There has been something of a minor meltdown and uproar over new information in the Concensys TOS. The statement interpreted as Metamask withholding your funds for crypto purposes. Since taxes vary by jurisdiction, this also means that Metamask would have had to collect your personal information, and fairly private of such at that. They have since come out and clarified in a Twitter statement that they do not withhold any funds for taxes.
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Some say it was an overreaction, but I actually think it was justified.
We crypto traders get bullsh*ted by exchanges and projects over and over, suffering financially from many false promises from which some of us will ever recover. Even following off one of the worst collapses in FTX, the proposed solution of proof of reserves is far from what they promised it would be.
There's the whole list of projects and platforms from FTX to Luna to Celsius to BlockFi to Voyager etc etc etc. You might say not your keys and not to trust Cefi but that's not good advice either. It's so bad we can;t even trust Defi contracts as the code always seems to have some hackable loophole.
Even one of the most trusted hardware wallet names in Ledger explicitly lied saying keys couldn't be extracted. Hardware wallets were “supposed” to be hallowed untouchable ground that would protect even the most foolhardy, but now we know even the wisest of us were fooled.
I mean hell, out of all of this we can't even get clear regulations from the government of all entities. I mean, not that we can trust the government, but most of the time they are bold and tell us to our faces that they're screwing us over but it's just a whole boatload on uncertainty instead.
Considering all of this, I can't see how you couldn't empathize with a reaction like that from the community.
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This was debunked 6 days ago already, shortly after the fake story.
people in this subreddit are just dumb, I read the original post and instantly I understood that was about the consensys services payments and not about metamask crypto
Anyway, it’s good to see what impact this sub has.
I think these instances are necessary to allow for more mature and rational users in the crypto scene. Some of these companies think that they can do whatever and consumers will just take it.
The original story came from some idiot on crypto twitter who cherry picked part of the TOS to cause fake outrage.
People purposefully wrote about it in an inflammatory way for clicks.
Anyone one with half a sense of deductive reasoning and self thinking would realize this is the case.
Of course this sub bought the outrage hook line and sinker. We stupid here.
My God these lies, don’t know what to believe and what not to.
Saw a pretty girl few days back with her long hairs from behind, today I found out she was a man. Why God Why ?
I dont even think metamask asked for my name, let alone any identifier points. duh
The possibility for them to do it is enough to doubt metamask
No it can’t possibly hold your funds because not all your crypto will be on metamask. Plus how would it know what profit loss one has made without knowing your full crypto portfolio.
Regardless of the reality of this issue i don’t trust consensys one bit
Some people like spreading fud
Thought this was cleared up days ago?
I can understand someone having a knee jerk reaction and the thought about it being true pops into your head, but it doesn’t even sound plausible if you took a moment to think. Yet people here and on twitter were spouting it as the truth.
If you actually took 30 seconds to think about it, you’ll quickly realize they can’t do it
They don’t know what country I live in, income and importantly what I paid for my crypto.
Even if you had 2/3 of these, it’s still not enough to get an accurate amount to deduct as tax.
Also, what currency would they hold my tax in and where?
I thought of these in less than 30 seconds and realised it wasnt the truth without even having to look any deeper.
It’s so hard to find the truth these days, crypto truths doubly so.
The tax thing is still dependent on where you are in the world and what the rules are.
Seeing as how TOS seem to give corporations in all industries a way to get out of any type of legal trouble it’s not surprising to see an over reaction on a TOS that states any type of small phrasing that may be negative.