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You just get a burner phone and give them that #.... If anything they are watching people using the BTC atm to send drug $...no more cash moving...Comment -
LOL.... Higher chance of the cartel owning the donut shop all together LOL...
None of what I say has any truth at all.....just joking around here
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Why are you even here at SBR? Do you know anything about sports??? Or are you just a wannabe investor?
Like I said... these HEAVY HITTERS would make you look like you're operating a nursery.
The reason why I said 5,000 in the first place... this world is so rigged... once the govt figures out a logical way to deflate Bitcoin... they will. It's a matter of time. There are no FREE RIDES IN LIFE.Comment -
all good things come to an end
Coins going to be strictly regulated eventuallyComment -
The rumor mill has it that AMAZON will be accepting BTC in less than a WEEK......this will set it in stone boys....Overstock already has so had to figure it was not FAR behind.....ANYONE w info on this?Comment -
Coul fuckn double the price instantly IMO...Comment -
possibly tomorrow as the reddit chatter moves along...Comment -
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Not a lot of work at all. I'm not talking about avoiding taxes or doing anything nefarious. I'm talking about our civil liberties which is in jeopardy every day. Wasn't this country founded by people who did not want government controlling our lives, especially our money? Why should I disclose to anyone when I buy a house, car or pizza? It is not the governments business what the hell I do with my money? We are all sheep. We've let the government in on our lives and rolled over like sheep. This is far from what our forefathers envisioned. We are tracked like cattle. Anyone can know where you are and where you're going. It's awful.
If I buy BTC at $5k and it grows to $10k in the next few months. Should I have to pay $5k in capital gains? Why? What if BTC goes to zero? Will the IRS give me $5k? Absolutely not. Fukking double standard. I do not want anyone, least of all the government knowing or managing my money. Hell no.Comment -
their huntin biggiesComment -
I've been preaching "Fear the IRS" my entire time at SBR, but people people prefer to stick their heads in the sand:
1. Coinbase is literally the WORST exchange on earth to leave records at, as it's the direct defendant in the IRS' lawsuit.
2. The $20,000 so-called exemption is just a choice made by the AUSA. It's a common prosecutors' tool called sampling. As soon as the large accounts are shown to be not paying taxes on their crypto profits -- and they will be -- the prosecutors will simply return to the federal court and say basically, "Wow, tons of tax cheats. Turns out we're going to need every record for every transaction for all your clients for every year."
Then they'll distribute your tax bill, plus 18% interest, plus a late payment penalty, plus you'll forever be moved into the high risk tax returners files which will raise your chances of future audits by 20,000% -- that's NOT a misprint.
3. Crypto isn't considered a security for tax purposes. It's considered property, which means you can only write off $3,000 in losses per year against your gains: the rest of the losses get rolled forward. So, if, say, you made trades this year that netted you $5,000 in profits and trades that netted you $5,000 in losses, you might think you owe no taxes because you "broke even." You'd be wrong: you owe capital gains tax (probably 15%) on $2,000, plus the same penalties as above: 18% interest from the date owed, plus penalties, plus you'll be permanently placed in the high risk tax returners file, which will raise your chances of being audited in the future by + 20,000%.
4. As that article mentions, Chainalysis is to be feared. They're former privacy minded BTC people who sold out to the dark side for a huge amount of tax payers' money. I've previously called them "soulless scumbags" and "sleazy sellouts": https://www.sportsbookreview.com/for...l#post27208010
I stand behind that assessment.
If anyone's interested in how to avoid all this, pm me, as SBR frowns upon some of the things necessary to keep yourself safe.Comment -
That's a really good start, and a good post, but you're underestimating how easy it is for BTC to be tracked. Every transaction on the Blockchain is public record, so tracking BTC to and from every address you've ever used -- akin to code breakers' "frequency analysis" and happily performed by the demonspawn at Chainalysis -- will usually, at some point, connect the trackers to an account you've got your name on (like Coinbase), which is very easy to subpoena for the IRS.
Once they connect your name to BTC in any account, they can follow every transaction into and out of that account -- like an expanding web -- believing, rightly, that if you own one of the accounts, you probably own lots of them.
So, what can you do?
1. You should be trading ONLY in accounts that don't have your name on them. You only need your name on one account: Bitstamp, where you send your fiat deposits, then buy BTC, then move that BTC to your first anonymous account while destroying the trail behind you. After Bitstamp, you should never associate your name with another account, period. You should also hide your IP address behind a VPN.
2. Every account beyond Bitstamp should be anonymous: you can open anonymous accounts at Bitfinex, Kraken, Bittrex, Poloniex, WhaleClub and many other exchanges. In addition to exchanges, all private wallets that you download never have to have your name associated with them: Electrum and Bitpay wallets are my favorite.
3. Once you get a nice list of wallets/exchanges opened, it's just a matter of drawing up a path that makes creates an unfollowable trail. The way to do that is to hustle it into and out of many different exchanges and wallets, and, importantly, change its form many times, while making sure at least two of the hops are in crypto designed to be ultra anonymous: ZCash (ZEC), DASH, or Monero (XMR).
4. Never reuse an address. Use an address once, then regenerate a new one. Almost every exchange allows at least one new BTC address to be generated per day. Poloniex is the exception, which is why I always start there.
Here's a real world example that I used last week:
This sounds hard when you write it out, but it can be done for very close to free (BTC is by far the most expensive crypto to send) in just a couple of hours:
1. I sent my 'dirty' BTC (BTC from a sportsbook or profits from a trade or BTC from Bitstamp, the only exchange with my real name) to my Poloniex acct. My Polo account and every account below here are either anonymous or associated with a name that's not mine.
2. At Polo, I bought Monero (XMR), then sent that Monero to my Kraken account.
3. At Kraken, I sold Monero for BTC, then sent the BTC to a new Bitpay wallet (each download of Bitpay wallet software allows for 12 new wallets, each of which I only use once).
4. From Bitpay, I sent the BTC to my Bittrex account
5. At Bittrex I bought ZCash, then sent the Zcash to Bitfinex.
6. At Bitfinex I sold the ZCash for BTC, then sent the BTC to a newly downloaded Electrum account.
That BTC is completely clean: anonymous, untraceable, unfindable and untaxable.Comment -
MPS - Why do step #2? and #5? Why 2 hops? Could you do just one or the other? Or just covering your bases? Also, do you keep the amounts under a certain value?
Thanks in advance.Comment -
Tremendous information here but if you’re just a small bit coin guy meaning under $10,000 transactions I don’t think you have to worryComment -
Yeah, I don't think the IRS has enough folks savvy enough to follow the trails. They have a hell of a time keeping up with all the paper trails. I'm sure once BTC becomes more household name, and they see billions of dollars changing hands, they will then try to get a piece of it. By then, BTC will be $100k and a lot more stable anyway where you won't see staggering capital gains.Comment -
They want big times looking to hide moneyComment -
What happens if u have already used coinbase for a few years already? Doesn’t look like u can go back now? Do u wait for the full answer or just come clean now to cover yourself, hire a pro and pay them? Going forward this info here seems good. I’ve been done with coinbase for some time now but I do remember getting shutdown asking about this...I would prefer to just pay what is owed since it looks better now and u could say some excuse. How come some guys say that they won’t bother the small timers, won’t they just take the money out of your bank if u owe them even a few thousand?Comment -
Bit coin can't be regulated by definitionComment -
In my opinion, I don't think it's a person who will do the tracking per se . But a software who can identify IP addresses, btc addresses , QR codes, etc etc - if that makes any sense.Last edited by Pinoy-T-X; 10-25-17, 11:56 PM.Comment -
A couple things to consider... did you do mostly buying or selling with the coinbase acct or BOTH? I never sold using Coinbase. Perhaps there's a few posters out there... who consistently sold with a particular acct and purchased with another?
As for tax advice... you might want to hire a professional. But in my opinion... once you start paying taxes on gains from 2 or 3 years back... from already filed returns... it usually automatically opens up an audit from several years back. Which means more money out of your pocket for a legal defense. CPA hourly... and an attorney isn't cheap.
Once the IRS claims you owe them money... you'll be sent a notice. Typically the amount due and interest... They will give you time to pay it...
They can't go directly into a bnk acct and take it. They will warn you 2 or 3 times. Then, they will get a court judgement against you. Either put a lien on property and/or show documents to the bnk... and the bnk must comply. Then the bnk charges you an additional $100-$200 for doing this procedure.
Why most people say they won't touch small timers? My opinion is this.... it's how aggressive someone plays hardball with you. Typically, you have to estimate how much time an agent has to spend on your case. Is it worth it? They must prove all of your errors involved. Is it black on white? Is it that easy to discover? You would know your case more than anyone... you know the amount involved. If you think of it... and it worries you... then you better do something about it. I don't worry about stuff like that.... what about the other 1,000,000+ bitcoin traders that supposedly had a gain? You know how hard it would be to convict 1,000,000+ people of supposed tax evasion?
They would first look at the highest gains that is easily detected and can be prosecuted 100% without any doubt.Comment -
Originally i only used it to just to buy when i started, which i tried to keep it that way. There were times where i needed the $ so i had to sell back to my bank. I don't fall into some big time area but after looking through my history and if they use the 20k rule of total amount per type of transaction for the year then only 2016 seems to just past it. I never used 20k in one single transaction, not even close and this is what everyone thought that's what they meant. On paper I don't own much, only a car worth 5k, but i have been gambling for some time here. Can't say I have really done anything to be even looked at but given the ratio of people who reported from coinbase of like 800 users to the millions of users, this should scare most of the people who did transactions there. Im just looking to do the right thing, there taking a hobby of mine and looking to twist it which is bs.Comment -
Another thought of mine was to just get a Bitpay card in randoms/name.....homeless guy ect.....if your just pulling cash off it, the name on it means nothing.... Track and Prosecute AWAY boys LOL....Comment
