The naivitee, ignorance, and arrogance of this thread astounds me.
The HN population (I include myself in this) seems to think everything is new, there are no precedents for any of this, and that we're building some kind of new society here. We aren't. Times like this make me wish people like us were less dismissive of history, liberal arts, and people-not-in-tech generally.
Case 1: a commenter below said something about "a guy moved his assets into BTC to hide from bankruptcy". Bankruptcy courts deal with this stuff ALL DAY. It's their job. You can't just make huge transfers/sales when in bankruptcy and expect people to think that's normal behavior. This has gone on long before bitcoin, and will continue long after it's gone.
Case 2: taxes. BTC is an asset. If you buy at price X and sell at price Y, guess what, you owe taxes on Y-X. I don't understand how this is news to anyone.
Case 3: money laundering and other types of financial crimes. There are entire companies who build software to detect money laundering. It's a well-understood problem.
All I'm trying to say is, just because you have a CS degree and work in San Francisco, don't think you're the smartest person in the world. Moving money is one of the oldest human endeavors and unlike a lot of topics in software development, it's an old profession with a huge body of accumulated domain knowledge. We shouldn't be so quick to dismiss it.
Yep. As I told people in the bitcoin space years ago, the Roman Empire and Ghengis Khan and Imperial Britain all existed with decentralized, fungible, untraceable money called "gold and silver coins". That didn't prevent the State from existing or collecting taxes or imprisoning people or enforcing its sundry laws.
Bitcoin may change things, possibly a lot, and maybe for the better, but you have to be realistic about how much change is actually feasible.
The current governments exercise a lot of power through the banking system because it's convenient. If Bitcoin (or some more private successor like Zcash) makes the whole finance sector "go dark", like "Tor for money", those governments will still be there doing their thing, just using slightly less convenient methods.
That's not what people are objecting to in this case.
This is not a family law judge subpoenaing coinbase for records. I've actual been an expert witness on such a court case and where Coinbase complied and gave the transaction history, for the record.
This is not the FBI or some regulator's enforcement arm investigating money laundering and having a court order requesting details of specific accounts. I'm sure they comply there too.
Nor is the IRS requesting information on specific people they think failed to report their taxes. That too would be understandable.
This is a fishing expedition. The IRS is requesting coinbase to turn over all personal information of all accounts and the entire transaction histories, with no specific basis given.
This is the financial privacy equivalent of court-order wiretapping vs dragnet surveillance. It is entirely reasonable to be angry about this.
Case in point: I bought and sold bitcoin on Coinbase at that time, as part of my non-registered sole proprietorship consulting business--I was paid by my clients in bitcoin, and purchased some on behalf of my father. As per the advice received by my accountant at that time, prior to publication of any IRS rules regarding bitcoin, I merely reported aggregate values of my own sales, not individual trades, on my Schedule C business income part of my personal 1040. Even in light of later advice published by the IRS, it's not clear that this was the incorrect way to file since it business income is handled differently. So I paid my taxes, legitimately, but there's no mention of bitcoin, or the individual trades that were made to cash out that bitcoin on Coinbase.
But, it now seems that the IRS is going to get a data dump that has my name and a bunch of bitcoin trades from years ago, and have no way of knowing that I already paid taxes on them. And, bad on me, I'm not sure I have sufficient record to prove my story, or if I do it will take a lot of unpaid work to put together. So I'm either going to get hit with an excessively large tax bill, or deal with a lot of pain and suffering and personal cost fighting this in tax court, losing a ton of my time for having done nothing wrong.
Fuck that. That's why we have due process and don't allow law enforcement fishing expeditions. False positives have a cost.
>Case 3: money laundering and other types of financial crimes
For those who think about anonymizing their bitcoin sources by running them trough mixer or using anonymous cryptocurrency, think it over twice and find out more about the cash seizure, detention and forfeiture laws.
Money laundering laws are not a joke. They use reverse burden of proof. Your money can be seized and you must explain its origin or you lose it.
>Moving money is one of the oldest human endeavors and unlike a lot of topics in software development, it's an old profession with a huge body of accumulated domain knowledge. We shouldn't be so quick to dismiss it.
I would say that, like many fields, the existing domain knowledge in the relevant professions (accounting, finance) is incredible. But CS and the sort of expertise common in the Bay Area does have a lot to contribute to the tools used in those professions. I'm a lawyer and a developer working at a large public account firm, and my experience has been that the profession has a lot of experience recognizing the myriad ways to identify, measure, and disguise value via financial transactions, but very little expertise in using computers to do so.
Yeah, you're not gonna fool us by withdrawing $100k from your account and hiding it under your mattress or in a crypto wallet. Everyone in the field knows to look at the economic substance of a transaction over its nominal form. But most of us can't figure out how to open a CSV file that's too big for Excel, so there's plenty of room to help us with managing lots of data and extracting useful information from it.
>Case 3: money laundering and other types of financial crimes. There are entire companies who build software to detect money laundering. It's a well-understood problem.
I would disagree with you here. Money laundering is an extremely challenging problem, not least of all because money launderers are extraordinarily inventive and constantly shifting tactics. It's a lot like infosec. No matter how advanced your defenses are, a ton of hackers are always looking for a way through and any sufficiently complex system is impossible to secure 100%.
Lately I think more and more threads would benefit from this posted at the top. This ignorant mindset is what develops after telling every well-off 20-something they'll "change the world!" by tossing out a few thousand lines of code.
>> If you buy at price X and sell at price Y, guess what, you owe taxes on Y-X. I don't understand how this is news to anyone.
First principal of TaxLaw: It is all income unless it isn't. It is always taxable unless you can find language in the code exempting it. I'd go a little further in saying that the taxable amount isn't "Y-X", ie the profit. The taxable amount is actually just Y, the sale price. Income is all money literally coming into you. You then need to find a deduction for X, the cost of purchasing the asset. Maybe you find one, or maybe you bought your bitcoins with cocaine and so owe on tax on the entire sale price. Or maybe you have already deducted that cost in a previous year and so cannot deduct it again now. Or maybe you traded your bitcoins for some other bitcoins last year, realized the gain then, and now have to start reviewing the like-kind exchange rules. (I'm in that 0,01% of people who actually enjoy tax law. It's actually very eloquent.)
"just because you have a CS degree and work in San Francisco, don't think you're the smartest person in the world."
That's right, because everybody knows _I'M_ the smartest person in the world!
Nobutseriously. I've never been able to articulate why I was skeptical about Bitcoin as a "currency" per se, but I think you've done it. The money problems Bitcoin claims to uniquely solve, it either doesn't really solve, or it's a solution you can easily get some other way, or it was a security-through-obscurity type of thing where agencies of oversight were ignoring it/ignorant of it -- which meant if it ever went mainstream they would catch up... and now they have. Sadly I don't think there's any escape from authoritah.
That's not to say the blockchain idea isn't useful... just not as money.
This really reminds of the essay "Technologies of Control and Resistance"[1], which has really shaped my thinking over the years.
Bitcoin itself is a technology of resistance. Private crypt-currencies more so. (Cash too) But as long as you have to go through central portals (like Coinbase) to access the rest of the economy, the government will lean on those central parties to regulate you indirectly.
Moreover, if you take steps like laundering coins or meeting in person specifically to avoid paying taxes, you've handed the IRS evidence to prosecute you for willful evasion. You're trading money today for jail time tomorrow.
Disclaimer: I am not a lawyer. This is not legal advice. Pay your taxes.
far from true. the IRS passes on many enforcement actions because the cost-benefit calculus doesn't pencil out against wealthy and sophisticated parties who can afford to spend years in litigation.
The bulk of IRS enforcement is against low income people who cheat on child tax credits and earned income credit.
The nature of all predators is to attack the weak.
People have been saying this ever since Bitcoin was invented.
But has it been proven true?
It seems like for all this big talk about how the government is all powerful, a whole lot of people have been able to get away with a lot of stuff.
This also isn't just about the US. This is about other countries as well. Venezuelans have been using Bitcoin very effectively to get around government oppression and capital controls, for example.
Edit: I understand that FX trade is not tax free. What I am saying is that we should tax crypto like we tax (or don't tax, depending on where you live) other currencies because that is what they are.
Don't hate the other players, hate the game that coerce you into paying taxes (i.e punish you) because you have partaken in a peaceful and voluntary exchange with another person.
What bothers me about this whole thing is that I never bought it like a stock. I mined it YEARS ago when it was worthless.
Now all of a sudden I have to pay tax on something I already own? Seems like the government is double dipping. After all I already paid tax on the hardware, the internet connection, the electricity, and countless other market products that allowed me to mine said coin.
I have a couple of choices now.
I can either sign up for Coinbase and sell it and kiss 15% of it good bye or I can go on Newegg and buy stuff directly with Bitcoin.... or go to a bitcoin meetup and sell with cash in-person..... or go on vacation in Europe and get Euro and again keep it off the books.
Which do you think I'm gonna end up doing?
PS: My address has never been tied to an IRL transaction.
PPS: God damn it's easy to troll HN. More salt than the dead sea.
This is a net good for bitcoin and all crypto currencies isn't it?
I mean the IRS is treating it the same way that they treat other securities, isn't that what the majority of the bitcoin community wants? Just some clarification as to exactly what bitcoins tax situation is and now we are getting it.
I mean at this point if you traded bitcoin and didn't pay taxes on your capital gains, that is 100% on you, you can't claim ignorance at this point.
This, more than CME and CBOE futures, though those are important, and more than a sane way to store them without having to worry about lost keys or being hacked, is what institutional investors really want before they get into bitcoin.
In the long run this is a very positive event for bitcoin adoption by the masses, and more importantly for speculators, large inflows of institutional money.
And this is where the "promise" of anonymous currency/assets falls apart. Some folks might be able to obtain or sell it anonymously, but so long as these exchanges exist and given the ease at tracking coins through the publicly visible blockchain, it only takes one transaction at a broker who can be raided/subpoenaed for the government to track your assets.
Much like any other form of anonymity on the internet - it often only takes one tie between your physical and digital identity for the whole thing to fall apart.
As Coinbase user I always assumed that all of my transactions are automatically reported to the IRS - I'm actually surprised that this didn't happen yet.
This was bound to happen. What many people outside of the USA don't realise is that the Common Reporting Standard (CRS) means that the IRS is very likely going to share this info with a great many other countries. However at present I don't believe the USA has signed up to the CRS.
If your tax residency resides outside of the USA, and you made a taxable capital gain, I strongly advise to report it to your tax authority.
The IRS won't share a thing, because the CRS doesn't apply to the USA -- they aren't participants in the AEOI.
The USA have FATCA, so the IRS receives this information from all other countries.
Most other countries will be sharing information with each other through CRS (which was modeled after FATCA), but they won't receive anything from the USA.
Why would the USA share? The have nothing to gain as they already receive all the info they need (through FATCA), and only to lose through sharing.
I've said it before, I'll say it again: the USA are the last big tax haven.
If your tax residency resides outside of the USA, and you made a taxable capital gain, I strongly advise to report it to your tax authority.
You should always do that! And if you are intelligent enough you can create easily structures so that everything is legal (like the big guys [e.g. Apple, Google] are doing). It only depends on the place where you are living how easy this world wide company structures can be set up.
I wonder why there hasn't been an attempt at making a country where regulations are kept minimal and taxes nonexistent or only dependent on what you use.
It would probably attract a ton of economic activity. Does it exist?
Last year IRS reported 800 people reported BTC holding and paid taxes on it. I know at lease two people that transferred their money in to BTC before filing for bankruptcy to side their assets.
Hopefully laws can put in place for proper taxation.
> I know at lease two people that transferred their money in to BTC before filing for bankruptcy to side their assets.
That.. wouldn't accomplish anything. Not by itself. The other side will ask for discovery of financial records, ask for and receive discovery of exchange record (or, if it's cash withdraws for localbitcoins, demand plausible receipts for what it was used for, which will then be investigated). Outside a total fabrication of a false history of losses, involving probably multiple accounts of self-perjury and external help and a lot of luck, I don't see that actually working, and the risk of ending up in jail for a looong period of time is massive.
Source: I've worked an actual divorce case involving bitcoin.
> Hopefully laws can put in place for proper taxation.
There's no need for new laws here. It's entirely covered by existing laws regarding the appreciation of value to capital gains property, with published IRS rules. There's actually not a lot of uncertainty here.
this is interesting. I get the FX angle, but what if you never convert your BTC to USD? in that case your profits are not "realized" and so long as you pay for stuff in BTC how can they possibly calculate your gains
The more interesting question is whether or not Coinbase will do the responsible thing, and provide its American users with the right tax forms to report their net gains/losses/sales.
I have a feeling that they'll leave the users holding that bag. Move fast, break things, crowdsource all compliance costs to your users.
I, for one, wouldn't know the first thing about filing to the IRS that I spent $250 to buy BTC in Feb 2016, and then spent $27.43 of BTC to buy a widget in May 2017, and then cashed out the other $1,530 into my bank account in November 2017.
The internet initially was an anonymous way to access information. Now its the least anonymous as corporations, ISPs, government and ad agencies watch what you do.
Crypto currencies used to be anonymous too, wont be long before everyone is watching your wallet as well.
Normal profit taking for the asset. Many projections continue to look upward...outrageously upward. Not sure where it goes, but I put a little bit of money in just to satisify my FOMO.
[+] [-] eldavido|8 years ago|reply
The HN population (I include myself in this) seems to think everything is new, there are no precedents for any of this, and that we're building some kind of new society here. We aren't. Times like this make me wish people like us were less dismissive of history, liberal arts, and people-not-in-tech generally.
Case 1: a commenter below said something about "a guy moved his assets into BTC to hide from bankruptcy". Bankruptcy courts deal with this stuff ALL DAY. It's their job. You can't just make huge transfers/sales when in bankruptcy and expect people to think that's normal behavior. This has gone on long before bitcoin, and will continue long after it's gone.
Case 2: taxes. BTC is an asset. If you buy at price X and sell at price Y, guess what, you owe taxes on Y-X. I don't understand how this is news to anyone.
Case 3: money laundering and other types of financial crimes. There are entire companies who build software to detect money laundering. It's a well-understood problem.
All I'm trying to say is, just because you have a CS degree and work in San Francisco, don't think you're the smartest person in the world. Moving money is one of the oldest human endeavors and unlike a lot of topics in software development, it's an old profession with a huge body of accumulated domain knowledge. We shouldn't be so quick to dismiss it.
[+] [-] bmcusick|8 years ago|reply
Bitcoin may change things, possibly a lot, and maybe for the better, but you have to be realistic about how much change is actually feasible.
The current governments exercise a lot of power through the banking system because it's convenient. If Bitcoin (or some more private successor like Zcash) makes the whole finance sector "go dark", like "Tor for money", those governments will still be there doing their thing, just using slightly less convenient methods.
[+] [-] pikchurn|8 years ago|reply
This is not a family law judge subpoenaing coinbase for records. I've actual been an expert witness on such a court case and where Coinbase complied and gave the transaction history, for the record.
This is not the FBI or some regulator's enforcement arm investigating money laundering and having a court order requesting details of specific accounts. I'm sure they comply there too.
Nor is the IRS requesting information on specific people they think failed to report their taxes. That too would be understandable.
This is a fishing expedition. The IRS is requesting coinbase to turn over all personal information of all accounts and the entire transaction histories, with no specific basis given.
This is the financial privacy equivalent of court-order wiretapping vs dragnet surveillance. It is entirely reasonable to be angry about this.
Case in point: I bought and sold bitcoin on Coinbase at that time, as part of my non-registered sole proprietorship consulting business--I was paid by my clients in bitcoin, and purchased some on behalf of my father. As per the advice received by my accountant at that time, prior to publication of any IRS rules regarding bitcoin, I merely reported aggregate values of my own sales, not individual trades, on my Schedule C business income part of my personal 1040. Even in light of later advice published by the IRS, it's not clear that this was the incorrect way to file since it business income is handled differently. So I paid my taxes, legitimately, but there's no mention of bitcoin, or the individual trades that were made to cash out that bitcoin on Coinbase.
But, it now seems that the IRS is going to get a data dump that has my name and a bunch of bitcoin trades from years ago, and have no way of knowing that I already paid taxes on them. And, bad on me, I'm not sure I have sufficient record to prove my story, or if I do it will take a lot of unpaid work to put together. So I'm either going to get hit with an excessively large tax bill, or deal with a lot of pain and suffering and personal cost fighting this in tax court, losing a ton of my time for having done nothing wrong.
Fuck that. That's why we have due process and don't allow law enforcement fishing expeditions. False positives have a cost.
[+] [-] Nokinside|8 years ago|reply
For those who think about anonymizing their bitcoin sources by running them trough mixer or using anonymous cryptocurrency, think it over twice and find out more about the cash seizure, detention and forfeiture laws.
Money laundering laws are not a joke. They use reverse burden of proof. Your money can be seized and you must explain its origin or you lose it.
[+] [-] stult|8 years ago|reply
I would say that, like many fields, the existing domain knowledge in the relevant professions (accounting, finance) is incredible. But CS and the sort of expertise common in the Bay Area does have a lot to contribute to the tools used in those professions. I'm a lawyer and a developer working at a large public account firm, and my experience has been that the profession has a lot of experience recognizing the myriad ways to identify, measure, and disguise value via financial transactions, but very little expertise in using computers to do so.
Yeah, you're not gonna fool us by withdrawing $100k from your account and hiding it under your mattress or in a crypto wallet. Everyone in the field knows to look at the economic substance of a transaction over its nominal form. But most of us can't figure out how to open a CSV file that's too big for Excel, so there's plenty of room to help us with managing lots of data and extracting useful information from it.
>Case 3: money laundering and other types of financial crimes. There are entire companies who build software to detect money laundering. It's a well-understood problem.
I would disagree with you here. Money laundering is an extremely challenging problem, not least of all because money launderers are extraordinarily inventive and constantly shifting tactics. It's a lot like infosec. No matter how advanced your defenses are, a ton of hackers are always looking for a way through and any sufficiently complex system is impossible to secure 100%.
[+] [-] Clanan|8 years ago|reply
[+] [-] sandworm101|8 years ago|reply
First principal of TaxLaw: It is all income unless it isn't. It is always taxable unless you can find language in the code exempting it. I'd go a little further in saying that the taxable amount isn't "Y-X", ie the profit. The taxable amount is actually just Y, the sale price. Income is all money literally coming into you. You then need to find a deduction for X, the cost of purchasing the asset. Maybe you find one, or maybe you bought your bitcoins with cocaine and so owe on tax on the entire sale price. Or maybe you have already deducted that cost in a previous year and so cannot deduct it again now. Or maybe you traded your bitcoins for some other bitcoins last year, realized the gain then, and now have to start reviewing the like-kind exchange rules. (I'm in that 0,01% of people who actually enjoy tax law. It's actually very eloquent.)
[+] [-] rdiddly|8 years ago|reply
That's right, because everybody knows _I'M_ the smartest person in the world!
Nobutseriously. I've never been able to articulate why I was skeptical about Bitcoin as a "currency" per se, but I think you've done it. The money problems Bitcoin claims to uniquely solve, it either doesn't really solve, or it's a solution you can easily get some other way, or it was a security-through-obscurity type of thing where agencies of oversight were ignoring it/ignorant of it -- which meant if it ever went mainstream they would catch up... and now they have. Sadly I don't think there's any escape from authoritah.
That's not to say the blockchain idea isn't useful... just not as money.
[+] [-] baq|8 years ago|reply
[+] [-] stale2002|8 years ago|reply
This is a very different security model than that provided by the underlining base layer of many cryto currencies.
[+] [-] bmcusick|8 years ago|reply
Bitcoin itself is a technology of resistance. Private crypt-currencies more so. (Cash too) But as long as you have to go through central portals (like Coinbase) to access the rest of the economy, the government will lean on those central parties to regulate you indirectly.
Central parties are technologies of control.
[1] https://blog.elidourado.com/technologies-of-control-and-resi...
[+] [-] Hasz|8 years ago|reply
Launder your coins? You bet they can track that.
Buy off localbitocins? Still trackable, given enough interest.
Never done anything with the coin, just a wallet.dat file? The money's no good if you can't use it, and they'll want what's owned the minute it moves.
The IRS will get what it is owed, whether you like it or not. The only real way to avoid them is to be worth so little it's not worth their time.
[+] [-] JumpCrisscross|8 years ago|reply
Disclaimer: I am not a lawyer. This is not legal advice. Pay your taxes.
[+] [-] Nokinside|8 years ago|reply
They don't have to track it.
Money laundering laws usually have reverse burden of proof. They seize your money. Then you have to explain it's origin or you lose it for good.
[+] [-] saas_co_de|8 years ago|reply
The bulk of IRS enforcement is against low income people who cheat on child tax credits and earned income credit.
The nature of all predators is to attack the weak.
[+] [-] Kiro|8 years ago|reply
[+] [-] orblivion|8 years ago|reply
[+] [-] stale2002|8 years ago|reply
But has it been proven true?
It seems like for all this big talk about how the government is all powerful, a whole lot of people have been able to get away with a lot of stuff.
This also isn't just about the US. This is about other countries as well. Venezuelans have been using Bitcoin very effectively to get around government oppression and capital controls, for example.
[+] [-] umanwizard|8 years ago|reply
[+] [-] bitL|8 years ago|reply
[+] [-] ravingraven|8 years ago|reply
Edit: I understand that FX trade is not tax free. What I am saying is that we should tax crypto like we tax (or don't tax, depending on where you live) other currencies because that is what they are.
[+] [-] relyio|8 years ago|reply
Don't hate the other players, hate the game that coerce you into paying taxes (i.e punish you) because you have partaken in a peaceful and voluntary exchange with another person.
[+] [-] Akujin|8 years ago|reply
Now all of a sudden I have to pay tax on something I already own? Seems like the government is double dipping. After all I already paid tax on the hardware, the internet connection, the electricity, and countless other market products that allowed me to mine said coin.
I have a couple of choices now.
I can either sign up for Coinbase and sell it and kiss 15% of it good bye or I can go on Newegg and buy stuff directly with Bitcoin.... or go to a bitcoin meetup and sell with cash in-person..... or go on vacation in Europe and get Euro and again keep it off the books.
Which do you think I'm gonna end up doing?
PS: My address has never been tied to an IRL transaction.
PPS: God damn it's easy to troll HN. More salt than the dead sea.
[+] [-] chollida1|8 years ago|reply
I mean the IRS is treating it the same way that they treat other securities, isn't that what the majority of the bitcoin community wants? Just some clarification as to exactly what bitcoins tax situation is and now we are getting it.
I mean at this point if you traded bitcoin and didn't pay taxes on your capital gains, that is 100% on you, you can't claim ignorance at this point.
This, more than CME and CBOE futures, though those are important, and more than a sane way to store them without having to worry about lost keys or being hacked, is what institutional investors really want before they get into bitcoin.
In the long run this is a very positive event for bitcoin adoption by the masses, and more importantly for speculators, large inflows of institutional money.
[+] [-] falcolas|8 years ago|reply
Much like any other form of anonymity on the internet - it often only takes one tie between your physical and digital identity for the whole thing to fall apart.
[+] [-] gst|8 years ago|reply
[+] [-] icu|8 years ago|reply
If your tax residency resides outside of the USA, and you made a taxable capital gain, I strongly advise to report it to your tax authority.
[+] [-] ckastner|8 years ago|reply
The USA have FATCA, so the IRS receives this information from all other countries.
Most other countries will be sharing information with each other through CRS (which was modeled after FATCA), but they won't receive anything from the USA.
Why would the USA share? The have nothing to gain as they already receive all the info they need (through FATCA), and only to lose through sharing.
I've said it before, I'll say it again: the USA are the last big tax haven.
[+] [-] therealmarv|8 years ago|reply
[+] [-] relyio|8 years ago|reply
It would probably attract a ton of economic activity. Does it exist?
edit: rephrase
[+] [-] lawlessone|8 years ago|reply
[+] [-] unknown|8 years ago|reply
[deleted]
[+] [-] knodi|8 years ago|reply
Hopefully laws can put in place for proper taxation.
[+] [-] pc86|8 years ago|reply
Hopefully actions like the above continue and those two people go to prison.
[+] [-] pikchurn|8 years ago|reply
That.. wouldn't accomplish anything. Not by itself. The other side will ask for discovery of financial records, ask for and receive discovery of exchange record (or, if it's cash withdraws for localbitcoins, demand plausible receipts for what it was used for, which will then be investigated). Outside a total fabrication of a false history of losses, involving probably multiple accounts of self-perjury and external help and a lot of luck, I don't see that actually working, and the risk of ending up in jail for a looong period of time is massive.
Source: I've worked an actual divorce case involving bitcoin.
> Hopefully laws can put in place for proper taxation.
There's no need for new laws here. It's entirely covered by existing laws regarding the appreciation of value to capital gains property, with published IRS rules. There's actually not a lot of uncertainty here.
[+] [-] protomyth|8 years ago|reply
[+] [-] myth_drannon|8 years ago|reply
https://twitter.com/FEhrsam/status/936014373562195968
[+] [-] dsl|8 years ago|reply
[+] [-] londons_explore|8 years ago|reply
[+] [-] SonicSoul|8 years ago|reply
[+] [-] vkou|8 years ago|reply
I have a feeling that they'll leave the users holding that bag. Move fast, break things, crowdsource all compliance costs to your users.
I, for one, wouldn't know the first thing about filing to the IRS that I spent $250 to buy BTC in Feb 2016, and then spent $27.43 of BTC to buy a widget in May 2017, and then cashed out the other $1,530 into my bank account in November 2017.
How many of Coinbase's users do?
[+] [-] rb808|8 years ago|reply
Crypto currencies used to be anonymous too, wont be long before everyone is watching your wallet as well.
[+] [-] howard941|8 years ago|reply
[0] http://www.nakedcapitalism.com
[+] [-] supercanuck|8 years ago|reply
Is buying stuff on Overstock using bitcoin a taxable event?
[+] [-] unknown|8 years ago|reply
[deleted]
[+] [-] sigjuice|8 years ago|reply
[+] [-] polskibus|8 years ago|reply
[+] [-] therealmarv|8 years ago|reply
[+] [-] peg_leg|8 years ago|reply
[+] [-] quickthrower2|8 years ago|reply