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+--- Thread: [BTC] COINBASE: WARNING (/showthread.php?tid=5514610)
COINBASE: WARNING - cryptking - Jan 5, 2017
If you open a CoinBase account and validate your identity, you've just given the IRS full access to your Bitcoin wallet. When you make gains, they want a significant chunk of it. Bitcoin was designed to avoid this exact situation.
Use cold storage, and exchange it for cash physically through LocalBitcoins in a public place. Or use a LBC account with a non-validated identity.
http://www.forbes.com/sites/robertwood/2017/01/03/irs-escalates-hunt-for-bitcoin-users-in-coinbase-summons-case/#56a5ab5d52e8
http://www.forbes.com/sites/robertwood/2016/12/02/bitcoin-users-brace-for-irs-audits-from-coinbase-summons/#1d069ecb1091
* - Darkwin - Jan 5, 2017
This is very true, Thanks for the heads up buddy.
* - NYCVN - Jan 5, 2017
I think a lot of us know that already, Coinbase makes it easy to buy bitcoin & takes measures to avoid fraudulent transactions.
Bitcoin is bitcoin, not everything can be 100% anonymous.
You shouldn't be worried unless you're doing malicious/illegal activities.
* - cryptking - Jan 5, 2017
(Jan 5, 2017 12:19 AM)NYCVN Wrote: I think a lot of us know that already, Coinbase makes it easy to buy bitcoin & takes measures to avoid fraudulent transactions.
Bitcoin is bitcoin, not everything can be 100% anonymous.
You shouldn't be worried unless you're doing malicious/illegal activities.
Please explain to me how someone can submit a fraudulent Bitcoin transaction
I created this thread under the assumption that people wouldn't want to lose 35%+ percent of their gains, but it seems that you don't mind
* - Omniscient - Jan 5, 2017
Has anyone considered flooding Coinbase with fake accounts and put .000001 or some small BTC amount into each one?
* - Ice Poseidon - Jan 5, 2017
I've had a lot go through my blockchain account and have not had any issues with them. Only reason I stuck with them was because you get your money instantly unlike other wallets (correct me if I'm wrong) where you gotta wait like an hour for it to fully confirm. I was thinking about switching to a desktop wallet like Electrum or Armory.
* - Bluffer - Jan 5, 2017
(Jan 5, 2017 01:45 AM)Nikky. Wrote: I've had a lot go through my blockchain account and have not had any issues with them. Only reason I stuck with them was because you get your money instantly unlike other wallets (correct me if I'm wrong) where you gotta wait like an hour for it to fully confirm. I was thinking about switching to a desktop wallet like Electrum or Armory.
I'm no expert with Bitcoin but I don't think you are correct about it confirming instantly. If anything its Coinbase that does this when you send to another Coinbase user via email.
Block Chain is an amazing wallet I've actually switched from Coinbase to BC.
* - Mafius - Jan 5, 2017
(Jan 5, 2017 01:43 AM)Omniscient Wrote: Has anyone considered flooding Coinbase with fake accounts and put .000001 or some small BTC amount into each one?
Accomplishing what exactly?
* - Riggs - Jan 5, 2017
(Jan 5, 2017 01:43 AM)Omniscient Wrote: Has anyone considered flooding Coinbase with fake accounts and put .000001 or some small BTC amount into each one?
I'll laugh if this now happens and you get quoted on this post in a press article as "HACKING COMMUNITY KINGPIN ORCHESTRATES MOVE TO HINDER BITCOIN REGULATION" to fit the media's typical 'hackers are bad guys' narrative.
Make sure you tell them it was all my idea.
* - VirtualMon3y - Jan 5, 2017
(Jan 5, 2017 01:57 AM)Riggs Wrote: I'll laugh if this now happens and you get quoted on this post in a press article as "HACKING COMMUNITY KINGPIN ORCHESTRATES MOVE TO HINDER BITCOIN REGULATION" to fit the media's typical 'hackers are bad guys' narrative.
Make sure you tell them it was all my idea.
And this could actually happen! 🤣
* - Undefined - Jan 5, 2017
(Jan 5, 2017 01:57 AM)Riggs Wrote: "HACKING COMMUNITY KINGPIN ORCHESTRATES MOVE TO HINDER BITCOIN REGULATION"
Perhaps the funniest thing I've read all day🤣
* - Stashyy - Jan 5, 2017
Haven't used coinbase in forever. Rather buy/sell face to face with a friend.
* - Niccolò Machiavelli - Jan 5, 2017
We need another competitor without the aids limits that Coinbase has, man I miss Circle.
* - NYCVN - Jan 5, 2017
(Jan 5, 2017 12:32 AM)cryptking Wrote: Please explain to me how someone can submit a fraudulent Bitcoin transaction
I created this thread under the assumption that people wouldn't want to lose 35%+ percent of their gains, but it seems that you don't mind
When you buy bitcoin with Coinbase -_-
(credit/debit cards/paypal)
* - SIM-3257834 - Jan 5, 2017
Don't do anything illegal so zero fucks are given. Plus I only use it to buy BTC and spend it immediately.