I've been warning you that this is going to happen

[Zer0Sum]

Can you post a link to where you got your information from please?

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

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.

Coinbase here. Can confirm a civil petition was filed yesterday in federal court in California. We take user privacy very seriously and will work to protect the privacy of our users in broad information requests. We are taking a very careful look at this petition and the scope of the government's authority as it relates to this request.

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-

The IRS won't be getting any transaction history quickly, and might never get any if it loses its 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.

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).

[kiklo]

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

The Second Circuit has stated that use of a subpoena for a fishing expedition is improper and blanket subpoenas are not permitted.

 

[equator]

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

[synthgauge]

Can you post a link to where you got your information from please?

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

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.

Coinbase here. Can confirm a civil petition was filed yesterday in federal court in California. We take user privacy very seriously and will work to protect the privacy of our users in broad information requests. We are taking a very careful look at this petition and the scope of the government's authority as it relates to this request.

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-

The IRS won't be getting any transaction history quickly, and might never get any if it loses its 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.

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?

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:

The answer, it turns out, is three people. Following an acrimonious departure this month, in which two-thirds of the trio traded allegations of hypocrisy and mental instability, Lokey, 32, decided to unmask himself and his fellow Durdens.

Lokey said the other two men are Daniel Ivandjiiski, 37, the Bulgarian-born former analyst long reputed to be behind the site, and Tim Backshall, 45, a well-known credit derivatives strategist. (Bloomberg LP competes with Zero Hedge in providing financial news and information.)

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.

But the IRS/NSA will methodically screen out high value targets and go after Bitcoin milllionaires and Devs...

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

[talkbitcoin]

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!

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
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

[spartak_t]

zerohedge

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!".

It appears he is 37 and from bulgaria.

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

[Spoetnik]

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

[dinofelis]

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.

[dinofelis]

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.

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.