US Govt asking Coinbase to share customer's acts detail - is it the beginning?

[Raavit]

Well not sure how relevant it is to ask however feeling an urge to know the thoughts floating at this moment in general in the minds of those who are more knowledgeable on Crypto platform than me.
What impact do you see of recent US GOVT decision to ask Coinbase to share customers acct? Coinbase did a well defending fight but to loose eventually to the Big sharks and been ordered to share customer accts having transactions done worth more than 20K. It might just be a beginning however it gives me a bit alarming sense to stay awake and take precautionary actions...I honestly do not know what could that be.

Appreciate thoughts and discussion around it.

[1715167675]

1715167675

[MickeyT2008]

it has already been posted in here, but you should know that they are not asking for those who have been moving more than $20k during the last time, they are only trying to find and get the id's from those who were moving more than $20k on 2015.

they are only trying to do it because they know that bitcoin was more than 20 times lower during 2015.

Just make those maths; $20,000 x 20= It is more than $400,000.

That is why they want to get as much information as possible about them.


THESE COMMENTS WEREN'T WRITTEN BY ME, SOMEONE SCAMMER HAS HIJACKED MY ACCOUNT.  I HAVEN'T POSTED ANYTHING HERE FOR ABOUT TWO YEARS BECAUSE I'M NOT TRADING AT THE MOMENT.  I've changed the password so hopefully that'll stop them.

[darkangel11]

I'm not in the US, so I'm not worried too much, but I wouldn't like my data to be shared with government agencies, even though i'm ready for that. If you put any information online expect that it can be used against you. If you expect to find yourself in their database and used to trade a lot of cryptocurrency, pack your bags and make sure your coins are well hidden and drives are wiped. I've seen what government agencies can and like to do to people that have the scent of money on them.

[Yakamoto]

Well not sure how relevant it is to ask however feeling an urge to know the thoughts floating at this moment in general in the minds of those who are more knowledgeable on Crypto platform than me.
What impact do you see of recent US GOVT decision to ask Coinbase to share customers acct? Coinbase did a well defending fight but to loose eventually to the Big sharks and been ordered to share customer accts having transactions done worth more than 20K. It might just be a beginning however it gives me a bit alarming sense to stay awake and take precautionary actions...I honestly do not know what could that be.

Appreciate thoughts and discussion around it.

As other users have specified, it seems more than less like they're going after those who had transferred a specific quantity and who have had the value balloon into a massive portion of value. If you didn't transfer large amounts like that then I wouldn't be worried to be honest. I used Coinbase and I have yet to get v& if there is something going on, but I should also say that I'm not American.

I'd just start to transition away from online wallets as they start to come after attack from government agencies hunting for information. That's what I'm starting to do.

[illinest]

it has already been posted in here, but you should know that they are not asking for those who have been moving more than $20k during the last time, they are only trying to find and get the id's from those who were moving more than $20k on 2015.

Technically, they want anybody who had transactions totalling $20,000 in any one year during 2013-2015. So if you made a handful of trades during the 2013 bubble, there's a good chance that you got netted in this court order.

they are only trying to do it because they know that bitcoin was more than 20 times lower during 2015.

Just make those maths; $20,000 x 20= It is more than $400,000.

That is why they want to get as much information as possible about them.

This case doesn't pertain to prices in 2017. Taxes on capital gains in 2017 aren't due until next year. The IRS is targeting cases within the 3-year statute of limitations on inaccurate tax returns. I don't think it's because the price is now $10,000 because the IRS has been pursuing this case for more than a year already.

I think it's more about scaring bitcoin traders into paying taxes than about catching anyone.

[mahibul49]

i am totally opposite with US.why they will want our details??its really clueless

[CrypticGambit]

Well they will have to pay taxes. That is alot of money for us goverment and they will legalize bitcoin I think which is huge and I am bullish on bitcoin overall!

[chacha66]

This is the beginning, I think deep down we all knew the Gov was going to get involved, at least their not shutting the whole thing  down. Death and taxes

[Raavit]

it has already been posted in here, but you should know that they are not asking for those who have been moving more than $20k during the last time, they are only trying to find and get the id's from those who were moving more than $20k on 2015.

Technically, they want anybody who had transactions totalling $20,000 in any one year during 2013-2015. So if you made a handful of trades during the 2013 bubble, there's a good chance that you got netted in this court order.

they are only trying to do it because they know that bitcoin was more than 20 times lower during 2015.

Just make those maths; $20,000 x 20= It is more than $400,000.

That is why they want to get as much information as possible about them.

This case doesn't pertain to prices in 2017. Taxes on capital gains in 2017 aren't due until next year. The IRS is targeting cases within the 3-year statute of limitations on inaccurate tax returns. I don't think it's because the price is now $10,000 because the IRS has been pursuing this case for more than a year already.

I think it's more about scaring bitcoin traders into paying taxes than about catching anyone.

thanks to clarify.

Well, on the other side...US Govt is skeptical about legalizing cryptos. Sharing personal information with Govt agency makes it risky move and paying taxes doesn't seem to make it all stop...rather inviting them to expose other assets and futures...
there're many sides of this move, we might not be able to all though.

[Iranus]

.US Govt is skeptical about legalizing cryptos.

Considering that they're already legal, that might be quite a difficult task for them.
This could potentially be part of a broader movement in the US to tax BTC earnings and regulate exchanges properly.

Since they're the US though, they'll inevitably do this over several years in a variety of sinister but not quite outright malicious moves that makes everyone hate them while also achieving nothing meaningful.

[w5pn73]

.US Govt is skeptical about legalizing cryptos.

Considering that they're already legal, that might be quite a difficult task for them.
This could potentially be part of a broader movement in the US to tax BTC earnings and regulate exchanges properly.

Since they're the US though, they'll inevitably do this over several years in a variety of sinister but not quite outright malicious moves that makes everyone hate them while also achieving nothing meaningful.

Everyone already hates the us already right?   We're lucky they aren't running the world.

[Lipe490]

It is only the beginning because US IRS is finding people laundring money and hiding their gains. Tax evasion is the worst thing you can do in the U.S and they are incredibly very effective to find these people believe me. In a way or another they would eventually get to have these people's infos. Now Coinbase is the first and I bet Bittrex is the next.

[Pettuh4]

It is only the beginning because US IRS is finding people laundring money and hiding their gains. Tax evasion is the worst thing you can do in the U.S and they are incredibly very effective to find these people believe me. In a way or another they would eventually get to have these people's infos. Now Coinbase is the first and I bet Bittrex is the next.

What about foreigners who save some coins with coinbase and are not directly United States citizens? How are they going to verify their information or even tax them plus I wouldn't save a chunk of my assets in Bitcoin with an online wallet so chances are that the real culprits are hiding them in a cold storage somewhere.

[Rabiulawal12]

Well no to worry about this . Because this process
Is for our betterment , Us government want reliablity and assurance of any fraud and money laundering
Issues. I hope coinbase manage successfully this situation.

[Tyrantt]

Avoiding taxing? I mean, those who transferred more than 20k might just as well hold just as much and with todays price that's around 2mil on gain, avoiding taxes for that much of money, no wonder they're looking for them.

[sangtuosimino]

The news may tell us that it's time to sell some bits of bitcoin.
The market is always strenuous when there is news. Let's take a serious look at the bit of bitcoin this week.

[patapon49]

at the same time I do not see how a government will let so much money go

[Spoetnik]

Beginning ? Where have you been ?

https://news.bitcoin.com/coinbase-helps-fbi-shut-kickasstorrents/

Cryptsy admitted they were doing this YEARS AGO.
Others are all AML / KYC compliant so why would they be any different ?

And besides why didn't you noob idiot pajeet profiteers pay attention to this news when it came out a year or two ago ?
It was all over the web long ago that the IRS was on a fishing expedition.
Did any of you care or warn others or even try and stop it ?

Fuck no.. you don't care.

..about crypto

EDIT:
When i seen their account verification measures in 2013 i decided then i would not sign up.
I have never had a Coinbase account.. nor would I.
I did not join crypto to fork over my picture ID to sketchy assholes.
Nor do i owe any tax money on crypto related bullshit either.. i know i am clean and safe. (with REV-CAN)
My taxes are in paid in full and i have no hidden / obscured or unclaimed crypto earnings.
Do you ?

[AjithBtc]

Long back itself coinbase has begun to make the identity verification mandatory and the US government to insisted to frame the KYC norms for the exchange needs. This data addition will surely benefit the government to keep track of the users. Hope the same doesn't gonna give a effective result.

[jseverson]

We won't know for sure until the next wave of info from the next exchange is asked for, but it's definitely an alarming precedent. We can't really keep anything private anymore, which is ironic given that privacy is what cryptocurrencies were named after. Still, it's not the end of the world. We simply have to keep in mind that we have a transaction limit in exchanges, and that coins shouldn't be stored in them (which everyone should already be doing in the first place). People should still be able to freely trade amongst themselves in private.

That being said, this was prompted by people not paying their taxes. It's your obligation as a citizen who is enjoying the state's services and protection, so just pay the proper amount.