Coinbase -- now tracking your bitcoins

When you send bitcoins from Coinbase, it now asks you this question:

Quote

Are you sending to another bitcoin service or exchange?

Their justification for this question is:

Quote

When sending bitcoin from Coinbase to an off-site address, you may be asked "are you sending to another bitcoin service or exchange?" If you are not, you can simply click "No." If you are, you must click "Yes" and specify the URL of the website of the destination bitcoin service or exchange.

When sending money to external accounts we are required to gather a bit of information before processing the transaction. Coinbase is federally registered as a Money Service Business (MSB). In order to comply with federal regulations, we must know if money is sent from a Coinbase account to a financial institution, in this case a bitcoin service or exchange.

Answering YES to this question helps Coinbase and the U.S. government to track your coins. I urge everyone to always select NO, regardless of where the bitcoins are being sent.

Yeah, I'm not too sure about the MSB registration... Coinbase is getting shadier and shadier.

Never use coinbase again!

The Green address system is a great alternative. I'd consider it safer than blockchain.info

Coinbase: The PayPal of Bitcoin

Quote from: ruggedman_dan on July 25, 2014, 03:52:04 PM

Coinbase: The PayPal of Bitcoin

Well put, could not agree more. Basically they are having to make compromises to go legit. Hopefully, they will be as successful as Paypal.

Seriously

Just use another online wallet

I never use CoinBase because, blockchain.info is safer & more anonymous

Quote from: ruggedman_dan on July 25, 2014, 03:52:04 PM

Coinbase: The PayPal of Bitcoin

with U.S government tracking feature

Quote from: galbros on July 25, 2014, 10:34:54 PM

Quote from: ruggedman_dan on July 25, 2014, 03:52:04 PM

Coinbase: The PayPal of Bitcoin

Well put, could not agree more. Basically they are having to make compromises to go legit. Hopefully, they will be as successful as Paypal.

I think not successful as Paypal

Quote from: sandykho47 on July 26, 2014, 06:11:04 AM

Seriously

Just use another online wallet

I never use CoinBase because, blockchain.info is safer & more anonymous

Quote from: ruggedman_dan on July 25, 2014, 03:52:04 PM

Coinbase: The PayPal of Bitcoin

with U.S government tracking feature

Quote from: galbros on July 25, 2014, 10:34:54 PM

Quote from: ruggedman_dan on July 25, 2014, 03:52:04 PM

Coinbase: The PayPal of Bitcoin

Well put, could not agree more. Basically they are having to make compromises to go legit. Hopefully, they will be as successful as Paypal.

I think not successful as Paypal

Coinbase isn't just a wallet you can buy bitcoin instantly with your bank account.

Quote from: galbros on July 25, 2014, 10:34:54 PM

Quote from: ruggedman_dan on July 25, 2014, 03:52:04 PM

Coinbase: The PayPal of Bitcoin

Well put, could not agree more. Basically they are having to make compromises to go legit. Hopefully, they will be as successful as Paypal.

Yeah they offer a very necessary service right now. Decent price and convenience are a rarity in the bitcoin space.

Well....that seems like a price to pay for every Exchange that will come out of US.

Isnt that the reason, that made Kraken move its base from California?

This is not a good start

Never used before coinbase wallet, this is ridiculous, they want to know the origin of earned btc and what we used for, expecting their collapse soon.

Besides coinbase, are there any other wallets that sell directly from the account and are reliable and safe?

I should mention this is not mass quantities, usually smaller transactions then 1BTC and not very often

Odolvlobo, I haven't received such a message (yet) and I transfer BTC nearly on a weekly basis.

Your account might be flagged. This past week, I've seen a reddit post indicating the user was flagged for selling on LBC.

Ref: http://redd.it/2c63xg

You may have to rethink your strategy on how much you send at a time, and per day. Anything of value over $2999 needs to be documented for the Feds due to AML.

Stop fucking using coinbase, how hard is that?

I have never seen a message like that before.

I use coinbase on an almost daily basis and have not seen any of these weird messages and I use it to both buy bitcoins and deposit and withdraw bitcoins from other addresses

I have to say, its getting crazier and crazier with the "mainstream" bitcoin crowd. I sort of stopped following the bitcoin community in May of 2013. Before then, I was able to buy Bitcoins with money transfers with a bogus name, no questions asked from the little Mexican Market I would use Moneygram with. Then I started following and using bitcoins again this past March. Someone pointed me to coinbase and I found it unbelievable. I then heard about ATM's popping up now needing an ID scan or palm print.

All of this shit is going to drive it back to the underground market. A Bitcoin "ATM" just opened up in the city I live, has very convenient pricing, but fuck that. I gotta give my ID, which may mean nothing in the end, but why the fuck would I want anyone I dont know, possibly snooping into my personal life.

Just like this Stellar thing. Link your facebook for free Stellar! Bullshit I'll give my information to a cryptocurrency company. Who the fuck knows who will try and hack it and get my info, possibly trying to fraud me.

From now i will use this https://blockchain.info/ i always use conbase before that because of less fees and i found this blockchain website this fees is 0.06$ minimum Fees so from now i will use this website

Based on how things are developing, I am expecting them to be the first BTC company to start sending out 1099s