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American Banker reports on a potential privacy threat to users of digital currency exchange platform Coinbase:
Under a procedure called a John Doe summons, the IRS this month asked a federal court in California to approve its request for Coinbase to turn over records on any user who had made digital currency transactions between 2013 and 2015.
At issue is the indiscriminate nature of the request. Coinbase has accumulated nearly 5 million users, according to its website – which could mean the company might be forced to turn over financial records on millions of U.S. taxpayers.
In the past, the IRS had targeted a number of banks with John Doe summonses. The requests were broad, but did not ask financial institutions to turn over information on every single one of their accountholders as the IRS is now demanding Coinbase do, industry lawyers said.
(Score: 1, Interesting) by Anonymous Coward on Wednesday November 30 2016, @06:43AM
Lies and propaganda. The only currency which allows instantaneous change of ownership is still physical cash. Wire transfer - three days' hold. Cashier's check - eleven days' hold.
Nope, the last time I bought property of significant price, I brought wrapped stacks of bills directly to the seller's bank, plopped them down on a table, picked up the title, and the seller immediately had the bank verify and deposit the cash.
As for asset forfeiture laws, I had an epiphany on my way to make the purchase. I was traveling the roads alone, armed, and with a fat stack of cash, yet I had no fear of muggers or other stripe of common criminal. No, the biggest danger to my life and property was law enforcement officers. The highway patrol has become highway robbers, and they do so under the facade of legitimacy willingly built by criminal politicians.
Incidentally, I stopped letting the IRS steal from me in 2012. While I'm prepared for them to accost me, there hasn't been a peep since I broke all contact.
(Score: 0) by Anonymous Coward on Wednesday November 30 2016, @04:31PM
Nobody leaves the system. They'll get around to sending the thugs after you eventually. Your show of disobedience may make you feel better, but it does little more than paint a target on you showing them you need a little extra "encouragement" to stay in line.
(Score: 0) by Anonymous Coward on Wednesday November 30 2016, @09:31PM
Another propagandist lie. True, giving the IRS and the rest of the fedgov the silent treatment while trying to stash stacks of cash in a bank, "buy" a nice house, and surround yourself with expensive toys is asking for liens and seizures. That might actually be a deterrent if it was possible to actually own land, rather than just rent from governments, or if cash wasn't constantly having its buying power stolen via constant inflation.
In 2012, I was just joining the tail end of a long parade. Private companies don't spend advertising money looking for people who "owe the IRS $10K or more" for years and years unless there's a market for such people.