[NEWS] Coinbase hands over data to IRS

[Spoetnik]

https://www.neowin.net/news/coinbase-required-to-turn-over-user-data-to-irs

Warned ya.. a million times.

Enjoy your decentralized currency crap Investards 

[SilverCoin300]

I dont think anybody who uses coinbase is trying to hide anything.

[criticoflife]

Some coins are still anonymous though meaning governments will never be able to track the owners users of them, especially if they run on the tor network which is becoming more common these days. Just basically don't use coinbase if you live in the US and you will be fine. All this will cause is everyone to move underground. No threat really to the crypto community. The crypto life goes on...

[leea-1334]

Firstly, I think it is wrong for a service to just turn over customer details over to someone else, but I guess this is the danger of centralized parties. They can make you sign anything and do anything with your data with or without informing you.

But secondly, it is also wrong to not pay your taxes. If you earn an income, fiat or Bitcoin, you pay your taxes. That is fair and correct. So if you are using Coinbase, there is nothing to complain about here. At least you were informed. Most other places sell your data without telling you and whammo, you are on some fake passport halfway across the world.

[Spoetnik]

Get it ?

When i played Postal i ALWAYS jammed the shotgun up the cats ass..

[Pan Troglodytes]

I dont think anybody who uses coinbase is trying to hide anything.

probably they are but it is not very wise of them.

my advice is that if you cash your bitcoin via the bank account or un-anonimous service, always report the due tax as per your country regulations. Currently the IRS all over the world are interconnected and inform one another on even minor transcations. Or: find a way to do that animously

[BitcoinHodler]

Firstly, I think it is wrong for a service to just turn over customer details over to someone else, but I guess this is the danger of centralized parties. They can make you sign anything and do anything with your data with or without informing you.

there is nothing wrong with it. things like handing over personal information of customers and snooping around in personal affairs of people is like one of the amendments to the United States constitution

and whoever thinks Coinbase started to hand over data to 3 letter agencies is a big idiot. they have been doing it all along. **cough** KAT **cough**

[rommelzkie]

https://www.neowin.net/news/coinbase-required-to-turn-over-user-data-to-irs

Warned ya.. a million times.

Enjoy your decentralized currency crap Investards 

This is the risk when you are storing your bitcoins in a 3rd party application or system. but if you store your bitcoins in hardware wallet like trezzor and bitcoin core you will still stay anonymous.

[ImHash]

[NEWS] If you give me your name, It means that I will probably give it to someone else, They are really always news and never get old. Maybe they want to pay tax to IRS imagine if 70% of the population never had paid any tax, We would have less of what we have nowadays.

[LancienMaleAlpha]

Well, I'm pretty sure that not only Coinbase shares user data with 3rd parties. There are a lot more services doing that. No matter how much they are "decentralized".

[Fidemoga]

All services, who take data (email, addresses etc) can track and give out the data. When I use their services, I know that. So nothing is shocking me. Who wants to keep his privacy, should avoid any third party or protect privacy in another way.

[whofeelsitknowsit]

Just remember, trading one crypto for another is a like-kind exchange under the Internal Revenue Code and not a taxable event. You only have to worry about paying tax when you sell for fiat.  Hth

[penig]

[NEWS] If you give me your name, It means that I will probably give it to someone else, They are really always news and never get old. Maybe they want to pay tax to IRS imagine if 70% of the population never had paid any tax, We would have less of what we have nowadays.

True, we wouldn't have the interwebs for a start.  

As I understand it they aren't giving over everyone details, nor are the IRS going to tax everyone - you aren't liable for tax until you sell the crypto for $ as I understand it.  They'll get info on targeted persons of interest who they believe have sold a bunch of crypto and not declared it.  So small victory for them, a fuss blown out of proportion for others.

[topesis]

Some coins are still anonymous though meaning governments will never be able to track the owners users of them, especially if they run on the tor network which is becoming more common these days. Just basically don't use coinbase if you live in the US and you will be fine. All this will cause is everyone to move underground. No threat really to the crypto community. The crypto life goes on...

This is not a matter of coin, it is a matter of exchange, to trade on COinBase you need to perform KYC/AML and since they have your trade history, I know alot of people will get themselves exposed here, for me they will find  some loopholes to nail some people

[NeuroticFish]

https://www.neowin.net/news/coinbase-required-to-turn-over-user-data-to-irs

Warned ya.. a million times.

Enjoy your decentralized currency crap Investards 

I guess that it's not unexpected. Sooner or later all will have to do this.
I tend to believe that something similar also happens with Bittrex.
We talk here about a huge chunk of money and the governments want to get their share thru taxes.

[EcoChavCrypto]

Have you ever noticed that this happened on July too? And nothing happened at all, they are only going to share the information to those who were moving more than twenty thousand dollars on 2015, and that is more than $300k at the moment.

Enjoy your decentralized currency crap Investards 

The only retards are those who were holding $20k on coinbase on 2015, and those who are still having those funds in there (talking about the $300k of course)

Who could be so dumb to still have your coins in there? no one, and there is no way to them to recover information if you did not provide anything in the past.

[Jordan23]

Coinbase thinks people will have less confidence in Coinbase if they share this special information with the IRS. Coinbase will lose most of its users in a very short time.

[KryptoKai]

Have you ever noticed that this happened on July too? And nothing happened at all, they are only going to share the information to those who were moving more than twenty thousand dollars on 2015, and that is more than $300k at the moment.

Enjoy your decentralized currency crap Investards 

The only retards are those who were holding $20k on coinbase on 2015, and those who are still having those funds in there (talking about the $300k of course)

Who could be so dumb to still have your coins in there? no one, and there is no way to them to recover information if you did not provide anything in the past.

I think some people will hold their coins in coinbase because it is easy and convenient to use. Especially newbies who don't realise that the bulk of their assets should be on desktop / hardware wallets as it provides better security.

[ZaoXhou]

This will probably also happen (or most likely is already happening) with bittrex and other big exchanges.

[alani123]

This was filed by California, first of all. Secondly, do consider that this could have been the story all along, just not at such a wide scale. Users agreed to this when agreeing to Coinbase's ToS when signing up. At any point, Coinbase could have been handling user data to authorities. The only notable aspect of this story could be that it was ordered to.