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Topic: COINBASE just admitted they are an IRS front - Will Turn over all data to IRS (Read 156 times)

sr. member
Activity: 504
Merit: 251
★777Coin.com★ Fun BTC Casino!
Taxation and regulation is inevitable expecially when bitcoin and crypto currency is so intertwined with fiat. People can't expect to make massive profits converting to Fiat and escape taxes. We all like to have our cake and eat it.
newbie
Activity: 11
Merit: 4
Your argument doesn't confirm or prove that all exchanges are owned by government. Or NSA created this bitcoin. Nothing is proved at all. Coinbase is just doing what they are asked to do by IRS. They are just complying with the government's requirement of data. As a good citizen, I feel obliged to pay my taxes and if I don't, that's a wrongdoing on my account.

Now Coinbase only have three options to follow. Either they comply with IRS requirement or they just pull the plug or they will move to a bitcoin friendly country like Japan or Israel. If they don't comply with the IRS requirement, they simply will be barred from doing business in USA, all their properties will be seized and court proceedings will be ordered.

I remember, the same happening with Liberty Reserve. It was a paypal type system much before crypto currency rose in to prominence. This payment processor was very much active in the worldwide ponzi market. IRS simply came in and froze their entire business because they were unable to comply with their requirement. Now if you visit their website, you will see the below,

https://i.imgur.com/vdesLUc.jpg

Definitely it is against the main vision of the crypto currencies. But in real world, de-centralization is hard to happen. We should look at it as a new way to earn money and as an investment asset. Slowly all countries will move to legalizing bitcoin, but that means, their citizens will be forced to comply with the KYC requirement and pay taxes on it. That's sad but that's what is imminent.

First step would be to 'get out of dodge', go find a CRYTPO  friendly country, without an IRS-like org gestapo behind your GOV, friendly country's do exist; This all reminds me of that email anonymous guy, when the GOV demanded the backdoor he un-plugged his servers, when your small enough you can 'just walk away' and delete the data, most of these big org's like "COINBASE" were created by rich connected people to begin with, thus they're not going to walk away, as they're investors OWN the IRS Company ( USA is Corporation since the Civil War );

No doubt that NSA created BTC & Satoshi, thus first step is to RUN, 2nd step is to use software that ain't tainted by NSA, and that is so small that the IRS doens't have it on their gaydar

...

BTC is now 10 years old, the CORE is essentially a GOV ORG, the 3 legs of BTC are mining-pools, exchanges, and trading platforms; 2 of the 3 are owned by USA and not china, if USA can drive mining-pools out of asia to the west, then USA will have full control of the 3 legs of BTC

I don't see much hope in BTC for 'privacy' given its too bit and too many CIA companys are selling block-chain-browsers, soon they'll be chasing ppl who own $10, just because the fine is $10k

Perhaps the SOLN will be a total dark-web btc?

Lastly, ask again why the pristine "SATOSHI COIN" is still after 10 years unclaimed and untouched?? Because the early people KNEW very well that all this stuff would be TRACKED, remember how Satoshi freaked out to shit when BTC went to bed with Wikileaks??

The problem with BTC is that it based on a MTN of lies by websites and various people who OWN the 3 legs, once 10's of 1,000's of people have been screwed by the IRS, and burnt by the Dec-2017 BTC -80% haircut the lies will be very hard to sell to the HODL true believers

Satoshi 'white-paper' never talked about exchanges, mining-pools, or trading-platforms, it was all peer2peer for the little ppl, perhaps some smart kid in Bangalore will 're-invent' btc?
legendary
Activity: 4410
Merit: 4766
i find it funny
ofcourse coinbase has to follow fiat regulations.. they handle fiat


firstly people use FIAT exchanges but then cry about fiat laws of those exchanges
then people blame bitcoin and say bitcoin was birthed by government
then lastly they say just treat bitcoin as a investment to get more.. wait for it.. fiat
(triple facepalm)

instead of crying about fiat laws and blaming bitcoin.. how about go ask you local retailers/landlords to accept bitcoin so you'll never need to touch fiat.
legendary
Activity: 1358
Merit: 1565
The first decentralized crypto betting platform
Slowly all countries will move to legalizing bitcoin, but that means, their citizens will be forced to comply with the KYC requirement and pay taxes on it. That's sad but that's what is imminent.

 Yes, mass adoption will come with regulations and governments collecting taxes, it’s too naive to think otherwise. If you want to escape from taxes, you need to have your private wallets and to buy things directly, although I wouldn’t be surprised if governments come up with some software in the future to track those transactions.
newbie
Activity: 11
Merit: 4
Your argument doesn't confirm or prove that all exchanges are owned by government. Or NSA created this bitcoin. Nothing is proved at all. Coinbase is just doing what they are asked to do by IRS. They are just complying with the government's requirement of data. As a good citizen, I feel obliged to pay my taxes and if I don't, that's a wrongdoing on my account.

Now Coinbase only have three options to follow. Either they comply with IRS requirement or they just pull the plug or they will move to a bitcoin friendly country like Japan or Israel. If they don't comply with the IRS requirement, they simply will be barred from doing business in USA, all their properties will be seized and court proceedings will be ordered.

I remember, the same happening with Liberty Reserve. It was a paypal type system much before crypto currency rose in to prominence. This payment processor was very much active in the worldwide ponzi market. IRS simply came in and froze their entire business because they were unable to comply with their requirement. Now if you visit their website, you will see the below,

https://i.imgur.com/vdesLUc.jpg

Definitely it is against the main vision of the crypto currencies. But in real world, de-centralization is hard to happen. We should look at it as a new way to earn money and as an investment asset. Slowly all countries will move to legalizing bitcoin, but that means, their citizens will be forced to comply with the KYC requirement and pay taxes on it. That's sad but that's what is imminent.

 now the IRS is using big data to construct a tax DNA profile of all US citizens.  Almost all filings are online, and the IRS is linking that together with data from various private sources onto multiple petabyte sized databases harvested by super computers.  Even if they can't crack bitcoin they can overturn the rock you are hiding under by other means.

just like NSA owns google, just like CIA owns microsoft, all big companys bend over to put in back doors for GOV, in order to stay in biz, APPLE was a hold-out, and look how quick jobs died of cancer

Now the miners, exchanges, and trading platforms that are BIG will all become masters to the NSA, .. who would have thought?
legendary
Activity: 3080
Merit: 1500
Your argument doesn't confirm or prove that all exchanges are owned by government. Or NSA created this bitcoin. Nothing is proved at all. Coinbase is just doing what they are asked to do by IRS. They are just complying with the government's requirement of data. As a good citizen, I feel obliged to pay my taxes and if I don't, that's a wrongdoing on my account.

Now Coinbase only have three options to follow. Either they comply with IRS requirement or they just pull the plug or they will move to a bitcoin friendly country like Japan or Israel. If they don't comply with the IRS requirement, they simply will be barred from doing business in USA, all their properties will be seized and court proceedings will be ordered.

I remember, the same happening with Liberty Reserve. It was a paypal type system much before crypto currency rose in to prominence. This payment processor was very much active in the worldwide ponzi market. IRS simply came in and froze their entire business because they were unable to comply with their requirement. Now if you visit their website, you will see the below,



Definitely it is against the main vision of the crypto currencies. But in real world, de-centralization is hard to happen. We should look at it as a new way to earn money and as an investment asset. Slowly all countries will move to legalizing bitcoin, but that means, their citizens will be forced to comply with the KYC requirement and pay taxes on it. That's sad but that's what is imminent.
newbie
Activity: 11
Merit: 4
https://www.zerohedge.com/news/2018-02-25/bitcoin-slides-coinbase-informs-13000-customers-imminent-data-handover-irs

What a 1,000 years we have been saying this, all exchanges are just  government fronts for the tax collector, honey-pots so they can 10X increase taxes on those who 'play'

NSA created BITCOIN, and all exchanges, and pools, and trading platforms are all owned by GOV; Perhaps some of the mining pools don't even understand they're owned by GOV, but if they're BIG they will comply, otherwise pull the plug.

What of the orginal promises of bitcoin??

privacy? security? an ALT to fiat, an escape mechanism from big-brother? but what if BTC was fed to you by big brother?
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