NO Privacy With CoinBase

[BitCoinNewGuy]

Coinbase is making many changes. One of which: I recently sold 12 BitCoin and it shows in my bank statement: "COINBASE.COM/BitCoin CREDIT". It used to just say "CoinBase CREDIT".

Even though anyone could have just looked up CoinBase, now it directly says on the bank statement "BitCoin CREDIT".

I didn't make any money on this sale, since I bought when BitCoin was around $200, so I will not be filing it as 'income', but will the bank see it as so?

[JungleBook]

Coinbase is making many changes. One of which: I recently sold 12 BitCoin and it shows in my bank statement: "COINBASE.COM/BitCoin CREDIT". It used to just say "CoinBase CREDIT".

Even though anyone could have just looked up CoinBase, now it directly says on the bank statement "BitCoin CREDIT".

I didn't make any money on this sale, since I bought when BitCoin was around $200, so I will not be filing it as 'income', but will the bank see it as so?

this also makes me nervious

[BitCoinNewGuy]

this also makes me nervious

Just talked to a random bank teller at a different branch than I normally go to what they thought of "BitCoin", she is older and says that it is used as a way to "buy drugs, embezzle, laundry, hide money, and a vehicle for scams".

To bankers, BitCoin by itself is a 'red flag'! I wouldn't be surprised of those who sell BitCoins on CoinBase get asked a few more questions by the bank, or gets a larger magnifying glass by the IRS. Seriously.

Let me tell you, I am 52, and I have randomly been audited by the IRS in my days. I have NOTHING to hide, but it is still NOT A FUN TIME being called into an IRS branch and they begin to DRILL YOU about EVERYTHING! Until you PROVE to them you are not hiding income, etc, you are (at least they make you feel) GUILTY and threaten you will JAIL!

....That $200 cash you deposited on your birthday, that is unreported income unless you can PROVE it was a GIFT! (just an example of how they fuck you, bring lube).

[Dissonance]

Well i agree they need to change that statement - but really bitcoin users shouldn't be made to feel like they are doing something wrong.

[BitCoinNewGuy]

Well i agree they need to change that statement - but really bitcoin users shouldn't be made to feel like they are doing something wrong.

It is just 'how it is'. The media has engrained a different negative impression of BitCoin in the minds of millions.

[JohannSummers]

You LINKED your BANK ACCOUNT to Coinbase and expected privacy? Not sure what to tell you. Coinbase is a financial services company providing a legitimate service with no reason to hide what they're providing, and every reason to be above-board. If you're interested in privacy, may I suggest not using a bank...

[bitminerforyou]

SR has ruined what most people perceive a btc to be.

[BitCoinNewGuy]

You LINKED your BANK ACCOUNT to Coinbase and expected privacy? Not sure what to tell you. Coinbase is a financial services company providing a legitimate service with no reason to hide what they're providing, and every reason to be above-board. If you're interested in privacy, may I suggest not using a bank...

I don't care about privacy. I am NOT trying to hide anything, I just think that CoinBase adding BitCoin to the bank statement is just too much.

What I meant to do with this post was to warn others who do care about privacy, or do have past unreported income they 'forgot' to report. Just giving a PSA that CoinBase will basically tell your bank the sale was from BitCoins up front.  

[JohannSummers]

Fair enough. I'm not sure why they would even need to add "bitcoin" to the description, don't think Coinbase is selling much else...

[BitCoinNewGuy]

The big question is why is CoinBase just NOW adding "BTC" or "BITCOIN" to the bank statements for when selling BitCoin? I made a sale about a month ago for a few coin and it didn't include this info...

[NeedsBitcoin]

What does this even mean?

[BitCoinNewGuy]

What does this even mean?

Exactly.

[natey1]

What about the privacy going the other direction? I just want to use Coinbase to purchase things in BTC

[BitCoinNewGuy]

Buying things is fine, the receiver will only see the BitCoin address.

Really though, CoinBase will respect your privacy and will only share information with authorities if they have a reason too....

[Matthew N. Wright]

Smells like some kind of psuedo AML compliance to me. Since when does a company selling a product list the products purchased in the statement? I don't remember my last Amazon statement saying "AMAZON.COM/DILDOSQTY4".

Normally I'm against alarmist retards posting threads to "warn" people about services, but this thread is actually spot on. They are absolutely going above and beyond to complicate your life in order to simplify theirs. If this is how they handle things, I think it's safe to say they need to explain why. Failing that, the free market should move around them.