The European Union ordered Thursday that it cryptocurrency companies must
report their European users’ holdings to tax authorities.

The eighth Directive on Administrative Cooperation was previously reported on by CoinDesk, and will have wide-reaching implications including forcing non-EU based companies to have to register with tax entities there.

@freepatriot Explain it to me again you crypto bros, exactly how will the magic coins save you from government overreach when the government just taxes the shit out of it or worse makes it illegal and determines you're a terrorist for using it?

@UnpopularOpinion @freepatriot you just answered yourself: compliance is acceptance. Ignore the government, buy and sell stuff to like-minded people outside the system, consider #Monero as a privacy tool for your transactions.

@SunMcNukes @freepatriot lol, they will just shut down the exchanges,you still need to buy/convert, or the person you sell to needs to buy/convert or it's worthless.You could do cold storage and trade in person like drug dealers I suppose, but there's no value unless someone at some time can convert. If the gov wants to shut it down they will and several coins and exchanges have willingly given up clients.

You do you bro, but I suspect that the privacy/pirate coins are a glowie opp...

@UnpopularOpinion @freepatriot maybe, but you don't need a CEX to buy cryptocurrency. In fact, big exchanges are cancer and they're meant to disappear.

@SunMcNukes @freepatriot @UnpopularOpinion Centralized exchanges SHOULD be removed. As you point out and many people have have pointed out, centralized exchanges are the most obvious chokepoint in a cryptocurrency economy. They WILL be attacked/shutdown so don't rely on them and build alternatives now.

Decentralized exchanges like Bisq and in person exchanges where such services are required, and avoiding conversion to government fiat wherever possible (use income in crypto to pay for expenses in crypto).