thinking and being realistic about this stuff.

We need to remember all of humanity is in on this stuff and have been all along for 8 years.
There is all types do people here in crypto from every part of the world.
Cops, Hackers, Predators, Supporters.. the works.. from every end of the spectrum.
*ALL* out there pulling strings for their own agendas.

Oh and i am aware that "kids" do not pay taxes.
I have been reminding people crypto is full of children since 2013.
There was a world news story going around a while back about a 12 year old kid that made a million.
https://www.neowin.net/news/a-12-year-old-kid-from-idaho-turned-a-1000-bitcoin-investment-into-a-million-dollars

Oh and an update to the story.. his 403 BTC would be worth $5,767,800.48 right now.

His parents in trouble ?

I have given coinbase my details, my mistake I know, but I'm not that scared of an IRS raid on my house since I'm not residing in the States. Even if I were there would be no grounds for such raid. I could say I made the account to see what all the fuss is about. I had no bitcoin profits, check my account, bye bye. The have no right to search people's houses for Bitcoin yet, we'll see what stupid laws will come up in 2018.


We all know that, but what are they going to get? My email address and my VPN? I know that every person can be tracked with enough resources, but you have to ask yourself would it be worth it. If you're selling drugs, are a hitman, or planning a robbery, you better have all kinds of encryptions, use TOR, have some burner phones, use hacked or public wifi. If you haven't told Uncle Sam that you have a private key with a few Bitcoins worth $20000, nobody is going to spend time and money tracking you.

Sorry, I lost track of this thread. Poor you, they left you all alone in here.
Spoetnik thread alone ;D

https://pbs.twimg.com/media/BgUDlodCYAAmfDc.jpg