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IRS Now Has a Tool To Unmask Bitcoin Tax Evaders
You can use bitcoin. But you can't hide from the taxman. At least, that's the hope of the Internal Revenue Service, which has purchased specialist software to track those using bitcoin, according to a contract obtained by The Daily Beast. The document highlights how law enforcement isn't only concerned with criminals accumulating bitcoin from selling drugs or hacking targets, but also those who use the currency to hide wealth or avoid paying taxes. The IRS has claimed that only 802 people declared bitcoin losses or profits in 2015; clearly fewer than the actual number of people trading the cryptocurrency -- especially as more investors dip into the world of cryptocurrencies, and the value of bitcoin punches past the $4,000 mark. Maybe lots of bitcoin traders didn't realize the government expects to collect tax on their digital earnings, or perhaps some thought they'd be able to get away with stockpiling bitcoin thanks to the perception that the cryptocurrency is largely anonymous.
"The purpose of this acquisition is to help us trace the movement of money through the bitcoin economy," a section of the contract reads. The Daily Beast obtained the document through the Freedom of Information Act. The contractor in this case is Chainalysis, a startup offering its "Reactor" tool to visualize, track, and analyze bitcoin transactions. Chainalysis' users include law enforcement agencies, banks, and regulatory entities. The software can follow bitcoin as it moves from one wallet to another, and eventually to an exchange where the bitcoin user will likely cash out into dollars or another currency. This is the point law enforcement could issue a subpoena to the exchange and figure out who is really behind the bitcoin. |
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| There are no conversations. |
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| Ralph Hall |
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions. |
| Herman Cain |
The 9-9-9 plan would resuscitate this economy because it replaces the outdated tax code that allows politicians to pick winners and losers, and to provide favors in the form of tax breaks, special exemptions and loopholes. It simplifies the code dramatically: 9% business flat tax, 9% personal flat tax, 9% sales tax. |
| Lawrence Eagleburger |
There's Hezbollah, there's Hamas, there is a whole range of terrorist targets out there related to Palestine and to Israel that we ought to be trying to deal with. And there's a great deal of targets in the Philippines, Indonesia. You name it, there are a number of places where there are targets that we ought to be trying to deal with. |
| Jerry Garcia |
I think it's too bad that everybody's decided to turn on drugs, I don't think drugs are the problem. Crime is the problem. Cops are the problem. Money's the problem. But drugs are just drugs. |
| Miguel de Icaza |
The software patent problem is not limited to Mono. Software patents affect everyone writing software today. |
| Edmund Burke |
There is but one law for all, namely that law which governs all law, the law of our Creator, the law of humanity, justice, equity - the law of nature and of nations. |
| Shepard Fairey |
If you're creating something that has some sort of cultural currency - if the idea is getting out there - then that will probably yield money in some form, whether it's through selling art or selling books or being asked to give a lecture. |
| Dinesh D'Souza |
I think, with Obama and the progressives, you've seen a massive expansion of big government, and it's all based on a moral premise. The moral premise is that wealth is theft. And I don't just mean the wealth of America, I mean, your wealth, my wealth. |
| Frank Abagnale |
Criminals look at identity theft and say only 1 in 700 criminals gets convicted of it. And they look at check forgery and they know that for every 1,400 forgers arrested, only about 123 get convicted and about 26 go to jail. So the rewards are great, but the risks are very slim. So that's one of the reasons that make it very popular. |
| Ayn Rand |
The only power any government has is the power to crack down on criminals. Well, when there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. |
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For the first time ever, the price of one bitcoin has surpassed the price of one ounce of gold. While today's swap can be attributed to a good day for bitcoin (up ~3%) and a bad day for gold (down ~1.3%), the big picture is that bitcoin has more than doubled in the last year (up ~185% from a year ago) while gold is essentially trading exactly at the price it was a year ago. Even though bitcoin and gold are both thought of as alternative assets, they don't usually trade in correlation. Still, it's notable that bitcoin has (at least temporally) surpassed the price of gold. Gold is quite literally the "gold standard" of alternative assets, often used by investors to hedge against potential losses in more traditional assets like real estate and the stock market.
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Bitcoin Becomes Legal Payment Option In Japan, Prices Spike
A bill to amend Japan's Banking Act has finally come to fruition, recognizing Bitcoin and other cryptocurrencies as legal tender. The bill has far-reaching repercussions for the digital currency world as well as the way that cryptocurrencies can be traded and exchanged. The Banking Act was modified after a long process of debate and dialog which saw proponents of digital currencies arguing on their behalf. Now, after months of discussion, the bill has come into effect as of the beginning of April. Section 3 of the bill has been modified to including wording on virtual currency and is being called the Virtual Currency Act, according to reporting by Brave New Coin. Digital currencies like Bitcoin have finally received definition and recognition as a means of payment by the Japanese government. The Banking Act's Payment Services ...
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I have expanded my crypto investments! Now I own bitcoin, bitcoin cash and ethereum which are going up from 10%-30% a day. I only own small amounts but its neat and I cant wait to spend them on something
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Bitcoin Mining Heats Home For Free In Siberia (qz.com)
Quartz has published a video on YouTube about two entrepreneurs who have figured out how to heat their homes for free by mining bitcoin. The "miner" -- that is, the machine mining the bitcoins -- warms up liquid that is then transferred to the underfloor heating system. The cottage has two miners, which bring in about $430 per month from processing bitcoin transactions -- all while keeping the 20 square meter space warm.
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Samsung Made a Bitcoin Mining Rig Out of 40 Old Galaxy S5s
Samsung is starting a new "Upcycling" initiative that is designed to turn old smartphones and turn them into something brand new. Behold, for example, this bitcoin mining rig, made out of 40 old Galaxy S5 devices, which runs on a new operating system Samsung has developed for its upcycling initiative. Samsung premiered this rig, and a bunch of other cool uses for old phones, at its recent developer's conference in San Francisco. Upcycling involves repurposing old devices instead of breaking them down for parts of reselling them. The people at Samsung's C-Lab -- an engineering team dedicated to creative projects -- showed off old Galaxy phones and assorted tablets stripped of Android software and repurposed into a variety of diff...
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about satoshi nakamoto, creator of bitcoin: "He is very wary of government interference in general," she says. "When I was little, there was a game we used to play. He would say, 'Pretend the government agencies are coming after you.' And I would hide in the closet."
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Did Elon Musk Create Bitcoin?
EditorDavid 5 hours ago 108
An anonymous reader quotes CryptoCoinsNews: It should be no surprise that the elusive hunt for Satoshi, often referred to as the father of Bitcoin, has led to the theory that Elon Musk has been hiding a big secret from all of us. Sahil Gupta, a computer science student at Yale University and former intern at SpaceX, believes just this... Bitcoin was written by someone with mastery of C++, a language Musk has utilized heavily at SpaceX. Musk's 2013 Hyperloop paper also provided insight into his deep understanding of cryptography and economics...
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Silk Road investigator gets more jail time for second Bitcoin theft
A Secret Service agent already convicted to 71 months in prison for swiping Silk Road Bitcoins will get another two years for a separate Bitcoin theft, Reuters reports. Shaun Bridges pleaded guilty to stealing 1,606 Bitcoins -- worth around $360,000 at the time and now valued at over $11 million -- from a Bitcoin wallet controlled by the Secret Service. The theft was discovered when the agency tried to return some of the coins after they were seized from the European BitStamp exchange.
That sounds crazy, but there's more. B...
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next time a hacker gives me investment info im going to believe him. bitcoin went up since i was told it would. if it goes up $100 more than were all idiots
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i bought $100 worth of bitcoin the other day for the first time. the price rose a bit and the price difference covered the taco bell i just bought.
neat.
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