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stock market again the government is coming Bitcoin bubble North Korea had another very successful missile test this time it went ten times higher than the International Space Station Secretary of Defense James Madison's proves North Korean ballistic missiles can now reach Washington or anywhere else in the world President Trump was quoted as saying we'll take care of it but didn't explain what he meant Trump also said of the North Korean missile launch it is a situation that we will handle UN Ambassador nikki Haley was blunter and said if war comes make no mistake the North Korean regime will be utterly destroyed at the very least more sanctions are coming for North Korea the stock market set new record all-time highs again this time it was on the news that Senator John McCain said he was going to vote for the GOP tax cut package you remember during the partial repeal of Obamacare McCain was the vote that killed the deal meanwhile all is not a rosy picture and many are warning that valuations are high and the yield curve is signaling recession one of those people doing the warning was none other than outgoing fed head Janet Yellen whether you are a fan of Bitcoin or not one thing is for sure it's been on one wild ride this year Bitcoin shot over ten thousand dollars a unit all the way of past and eleven thousand dollars then it fell 20% but it's still way up for the year now the corn has gotten the attention of the White House Homeland Security and the Fed the Federal Reserve is now saying that Bitcoin could pose financial stability issues could the US government tried to make Bitcoin illegal the government is coming for your Bitcoin the same day Bitcoin crack that's all-time high above eleven thousand dollars the government dealt its first blow to the crypto world on Wednesday a federal judge in San Francisco ordered the popular Bitcoin exchange Colin bass to provide the IRS with information on over 14,000 account holders the taxman notice that only 800-900 people reported games related to Bitcoin in each of the years between 2013 to 2015 it seemed unusual given bitcoins meteoric rise so the IRS went for its pound of flesh initially the government warranted complete data on every coinbase user that transacted between 2013 and 2015 the exchanges website says it has 13 million users more than the number of Schwab brokerage accounts but coinbase pushed back and the government agreed to only take a limited data including name date of birth address tax ID number transaction statements and account logs for accounts that have bought sold sensor received at least $20,000 worth of Bitcoin in a given year don't say I didn't warn you about calling base I told sovereign man confidential Reuters last month if you're tempted to purchase Bitcoin from the popular coin base exchange don't bother they've sold out to regulators the IRS is calling this a partial win can be sure there will be a public beheading this is something governments almost always do they'll find a prominent Bitcoin person someone that's polarizing to the public like Pharma bro Martin shkreli it will be a very public trial and they'll throw his ass in the slammer government's always do this because they want to scare people kimkim is the perfect example kim founded the popular file-sharing site make upload the government wanted to stop illegal downloads so they raided his guy's house in new zealand for violating US law the government also does this for taxes everything really look at wesley snipes the IRS accused him a felony tax evasion he spent three years in jail they had to take a celebrity and throw him in jail to scare everyone else back to Bitcoin now that it's at all-time highs the government wants its peace I read the 400-plus pages of the proposed tax code how many lines in there do you think deal with cryptocurrency zero how many lines deal with e-commerce zero and had every opportunity to set the rules for the 21st century and they failed miserably so the rules remain as clear as mud instead of trying to make it clear their tactic is intimidation force and coercion this is just the beginning there will be more and my advice is don't be one of those guys every transaction that you make in Bitcoin is potentially a taxable event let's say you bought recording for $1000 and after it went to $10,000 you buy a business class trip to Australia for $10 K when you pay the airline with one Bitcoin you've just triggered a taxable event the IRS would say that you essentially sold your Bitcoin have a $9 K gain and use those proceeds to buy the ticket which means you know the IRS capital gains tax on $9 K which is 20% plus the Obamacare surcharge so don't be that guy if you've been doing this trust me you don't want the IRS find out you'd rather come forward yourself and disclose it and pay taxes rather than be the next Martin shkreli reason for Bitcoin sudden plunge revealed UK plans regulatory cracked down on cryptocurrencies just after 430 p.m.
et we showed that Bitcoin and the entire crypto space tumbled with Bitcoin plunging from session highs just under 12 thousand dollars to a low of ten thousand six hundred dollars on what appeared at first sight to be no news however in retrospect this appears to not have been the case and as the Telegraph reported just around the time of the big drop UK ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern that is being used to launder money in dodge tax taking a page out of the Chinese playbook the UK Treasury has announced plans to regulate the Bitcoin that will force traders and so-called crypto currencies to disclose their identities and report suspicious activity according to the Telegraph while until now anybody buying and selling bitcoins and other digital currencies have been able to do so anonymously making it attractive to criminals and tax avoiders but the Treasury has now said it intends to begin regulating the virtual currency which has a total value of one hundred and forty five billion pounds to bring it in line with rules on antimony laundering and counterterrorism financial legislation John Mann a member of the Treasury select committee said he expected to hold an inquiry into the need for better regulation of Bitcoin and other alternative currencies in the new year he said these new forms of exchange are expanding rapidly and we've got to make sure we don't get left behind that's particularly important in terms of money laundering terrorism were pure theft I'm not convinced that the regulatory authorities are keeping up to speed I would be surprised if the committee doesn't have an inquiry next year it would be timely to have a proper look at what this means it may be that we want speed of our use of these kinds of thing in this country but that makes it all the more important that we don't have a regulatory lag the proposed changes come amid increasing fears that bitcoin is being used by gangs to launder the proceeds of crime while also attracting currency speculators with the value of the coin soaring in the past 12 months in other words the same reason why the IRS is cracking down on coin based clients and the u.s.
is also why UK and European regulators are joining China and cracking down on capital flight while such legislation by the UK alone would hardly have a major impact on crypto pricing after all the UK is a very minor player in a market that is dominated by Korea and Japan as proxies for China and to a growing extent the u.s.
the new rules will also be applied across the European Union and are expected to come into force by the end of the year or early in 2018 the minister in charge has said as for the EU the new regulations are expected to be included in amendments to current European Union wide legislation designed to prevent money laundering and terrorism financing in terms of actual changes the Telegraph notes that cryptocurrencies exchange platforms and wallet providers will be obliged to report suspicious transactions and carry out due diligence on customers that means the identities of Bitcoin users will no longer remain anonymous Stephen Barclay the economic secretary to the Treasury revealed plans to change the legislation in a written parliamentary answer mr.
Barclays said the UK government is currently negotiating amendment to the antimony laundering directive that will bring virtual currency exchange platforms and custodian wallet providers into until money laundering and counter terrorist financing regulation which will result in these firms activities being overseen by national competent authorities for these areas we expect these negotiations to conclude that EU level in late 2017 / early 2018 the Treasury spokesman said last night we intent to update regulation to bring virtual currency exchange platforms into into money laundering and counter terrorist financing regulation that said neither the UK nor the EU will be the first to demand to crack down on Bitcoin anonymity in fact since China's infamous block of cryptocurrencies exchanges in September Bitcoin has risen nearly fourfold seemingly undaunted by anything that regulators central banks and sovereigns have thrown at it it remains to be seen if this time will be any different although after sliding to a Sunday session low of $10,600 Bitcoin has already cut its losses in half and was trading at eleven thousand two hundred and eighty dollars at last check Dame David corn crack that's all-time high above eleven thousand dollars the government dealt its first blow to the crypto world on Wednesday a federal judge in San Francisco ordered the popular Bitcoin exchange Colin bass to provide the IRS with information on over fourteen thousand account holders the tax man notice that only 800-900 people reported games related to Bitcoin in each of the years between 2013 to 2015 it seemed unusual given bitcoins meteoric rise so the IRS went for its pound of flesh initially the government warranted complete data on every coinbase user that transacted between 2013 and 2015 stock market again the government is coming Bitcoin bubble North Korea had another very successful missile test this time it went ten times higher than the International Space Station Secretary of Defense James Madison's proves North Korean ballistic missiles can now reach Washington or anywhere else in the world President Trump was quoted as saying we'll take care of it but didn't explain what he meant Trump also said of the North Korean missile launch it is a situation that we will handle UN Ambassador nikki Haley was blunter and said if war comes make no mistake the North Korean regime will be utterly destroyed at the very least more sanctions are coming for North Korea the stock market set new record all-time highs again this time it was on the news that Senator John McCain said he was going to vote for the GOP tax cut package you remember during the partial repeal of Obamacare McCain was the vote that killed the deal meanwhile all is not a rosy picture and many are warning that valuations are high and the yield curve is signaling recession one of those people doing the warning was none other than outgoing Fed had Janet Yellen whether you are a fan of Bitcoin or not one thing is for sure it's been on one wild ride this year yet corn shot over ten thousand dollars a unit all the way of past an $11,000 then it fell 20% but it's still way up for the year now your coin has gotten the attention of the White House Homeland Security and the Fed the Federal Reserve is now saying that Bitcoin could post financial stability issues could the EU's government try to make Bitcoin illegal the government is coming for your Bitcoin thus the exchanges website says it has 13 million users more than the number of Schwab brokerage accounts but coinbase pushed back and the government agreed to only take a limited data including name date of birth address tax ID number transaction statements and account logs for accounts that have bought sold sensor received at least $20,000 worth of Bitcoin in a given year don't say I didn't warn you about common base I told sovereign man confidential Reuters last month if you're tempted to purchase Bitcoin from the popular coin base exchange don't bother they've sold out to regulators the IRS is calling







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