I’m wanting to get some additional fiat in crypto and I don’t want to touch coinbase, because of all the negative stuff in connection with them doing erroneous IRS reporting. This company does not seem like its on our side, I’d like to use another on-ramp.
No company is on yours or our side. You need to realize and accept that. The company is on its own side looking out for itself. There are issues with reporting to the IRS but that is because crypto’s are new and the IRS and US Government are forcing the old ways onto this new tech.
The fact that they are providing an exit ramp from FIAT puts them more “on our side” than 99% of the companies out there, but in order for them to keep the FIAT exit ramp open they are going to be forced to play ball with the US government.
All exchanges and exit ramps are going have to follow these rules or get shut down. If this truly bother you then you need to put your FIAT into mining equipment and print your own crypto. At that point you are running your own business and get to decide what rules you want to follow or not follow.
Krakken and Gemini are both options for US based customers. I haven’t used them but you are going to run into the same issues with them as dealing in crypto’s labels you as a MSB (Money Service Business) and thus you will run into the same issues. Coinbase is the largest so they are always going to have the first shots fired at them as they are the biggest target.
I have a Gemini account
I dont think companies are on my side, but when Coinbase has a rep for bad reporting, thats a coimpany that desperately needs competition as being the gold standard for on-ramping fiat
I’m well aware of all the reporting regs
They only have that rep because of the user ignorance. The issue with their reporting is the IRS regulations being put on them is not meant for the business they are doing. You should be keeping your own records as those will be the only accurate report. Any report from Coinbase that involves any movement of crypto outside of them will always be wrong. This is because they have no idea what you are doing with that Crypto once it leaves their hands, but yet the IRS is forcing them to report it in some way. So they in turn are looking out for us because it is easier for us to show that no we didn’t sell the crypto we just moved it to said wallet and we can prove that we still have it. If they reported it the other way there is no way to prove that you do not own it anymore.
So in reality the “Bad rep on reporting” is due to user ignorance and lack of education.
I am on the team at credoex.com and we are working on this. It’s a monumental challenge but something we are working on and close to creating a new onramp.
The reporting and regs are the biggest hurdle. The reporting regs are real and until there is a better system need to be followed.
Thanks for identifying yourself as being a part of a new exchange and being part of a group there that is responsible for trying to NOT aggravate the customers.
There are a fair number of CPA’s and other financial professionals who hang out in this group who would enjoy hearing about the regulatory issues you are encountering and how you are solving them. It would be great for us to understand your problems. On our part, there are obviously a few people here who would possibly want to consider moving our accounts elsewhere.
It’s great to see you here!
dont apply for VP of PR at Coinbase
Why not? 20characters
“Bad rep on reporting” is due to user ignorance
It is. Its the truth and you don’t know what you don’t know. It shows in your original post you your self think they have a bad rep because some one else told you they were bad not because you understand the situation. Ignorance is not a bad thing. It just means you do not know or have the right information to make an educated decision. If I had said due to users being idiots thats a different story.
I agree I shouldn’t be a PR for any company.
I read that here on the pub, from more that one credible user, and the issue is not fully vetted and resolved in the public, so I’d probably not infer the people who complained “uneducated.” and scuttle the matter so soon.
I have probably read those same posts and saw the DCTV video and still stand by my statement. Just because someone on here is credible in one area or looked up to as knowledgable in a certain area doesn’t make them correct in everything they post.
Please specify or show me a post that proves me wrong and I will stand down, but until then its user ignorance.
I’m not fighting the same battle you are~
keep charging mad dog…