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A comment on The IRS collects data on Coinbase account holders. Parent comment

Re:The IRS collects data on Coinbase account holders by IAmEveryone on Friday March 16, 2018 @08:19AM (#16600095)
How is that even a prediction?

> store the history of all Bitcoin transactions

Bitcoin conveniently does this for them

> and try to identify all wallet owners

That’s the headline here

> check if profits were reported and if taxes were paid

Which is the IRS’ job

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Re:The IRS collects data on Coinbase account holders by sp332 on Friday March 16, 2018 @09:59AM (#16600665)
The bitcoin blockchain does not keep a record of trades you make on Coinbase though.
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Re:The IRS collects data on Coinbase account holders by verelo on Friday March 16, 2018 @08:37AM (#16600209)
I’ve got from good sources that in Canada the RCMP is (...was several years ago) already doing exactly this. And it’s very easy to do since the exchange in question requires ID to create your account.
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Re:The IRS collects data on Coinbase account holders by zzz157 on Friday March 16, 2018 @08:25AM (#16600125)
>Which is the IRS’ job

Ever heard of the 4th Amendment?

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Re:The IRS collects data on Coinbase account holders by IAmEveryone on Friday March 16, 2018 @08:30AM (#16600158)
Sure. And so has the IRS, which “persuaded a federal judge”, according to the article.

I guess they thought it was a reasonable request to get the data of the 25,000 US citizens who made significant profit with bitcoin in those years, when only a few hundred reported such earnings in total.

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Re:The IRS collects data on Coinbase account holders by chrisco255 on Friday March 16, 2018 @09:00AM (#16600321)
That's an estimate at best. How many if tbise who profitted actually cashed out?
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Re:The IRS collects data on Coinbase account holders by koolba on Friday March 16, 2018 @09:25AM (#16600450)
It's not just a matter of tracking those that cashed out as taxes are on the net profits of individual trades. Even converting between coins (ex: sell BTC, buy ETH) is a taxable event.
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Re:The IRS collects data on Coinbase account holders by koboll on Friday March 16, 2018 @08:27AM (#16600143)
Cross-referencing a public ledger is not an illegal search.
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Re:The IRS collects data on Coinbase account holders by Karunamon on Friday March 16, 2018 @08:26AM (#16600138)
The 4th amendment does not prevent combing through public data (the blockchain), nor does it prevent going through due process to obtain data (the coinbase order).
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