Bitcoin Forum

https://www.theguardian.com/technology/2016/nov/27/coinbase-bitcoin-irs-government-summons-data-cryptocurrency?CMP=twt_gu

Ive repeatedly warned why the irs ruling bitcoin as an a commodity and not a currency was a devastating blow. The government moves slow but soon a lot of you will be paying the piper. Hate to say it but i told ya so.

Needs proper date formatting to be in the News Section.

As for saying "I told you so", did you really think that anyone here thought governments wouldn't mess with Bitcoin? And why are you so smug about it? Its ridiculous.

Because of the heated arguments that were on here arguing the ruling bitcoin was a commodity was a good thing.

No its ridiculous no one in the community had the foresight to speak up.

Holy hell, the quotes in that article boil my blood.


“Certainly,” he added, “the tinfoil hat-wearing libertarian types who embrace the privacy of [bitcoin] are going to be very disappointed"

I will spell it out one more final time. Is it currency or commodity?

Let's say the dollar was a commodity. If you got payed on Monday and spent the money on Friday and in that time the price increased 1% you would be liable for taxes on that price increase.

It's not the tax that hurts. It's the regulatory nightmare a scenario like this creates. It's one of the same reasons gold or silver will never be a viable currency.

That's all I'm saying. /endrant

This is old news and you're not even following the guidelines for posting in this forum.

I'm pretty sure the date says the 27th.

The Guardian display their anti-Bitcoin, anti-liberal agitprop. Again. The gutter press, what can one do.

I don't have much of a clue about US taxation, but in the UK it's treated like forex and all forex profits are subject to capital gains tax. I don't really see how it could be treated any other way. They're not going to wilfully ignore a publicised revenue stream.

I wonder how many users have bothered to calculate their gains and losses. I'm sure the IRS will be interested in my £37 of Circle expenditure. I'll be tooled up and waiting for them.

Anyone using Coinbase for their money laundering and assassination business really needs to go away and reflect on their stupidity for a lengthy while.

It's actually very simple. When people don't fill in their tax reports in a honest manner, which I am sure barely anyone is doing, and thus the governments don't get what they thinks is theirs, they will come after you through forcing exchanges to release user information. Popularity is increasing, so in that point the governments have noticed the smell of extra incoming money. Tyrants.

This one says the 18th. https://bitcointalk.org/index.php?topic=1685143.0

*splutter*

Their _what_ business? Links/details please, I don't believe I've heard about this latest in the Coinbase saga.

I'm being facetious of course, but here's a quote from the article 

'Cryptocurrencies – digital assets which exist entirely online but are exchangeable for goods or services – have grown in popularity in recent years, in part because they grant a degree of user anonymity. Coinbase is the largest bitcoin exchange and its best-known brand.

But user confidentiality has also caused headaches for governments, who worry the currencies are being used for drug dealing, money laundering or tax evasion. Digital currencies are currently taxed as an asset like gold, with capital gains tax due when there is an appreciation in value.'

It appears to imply that Coinbase is the first port of call for drug dealers and people of a similar ilk. As the real users know, you can't send 1 satoshi to CrappyDice without being told to go away and not come back.

Oh dear, I've been busted for not reading the article properly. Trust you to keep things interesting with some hyperbole :D

Well, then we have nothing to worry about. As for the article, it seems understandable but too rude of the government. I mean, who doesn't want to control the currency and who can enjoy the anonymity, right? And yet I think they just can't move against it. The bitcoin ideology is too strong now. If they want to survive - they have to adjust to it.