Coinbase Rolls over For IRS, But Here’s Why The Market Response is Good News

Coinbase has announced that it will be turning over the data of over 13,000 of its users to the IRS.  The cryptocurrency market then immediately took a bit of a nosedive.

There is a little hidden good news here, however.  That good news is this, many of the people investing in, participating in the cryptocurrency market appear to be motivated by the prospect of hiding their assets from the prying, pilfering hands of the coercive enterprise

News that one of the major cryptocurrency exchanges is simply rolling over for the IRS has influenced a number of folks to back out of the cryptocurrency market.

I am betting they’ll come back, but maybe not to such open and easily traceable coins like Bitcoin.

Maybe now is the time for the rise of the truly private crypto-coins.

From RT

Bitcoin plunges below $10000 as major crypto exchange to share user details with US tax authorities
The cryptocurrency market, led by bitcoin, plummeted after US-based exchange Coinbase said it would hand over the data of nearly 13,000 of its customers to the US Internal Revenue Service (IRS).

Bitcoin, the world’s number one digital currency, was trading at slightly over $9,529 at 8:21am GMT on Monday, off last week’s peak of $12,000. The virtual currencies market has been recovering following a dramatic plunge earlier this year after regulators across the world announced plans of a crackdown on their exchange, trade, or circulation.

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Paul Gordon is the publisher and editor of iState.TV. He has published and edited newspapers, poetry magazines and online weekly magazines. He is the director of Social Cognito, an SEO/Web Marketing Company. You can reach Paul at pg@istate.tv