Discussion in 'Financial Cents' started by sec_monkey, Nov 19, 2016.
IRS Demands Identities of All US Coinbase Traders Over Three Year Period
Casting a pretty wide net and praying for a catch?
Yep, cast a big enough net with a fine enough mesh in an attempt to maximize revenue.
Have an account, never touched it. Never traded and I'm out of the bitcoin game.
Spent it all at a retailer that collected tax on it.
Don't have an account. Never understood it. No value relative to anything (gold, silver, uranium, platinum, dollars, renminbis???WTF?). Never understood how such a monetary system could ever work.
I've always been skeptical. Bitcoins are "mined" by solving mathematical problems, so have no basis in anything tangible. So, created out of thin air, much like the dollar, but without even the backing of a country behind it. Seems the only real use is the transparent transaction, but I have no need to engage in international gun running, drug trafficking, human trafficking, hit men or the like. IMO one day it will evaporate after much real currency has flowed from the outside to whoever really controls the process.
I only deal in whole coins, No bits for me!
The sad part of this is they aren't worth anything till you buy something and you are taxed when you buy something .... so I see no point in this irs investigation
I had tried, really tried to justify bitcoin, but personally could not...so I stuck with goldcoin and silvercoin
I guess you can pay tuition with it.
or airline tickets Cheap Airline Tickets, Airfares & Discount Air Tickets | CheapAir Cheap flights and last minute flights online | Abitsky.com
or hotels Book a Hotel - Earn Bitcoins - Support a Charity
Heck expedia accepts them.
You can Xmas shop and buy prepaid gift cards at major retailers (internet and brick n mortar) Gyft gift card app lets buyers use bitcoins - CoinDesk
So for now, Bitcoin is money. And when spent, the government wants to know your cost basis and long-term / short-term profit/loss at the time of the purchase.
Basically it comes down to this.
The government doesn't want ANYTHING competing with the dollar.
Be it Bitcoin, gold, oil, diamonds, RMB, Yen.
If it can be used in commerce, they want a cut. If they can't get a cut, they want to kill it.
LOL, I just bought a little over 1/10th of a Bitcoin and put it on a mobile wallet on my Android Cell phone.
Guess who's using it to buy beer for Monday's lunch?
Protecting Customer Privacy
18 NOV 2016
Protecting Customer Privacy
Our customers may be aware that the U.S. government filed a civil petition yesterday in federal court seeking disclosure of all Coinbase U.S. customers' records over a three year period. The government has not alleged any wrongdoing on the part of Coinbase and its petition is predicated on sweeping statements that taxpayers may use virtual currency to evade taxes.
Although Coinbase's general practice is to cooperate with properly targeted law enforcement inquiries, we are extremely concerned with the indiscriminate breadth of the government's request. Our customers’ privacy rights are important to us and our legal team is in the process of examining the government's petition. In its current form, we will oppose the government’s petition in court. We will continue to keep our customers informed on developments in this matter.
IMF is OUT of control .
Not just in western , but the rest of the world want's out of the US dollar manipulation & quit taking down there value for them .
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I know this forum accepts Bitcoin as a way to make donations. But, I am not sure how long this has been an accepted payment method?
This is kind of new to me.
How would I go about accessing this currency?
I have a few ideas but don't want to get ripped off or bamboozled.
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