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posted by Fnord666 on Sunday November 12 2017, @02:47PM   Printer-friendly
from the good-enough-for-Al-Capone dept.

Submitted via IRC for TheMightyBuzzard

The 10,000 bitcoins that seven years ago famously paid for the delivery of two Papa John's pizzas would be worth more than $74 million today.

The exploding value of the cryptocurrency since its first real-world transaction in 2010 is one reason the U.S. Internal Revenue Service is pushing to see records on thousands of users of Coinbase Inc., one of the biggest U.S. online exchanges. The company's digital currency platform allows gains to be converted into old-fashioned dollars in transactions that the IRS alleges are going unreported.

Coinbase and industry trade groups are fighting back in court, claiming the government's concerns about tax fraud are unfounded and that its sweeping demand for information is a threat to privacy.

Source: https://www.bloomberg.com/news/articles/2017-11-09/coinbase-escalates-showdown-on-u-s-tax-probe-as-bitcoin-surges


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  • (Score: 0, Funny) by Anonymous Coward on Sunday November 12 2017, @05:43PM (1 child)

    by Anonymous Coward on Sunday November 12 2017, @05:43PM (#595946)

    because you're ignorant and lazy it's someone else's fault? and your best course of action is whining to the world about it? pitiful slave. getting btc is the easiest part. storing it or getting rid of it is easy. wtf is your problem?

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  • (Score: 5, Insightful) by Runaway1956 on Sunday November 12 2017, @06:51PM

    by Runaway1956 (2926) Subscriber Badge on Sunday November 12 2017, @06:51PM (#595969) Journal

    Devil's advocate here. Ignorance is a valid reason to avoid a form of currency that is not in wide use. Countless people have been taken by currency exchanges, around the world, when traveling. There is always someone ready to take advantage of ignorance. Learning can be costly. Regarding digital currency - how many stories have there been now, in which a bunch of people thought they had some appreciable wealth, only to find it evaporated into the thin air from which it came? Someone "hacked" the system, and stole millions, billions, or whatever. Or, the system just failed. Or, the founder/administrator took the proceeds and vanished.

    There is an appreciable amount of knowledge to ingest regarding cryptocurrency. A person who knows he is ignorant, and avoids that cryptocurrency, is a fairly wise person.