Bitcoin

[get it in ya]

This doesnt sound to good

Court Rules IRS Can Seek Information on Bitcoin Customers - WSJ

 

[Giants83]

I can't read the whole article. It looks like it's specific to an individual for a specific crime right? Still not good though because it opens the door for others. Nothing is anonymous these days. Privacy is a thing of the past.

 

[mike036]

This doesnt sound to good

Court Rules IRS Can Seek Information on Bitcoin Customers - WSJ

Good find .i still haven't used bitcoin though .i like the other ways of sending money because I am so unfamiliar with how to do a bitcoin transaction .it will most likely lose its popularity now if what you posted is happening

 

[VikingLab]

Yes,although it's fast and convenient, but as time goes by it loses its benefits.

 

[kingjmack]

That doesn't sound good.

 

[rAJJIN]

No different then wu or mg
In that regard is it?

 

[buck1973]

No different then wu or mg
In that regard is it?

Xactly,
The difference in WU and MG is yr not gouged, Fleeced, or swindled. Very reasonable fees are charged with the bits .... a fraction if any in fact.
and it is instant from yr PC or Lappy.

 

[Giants83]

Xactly,

The difference in WU and MG is yr not gouged, Fleeced, or swindled. Very reasonable fees are charged with the bits .... a fraction if any in fact.

and it is instant from yr PC or Lappy.

Exactly. Much more convenient and the fees are a lot smaller. Even though the market for bitcoin is very volatile you are able to keep your balance in a cash wallet as opposed to bitcoin. It can literally fluctuate $20 in an hour. That's what I do. Keep it as USD and buy BTC as needed. Sometimes I miss out on a few bucks as it rises but at the same time I could lose some. I wish I bought a lot last year when it bottom out though. Could've sold them for a killing.

 

[get it in ya]

Good find .i still haven't used bitcoin though .i like the other ways of sending money because I am so unfamiliar with how to do a bitcoin transaction .it will most likely lose its popularity now if what you posted is happening

I refuse to use bitcoin, my mind will not allow me lol

 

[LK3]

I can't read the whole article. It looks like it's specific to an individual for a specific crime right? Still not good though because it opens the door for others. Nothing is anonymous these days. Privacy is a thing of the past.

lol
yeah, cus the feds always respect the rules. lol :banghead:

bc is SHADEY! :lightbulb:

 

[ThinkTank]

What's not to like about Bitcoin.

Fee's are reasonable, payment is convenient, and transactions are instantaneous.

 

[summersgold]

The big problem with Bitcoin is that it is possible to trace you. If you want to be completely anonymous then WU or MG is the way to go, using a fake name. I researched Bitcoin on several sites including Wiki-pedia. There are some experts that say it is not going to last much longer. It is not for me.

 

[little slice]

a lot of guys will put their money into BC before getting ass raped in divorce court.

I wonder if the IRS is particularly interested in BC for that reason

 

[get it in ya]

a lot of guys will put their money into BC before getting ass raped in divorce court.

I wonder if the IRS is particularly interested in BC for that reason

I think there are many reasons, more than you and I would even think about

 

[Kevinhy]

This is an ex parte ruling, so nothing has even been served yet. If you dont use coinbase this is also irrelevant. Tumbling and using different wallets than those from the major providers like CB and circle will allow one to skirt all of this. Theres absolutely nothing sketcy about BTC if you understand how to properly implement it.

 

[get it in ya]

Forbes Welcome

 

[get it in ya]

obviously they are not looking at little guys but its still doesn't sound as secure as everyone thinks, or maybe I am wrong


This John Doe summons directs Coinbase to produce records identifying U.S. taxpayers who have used its services, along with other documents relating to their virtual currency transactions.

With a normal summons, the IRS seeks information about a specific taxpayer whose identity it knows. In contrast, a John Doe summons allows the IRS to get the names of all taxpayers in a certain group. A John Doe summons is ideal for pursuing account holders at a financial institution. After sniffing out American taxpayers with UBS accounts, the IRS did the same with HSBC in India and Citibank and BofA in Belize. The IRS uses John Doe summonses when it doesn’t know the identities of the suspected culprits. And while it will take the IRS time to collate and process it, you can bet the IRS will put the information it acquires to good use.

 

[VikingLab]

Also anyone using bitcoin needs to start looking into dark wallets and making your transaction very anonymous. Alot of the places like coinbase are suspending accounts for activities that are possibly illegal.

 

[Geardepot]

This is an ex parte ruling, so nothing has even been served yet. If you dont use coinbase this is also irrelevant. Tumbling and using different wallets than those from the major providers like CB and circle will allow one to skirt all of this. Theres absolutely nothing sketcy about BTC if you understand how to properly implement it.

I agree. It says at the end of the article-

Two other prominent startups that offer digital-currency services, Blockchain.info and Circle, said they haven’t heard from the IRS, but their business models are somewhat different from Coinbase’s, which may explain why they haven’t been contacted.

I believe Bitcoin will be around for a while. its going to be a thorn in the side of the IRS and other countries tax agencies. I don't think the IRS will go after bitcoin per say as a whole, they will try and get customers when converting their BTC to other currency.. Right now, theres not enough places that will use BTC to use it exclusively per say. At some point you have to convert to legal currency and that is where the IRS will be lurking to bust or tax you.. its the same as anyone selling drugs etc at a high level. You won't be popped for selling the drugs, you will be popped for tax evasion because you can't explain the windfall of $ that all the sudden ended up in your acct before you bought a car, house etc.

I think there are a lot more VC companies and other big players that are invested in BTC for the long haul, but they don't want to come out and advertise it due to the negative stigma it has. I believe the Winklevoss twins were some of the first big players who got into BTC, but that was back when it didn't have the whole tax evasion/silk road stigma that it has now.

will be interesting to see how it plays out, thats for sure.

 

[brutus69]

set up wallets with no link to personal accounts and use a third party to give ur money to. they take a cut but u get bit coin with no link back to you. kinda like money laundering but not illegal.