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Are the biggest exchanges reporting earnings to the IRS? No, coinbase only reported the top earners and are actively refusing to give all data. There’s a reaso

Are the biggest exchanges reporting earnings to the IRS? No, coinbase only reported the top earners and are actively refusing to give all data. There’s a reason why regulations were created and Bitcoin skirts around them. Don’t expect those same regulations to protect you if you don’t follow them. It’s the Wild West for crypto right now and some people are going to make it big but the majority are going to lose.

Klathmon 9y ago
But I and many others are following them, to the fullest extent. "Bitcoin" doesn't skirt these regulations, people do. I agree that it's a problem that some exchanges don't follow KYC laws, but it's not a law that they must report every person's earnings to the IRS. Coinbase is following all the required laws, and asking them to go above and beyond what is needed "or else" you won't get help is mafia level tactics. And I'd love for you to give me a list of exchanges that take USD and don't follow KYC laws (I'll save you some time, there aren't any with any significant amount of users, because they all get shut down). And none of this has anything to do with Bitcoin, it has to do with Stellar. A cryptocurrency that is ironically very KYC friendly as you don't use multiple addresses, and all transactions are public. It's magnitudes easier to track Stellar than it ever would be cash. (Or do you feel the same way that someone that had cash robbed from their house shouldn't bother contacting police because they were skirting the law?) Not to mention that tons of criminals use the internet, and there are a nearly unlimited number of illegal websites and "companies" which are doing bad things online. Does that mean we shouldn't expect any kind of law to protect us on the internet? Many car drivers routinely break traffic laws whole driving, does that mean that we shouldn't expect any kind of police help for car drivers? You are assuming that some of the people here are breaking the law because unrelated companies aren't going above and beyond the required laws, then saying that none of the affected people should receive help because of it.

Klathmon 9y ago

But I and many others are following them, to the fullest extent. "Bitcoin" doesn't skirt these regulations, people do. I agree that it's a problem that some exchanges don't follow KYC laws, but it's not a law that they must report every person's earnings to the IRS. Coinbase is following all the required laws, and asking them to go above and beyond what is needed "or else" you won't get help is mafia level tactics. And I'd love for you to give me a list of exchanges that take USD and don't follow KYC laws (I'll save you some time, there aren't any with any significant amount of users, because they all get shut down). And none of this has anything to do with Bitcoin, it has to do with Stellar. A cryptocurrency that is ironically very KYC friendly as you don't use multiple addresses, and all transactions are public. It's magnitudes easier to track Stellar than it ever would be cash. (Or do you feel the same way that someone that had cash robbed from their house shouldn't bother contacting police because they were skirting the law?) Not to mention that tons of criminals use the internet, and there are a nearly unlimited number of illegal websites and "companies" which are doing bad things online. Does that mean we shouldn't expect any kind of law to protect us on the internet? Many car drivers routinely break traffic laws whole driving, does that mean that we shouldn't expect any kind of police help for car drivers? You are assuming that some of the people here are breaking the law because unrelated companies aren't going above and beyond the required laws, then saying that none of the affected people should receive help because of it.