Bitcoin, Magistrate Judge, America discussed on Erskine Overnight

Automatic TRANSCRIPT

And sell all kinds of things legal and illegal so using bitcoin and you are three for the tax collectors prying eyes and greedy grasp well that may not be as cruysse people on november twenty eight after more than a year of irs manipulation than the court us district court magistrate judge this a federal judge uh the shock for the corollary correlate ordered clean base the san franciscobased largest bitcoin dealer in america to turn over to the irs the names addresses in taxpayer identification numbers of at least fourteen thousand three hundred fifty five people who were some of its customers between 2013 in 2015 this was after the irs discovered and analysing their data in 2015 that only eight hundred two americans had said they had gained or lost money in bitcoin even though it turns out during that period of time during those three years the price of bitcoin had gone from thirteen dollars to over eur eleven two hundred dollars and you yet almost nobody was claiming that any profit on that so uh the irs has the ability to squeeze the main bitcoin dealer in the us to find out who is a customer and who isn't it exactly who they are uh the judge to also ordered coin basis company to provide the irs the identity of anyone who threw them bought or sold twenty thousand dollars worth of bitcoin which is just a fictitious today i think uh or just this week surged to above twelve thousand dollars that means to bitcoin's and your name is going to be a it if you bright going through them now the other it is very volatile is reliable as a reliable source value i don't think so and with the volatility can't be a medium of exchange it's very doubtful becauses extraordinarily volatile isn't it and and what is backing the vic coin no more than once backing the dollar at least the dollar has the government back i will bitcoin doesn't even have that well the dollar is good for one thing this makes it almost magical in that is.

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