IRS Wins Bitcoin Fight, Gets Access to 14,000 Coinbase Accounts

Jack V Savage said:
Probably not as good as cocaine.

I think it's settled. Cocaine should be the new black market money.
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Going to start up cocoin.

Much more straightforward than having to pay dollars to get Bitcoin to get cocaine.
 
Jack V Savage said:
How long do you think it'll be before our next recession?
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I don't know. I'm not as convinced as I once was, that it is around the corner though.

Their are multiple bubbles building in the economy, but I wonder if the accounting fraud doesn't allow to kick the can down the road, until we get to the rise of the machines, which I believe will coincide with WWIII.

Rise of the machines is meant to mean the political, economic, and social revolution that accompanies the rise of automation and AI, akin to the industrial revolution, and the entropy that led to WWI, and WWII.
 
Quipling said:
Going to start up cocoin.

Much more straightforward than having to pay dollars to get Bitcoin to get cocaine.
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Thread reminds me of the one time I actually sold cocaine. Lived somewhere where it was hard to come by, and I would get a bunch when I could and then stash it. Very prominent local businessman let it be known to a "dealer" (not like a pro, just a guy that is known to be able to get it for cheap and resell for a small profit) that he was in desperate need for some for a party. Dealer knows how I am and contacts me with the info, and I quote an outrageous price. He gets back to me that it's acceptable, and I give him the stuff, and he gives me the money.
 
Back to topic: is anyone disturbed that the government demanded the private information of a mass group of people without actually proving wrongdoing? This seems like one of the more directly egregious examples of government overreach in recent memory.
 
mr.bigglesworth said:
Back to topic: is anyone disturbed that the government demanded the private information of a mass group of people without actually proving wrongdoing? This seems like one of the more directly egregious examples of government overreach in recent memory.
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I'm not sure why you're talking about potential government overreach. There have been multiple threads on it in the past. If you want to know anyone's position just use the search engine.
 
Cubo de Sangre said:
Hands up everybody who calculated use tax owed on mailorder purchases and filed with their state.


th
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I did, because it was cheaper than paying the actual sales tax amount owed. I also worked for the Board of Equalization at the time.

Use tax at filing is a cheap way to get out of paying the actual amount. I think I payed like 30$ for maybe 2k in purchases.
 
VivaRevolution said:
Now apply this same logic to anything where speculation is involved, including the US stock market.

You are blaming bitcoin for speculation. It isn't a flaw of bitcoin, it is a flaw of speculation.
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It's not a criticism of speculation either. It's a flaw of irrational crowding behavior that sometimes happens in markets. Speculation can drive it, but speculation can also be done rationally.

People sometimes think certain stocks are overvalued too. There are a couple of great examples where some stocks also bubbled because people were expecting prices to rise without actually tying it to the underlying value.

I'm honestly not sure why you bothered responding, given the post recognized that the "overvaluation" issue is not a criticism of cryptocurrency per se, but of the current value attached to bitcoin.
 
ToxicShocker said:
I did, because it was cheaper than paying the actual sales tax amount owed. I also worked for the Board of Equalization at the time.

Use tax at filing is a cheap way to get out of paying the actual amount. I think I payed like 30$ for maybe 2k in purchases.
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You lost me. Use tax, from my experience, is a tax on the importation of goods that didn't attract sales tax in the state of final destination. Are you simply saying you chose to buy out of state rather than in state due to the use tax being lower than the sales tax?
 
In your above example, the out of state seller is not required to charge sales tax. It would be considered unfair interference in interstate commerce. They are allowed to, but if and only if they collect and remit said tax to the destination's agency, and hold a sellers permit there. (they never do)

As an out of state buyer, If you buy it you owe it. If I buy from out of state I'm legally required to pay that tax at the end of the year to my state (or the state in which object is used, hence use tax). They know that no one can accurately add up the little transactions so they give you a use tax chart. In my case, several thousand in transactions on ebay (as purchases) came out to very little tax on their chart.

Interesting side note. If an out of state company charges you tax, and they have no real estate presence in your state, they are ripping you off and keeping that extra ~10% to line their pockets. Only happened to me a few times on ebay and it pissed me off.

And no, my out of state purchases were not a conscious decision.
 
ToxicShocker said:
In your above example, the out of state seller is not required to charge sales tax. It would be considered unfair interference in interstate commerce. They are allowed to, but if and only if they collect and remit said tax to the destination's agency, and hold a sellers permit there. (they never do)

As an out of state buyer, If you buy it you owe it. If I buy from out of state I'm legally required to pay that tax at the end of the year to my state. They know that no one can accurately add up the little transactions so they give you a use tax chart. In my case, several thousand in transactions on ebay (as purchases) came out to very little tax on their chart.

Interesting side note. If an out of state company charges you tax, and they have no real estate presence in your state, they are ripping you off and keeping that extra ~10% to line their pockets. Only happened to me a few times on ebay and it pissed me off.

And no, my out of state purchases were not a conscious decision.
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I still don't understand why you actually filed and paid the use tax. Probably no person ever got busted for ignoring it.
 
One, I was a state employee for that tax agency, and two, why not. It was like $30. Paying taxes is like the second most patriotic thing you can do.
 
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