[2017-11-30]Coinbase Vs Government-The Battle For Customers Privacy.

[SlipMart]

                                         

Following the suite filed by the government of the United State through IRS against Coinbase for not allowing them to have access to the data of their customers.The government according to the blog post update on the court proceeding from Coinbase on November 4 reads;

Nearly one year ago, the IRS initiated proceedings to obtain copies of essentially all our U.S. customers’ records for the three-year period 2013–2015. The government has never alleged any wrongdoing on the part of Coinbase. Coinbase has persistently opposed the government’s summons, not because we were looking to pick a fight, but because we felt it was important to stand up for our customers and the industry.

The government initially sought private financial records of approximately 500,000 account holders. In response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers

Read More: https://bitzamp.com/coinbase-vs-government/

[iram1011]

The government initially sought private financial records of approximately 500,000 account holders. In response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers

This IRS and Coinbase legal battle is indeed turning in favor of Coinbase. IRS reduced the demand of 500,000 account to 14,000 which is almost 97% reduction. Also, Coinbase stated that the earlier demand of documents by IRS has also reduced significantly. Thus, a half battle is won.

Bitcoin brought a culture of financial anonymity. This legal battle was an important step in view of taxing cryptocurrency. These exchanges are running on the promise of maintaining user privacy. However, they still need to give 14,000 records. But a small check by IRS over on going cryptocurrency transactions won't be bad as well as stated by IRS that it would in favor of customers only.

[SlipMart]

The government initially sought private financial records of approximately 500,000 account holders. In response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers

This IRS and Coinbase legal better is indeed turning in favor of Coinbase. IRS reduced the demand of 500,000 account to 14,000 which is almost 97% reduction. Also, Coinbase stated that the earlier demand of documents by IRS has also reduced significantly. Thus, a half battle is won.

Bitcoin brought a culture of financial anonymity. This legal battle was an important step in view of taxing cryptocurrency. These exchanges are running on the promise of maintaining user privacy. However, they still need to give 14,000 records. But a small check by IRS over on going cryptocurrency transactions won't be bad as well as stated by IRS that it would in favor of customers only.

Well said but i don't trust the government,They are like CHAMELEON.

[iamTom123]

The government initially sought private financial records of approximately 500,000 account holders. In response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers

This IRS and Coinbase legal better is indeed turning in favor of Coinbase. IRS reduced the demand of 500,000 account to 14,000 which is almost 97% reduction. Also, Coinbase stated that the earlier demand of documents by IRS has also reduced significantly. Thus, a half battle is won. Bitcoin brought a culture of financial anonymity. This legal battle was an important step in view of taxing cryptocurrency. These exchanges are running on the promise of maintaining user privacy. However, they still need to give 14,000 records. But a small check by IRS over on going cryptocurrency transactions won't be bad as well as stated by IRS that it would in favor of customers only.

I have been following this suite for sometime now. I understand that there are also some high-profile politicians who themselves opposed the move by IRS to demand the release to them the details of the said half-a-million customers as this can indeed be a big breach of privacy. The pressure became one of the many reasons why they reduced the demand to just 14,000 individuals.

Any government agency can not just demand from any business to produce such gargantuan information out of the business' clients as there has to be proper proceeding that has to be meet first. Generalizing things may not be the order of the day. IRS have to be specific on what they are demanding. On the part of Coinbase, they are fighting this order because this order can cut into the life and blood of their business...when people feel that their information will never be secured then they would turn their attention somewhere.

[iram1011]

The government initially sought private financial records of approximately 500,000 account holders. In response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers

This IRS and Coinbase legal better is indeed turning in favor of Coinbase. IRS reduced the demand of 500,000 account to 14,000 which is almost 97% reduction. Also, Coinbase stated that the earlier demand of documents by IRS has also reduced significantly. Thus, a half battle is won. Bitcoin brought a culture of financial anonymity. This legal battle was an important step in view of taxing cryptocurrency. These exchanges are running on the promise of maintaining user privacy. However, they still need to give 14,000 records. But a small check by IRS over on going cryptocurrency transactions won't be bad as well as stated by IRS that it would in favor of customers only.

I have been following this suite for sometime now. I understand that there are also some high-profile politicians who themselves opposed the move by IRS to demand the release to them the details of the said half-a-million customers as this can indeed be a big breach of privacy. The pressure became one of the many reasons why they reduced the demand to just 14,000 individuals.

Any government agency can not just demand from any business to produce such gargantuan information out of the business' clients as there has to be proper proceeding that has to be meet first. Generalizing things may not be the order of the day. IRS have to be specific on what they are demanding. On the part of Coinbase, they are fighting this order because this order can cut into the life and blood of their business...when people feel that their information will never be secured then they would turn their attention somewhere.

Coinbase is first in the league of going against IRS summon. They have themselves stated that many of the exchanges are giving IRS user's information without any questioning. They tried to fight against that for safeguarding user's privacy. So, it isn't like exchanges are really concerned about user's privacy when it comes IRS. Coinbase is bringing this issue on the floor and doing a better effort.

[honeyb0y]

Trying to regulate a decentralized currency, Governments would really love that. I admire coinbase for continuing the battle against these kind of attempt to ruin the crypto currency world.

[Gotottack]

                                         

Following the suite filed by the government of the United State through IRS against Coinbase for not allowing them to have access to the data of their customers.The government according to the blog post update on the court proceeding from Coinbase on November 4 reads;

Nearly one year ago, the IRS initiated proceedings to obtain copies of essentially all our U.S. customers’ records for the three-year period 2013–2015. The government has never alleged any wrongdoing on the part of Coinbase. Coinbase has persistently opposed the government’s summons, not because we were looking to pick a fight, but because we felt it was important to stand up for our customers and the industry.

The government initially sought private financial records of approximately 500,000 account holders. In response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers

Read More: https://bitzamp.com/coinbase-vs-government/

I smell psychological warfare. But I am leaning towards the coinbase system since this is where I belong. Biased, yes I am. Although, to be honest, the government should be supreme over all business interests because the government's cause is for the greater good. I am very skeptical about this though. Nonetheless, I hope there would be a compromise between these two parties so as not to cause unnecessary chaos.

The coinbase system has grew substantially across all borders, and hence, you would not want to pick a fight with it. In the same vein, we must know that the Constitution of the land dictates that we all must submit to our government authorities for proper regulation and protection of the entire citizenry.