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"Gift cards aren’t as convenient as receiving money on your bank account or a debit card. But they’re a great way to avoid telling your bank that you made money
by charlesdm 8y ago
"Gift cards aren’t as convenient as receiving money on your bank account or a debit card. But they’re a great way to avoid telling your bank that you made money by speculating on cryptocurrencies. Many banks directly report data on their users to local tax authorities. But don’t forget that Coinbase can track all your withdrawal events and notify tax authorities too."
So this "journalist" is telling people it's a great idea to evade tax... hmmmm...
- giancarlostoro 8y agoSounds like the opposite to me or is my legalese off? It reads more like a warning than anything.
- GenericsMotors 8y agoMaybe...but it sounds like the "warnings" that grape juice manufacturers placed on their products during Prohibition, to prevent turning them into wine accidentally by letting them ferment.
- lolc 8y agoDo you know examples of such labels? I have grapes :-)
- deleted 8y ago[deleted]
- negamax 8y agoIsn't Coinbase getting all sorts of banking licenses?
- genericid 8y agoNo, they're telling people how to evade tax.
- ISL 8y agoThat paragraph might be better written:"You might think that gift cards could be a good way to avoid financial disclosure, but in practice, Coinbase is most likely beholden to, and compliant with, all of the same disclosure laws."
- Ibethewalrus 8y agoTo me sounded like an easy way to do money laundering
- victor106 8y agoI don’t think banks report data to local authorities. They report anything over a fixed amount( I think $5,000 or more) to the irs and/or the fed.
- nkrisc 8y ago> But don’t forget that Coinbase can track all your withdrawal events and notify tax authorities too. Seems like they're warning you that while it might seem like a good way to avoid taxes, Coinbase has everything necessary to screw you and is willing to share it should you "forget" to report the income.
- s73v3r_ 8y agoBut in that event, it's not Coinbase "screwing" you. It's your own decision not to follow the law.