I believe I read that with the IRS investigation into coinbase they found that only 80 out of the many thousands of users from 2013-2015 had reported BTC on their taxes. So they haven't been declaring them very well lol
The irony that those in the US government who want to pass this Bill for the sake of preventing money laundering and the support of terrorism is comical and so sadly hypocritical.
what a great thought you have on this totally agree with you dear ,, you really make me right i also think the same
I don't believe there is anything to indicate that the 80 people who declared BTC gains were even Coinbase users. The IRS is demanding customer records from Coinbase because only 80 people declared gains from Bitcoin on their taxes, a far cry from the 100s of thousands of users that had accounts with Coinbase at the time.
I do think they are overreaching by immediately demanding all of Coinbase's customer records. Records from a random sample of a few thousand accounts held by US residents would be more than enough for them to establish whether or not there is rampant cheating on taxes being perpetrated by Bitcoin users. If their findings confirm their suspicions, then further action would be justified, but if not - then it wouldn't.
It scares them and in many ways it should. "Government", if by that we mean organizing to set rules and achieve common goals, will not disappear. Ethical society is under no threat. But with global cooperative agorism, the "state" is going to have an increasingly hard time keeping up...