Bitcoin Keeps Pushing Ahead & Coinbase Gives Data to the IRS

FrgMstr

FrgMstr

Just Plain Mean
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According to Coindesk, we are seeing Bitcoin continue its climb back to its previous "crazy" levels of value. I just looked up "volatility" in the dictionary, and there is now a picture of a Bitcoin there....no, not really, don't go look....that was a joke. Given past comments though in these HardForum threads, you might need to go look that up however.


In related news, Coinbase is letting users know that it is sending data on 13,000 customers to the IRS. It seems however that what Coinbase is going to share exactly is unknown, however they do suggest "you to seek legal advice from an attorney promptly." That is always encouraging.

In an email sent to around 13,000 customers, Coinbase confirmed on Feb. 23 that it will share "only certain limited categories of information" with the Internal Revenue Service (IRS), though it did not disclose the exact details of the information to be sent. Coinbase said in the notice that it plans to provide the required data to the IRS within the next 21 days.
 
I see BTC striking up again about Late May-Mid June. That's when it started taking off last year.
 
The government already knows everything that happens with wire transfers and ACH transfers. It's incredibly naive to think they don't know.

I believe this entire thing is an exercise to make people believe they were in the clear in the past.
 
Good! Tax them into submission. They contribute nothing, and take from those who pay the taxes. Don't care if you bash me or not. Send me a new GTX 1080TI at retail and I'll shut up. :)
 
Nukester said:
Good! Tax them into submission. They contribute nothing, and take from those who pay the taxes. Don't care if you bash me or not. Send me a new GTX 1080TI at retail and I'll shut up. :)
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That is entirely not true for many (ok a handful that are not scams) cryptocurrencies that serve a purpose other than a "virtual universal commodity" such as RIPPLE, ICON etc. I think using technology to augment needs in the real world is great if they add benefits that outweigh costs. To me BTC is a giant waste of environmental resources at this time, hopefully "greener" alternatives like CHIA help change this stigma.
 
Kwaz said:
I wonder if this will be considered stock, or currency. Because if it's considered currency you'd potentially have to pay capital gains on it every year I believe, while if it were considered stock you'd only have to pay when you cash out. Then again, if they consider it currency it might serve to legitimize its use which many governments would rather not as it will dilute the use of their currency.

Is certainly interesting. I'll be interested to see how it pans out. In my mind it's just digital penny stock. I'm under the impression that 99% of the people buying crypto currency are doing it for investment purposes, and the 99% of the 1% who aren't are doing something illegal.
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My primary concern is this will end up taxing to heck the "Real purpose" coins like Ripple, ICON Etc... and then continue to allow the black market coins to rocket (mono , btc even). Most folks using it for money laundering or black market purposes are not going to jump on doing taxes.
 
Nukester said:
Good! Tax them into submission. They contribute nothing, and take from those who pay the taxes. Don't care if you bash me or not. Send me a new GTX 1080TI at retail and I'll shut up. :)
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I'll send you a crate of firepros below MSRP if ya want ya salty hoe.

On a side note they really need to fix the taxes on mining. It's not even remotely possible to record value if a coin at the time mined. I wouldn't mind paying whenever it's withdrawn to usd
 
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Nukester said:
Good! Tax them into submission. They contribute nothing, and take from those who pay the taxes. Don't care if you bash me or not. Send me a new GTX 1080TI at retail and I'll shut up. :)
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COMMUNIST! Taxation is theft! Collectivism is socialism, countries are the embodiment of socialism! Survival of the fittest, every man for himself!
 
Nukester said:
Good! Tax them into submission. They contribute nothing, and take from those who pay the taxes. Don't care if you bash me or not. Send me a new GTX 1080TI at retail and I'll shut up. :)
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My mom recently sold coins on coinbase and sent the IRS tens of thousands of dollars.

How much have you sent them this year?
 
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oROEchimaru said:
My primary concern is this will end up taxing to heck the "Real purpose" coins like Ripple, ICON Etc... and then continue to allow the black market coins to rocket (mono , btc even). Most folks using it for money laundering or black market purposes are not going to jump on doing taxes.
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That's a great point.

Should be pretty interesting!
 
Twisted Kidney said:
COMMUNIST! Taxation is theft! Collectivism is socialism, countries are the embodiment of socialism! Survival of the fittest, every man for himself!
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Ok, Houston we have a problem. It's not Communism to expect everyone to contribute their fair share for the good of the country (infrastructure, protection, and a boatload of other things that benefit us living here). When people who work and earn the Greenback pay taxes, but those who cryto-mine do not, that's creating an elite class of people who aren't sharing the pain. Is our Gov't bloated and out of control? YES!!!!! But is it fair to tax one form of currency, then not another, when the other is only accessible by a certain group of people? Nope.
 
There's over 10mil users on coinbase. 13k is extremely small amount of the user base.
 
Nukester said:
Ok, Houston we have a problem. It's not Communism to expect everyone to contribute their fair share for the good of the country (infrastructure, protection, and a boatload of other things that benefit us living here). When people who work and earn the Greenback pay taxes, but those who cryto-mine do not, that's creating an elite class of people who aren't sharing the pain. Is our Gov't bloated and out of control? YES!!!!! But is it fair to tax one form of currency, then not another, when the other is only accessible by a certain group of people? Nope.
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anyone who is making any money greater then beer money will be paying taxes on the money pulled back into usd.
 
Nukester said:
Ok, Houston we have a problem. It's not Communism to expect everyone to contribute their fair share for the good of the country (infrastructure, protection, and a boatload of other things that benefit us living here). When people who work and earn the Greenback pay taxes, but those who cryto-mine do not, that's creating an elite class of people who aren't sharing the pain. Is our Gov't bloated and out of control? YES!!!!! But is it fair to tax one form of currency, then not another, when the other is only accessible by a certain group of people? Nope.
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That's exactly the sort of thing I'd expect a communist to say. I'm on to you, Commie!

The rest of your statist friends, too!

I thought my sarcasm was clear enough, but then I realised this is the [H]. Sometimes you just can't tell around here.
 
Twisted Kidney said:
That's exactly the sort of thing I'd expect a communist to say. I'm on to you, Commie!

The rest of your statist friends, too!

I thought my sarcasm was clear enough, but then I realised this is the [H]. Sometimes you just can't tell around here.
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That's it...Winter Soldier incoming.
 
Nukester said:
Good! Tax them into submission. They contribute nothing, and take from those who pay the taxes. Don't care if you bash me or not. Send me a new GTX 1080TI at retail and I'll shut up. :)
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The funniest part about your ranting nonsensical post is that you could have a 1080Ti for free if you'd done a bit of research a few months ago on what's possible profit wise. The two 1080Ti's in my main rig have more than paid for themselves at this point. If I was so inclined I could probably sell them for close to 200% what I paid for them at this point. Nah though they represent only a fraction of my Gen2 farm though.

KaChing:



Fun fact - over 40% of american's don't pay any form of federal taxes due to their low income levels/deductions that put them forever in the black tax wise. By your crazy man standards they are contributing nothing and take from tax payers like myself. *eyeroll*
 
Retronym said:
My mom recently sold coins on coinbase and sent the IRS tens of thousands of dollars.

How much have you sent them this year?
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$53,480 in stock options bought, profitted, and sold. Then the 401k made me 18%=$79,000+. My mommy was so proud, she took money from her 401k and bought me this monkey. LOOK AT IT!!!!!

 
The government already knows everything that happens with wire transfers and ACH transfers. It's incredibly naive to think they don't know.
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There's no theoretical reason for this. It may be the case, but it's not a law of nature, or anything. Encrypt at your end, send, they decrypt at their end. Private.

To me BTC is a giant waste of environmental resources at this time, hopefully "greener" alternatives like CHIA help change this stigma.
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Sorta like the gigantor national security server farms on in the middle of flyover country. Or the massive ones Silicon Valley maintains. Huge environmental impact that nobody gives a shit about because TPTB don't tell them to give a shit.

COMMUNIST! Taxation is theft! Collectivism is socialism, countries are the embodiment of socialism! Survival of the fittest, every man for himself!
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I'm no big fan of liberaltardians, but they have a point: taxation is theft.

That's exactly the sort of thing I'd expect a communist to say. I'm on to you, Commie!

The rest of your statist friends, too!

I thought my sarcasm was clear enough, but then I realised this is the [H]. Sometimes you just can't tell around here.
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You gotta expect a hardware forum to attract a large dose of 'spergs.
 
Nukester said:
Ok, Houston we have a problem. It's not Communism to expect everyone to contribute their fair share for the good of the country (infrastructure, protection, and a boatload of other things that benefit us living here). When people who work and earn the Greenback pay taxes, but those who cryto-mine do not, that's creating an elite class of people who aren't sharing the pain. Is our Gov't bloated and out of control? YES!!!!! But is it fair to tax one form of currency, then not another, when the other is only accessible by a certain group of people? Nope.
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You have the same access to crypto that everyone here does. The dollar in your wallet is just as powerful as the dollar in mine. You are butt hurt that others are making moves and taking the risks, and reaping the rewards. You want a 1080Ti, but aren't willing to exert even an ounce of effort to get one.

Taxes are inescapable and crypto is taxed fairly as a capital gain. Anyone operating the smart way is doing it the legit way and paying their taxes, all my business is via coinbase and I have no problem paying what they are owed... you don't fuck with the IRS. Funny enough the vast majority of people into crypto simply don't hit the levels that the IRS actually cares about. Last sweep apparently they only cared if you were pulling in more than 20K a year.

You call us an elite class of people... when really the only difference between me and you is that I can see things you refuse to see, and I take action that you refuse to take. (either out of fear or ignorance... who knows)

Finally - any modern society there have always been and always will be a portion of society that simply cannot contribute via work/taxes/etc. The mentally ill, disabled, elderly... etc. One of the marks of a modern society is not throwing them on the trash heap for "not contributing". There's an acceptable level that's fully sustainable, our SSI/Disability benefits system is prime example. If you slip in the tub and bash your head and are suddenly handicapped for life... I'm guessing you wouldn't want us to chuck you in the incinerator because you will never contribute again? The trick is finding that balance and weeding out corruption and fraud in any sort of system designed to pick up the slack.
 
Morlock said:
I'm no big fan of liberaltardians, but they have a point: taxation is theft.
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Not so much. After all, one can always opt out via expatriation.

Also, "taxation as theft" conveniently ignores that much of the wealth being "stolen" wouldn't exist in the first place if not for the legal system (funded by taxes) or public infrastructure (funded by taxes), or that it would have been actually stolen without a national defense (funded by...wait for it...taxes).
 
Morlock said:
There's no theoretical reason for this. It may be the case, but it's not a law of nature, or anything. Encrypt at your end, send, they decrypt at their end. Private.
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Person to person transactions, sure.

Coinbase isn't going to take on that kind of liability. They are just a business. Fear is keeping them in line.
 
LOL, Ebolaids.

Not so much. After all, one can always opt out via expatriation.

Also, "taxation as theft" conveniently ignores that much of the wealth being "stolen" wouldn't exist in the first place if not for the legal system (funded by taxes) or public infrastructure (funded by taxes), or that it would have been actually stolen without a national defense (funded by...wait for it...taxes).
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I can always avoid theft by running away from thieves, yes.

As for what would or wouldn't exist without x, monopolists don't get to make that assertion.
 
Finally - any modern society there have always been and always will be a portion of society that simply cannot contribute via work/taxes/etc. The mentally ill, disabled, elderly... etc. One of the marks of a modern society is not throwing them on the trash heap for "not contributing". There's an acceptable level that's fully sustainable, our SSI/Disability benefits system is prime example. If you slip in the tub and bash your head and are suddenly handicapped for life... I'm guessing you wouldn't want us to chuck you in the incinerator because you will never contribute again? The trick is finding that balance and weeding out corruption and fraud in any sort of system designed to pick up the slack.
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Yes, all of history was pyres of burning cripples/elderly/crazies until the modern super-state came along. Hallelujah!
 
Look, if you say "taxation is justifiable theft," I can buy that. But it really is theft, when you think about it; people taking your stuff without your permission.
 
Morlock said:
LOL, Ebolaids.



I can always avoid theft by running away from thieves, yes.

As for what would or wouldn't exist without x, monopolists don't get to make that assertion.
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No, you can opt out of the (social) contract. Calling them thieves is just begging the question.
 
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Don't get technical with me! The US gov't opted out of the social contract a long time ago. Regardless, theft is what it is. Legal theft, but theft. It's really not complicated.
 
Morlock said:
Look, if you say "taxation is justifiable theft," I can buy that. But it really is theft, when you think about it; people taking your stuff without your permission.
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You're missing the point: By availing yourself of the services provided by the government, you are consenting to pay taxes. Really, failing to pay for stuff you willfully use (public infrastructure), NOT paying taxes is theft.
Morlock said:
Don't get technical with me! The US gov't opted out of the social contract a long time ago. Regardless, theft is what it is. Legal theft, but theft. It's really not complicated.
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Agree to disagree. They're not stealing from me. If I didn't want to pay taxes, I would leave the country. I'm not being flippant -- I appreciate leaving isn't trivial. But to use a bunch of stuff paid for by others, and then insist that the resulting income is ALL MINE seems more like theft to me than taxation.

I went to public schools, including a public university. Do my fellow citizens not deserve some return on that investment?

I drive on publicly funded roads to get to work (well, I take the bus, but you get the point). Do my fellow citizens not deserve some return on that investment?

My food is inspected for safety. My medicine is tested. Professional licensing saves me time spent researching every last person I hire. I am protected from foreign aggressors. If my house burns, the fire department shows up. None of these are things I could easily do for myself (some I couldn't do at all). They all cost money, and they all make my life -- and income -- possible. Why shouldn't I pay for them?
 
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Wow the arguments on here are getting to the bare metal of society itself, good to see Crypto stirring it up making people think.

When Crypto goes to nearly a small fraction of it's high, expect it to never quite die out, because there will always be a need for trading in some form of exchange, heck even large rocks were used as money in some ancient cultures, and people say crypto is worthless.

That's a good time to buy, the weak hands will have sold way before then, and it won't have anywhere to go except up. As many people cry as it has no value and will ultimately fail, you really didn't look too far into it did you?
 
You're missing the point: By availing yourself of the services provided by the government, you are consenting to pay taxes. Really, failing to pay for stuff you willfully use (public infrastructure), NOT paying taxes is theft.
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Nonsense. Gov't takes my stuff, spends a fraction of it on stuff I use, and that means it's not theft? No.

Agree to disagree. They're not stealing from me. If I didn't want to pay taxes, I would leave the country. I'm not being flippant -- I appreciate leaving isn't trivial. But to use a bunch of stuff paid for by others, and then insist that the resulting income is ALL MINE seems more like theft to me than taxation.
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Hey, I always agree to disagree about everything. :)

Kyle, what was the topic, again? :D
 
collegeboy69us said:
You want a 1080Ti, but aren't willing to exert even an ounce of effort to get one..
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Well I'm sorry if I work full time and take care of a family. If working a job and taking care of my family isn't "an ounce of effort", to get a video card, then just call me lazy.

Oh yeah, paying for my 2 daughters in college. Sorry if that isn't enough "collegeboy".
 
Morlock said:
Nonsense. Gov't takes my stuff, spends a fraction of it on stuff I use, and that means it's not theft? No.



Hey, I always agree to disagree about everything. :)

Kyle, what was the topic, again? :D
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I like this because of your last comment. :)
 
I'm not too worried. Report everything correctly, and Coinbase shows me what I need to report, just roll with it. Tax evasion really isn't something I want to play with.
 
Nukester said:
Well I'm sorry if I work full time and take care of a family. If working a job and taking care of my family isn't "an ounce of effort", to get a video card, then just call me lazy.

Oh yeah, paying for my 2 daughters in college. Sorry if that isn't enough "collegeboy".
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Lots of people moonlight with crypto. I make about $8K an hour doing it, it's easy. Maybe three hours a week? Oh well, if you stay out that means the difficulty on the coins will be lower, so it's fine.
 
triwolf said:
Lots of people moonlight with crypto. I make about $8K an hour doing it, it's easy. Maybe three hours a week? Oh well, if you stay out that means the difficulty on the coins will be lower, so it's fine.
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Barely have any time to do much of anything else aside from work/house/lawn/family/cars and everything else. A few minutes browsing and having fun on HardOCP and a little gaming in the evening. I also do not wish have any more heat generated in this house!!! 3 women is enough hot air.
 
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