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

[TheFirstEMP]

http://fortune.com/2017/11/29/irs-coinbase/?xid=gn_editorspicks&google_editors_picks=true

In a ruling on Tuesday, a federal court judge ordered San Francisco-based Coinbase to comply with a summons that requires it to identify 14,355 accounts, which have accounted for nearly 9 million transactions.

The order, which covers transactions between 2013 and 2015, comes after a prolonged court fight that began when the IRS demanded that Coinbase provide detailed personal information for more than a million customer accounts.

The IRS subsequently limited its demand to ask only for accounts that conducted bitcoin transactions—either exchanging bitcoin for dollars, or sending or receiving coins from another bitcoin user—worth $20,000 or more.

California judge no less.

 

[Cubo de Sangre]

Is there still an opportunity to set up a Bitcoin laundering scheme before regulators can lock you up for it?

Spoiler

Asking for myself.

 

[Greoric]

I wonder if we're going to get any new voluntarists on Sherdog with this blatant extortion attempt?

 

[Cubo de Sangre]

I wonder if we're going to get any new voluntarists on Sherdog with this blatant extortion attempt?

Hands up everybody who calculated use tax owed on mailorder purchases and filed with their state.

 

[Greoric]

Hands up everybody who calculated use tax owed on mailorder purchases and filed with their state.

Bueller maybe?

 

[Cubo de Sangre]

Bueller maybe?

No way. Look at his outfit. Clearly a thrift-store shopper.

 

[Greoric]

No way. Look at his outfit. Clearly a thrift-store shopper.

I don't know I think they could shake some out on that baby.

 

[WorldofWarcraft]

Time to move shit to the deep web

 

[Cubo de Sangre]

I don't know I think they could shake some out on that baby.

Now the Amazon bozo is the richest dude ever we should all start using other services that aren't on the radar for collecting interstate taxes.

 

[VivaRevolution]

Whenever I see these stories of government's regulating crypto-currency, I am reminded of James Corbette and his comments on the future of money.

To paraphrase, he basically says that we have to break out of the box, in our presumption that we need one currency, that rules all. Why can't we have gold based currency, fiat currency, Ethereum, Bitcoin, ect.?

 

[Kuggk]

electrum for the win

 

[Black Helicopters]

Death and taxes.

 

[Cubo de Sangre]

To paraphrase, he basically says that we have to break out of the box, in our presumption that we need one currency, that rules all. Why can't we have gold based currency, fiat currency, Ethereum, Bitcoin, ect.?

Because it interferes with wealth accumulation redistribution?

 

[VivaRevolution]

Because it interferes with monopoly and theft?

Fixed

 

[7437]

Aw, they have to pay taxes on their investments like everyone else?

Boo hoo.

 

[VivaRevolution]

I just had a thought.

Nothing to do with bitcoin, but I can't start threads.

It has to do with taxes.

What if we did a flat tax, but we exempted all wages up to the cost of living?

In other words, if we calculate the average cost of housing, food, education, energy, transportation, and exempted those wages from taxes, what would the flat tax rate have to be to be revenue neutral?

 

[Cubo de Sangre]

Fixed

Might makes right Democracy bro.

 

[Cubo de Sangre]

I just had a thought.

Nothing to do with bitcoin, but I can't start threads.

It has to do with taxes.

What if we did a flat tax, but we exempted all wages up to the cost of living?

In other words, if we calculate the average cost of housing, food, education, energy, transportation, and exempted those wages from taxes, what would the flat tax rate have to be to be revenue neutral?

Yeah, the fair tax plan. No income tax. All sales tax. On new goods only. Yearly tax credits to make sure low income people are subsidized. The plan is already out there.

 

[VivaRevolution]

Yeah, the fair tax plan. No income tax. All sales tax. On new goods only. Yearly tax credits to make sure low income people are subsidized. The plan is already out there.

Sales tax isn't the same as what I am saying. A sales tax system rewards savers, which is a good thing in and of itself. However, giving such a great reward to those that save, creates a system that increases inequality.

I am speaking of a income tax, that is a flat tax, that recognizes each Americans right to a certain standard of living if they work, and setting the tax rate evenly for all on wages beyond that standard of living.

 

[Cubo de Sangre]

Sales tax isn't the same as what I am saying. A sales tax system rewards savers, which is a good thing in and of itself. However, giving such a great reward to those that save, creates a system that increases inequality.

I am speaking of a income tax, that is a flat tax, that recognizes each Americans right to a certain standard of living if they work, and setting the tax rate evenly for all on wages beyond that standard of living.

Not sure if it matters to you, but under the fair tax it would reward second-hand buyers. Presuming some resources finite, that could be something worth incentivizing.

A non-progressive flat tax is going nowhere. Better luck with secession first.