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Taxes

taxes coinbase.png

Hm, yes, unfortunately my "proceeds" were negative.

This is a good example of how regulation can bog down an exchange and make them want nothing to do with the SEC. There's a reason why Coinbase doesn't just fork over all the information, there is a certain cost and responsibility for doing so, and the more information they give out the more betrayed they feel by their own customers.

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This push and pull scenario happens with all kinds of businesses. If the corporation has information that the government wants, pressure will be applied. The degree of pressure depends on how valuable the information is. Most of us here know just how valuable information from Google and Facebook is. Of course, the actual list of corporations in the pocket of our massive spynet is much longer.

Will centralized-exchange regulations continue to escalate as the cryptosphere becomes more powerful? Who knows, there is a lot of corporate money out there on the side of blockchain. It's hard to say how it will go down, but it's certainly worth paying attention to.


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Taxes was published on and last updated on 28 Jan 2019.