Literally no one agrees to exchanges giving personal and very sensitive information to the tax agency. It's against all the reasons of why we are in Bitcoin.
That being said, exchanges have no other option than proceeding with any kind of information transfer to the government in case they ask for it.
When you sign up to an exchange, you must understand, and be aware of the fact that this can happen at any time. Your information is never safe with third parties.
Topic: Do you agree if coinbase/exchangers give the data of costumers to IRS/government - page 3. (Read 2211 times)
November 27, 2016, 08:22:48 AM
November 27, 2016, 07:08:25 AM
Most of you say don't care, if you don't like them don't use them. But think about users that earn a lot of bitcoin every month. Operator of mining farm for example. There is no way for him to get BTC exchanged to local currency since most of guys won't accept large amounts if the tries to trade P2P. A lof of users are forced to use exchanges (any of them) and it's expected that government is going to try to take control of that
...so? If you live in the US you have to pay taxes. It doesn't matter how you made the money, you pay taxes on it. I don't see the problem.
Purpose of bitcoin is to avoid something like that. To be anonymous so IRS don't know who to charge. Endpoint where it stops being anonymous is exchange where it's easy to track. Of course most of the people is going to see that as problem. Why do you even use bitcoin anyway ?
I think its not the only purpose of bitcoin and surely the legacy of satoshi is to create an e currency breakthrough who's stronger and be used by many people and its anonimosity is just a feature folloe by that, and for me im neutral with the topic below since if you mean wallet provider well ask kyc then i think its totally fine, but if the exchanger required the kyc well thats another part of the story, i dont gamble my faith for that one since exchangers are prone to attacks.
November 27, 2016, 07:04:27 AM
Our wallet provider here in philippines are associated with coinbase and they required us some legal ids,documents and selfie but its so ok for me since they are registered on sec and i can make sure that they will take care my identity and surely it will not splattered since its government registered and they can easily be sue if they do some illegal leaking, but so far we don't experienced some identity snatching.
November 27, 2016, 05:41:21 AM
Using trading platform which are registered and are regulated will be big mistake for bitcoin traders if they care much about their privacy but using them is safer deal because they are bound to law and can't run away. So traders have to choose between security and privacy when choosing trading platform. Coinbase mayn't agree upon giving users data to IRS this time, but same situation may rise up again after some months or weeks again. To stay in business they may have to agree on giving data of costumers at some point, which will be really scary for most of their customers.
November 27, 2016, 03:32:53 AM
Most of you say don't care, if you don't like them don't use them. But think about users that earn a lot of bitcoin every month. Operator of mining farm for example. There is no way for him to get BTC exchanged to local currency since most of guys won't accept large amounts if the tries to trade P2P. A lof of users are forced to use exchanges (any of them) and it's expected that government is going to try to take control of that
...so? If you live in the US you have to pay taxes. It doesn't matter how you made the money, you pay taxes on it. I don't see the problem.
Purpose of bitcoin is to avoid something like that. To be anonymous so IRS don't know who to charge. Endpoint where it stops being anonymous is exchange where it's easy to track. Of course most of the people is going to see that as problem. Why do you even use bitcoin anyway ?
November 27, 2016, 03:29:55 AM
strongly oppose it
Coinbase was never my choice of an operator and in the light of the recent even I think I will stop using it alltogether
but I think Coinbase was just the one that got into limelight,more of the exchanges will be required to do same and put pressure upon them to comply
this is how goverment(s) work-they want total control regardless of what sign they wear:democracy,monarchy or anything at all
Coinbase was never my choice of an operator and in the light of the recent even I think I will stop using it alltogether
but I think Coinbase was just the one that got into limelight,more of the exchanges will be required to do same and put pressure upon them to comply
this is how goverment(s) work-they want total control regardless of what sign they wear:democracy,monarchy or anything at all
November 27, 2016, 01:07:48 AM
Most of you say don't care, if you don't like them don't use them. But think about users that earn a lot of bitcoin every month. Operator of mining farm for example. There is no way for him to get BTC exchanged to local currency since most of guys won't accept large amounts if the tries to trade P2P. A lof of users are forced to use exchanges (any of them) and it's expected that government is going to try to take control of that
...so? If you live in the US you have to pay taxes. It doesn't matter how you made the money, you pay taxes on it. I don't see the problem.
November 27, 2016, 12:35:46 AM
This could be a government movement to intervene bitcoin environment. It's coinbase users fault in the first place, but it's already happens, I personally disagree, this should be coinbase responsibility to protect their users privacy even from government.
November 26, 2016, 03:08:57 PM
If they did not show they where the type of company that would comply to the fullest early on with other actions then I would be taken back.
But they have shown they are going to do whatever it takes to play ball at the expense of their own customers. Why people supported them early on to get them to this size is beyond me,its the same crowd that want regulation to increase the price of bitcoin. Its a real faulty outlook or line of thought to think these issues will not present themselves as companies jockey to be the biggest and control the majority of the action. This happens with most online businesses that want to keep growing.
I do feel sorry for most Americans because they seem to have little choice in some areas then to play ball. Or at least this is how it appears.
But they have shown they are going to do whatever it takes to play ball at the expense of their own customers. Why people supported them early on to get them to this size is beyond me,its the same crowd that want regulation to increase the price of bitcoin. Its a real faulty outlook or line of thought to think these issues will not present themselves as companies jockey to be the biggest and control the majority of the action. This happens with most online businesses that want to keep growing.
I do feel sorry for most Americans because they seem to have little choice in some areas then to play ball. Or at least this is how it appears.
November 26, 2016, 03:02:43 PM
Most of you say don't care, if you don't like them don't use them. But think about users that earn a lot of bitcoin every month. Operator of mining farm for example. There is no way for him to get BTC exchanged to local currency since most of guys won't accept large amounts if the tries to trade P2P. A lof of users are forced to use exchanges (any of them) and it's expected that government is going to try to take control of that
November 26, 2016, 01:36:55 PM
anyone who expects a mainstream company to not be hammered for financial details has their head in the clouds. if you don't like it, then don't use them. if you do then this is inevitable.
November 26, 2016, 12:43:12 PM
The IRS did not ask for casual buyers logs, or Bitcoin resellers.
Coinbase helped many rich people to move their funds and evade taxes, we are talking about millions here, and that was part of their business plan.
So hell yeah, the IRS should get that money back and prosecute the authors of tax evasion, that money belong to the country, to the government.
Coinbase played the Privacy right game, that's bullshit.
Coinbase helped many rich people to move their funds and evade taxes, we are talking about millions here, and that was part of their business plan.
So hell yeah, the IRS should get that money back and prosecute the authors of tax evasion, that money belong to the country, to the government.
Coinbase played the Privacy right game, that's bullshit.
November 26, 2016, 12:37:10 PM
I guess I do not worry about anything as coinbase or any exchange services do not have any of my information other than my email. I do this as a warning, at least here after people who are concerning about privacy much avoid using centralized services must stick within stand alone wallets and shapeshift kind of no-account services or P2P exchanges.
November 26, 2016, 12:05:53 PM
I strongly disapprove this idea. Bitcoin is made to be used anonymously p2p without being followed or traced by either government or hackers. If Coinbase gives the data to IRS, most of the customers will turn back on using this wallet and Coinbase definitely will lose a huge number of users and merchants. Anyway, I have heard that right now Coinbase is doing it best to protect customers.
November 26, 2016, 11:46:43 AM
I will strongly disagree just like majority of bitcoin users if coinbase or any other exchanger give customers personal and financial data to IRS but it will not surprise me if coinbase like centralized exchange platform which is regulated and under complete surveillance of government shows those data to government because it will be users fault to trust them with their personal details. I highly doubt coinbase will ever be successful to protect users privacy.
November 26, 2016, 11:38:11 AM
I clearly don't agree on giving information's about users but I believe that the users somehow deserve that , as It was obvious that's It's going to happen after a period of time, It's also users fault If they use exchange where giving identity is a must. I still don't understand why they simply don't trade on the forums or any other P2P Platform instead.
November 26, 2016, 11:35:52 AM
As we know bitcoins is anonymous and very appreciate about our privacy, but the exchangers be asked by government for show up our data to unknowing people.
It is for example and details what is aim they do it.
https://cointelegraph.com/news/expert-any-bitcoin-exchange-may-follow-coinbase-requested-by-irs-to-expose-users
It is for example and details what is aim they do it.
https://cointelegraph.com/news/expert-any-bitcoin-exchange-may-follow-coinbase-requested-by-irs-to-expose-users
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