The following is a warning about why never to use shitty US exchanges and to move towards decentralization at all costs. Circle, the company that created the popular USDC stablecoin, is being shaken down by the IRS for information.
Although the article was purposely vague to scare the shit out of everyone so they'd offer up information, the truth is that Circle likely only has information on Poloniex customers. Circle bought Poloniex and required KYC, so that information is probably what the IRS is after.
The article says that the IRS will target people who traded over $20k in crypto between 2016 and 2020.
What does this tell us?
Use decentralized exchanges. They didn't have that option back in 2016, but we have it now. If the IRS puts flags on your wallets, you need to start new ones with no ties to the old ones. Use Tornado.Cash or Swirl.Cash to get your old money into these new wallets without leaving a digital trail behind. Definitely stop using Poloniex, Binance, Coinbase and all other centralized exchanges unless you have another ID. Offload your crypto back into fiat using P2P services like cryptolocally.com.
Use only non-custodial wallets. Protect your location using a strong VPN. Don't use your crypto computer for anything else, and don't sign on using public Wi-Fi networks. Memorize and encrypt your passwords. Don't use Google; use Presearch or DuckDuckGo. Don't use Gmail; use Protonmail. Don't use Chrome; use Brave or Firefox. Don't use Youtube; use LBRY.
Also, look into privacy coins and stay away from centralized entities in general, especially those with ties to the US. Avoid any business with ties to traditional finance (Circle is owned by Goldman Sachs). Hilarious how you fucks celebrate these "partnerships." Crypto represents a fundamental threat to American financial hegemony. They won't be able to stop it, but they'll settle for trying and making your life miserable with the attempt. Remember — they're not taxing your crypto; they're taxing your citizenship. If you can transact in crypto without connecting your online persona to your citizenship, then they have no way to tax you.
Where is the lobby to ensure these pieces of shit leave our industry alone?
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