[NEWS] Coinbase hands over data to IRS

[Pab]

Crypto world is changing,legislations,regulations etc in reverse we have very easy converting crypto to fiat
Coinbase is regulated by SEC,on other hand OP was involved in stealing funds Crypto Rush exch,Blackcoin lets say gently fraud

[Johnnywelsh]

Tax man will get you one way or another when eventually cashing out (if you made a reasonable profit). Banks ain't going to let multiple unexpected transactions flow into your account without asking where it came from and informing the tax office.

[litmus]

If this touches a nerve, even if you're not necessarily wanting to evade taxes...If your privacy is something you hold sacred, look into anonymous crypto currencies and work towards making them more accepted by hoping on board and using them.  DeepOnion, which is routed through the TOR anonymizing network is a good example, and one that truly has the magnitude of users (already, since its conception in July) that it has a chance to become -the- Crypto Currency for anonymous markets, and become -firmly- established - all beyond the reach of everyone but your own conscience.

[lakimens]

If the government wants to find out who has which money, they can do it on any exchange. The only decentralized exchange is EtherDelta, it is truly decentralized, but for that reason it's harder to use.

[cryptolit]

What country is this in?

[manchester93]

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 

No surprise there. I've been telling people for years: if you trade on Coinbase (and now on Gemini or Bitflyer US), you better pay your taxes. These exchanges put compliance before all else. And the IRS is up their ass.

[Intensity]

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.

Coinbase/Gdax is still one of the easiest place to buy/sell crypto. It might hurt them a bit, but I think by now most people who use the service knew it was only a matter of time till it happened. Plus, if you have nothing to hide, why would you leave the platform?

[m.vina]

If you read the source of the source, you will actually find that it clearly states:

Anyone moving more than $20,000 on the platform is subject to the new order

I believe that is a considerable amount and should not really affect regular users and the average joe. Its for rich folk who should be duly taxed anyway.
Lots of ways to get around it too. Just make your girlfriend or wife create an account and you instantly double your taxless capacity.

Only retards would panic about this.
@spoetnik

[Spoetnik]

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**

I mentioned KAT lots years ago now.. I'm on record many times on the Cryptsy topic
I forgot about it though..

To those that STILL do not know.. Coinbase handed over the details to the owner of KAT "Artem" that helped the US govt get him him arrested and KickAssTorrents the P2P torrent indexing site shut down.

AML / KYC law is all over the world as well as tax laws.
Why would the IRS want the info ?
Most likely to see who is not paying their taxes properly.. which would be most people.
What are you suppose to pay ? Well off hand i think it's profit.. check with your countries laws.
For example..
http://www.coindesk.com/irs-bitcoin-tax-guidelines-mean/
http://www.coindesk.com/canada-revenue-agency-tax-rules-apply-bitcoin/

I just seen a guy bragging about how easy it is to get a 15% investment return commenting on a news web site story.
Some other guy laughed at him and said you aren't getting that at a bank.
He then claimed to be "investing" with crypto currencies.
Think he paid his tax on that ?
Not fucking likely  
But he was quick to advocate to the public the rush here to buy dem ICO's coinz. ROFL
Fuckin' dipshit  

Hey derpty derp pajeets.. a good investment is not one that lands you in jail idiots  
Al Capone was "untouchable" well.. until the IRS owned his ass hard.

Bring on the audits so i can LOL it up over here.. i fuckin' love it ahhahaha  

PS:
When they asked for your Picture ID profiteers you were SUPPOSE to say no.
Not mumble "free market" and fork it over to continue to count your FIAT profits.

Assholes, i am crypto Jesus and i am kicking over your crypto-market tables in the bitcointalk-church.
You deserve it and it's coming.  



Don't sprinkle cheese on me and call me a pizza investards !

[lijoe408]

Decentralized exchanges will fix these issues in the future.  As projects like blocknet develop, there will be less need for centralized exchanges.

[Spoetnik]

Decentralized exchanges will fix these issues in the future.  As projects like blocknet develop, there will be less need for centralized exchanges.

You have some balls posting that after my last comment. 
I created topics showcasing how BlockNET was a scam when THE ICO launched a couple years ago.

Don't confuse an ICO coin scheme "token" with a REAL decentralized exchange system. 
So far everyone who attempted this concept has created a coin they premined the shit out of.
Like the BlockNET assholes who had their hand out for a million dollars.

It's not an exchange if there is a coin with it.. then it's a coin 

[hieu81]

Hi! Thank your info! May be or not! But i think all info of member is private! So we need they hold it as private!

[VeeTeaSee]

so practically, if someone cashes out 100 BTC to his bank account, what happens?

[Acguy]

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

You'd be surprised just how many people that wants to be anonymous but do stupid things

[Acguy]

so practically, if someone cashes out 100 BTC to his bank account, what happens?

Get taxed 40% i'm assuming

[VeeTeaSee]

so practically, if someone cashes out 100 BTC to his bank account, what happens?

Get taxed 40% i'm assuming

40%?
what for omg
government is the biggest scam :|

[Spoetnik]

so practically, if someone cashes out 100 BTC to his bank account, what happens?

It would start with what country you reside in and and where it's sent and what the laws are in those places.
Most places have strict AML / KYC laws so you'd be breaking the law with just a few BTC potentially.
I am not a lawyer or an expert on various countries laws.
But i have been the only one warning you all along about the FBI arrest over BTC in 2013 in Florida.. or KAT etc.

Seek professional help and maybe care.
Caring about the implications would be the first step.

So far there is no talk about the important issues.
Nothing but 90% topics on page 1 here titled "What ICO coin on teh exchangerz should buy to make me profitz?"

The top major countries i think want you to declare your profits on your tax returns.. when tax time comes.
But there is also a secondary matter going on as well.
Take for example the defunct exchange CRYPTSY..
They told us they would lie to customers about network problems and freeze users accounts and then hand off their info to US Federal authorities for investigative purposes.. which could be wide ranging.
Coinbase did that to Artem from KickAssTorrents and the showed up at his door and put him in jail.
He's still there !

Make no mistake people.. if they collect your info they are all doing it.
Whether it's Bittrex or Coinbase or Poloniex.. all of them are 100% government compliant.
Which makes your "coins" 100% government compliant now doesn't it ?

Oh well, never mind the "FUD" ..just head over to Polo and buy some "anon" coins with your picture ID.  
You are safe as long as you chant free market and no laws / regulations.
You may have to yell louder to be heard when you are in a noisy jail cell with Artem from KAT though.  

..it would behoove you all to cover your ass.

[Intensity]

so practically, if someone cashes out 100 BTC to his bank account, what happens?

Get taxed 40% i'm assuming

Not that much. If the BTC is held for over a year, a person would pay short term capital gains. I believe that is like 15% or something like that. Not sure, I will find out next year when I have to do my taxes hehe.

[European Central Bank]

so practically, if someone cashes out 100 BTC to his bank account, what happens?

if it comes out of nowhere the bank goes nuts and you wind up in guantanamo bay. it ain't exactly rocket science.

it's about time the 'bitcoin is on the internet and i took a risk so i shouldn't have to pay tax' crew get a loud wake up call.

time to join the real world, kids.

[cryptohunter]

im going to move to the UK

apparently fortunes made gambling on alt coins are non taxable since gambling is tax free there

others claiming their accountants submitted 28% cgt on them

even 28% is a pita but i can live with 72% not too bad. better to be less greedy and not end up in the slammer..

of course try the gambling route first.

Holland gets an even better deal i think

or jersey/guernsey could work nicely