[XSV] ★★ Silicon Valley Coin ★★ | ✈ MailDrop | Video Proof ✔ | Vote MintPal★

[scam_exposer]

I called this coin the scam it is from the start.  The launch was a joke and allowed them to instamine the crap out of it.  The vouchers may or may not exist and be mailed out but they will end up in the recycle because they are just junk mail.  Anyone that thinks sending a few cents worth of some crappy shitcoin to some of the wealthiest people in America is going to take this coin to the moon is a complete idiot.

Even with the low volume on the exchanges, these scammers have been able to slowly sell off their instamine.  So in a way this coin has been successful.  The scammers have made some btc.  Not as much as they had hoped for and if I was in any way at least partially responsible for that then my exposing this for the scam it is has been worth it.  Now with the recent postings from obvious accounts created to do nothing but pump this shitcoin so that the dev and his scammer cohorts can sell their instamine it should be obvious to everyone that this coin was a scam from the beginning.

Scam Scam Scam

 

[1713536100]

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[poornamelessme]

Nice giveaway.

[reader31]

Have you guys thought out any potential legal issues that might arise from circulating alternate currency within the US judistriction? I was under the impression that uncle sam doesnt take kindly to any cryptocurreny that gets circulated in the real world(vs just staying online).

[Triswardhani]

Keep Rockin SiliconValeyCoin.... And Take Me To The MOON!!!!!

[fikriwic]

XSV please down again. I want to buy a lot..
Wait, buy, and SELL..

[xpipio]

XwzuzkickjA9mNTRHVprnW5dFrAWVoTTyy
i want it 

[scam_exposer]

Have you guys thought out any potential legal issues that might arise from circulating alternate currency within the US judistriction? I was under the impression that uncle sam doesnt take kindly to any cryptocurreny that gets circulated in the real world(vs just staying online).

Sounds like they could run into some legal issues.  Unless they've filed as a Money Transmitter.  http://www.fincen.gov/financial_institutions/msb/msb.registration.html  With few exceptions, each money services business (MSB) must register with the Department of the Treasury.

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

FIN-2013-G001
Issued:   March 18, 2013
Subject:   Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies


Definitions of User, Exchanger, and Administrator

            This guidance refers to the participants in generic virtual currency arrangements, using the terms "user," "exchanger," and "administrator."6 A user is a person that obtains virtual currency to purchase goods or services.7 An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency. An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency.

Administrators and Exchangers of Virtual Currency

            An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations, unless a limitation to or exemption from the definition applies to the person.10 FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means."11

            The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies. Accepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.12 FinCEN has reviewed different activities involving virtual currency and has made determinations regarding the appropriate regulatory treatment of administrators and exchangers under three scenarios: brokers and dealers of e-currencies and e-precious metals; centralized convertible virtual currencies; and de-centralized convertible virtual currencies.

[scam_exposer]

Another thing I want to know is if they already have the vouchers printed why are they waiting three more weeks to mail them out?  Can someone explain that? 

XjgMzbK6Gc6GqpZu48xsLcKMQEPEvcqeFN  <--- premine coins held here

Am I missing something?  The block explorer doesn't let you search by address and just shows the current block apparently.
 

[scam_exposer]

Who is the representative of Silicon Valley coin that has registered with the Department of the Treasury for being a Money Service Business?

FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means."

You are definitely required to register In the United States if you plan on transmitting any form of currency in a maildrop as is intended.

The feds don't take too kindly to people ignoring Fincen guidance.

[niothor]

Who is the representative of Silicon Valley coin that has registered with the Department of the Treasury for being a Money Service Business?

FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means."

You are definitely required to register In the United States if you plan on transmitting any form of currency in a maildrop as is intended.

The feds don't take too kindly to people ignoring Fincen guidance.

Don't worry , probably the dev is a 16 yo from india or brazil who doesn't care a bit about us laws but about us money .

[scam_exposer]

I have posted some legitimate questions regarding this coin in a civil way without referring to it as a scam and I get no response.  The people mining this coin and using their resources have a right to know the answers to these questions as they have a definite impact on the future of this coin.

I also am very concerned that there is no transparency regarding the 48% to be used for the maildrop and the other 2% premine that went to the developers.

If there is nothing to hide then it should be a simple matter to provide answers to these valid questions that I have posted on this thread.

Waiting for a response but know I'll just get the usual "Go away troll"  from the shills.

[niothor]

I have posted some legitimate questions regarding this coin in a civil way without referring to it as a scam and I get no response.  The people mining this coin and using their resources have a right to know the answers to these questions as they have a definite impact on the future of this coin.

I also am very concerned that there is no transparency regarding the 48% to be used for the maildrop and the other 2% premine that went to the developers.

If there is nothing to hide then it should be a simple matter to provide answers to these valid questions that I have posted on this thread.

Waiting for a response but know I'll just get the usual "Go away troll"  from the shills.

Before waiting for real answers and the reaction of the supporters:
Look how many buy orders are still up for APH (cyrpus coin) while there is certain proof that 25% of the premined has been moved to poloniex and most of it already dumped.

People are blinded by greed and you can't talk sense into them.

[SiliconValleyCoin]

9,723 votes and climbing! Vote XSV https://www.mintpal.com/voting

Remember: You can vote 5 times every hour!

[dbt1033]

Too everyone saying XSV may be in violation of Fincen regulations...

Crypto has been recognized as PROPERTY!  Not currency. 

Go spread your fud somewhere else.

[scam_exposer]

No response to legitimate questions about the legal ramifications of transferring funds in the United States but the dev has time to post for people to vote to get listed on another exchange.  Anytime you see a dev where a majority of their posts are regarding getting on exchanges it's obvious that their main concern is making a quick buck.  They want this listed on as many exchanges as possible so they can dump that premine in the three weeks before the supposed maildrop starts that is likely illegal in the United States without filing with the Department of Treasury.  

[scam_exposer]

Too everyone saying XSV may be in violation of Fincen regulations...

Crypto has been recognized as PROPERTY!  Not currency.  

Go spread your fud somewhere else.

You are referring to the IRS not the Department of Treasury.

The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means."

[scam_exposer]

Down to 24 on Coinmarketcap.  Less than $500 in volume.  We've all seen this before.  If you're holding this coin it's only going to go down from here.  Just like all the rest.  spaincoin, mazacoin, aphroditecoin, etc...




24    SiliconValleyCoin   $ 1,537,925   $ 0.087   17,602,060 XSV**   $ 493   -20.37 %

[scam_exposer]

Too everyone saying XSV may be in violation of Fincen regulations...

Crypto has been recognized as PROPERTY!  Not currency.  

Go spread your fud somewhere else.

Facts are not fud.  You are obviously not very knowledgeable on the subject.  You are referring to the IRS.  That has nothing to do with FinCEN requirements.  And according to the IRS, anyone redeeming XSV will be required to claim the value on their tax returns.  Yeah that's going to work out real well.

This coin can't work because of the issues I have pointed out.

No FinCEN registration = In violation of  Department of Treasury

Recipients required to claim value of property in federal tax filings



http://www.irs.gov/pub/irs-drop/n-14-21.pdf

Q-1: How is virtual currency treated for federal tax purposes?

A-1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

Q-3: Must a taxpayer who receives virtual currency as payment for goods or
services include in computing gross income the fair market value of the virtual
currency?
A-3: Yes. A taxpayer who receives virtual currency as payment for goods or services
must, in computing gross income, include the fair market value of the virtual currency,

[dots]

Too everyone saying XSV may be in violation of Fincen regulations...

Crypto has been recognized as PROPERTY!  Not currency.  

Go spread your fud somewhere else.

Facts are not fud.  You are obviously not very knowledgeable on the subject.  You are referring to the IRS.  That has nothing to do with FinCEN requirements.  And according to the IRS, anyone redeeming XSV will be required to claim the value on their tax returns.  Yeah that's going to work out real well.

This coin can't work because of the issues I have pointed out.

No FinCEN registration = In violation of  Department of Treasury

Recipients required to claim value of property in federal tax filings



http://www.irs.gov/pub/irs-drop/n-14-21.pdf

Q-1: How is virtual currency treated for federal tax purposes?

A-1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

Q-3: Must a taxpayer who receives virtual currency as payment for goods or
services include in computing gross income the fair market value of the virtual
currency?
A-3: Yes. A taxpayer who receives virtual currency as payment for goods or services
must, in computing gross income, include the fair market value of the virtual currency,

This could be construed as true if there was anything bought/sold. Might want to do your homework on regulations on free giveaways or in other words "Donations" (Charities etc.).... Any sort of donation is TAX FREE =)

[cryptomite]

Now this is where it gets tricky, this is what blew my mind the most once I got into this scene. Everyone who has been here awhile knows this. Experienced traders look for coins where they think that the newbies will buy into the belief. This is why you see experienced users talking like this is a great idea for a coin. They own alot. And they join in with the devs and keep posting things that will promote that belief. Then when the price goes up enough, they sell.

The coin will NOT go up anymore. It will fall, then go back up a little again, squeezing out a few more suckers as the coin continues to fail. The experienced traders will leave as they already made their profits, and the devs will have a harder time promoting that belief among the newbies.

Sell everything now if you have this coin. Then, you will make money just like them.

The experienced users here, and the devs KNOW that this coin will NEVER take off in The Valley.

Im sure you know too. Your just thinking that all these people that have been around longer than you must know more than you. Well, they do. They know when to sell. Now you do too.

They will quote me and say im just trying to drive the price down so I can buy cheap. NO. Not possible because they will never be able to create the belief again. The game has pretty much ran its course. Its almost time to move to a new coin where they will do it again.

Pretty soon the Devs will be gone too. The experienced traders arent expecting this junk mail scamcoin to last much longer. And when they leave, the devs will too.

Maybe because im new I didnt explain this good enough for you to believe me. Or maybe you are emotional about this coin (another newbie mistake) and trust the Devs. Anyway, im sure you see the picture im painting good enough.

So you sell now and make money like the Devs and experienced traders, or you dont and end up holding the bag as they call it.

Either way, you will remember this post and learn from it and see for yourself soon enough.

Just wanted to pass this along to my fellow "newbies". It was explained to me by a friend and thought it would be cool to let you guys know too. Yeah, I'm just a nice guy. I own none if this coin, nor will I EVER buy this scamcoin either. I just find this shit amazing other than people like us getting ripped off by these con artists.

I hope for your sake you listened when I said this. The price was .52  Now its .09!!!!

If you still have some Id wait for the final pump. They will probably get it up to 30 again. But GET OUT!!

THIS COIN IS A SCAM!!

Good luck newbies, I hope they didn't take you for too much. And to those who got out,....forget it youre gone with your profits