Coinbase Seeks 'Invasive' Details on US Bitcoin Mining Operations

[QuestionAuthority]

Dude can't you see the reason for the government wanting to see the equipment. Is not paranoid, it's as plainly visible as the nose on your face.

Many people criticize politicians, but your posts are telling me that you're assuming that your government is always evil - completely ignoring the fact that all of them are humans just like you.  That's what paranoia is: trust issues. Of course you don't believe me that you could need help, because you don't trust me either.

Sorry for this off-topic discussion.

You can make it about me if you like but why don't you read this whole thread before you do. https://bitcointalk.org/index.php?topic=934268.0

I don't have to trust the government. It's their job to catch drug dealers and they pressure people to achieve the end goal.

[chmod755]

You can make it about me if you like but why don't you read this whole thread before you do. https://bitcointalk.org/index.php?topic=934268.0

Maybe he was a nice guy  (I don't know), but he should've checked the requirements for Money Transmission Business. I'm not going to read all those pages now.

I don't have to trust the government.

Of course you don't have to, but your life will be very sad if you keep assuming the worst.

[Orhan1337]

The U.S. government is shutting down localbitcoins with sting operations and now it's demanding U.S. based exchanges find out info on large mining operations. What's the next step, all U.S. ISPs must use promiscuous mode packet sniffers to identify Bitcoin nodes? Give them enough time and America can figure out a way to fuck up a wet dream.

Soon they will tax people on wet dreams as well.

[QuestionAuthority]

You can make it about me if you like but why don't you read this whole thread before you do. https://bitcointalk.org/index.php?topic=934268.0

Maybe he was a nice guy  (I don't know), but he should've checked the requirements for Money Transmission Business. I'm not going to read all those pages now.

I don't have to trust the government.

Of course you don't have to, but your life will be very sad if you keep assuming the worst.

You just don't get it. I'm not assuming the worst. I'm assuming they are going to do what they are being paid to do. If you don't read that back story then you can't understand how vicious the government can be in the pursuit of justice.

[silkylove]

I don't see what the big deal is.  Seems like they just want to vet the mining companies they do business with.  If miners don't like it they're free to do business elsewhere.  That's fine with me and I'll continue to use coinbase.

[QuestionAuthority]

I don't see what the big deal is.  Seems like they just want to vet the mining companies they do business with.  If miners don't like it they're free to do business elsewhere.  That's fine with me and I'll continue to use coinbase.

THIS is your first post? You probably work for Coinbase. LOL

[NyeFe]

I don't see what the big deal is.  Seems like they just want to vet the mining companies they do business with.  If miners don't like it they're free to do business elsewhere.  That's fine with me and I'll continue to use coinbase.

THIS is your first post? You probably work for Coinbase. LOL

Its a shame that coinbase would try and manipulate the bitcoin community itself, in an attempt to try and justify its actions. Why don't they just fully explain the current situation to their consumers? At least it wouldn't cost them their reputation, which may start to decline

[silkylove]

Been lurking here for a while.  I don't work for coinbase.  I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now.  I keep my coin there.

[majeis]

Been lurking here for a while.  I don't work for coinbase.  I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now.  I keep my coin there.

If you've been lurking, then you should know to keep your coin in your own wallet. You know... the one entirely under your control and not easily accessible from the internet or subject to the whims of hackers.

My interpretation is either they're covering their asses for current or upcoming regulation, or they're being pressured by a third-party.

[QuestionAuthority]

Been lurking here for a while.  I don't work for coinbase.  I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now.  I keep my coin there.

That's hard to believe but it doesn't matter because Coinbase isn't on trial here. They are doing what they must do as a financial services business. They must report large transactions using a CTR form and an SAR for suspicious transactions. Failure to turn in the forms or notifying the customer about intent to file a form or helping to change transactions is called structuring, and is punishable by federal law against both the customer and the employee. The info they requested could only be used to determine if the large deposits are possible by mining Bitcoins alone. This means they will likely file an SAR with the info they receive from the mining companies. It's odd for companies to initiate an SAR without a very big red flag being discovered or more info being requested by the government. But none of this is the fault of Coinbase. They are doing what Charlie Shrem should have done but didn't - their legally required job duties.

[silkylove]

It's hard to believe that I don't work for coinbase or that I keep my coin there?  Seems like you also don't think that this info gathering is shady, so I'm confused.

[Denker]

Been lurking here for a while.  I don't work for coinbase.  I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now.  I keep my coin there.

Completely wrong buddy! If you are really hanging around here for quite some time you would know the best place to keep your coins is your own damn wallet!

[NyeFe]

It's hard to believe that I don't work for coinbase or that I keep my coin there?  Seems like you also don't think that this info gathering is shady, so I'm confused.

I actually think that they all agreed to drop whether your working for coinbase or not. I'm just trying to understand why you would use a cloud wallet to secure your precious bitcoins or why you would try to convince us that you're not related to coinbase in anyway. For one think, your account is freshly created today, 2.5 hrs ago to be precise.

[chmod755]

If you are really hanging around here for quite some time you would know the best place to keep your coins is your own damn wallet!

Most people are unable to keep their computer clean - using a service like Coinbase or Xapo might be better for them. Just like most people don't have 10k USD at home.

[silkylove]

I guess people are always suspicious of new users if they don't parrot "down with the man" and "use paper wallets or you're an idiot."  I am not some guy who has been in bitcoin for years.  I'm new, coinbase is simple to use, it was recommended to me by a friend I trust, and since they've raised a lot of money they seem safe.

[QuestionAuthority]

It's hard to believe that I don't work for coinbase or that I keep my coin there?  Seems like you also don't think that this info gathering is shady, so I'm confused.

What I think is that you're a shill. You're not even a good shill because you're not following the thrust of the conversation. The governments request for more info is suspicious or the investigative request by Coinbase for more info is suspicious not shady. It's understandable if someone in the reporting chain thinks a mining company is laundering money. I don't believe a company would irritate what has to be a large customer without needing to do it. That leads me to believe the government is requesting more info based on the filing of a CTR.

[silkylove]

Now I see why these forums are so robust.  You really roll out the welcome mat for new users and respect people's opinions.

[chmod755]

I guess people are always suspicious of new users if they don't parrot "down with the man" and "use paper wallets or you're an idiot."  I am not some guy who has been in bitcoin for years.  I'm new, coinbase is simple to use, it was recommended to me by a friend I trust, and since they've raised a lot of money they seem safe.

Activate 2-Step Verification and put your money in the Coinbase Vault if you don't plan to spend it for a while. Learn how to keep your computer / mobile device secure if you're planning to move the coins to your own wallet.

Now I see why these forums are so robust.  You really roll out the welcome mat for new users and respect people's opinions.

Just use the Ignore button. Haters gonna hate.

[QuestionAuthority]

Now I see why these forums are so robust.  You really roll out the welcome mat for new users and respect people's opinions.

I'll give you the benefit of the doubt. Maybe your very first post was just an untimely accident. Welcome to Bitcoin and please take the advise of the older users and keep your Bitcoins in a wallet you control. I know it seems easy to use online wallets but it's not as safe.

[NyeFe]

Now I see why these forums are so robust.  You really roll out the welcome mat for new users and respect people's opinions.

The community respects peoples opinion. Not corporate opinion. I like the guilty tactics though