Bitcoin

[Macrocupcake124]

Coinbase's response:

"We are aware of, and expected, the Court’s ex parte order yesterday. As we stated before, we look forward to opposing the DOJ’s request in court."

This doesn't affect most users as we purchase "anonymously" Coinbase does not allow anonymous purchases of bitcoins.

 

[ThinkTank]

The big problem with Bitcoin is that it is possible to trace you. If you want to be completely anonymous then WU or MG is the way to go, using a fake name. I researched Bitcoin on several sites including Wiki-pedia. There are some experts that say it is not going to last much longer. It is not for me.

Bitcoin is more anonymous than WU or MG. Providing a fake ID endangers your money and adds charges should you get jammed up.

You may not know this, however Bitcoin payments can be made completely anonymous via a Bitcoin ATM. Bitcoin ATM's allow direct cash deposit and payment without requiring a wallet or ID (under certain $ amounts) .

 

[bieberhole69]

The best way to do BTC is to NOT use coinbase (except for investment purchases / using for purchases at amazon, etc, other legal stuff). You MUST purchase annonymously either through localbitcoins, wallofcoins, bitcoin ATM, or similar. Fortunately, you can have many wallets. Then you just need to keep the stuff from online exchanges in a separate wallet (you do not want those BTC mixing with funds used for other reasons) and you'll be fine.

Why? Because BTC is inherently public, and ultimately you can be found since your purchases from online exchanges are linked to your identity.

It was a bit of a learning curve for sure, but find someone that really knows about BTC and can instruct you on all the ways to stay private as possible and you'll be fine.

DO NOT keep money in online exchanges, either. There are many good app wallets for your phone that provide a great amount of security and recovery ability. At the least, you should be using one of these.

 

[rAJJIN]

The good thing with Bitcoin is it can be sent person to person.

 

[Motorboat]

The good thing with Bitcoin is it can be sent person to person.

This is true. It's peer to peer. Like delivering cash or gold bars.

 

[WeightMachine]

If you want to be anonymous, you need to tumble your bitcoins.

Purchase Bitcoin>tumble Bitcoin>back to a different Bitcoin wallet>send Bitcoin for goods.

Tumbling mixes your bitcoins with other people's bitcoins.

Check out Reddit.com in the dark net markets section for the how to...

 

[Thebigone]

Bitcoin was perfect until they got rid of the washing/mixing method.

 

[Humana Life Group]

My advice is to always put your bitcoins you buy on kraken, coinbase or whatever and put it in your wallet on your pc. I got lazy and a few months ago sent directly from coinbase twice and bam they shut down my account. Not going into specifics but I'm sure that wouldn't have happened if I would have just sent to my own wallet.

 

[bieberhole69]

My advice is to always put your bitcoins you buy on kraken, coinbase or whatever and put it in your wallet on your pc. I got lazy and a few months ago sent directly from coinbase twice and bam they shut down my account. Not going into specifics but I'm sure that wouldn't have happened if I would have just sent to my own wallet.

Mycelium is a great mobile wallet. Might wanna check it out...

 

[ThinkTank]

Breadwallet

 

[IronRage]

If you're sending bitcoin to a wallet address how would they know if it's for illegal stuff, how do they whether you're sending it to one of your own wallets or someone else's

 

[CrazySteroids]

If you're sending bitcoin to a wallet address how would they know if it's for illegal stuff, how do they whether you're sending it to one of your own wallets or someone else's

:yeahthat: agree!

 

[IronRage]

:yeahthat: agree!

That was more of a question than a statement lol, I'm still learning about bitcoin so I really do wonder how they would be able to tell

 

[get it in ya]

At some point i will have to learn how to use it but i want nothing to do with it. Damn i hate change.

 

[VikingLab]

" Rosie from Coinbase here.

All outgoing transactions are reported as sell orders and show the gain or loss of those bitcoin.

EDIT: It is up to each user to calculate and report taxes associated with their bitcoin trades. Coinbase provides a report as a tool to assist users in this process. Using Coinbase's tax report does not determine your tax liability or lock you into filing your taxes based on the report.

By default, transactions into or out of your Coinbase wallet are reported as buys or sells at the current market price because we do not have visibility outside our platform. Users are free to apply any appropriate accounting method in calculating their taxes. If you have other information about a particular transaction - for example a bitcoin send from your Coinbase account to another wallet you control - then you may choose to take that into account in filing your taxes."

 

[Phidias]

If you want to be completely anonymous then WU or MG is the way to go, using a fake name.

Fake name with WU or MG?!?!

Well, only in the US then, and I guess for small amounts. Cause let me tell you here in Western Europe you HAVE TO show an ID, give a verified address AND make sure the person you send money to will have the same info available.

It's almost like the WU agent you're in front to is directly linked to both LE and the taxman... and trust me, I'm not exaggerating at all, I learned it the hard way a few years ago when I had to answer the cops about a historical of exotic countries where I had sent money over the years...

Nothing, absolutely NOTHING is secure, and even less those so called "SAFE" encrypted emails or now apps ... then again, experience proved it to me pretty harshly.

 

[VikingLab]

Fake name with WU or MG?!?!

Well, only in the US then, and I guess for small amounts. Cause let me tell you here in Western Europe you HAVE TO show an ID, give a verified address AND make sure the person you send money to will have the same info available.

It's almost like the WU agent you're in front to is directly linked to both LE and the taxman... and trust me, I'm not exaggerating at all, I learned it the hard way a few years ago when I had to answer the cops about a historical of exotic countries where I had sent money over the years...

Nothing, absolutely NOTHING is secure, and even less those so called "SAFE" encrypted emails or now apps ... then again, experience proved it to me pretty harshly.

Yes,i think you can use fake name with WU or MG in the US up to $500.
The fun starts if you need to change or fix one of the details (usually because the agent lazy to do his job..) and then they ask you to show your ID lol

 

[bieberhole69]

If you're sending bitcoin to a wallet address how would they know if it's for illegal stuff, how do they whether you're sending it to one of your own wallets or someone else's

Because if you got them from coinbase your purchase is forever tied to your identity. Say you transfer them to another wallet and mix it with whatever bitcoins you like...that's fine or whatever. Say somehow your purchase gets tracked by whoever may want to track it i.e. source got busted, or data intercepted, or whatever...they can then trace the bitcoin all the way back to coinbase or other online exchanges, which have your identity, and then force them to turn over the information.

 

[rAJJIN]

I would think if your trying to stay anonymous then you would use a VPN, And TOR to open your virtual wallet and then get your BTC from another peer, not an exchange.

 

[IronRage]

Because if you got them from coinbase your purchase is forever tied to your identity. Say you transfer them to another wallet and mix it with whatever bitcoins you like...that's fine or whatever. Say somehow your purchase gets tracked by whoever may want to track it i.e. source got busted, or data intercepted, or whatever...they can then trace the bitcoin all the way back to coinbase or other online exchanges, which have your identity, and then force them to turn over the information.

Ok I see what you're saying