Image source: https://cointelegraph.com
A few days ago Coinbase - the largest US-based cryptocurrency exchange - notified approximately 13,000 of its customers that it was going to provide the Internal Revenue Service (IRS) with personal account and transaction information.
To get caught up on the relevant details about this news, I recommend the following two sources:
- Cointelegraph: Coinbase Informs 13K Affected Customers Of Imminent Data Handover To IRS, https://cointelegraph.com/news/coinbase-informs-13k-affected-customers-of-imminent-data-handover-to-irs
- TechCrunch: Coinbase ordered to give the IRS data on users trading more than $20,000, https://techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/
Instead of focusing on the specifics of this egregious pursuit by the tax authority, I would rather focus on shining the light on the actual illegality of the IRS itself.
In my 6-part series entitled Restoring the Lost Republic - more specifically in Part 4 - The 16th Amendment and the IRS (Internal Revenue Service) I outline how the Internal Revenue Service:
actually has no constitutional authority to levy taxes on income;
no law that exists for individuals to pay income tax;
there are no existing records that show that the IRS was created by an act from Congress;
all the revenue collected from income tax goes to pay the interest on the debt and not a cent goes to the services provided by the federal government;
and that basically, the IRS is merely a collection agency for the Federal Reserve.
Although this may sound like batshit crazy conspiracy theory, I back up everything mentioned above with historical records and facts. (I challenge anyone to contradict me!)
Therefore, to all those targeted Coinbase users, it is perhaps time for you to get better informed about the subject. By informing yourself adequately about the relevant facts and laws regarding taxation and the IRS, you will be able to build your case, not pay a cent on your cryptocurrency gains, and best of all:
Congratulations @libertyacademy!
Your post was mentioned in the Steemit Hit Parade for newcomers in the following category:
I also upvoted your post to increase its reward
If you like my work to promote newcomers and give them more visibility on Steemit, feel free to vote for my witness! You can do it here or use SteemConnect
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you so much @arcange. I was really surprised to see such a large amount of reward in a very short time. In fact, I still don't understand how this happened. I only had about 11 votes. Do you know how this big amount got added? Thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You got a full power vote from @jamesc who has a lot of Steem Power.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ah! Thank you so much. Now I understand. Definitely following him now! Plus looking at his blog, I can see we have many common interests.
His Wallet says he has 1,569,576.199 STEEM POWER and an Estimated Account Value of $5,335,737.64!!!. Almost fell off my chair when I saw that!
I now wonder, why these power players don't simply cash out a lot of these earnings. At $5 million, I'd sure take some out and buy some gold and real estate!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Almost forgot. I just VOTED FOR YOU AS WITNESS. Thanks again for helping a small minnow out like me. Also, would you happen to know if there's an app somewhere that says how fast some people on Steemit have built their reputation score? I'm almost at 50 and it's only been 2 months since I joined; I think it seems pretty good but have no real idea how to possibly check this. Thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I guess the lesson is simple. If you are wanting privacy and security, don't deal any company that falls under US jurisdiction. But where exactly is safe ? Now if only Iceland had an exchange ! Or better yet, bring on the era of peer to peer based exchanges !!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agreed! Actually, with Bitcoin ATMs now, nobody really needs to register with their names and associate bank accounts - all of which can be tracked by greedy governments and tax authorities; they'd be fools to do so. People can simply fund crypto wallets anonymously and also retrieve their funds for funny fiat. They just gotta educate themselves on how to do it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's awesome!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
yep, these ATMs are great!! I just wish there was one closer than a 4 hour drive from my house. my thinking is that these will be outlawed before too long though, sadly :(
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Taxation is theft. There is no social contract without anyone being advised of a contract and agreeing to it. It's all a game of "magic" with legalese ;) Get out of coinbase :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agreed.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
At its core, the fraudulent taxing "authority" only exists to force people into the sick game of perpetuating a fraudulent money system by threatening people with jail time for nonpayment. This really is sum total of its being.
Fraud, fraud, fraud. When speaking of any aspect of the American corporatocracy, this word, FRAUD, should be the first word that registers in the mind. The entire system (government and the corporate structure underpinning it) is based on fraudulent interactions.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Absolutely! How people go along with it tells you how ignorant they are and how brilliant the powers that be are at stealing from them.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit