Saturday, May 28, 2022

​Licking Their Lips, The IRS Targets Coinbase Users – Nathan McDonald

0

by Nathan McDonald, Sprott Money:

Something I have warned about for years is now unfolding. This is a trend that has taken years to reach this point, but it was unavoidable: The IRS has begun to crack down on cryptos and those who use it.

Coinbase, after a year of battling a court order in a valiant attempt to protect their customers, have lost. Now they must submit roughly 13,000 of their top clients account statements to the IRS.

These top 13,000 clients are what many would classify as “whales” (read: the biggest fish), and thus the easiest target for the IRS to go after first…

Note that I said, “first.”

The IRS, smelling blood in the water, is not going to stop here. For those who have tried to avoid the long arm of the law by hiding under the thin veil of anonymity, the day is coming where they must pay the piper.

As I have been saying for years, this day was unavoidable. Bitcoin is not truly anonymous and can be traced with a little effort. This is made that much easier when it comes to a service such as Coinbase, in which you must legally submit documents to prove your identity. To think that the IRS was not going to poke and prod when so much money is on the line would be foolish.

Do not take this as a total slamming of Bitcoin or cryptos as a whole. I believe a decentralized currency, created by the free market and that competes alongside our current, horribly-flawed fiat system, has its benefits.

However, this foreshadows the vision that many central banksters and financial elites have in mind for the future of digital currencies.

As has been mentioned numerous times lately, more and more countries are pondering the idea of moving to a fully digital, crypto-style currency of their own. This idea, if enacted, would give them horrific powers and abilities to control cash flows, and thus your life as a whole.

This is a nightmare scenario that would make our current fiat-based system look like the gold standard, as at least at this time, you have some control via physical cash.

Moving forward, we can expect the IRS to expand their reach and dig deeper into the crypto sector, attempting to squeeze more money out of those who have avoided their tax payments and not claimed their profits correctly.

Read More @ SprottMoney.com

John McAfee Vows To ‘Out’ Satoshi Nakamoto

from ZeroHedge:

As he wages his long-shot presidential bid from international waters while simultaneously fighting off a US extradition request, cybersecurity pioneer and unhinged crypto profiteer John McAfee has claimed that he has identified the ‘real’ Satoshi Nakamoto, and that he will soon unmask him publicly.

But according to Bloomberg, after McAfee previously told reporters that the unveiling would happen ‘within a week’, he has once again put off the big reveal, claiming that the unmasking might hurt his chances of rebuffing a US extradition warrant.

The Blockchain Is About to Have Its “Internet Moment”

0

by Teeka Tiwari, Casey Research:

Justin’s note: Bitcoin is down more than half from its all-time high last December. Other cryptos are down even more. Many new investors are worried about the sell-off, but veterans know that volatility is common in this space.

In today’s essay, world-renowned cryptocurrency expert Teeka Tiwari explains that the early days of the internet experienced similar downturns… and shows how today’s crypto market is setting up for just as big of a recovery…

By Teeka Tiwari, editor, The Palm Beach Letter

In 1984, two young lovers at Stanford University were frustrated. They wanted to send romantic letters to each other over the university’s computers, but they couldn’t.

GOLD DOWN $2.00 TO $1243.00 BUT SILVER HOLDS IT’S OWN UP 2 CENTS TO $14.77

by Harvey Organ, Harvey Organ Blog:

GOLDMAN SACHS DEALER AND A CUSTOMER ACCOUNT OF JPMORGAN CONTINUE TO TAKE IN GOLD AT THE GOLD COMEX/THERESA MAY SURVIVES AN INTRA PARTY CONFIDENCE VOTE BUT CHAOS REIGNS SUPREME OVER THERE//NO CONFIDENCE VOTE EXPECTED IN FRANCE/TERRORIST IS STILL AT LARGE IN FRANCE/ECB FORMALLY ENDS QE BUT WILL STILL PURCHASE NEW BONDS WITH BONDS THAT COME DUE//USA SENATE WILL NO LONGER BACK TRUMP WITH THE SAUDI WAR IN YEMEN/USA DEFICIT FOR THE NOV. SKYROCKETS TO 205 BILLION DOLLARS/AND FOR TWO MONTHS; 305 BILLION DOLLARS

A gold backed alternative to the dollar may finally be here in the Iranian PayMon cryptocurrency

by Kenneth Schortgen, Shotgun Economics:

Yesterday, U.S. Vice President Mike Pence severely chastised members of the European Union for defying Washington and for their plans to create an alternative to the SWIFT system.  Additionally, he threatened these nations with sanctions or worse if they continue to follow in their support of Iran and the JCPOA.

Yet ironically, Europe’s defiance to the U.S. regarding the Iranian JCPOA could have triggered the final battle for dollar hegemony in the world as multiple nations within both Europe and Eurasia are being recruited to ditch the reserve currency for a new gold backed cryptocurrency replacement.

Keiser Report: Blackouts & Technical debt (E1460)

from RT:

In the second half, Max talks to Gerald Celente of TrendsResearch.com about life in Kingston as the movement toward localism continues to flourish. They also discuss the future for California where blackouts, homelessness and medieval diseases are on the rise.

MILLION DOLLAR BITCOIN? This Expert Says, Believe It, it’s Coming.

Bitcoin Is The Most Unique Opportunity In History! – Stephen Kendal Interview

from Crush The Street:

The Fed Just Revealed Plans for a Digital Dollar Replacement

from Birch Gold Group:

Thanks to the Federal Reserve, the idea that you can go into a store and anonymously purchase something with cash might soon be obsolete.

Why? Because they’re developing something called Fedcoin, which would be based on blockchain technology.

If you’re unfamiliar with blockchain technology, you’re not alone. Here’s how a piece on Motley Fool describes it: