Abusive crypto taxation in California reminds us why privacy matters

On November 3rd 2018, bitcoinist and crypto influencer Whale Panda took to Twitter to share an interesting Reddit post which tells a compelling story about how crypto assets are taxed. In a nutshell, it’s about a young person who bought cryptocurrencies on Coinbase in early 2017, has watched his portfolio grow exponentially in value, hasn’t sold any of the coins for fiat, but owes the state of California about $400.000 in taxes.
The case should be worrisome and make both regulators a