Coinbase lets you convert your tokens into gift cards

Re:Coinbase lets you convert your tokens into gift cards by charlesdm on Thursday July 26, 2018 @06:16AM (#17616311)

"Gift cards aren’t as convenient as receiving money on your bank account or a debit card. But they’re a great way to avoid telling your bank that you made money by speculating on cryptocurrencies. Many banks directly report data on their users to local tax authorities. But don’t forget that Coinbase can track all your withdrawal events and notify tax authorities too."

So this "journalist" is telling people it's a great idea to evade tax... hmmmm...

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Re:Coinbase lets you convert your tokens into gift cards by ISL on Thursday July 26, 2018 @09:58AM (#17617547)

That paragraph might be better written:"You might think that gift cards could be a good way to avoid financial disclosure, but in practice, Coinbase is most likely beholden to, and compliant with, all of the same disclosure laws."

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Re:Coinbase lets you convert your tokens into gift cards by giancarlostoro on Thursday July 26, 2018 @06:43AM (#17616411)

Sounds like the opposite to me or is my legalese off? It reads more like a warning than anything.

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Re:Coinbase lets you convert your tokens into gift cards by GenericsMotors on Thursday July 26, 2018 @07:14AM (#17616522)

Maybe...but it sounds like the "warnings" that grape juice manufacturers placed on their products during Prohibition, to prevent turning them into wine accidentally by letting them ferment.

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Re:Coinbase lets you convert your tokens into gift cards by lolc on Thursday July 26, 2018 @10:32AM (#17617791)

Do you know examples of such labels? I have grapes :-)

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Re:Coinbase lets you convert your tokens into gift cards by nkrisc on Thursday July 26, 2018 @12:22PM (#17618654)

> But don’t forget that Coinbase can track all your withdrawal events and notify tax authorities too.

Seems like they're warning you that while it might seem like a good way to avoid taxes, Coinbase has everything necessary to screw you and is willing to share it should you "forget" to report the income.

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Re:Coinbase lets you convert your tokens into gift cards by s73v3r_ on Thursday July 26, 2018 @12:59PM (#17618945)

But in that event, it's not Coinbase "screwing" you. It's your own decision not to follow the law.

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Re:Coinbase lets you convert your tokens into gift cards by genericid on Thursday July 26, 2018 @09:29AM (#17617272)

No, they're telling people how to evade tax.

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Re:Coinbase lets you convert your tokens into gift cards by victor106 on Thursday July 26, 2018 @12:20PM (#17618634)

I don’t think banks report data to local authorities. They report anything over a fixed amount( I think $5,000 or more) to the irs and/or the fed.

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Re:Coinbase lets you convert your tokens into gift cards by pvg on Thursday July 26, 2018 @12:23PM (#17618658)

Banks report to state tax authorities. If the California Franchise Tax Board, for instance, thinks you owe them money, they'll find your bank account.

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Re:Coinbase lets you convert your tokens into gift cards by victor106 on Thursday July 26, 2018 @04:53PM (#17621001)

They don’t report automatically. They only report if they get a request for information.

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Re:Coinbase lets you convert your tokens into gift cards by Ibethewalrus on Thursday July 26, 2018 @10:42AM (#17617857)

To me sounded like an easy way to do money laundering

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Re:Coinbase lets you convert your tokens into gift cards by negamax on Thursday July 26, 2018 @07:36AM (#17616614)

Isn't Coinbase getting all sorts of banking licenses?

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