Coinbase supposedly licensing software to the IRS. Thoughts?

[CandelaCoin]

Coinbase supposedly licensing blockchain analytic software to the IRS so they can navigate the blockchain with ease. https://decrypt.co/31461/coinbase-wants-to-identify-bitcoin-users-for-dea-irs

[1715134039]

1715134039

[hugeblack]

When you use central sites and send data to them, you lose the feature of being anonymous and thus you may have to pay taxes when transactions are tracked.
The term is inaccurate. Coinbase does not sell data. Rather, like banks, they maintain the confidentiality of transactions and cannot be found without a court ruling.

"This tool only offers them streamlined access to publicly-available data and at no point do they have access to any Coinbase internal or customer data," the company said.

Since the platform is registered and therefore obligated to deal with the authorities, they may actually help track transactions.

Remembering Bitcoin is Pseudonymous

[logfiles]

Of course when you decide to use and upload your personal document to websites like Coinbase. They are in control of your data and can do whatever they want with it.

I laughed when i read this from the article 

"This tool only offers them streamlined access to publicly-available data and at no point do they have access to any Coinbase internal or customer data," the company said

Source: https://decrypt.co/31461/coinbase-wants-to-identify-bitcoin-users-for-dea-irs

It's a plain lie, If DEA, IRS, FBI or any other security agency comes knocking. They will avail the customer data faster than you uploaded it to their website 

[LarsLind]

Coinbase supposedly licensing blockchain analytic software to the IRS so they can navigate the blockchain with ease. https://decrypt.co/31461/coinbase-wants-to-identify-bitcoin-users-for-dea-irs

I think that's absolutely fine. More power to the IRS. I want tax evaders to get caught with their pants down. They're stealing from me and everyone else when they shirk on their tax contributions.

Probably not the answer you wanted to hear though   

[NotATether]

There doesn't seem to be any public information about Coinbase Analytics, not even a product touting on their website. Could this be something that was created just for these agencies? If so, then maybe it is specialized to monitor the transactions of addresses belonging to specific users in the agencies' databases and not something that's going to be ran on random people.

[o_e_l_e_o]

There doesn't seem to be any public information about Coinbase Analytics, not even a product touting on their website.

Coinbase bought over Neutrino in February of last year, which called themselves a "Blockchain Intelligence Platform". What that actually meant was a "Blockchain Analysis Platform", who specialized in tracking movements and transactions, linking addresses to specific people and organizations, de-anonymizing people, generally invading privacy whenever they could, and making money by selling that data to anyone who would pay for it. Neutrino was an off-shoot from Hacking Team, another privacy invading and surveillance company, but rather than focusing on blockchains this one focused on people, creating software to spy on people's emails, instant messaging, Skype, VoIP, etc., remotely activating webcams and microphones, access private files and data, and other generally horrendous things. Hacking Team also sold these capabilities to various dictatorships and oppressive regimes around the world.

Coinbase, although obviously very keen to get these same people on board to invade the privacy of their users as much as possible and extract maximum profits from selling their data, didn't want that name associated with them, so rebranded it to the much less offensive "Coinbase Analytics".

Turns out that the IRS and the DEA are the highest bidders at the moment for Coinbase's customer data, and so to the IRS and the DEA it goes. I wonder who they will sell their users out to next.

#deletecoinbase

[Russlenat]

Easy job for the IRS on monitoring the users if they are paying taxes or not, that's expected if exchanges are regulated by the government, they need to comply with the regulation as they are treated like bank where KYC and AMLC reporting is required.

It's not what we like but we have to accept that it's gonna happen as that's the reality, the longer crypto exist, we will lost our privacy as it's not anonymous anymore under the supervision of the government.

[o_e_l_e_o]

It's not what we like but we have to accept that it's gonna happen as that's the reality, the longer crypto exist, we will lost our privacy as it's not anonymous anymore under the supervision of the government.

If you are going to use centralised exchanges such as Coinbase who will sell your data to the highest bidder, then of course you will lose your privacy. It is still entirely possible to use bitcoin in a private way if you have the motivation to do so. There are decentralized exchanges such as Bisq and LocalCryptos. There are mixers such as ChipMixer. There are methods to obfuscate your transactions such as CoinJoin.

The whole point of bitcoin is to have a financial system free from third parties and governments taking control over you and your money. We shouldn't just be shrugging our shoulders and saying "Oh well, it's gonna happen". We should be supporting methods and services like the ones I mentioned above which allow us to fight back and maintain our privacy.

[boissonnea]

Coinbase is not much different from Facebook and Google, they do not respect privacy nor are they ready to sell your personal data for profit.
use of this platform means that you are dealing with digital currencies as if they were making profits hole or an investment bug and not a new cash away from the central assets.

You will also have to pay a lot of taxes because all the profits and all the money you earn from any transfer will be subject to control and subject to withholding of taxes.

#deletecoinbase

[snarlpill]

There doesn't seem to be any public information about Coinbase Analytics, not even a product touting on their website.

Coinbase bought over Neutrino in February of last year, which called themselves a "Blockchain Intelligence Platform". What that actually meant was a "Blockchain Analysis Platform", who specialized in tracking movements and transactions, linking addresses to specific people and organizations, de-anonymizing people, generally invading privacy whenever they could, and making money by selling that data to anyone who would pay for it. Neutrino was an off-shoot from Hacking Team, another privacy invading and surveillance company, but rather than focusing on blockchains this one focused on people, creating software to spy on people's emails, instant messaging, Skype, VoIP, etc., remotely activating webcams and microphones, access private files and data, and other generally horrendous things. Hacking Team also sold these capabilities to various dictatorships and oppressive regimes around the world.

Coinbase, although obviously very keen to get these same people on board to invade the privacy of their users as much as possible and extract maximum profits from selling their data, didn't want that name associated with them, so rebranded it to the much less offensive "Coinbase Analytics".

Turns out that the IRS and the DEA are the highest bidders at the moment for Coinbase's customer data, and so to the IRS and the DEA it goes. I wonder who they will sell their users out to next.

#deletecoinbase

Gross man...  I knew Coinbase had been slowly getting in bed with the US govt. and violating their users' privacy as a result, but I didn't know it was this deep. Glad to say I haven't used that shit company in years!

[shasha101]

Privacy and security is still not at good structure, it should be defined protectively without affecting the end users meanwhile cheating should be avoided in the name of same privacy and security measures.

[cryptomaniac_xxx]

Privacy and security is still not at good structure, it should be defined protectively without affecting the end users meanwhile cheating should be avoided in the name of same privacy and security measures.

Privacy and security is good, crypto is a decentralized system, so you can be private and as far as security, if you know and educate yourself then you should be good. However, if you used centralized exchanges like Coinbase, then your privacy has been compromised already since there is a mandatory KYC and chances are, they are going to cooperate with the government, exposing your identity.