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

[hyeoam]

Charts here: http://crypto-prices.com/XSV

[1714882271]

1714882271

[1714882271]

1714882271

[1714882271]

1714882271

[mickey_miner]

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 =)

I think scamexposer raised some interesting issues.  I disagree with you that the maildrop is a donation but I don't think the IRS is concerned about a voucher for a basically worthless cryptocurrency.  The FinCen issues are real however and could pose a significant problem with this coin going forward.  They are doing this in the United States where laws are different from the other countries where drops have been done.  The Bank Secrecy Act of 1970 has been amended several times and includes provisions in title III of the USA PATRIOT Act. The BSA is sometimes called the “Anti-money laundering” (AML) law.   I would be very careful with anything that potentially falls under the US Patriot Act.  


 I did a quick search and found this:


Virtual Currency Users Not to Be Regulated  This would be the recipients of the vouchers

FinCen has stated that virtual currency “users” will not be regulated.

A user is a person that obtains virtual currency to purchase goods or services. FinCen clarified that a user of virtual currency is not a money service business and not subject to registration, reporting, and recordkeeping regulations.

Virtual Currency Exchangers and Administrators to be Regulated   This would be SiliconValley Coin

An exchanger is anyone who exchanges (as a business) virtual currency for real currency, funds, or other virtual currency. An administrator is a person issues (puts into circulation) a virtual currency as a business, and who has the authority to redeem (to withdraw from circulation) such virtual currency

Virtual Currency Exchangers and Administrators are “money transmitters” according to FinCEN. They fall under the BSA Act and must register with FinCEN and satisfy all reporting and recordkeeping requirments.
  


2. Centralized Virtual Currencies (eg. Second Life’s Linden Dollars)

The administrator of any centralized convertible virtual currency is a money transmitter. This is because it allows transfers of value between persons or from one location to another. In addition, any exchanger that uses its access to the convertible virtual currency services provided by the administrator to accept/transmit the convertible virtual currency on behalf of others, including transfers intended to pay a third party for virtual goods and services, is also a money transmitter.

Examples: An exchanger (acting as a “seller” of the convertible virtual currency) that accepts real currency or its equivalent from a user (the “purchaser”) and transmits the value of that real currency to fund the user’s convertible virtual currency account with the administrator. If the exchanger is providing the service of connecting the user to the administrator and the only services being provided are money transmission services and nothing else, then the exhanger is subject to regulation.

OR the de facto sale of convertible virtual currency. The exchanger accepts currency or its equivalent from a user and privately credits the user with an appropriate portion of the exchanger’s own convertible virtual currency held with the administrator of the repository. The exchanger then transmits that internally credited value to third parties at the user’s direction.

[P2Pooler]

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 =)

So now you want to call this a donation to the charity of Silicon Valley? You guys will say anything to try to justify this crap!

[dots]

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 =)

So now you want to call this a donation to the charity of Silicon Valley? You guys will say anything to try to justify this crap!

WTF?? It's common sense, darling. Really. Do your research man hahaha.

[coiner777]

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,

Do your research bro...

Fincen Regulations for Virtual Currencies: http://www.complianceweek.com/new-fincen-guidance-clarifies-corporate-bitcoin-requirements/article/332667/

From the article:
“The production and distribution of software, in and of itself, does not constitute acceptance and transmission of value, even if the purpose of the software is to facilitate the sale of virtual currency,” FinCEN wrote. As a result, the software would not make the company a money transmitter.

And Finally, might want to do some current events for Bitcoin:
http://bitcoinvista.com/2014/04/05/announcing-free-bitcoins-inside-bitcoins-new-york-to-giveaway-prepaid-bitcoin-cards-to-attendees/

I don't think Bitcoin is registered with FinCEN =)

[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,

Do your research bro...

Fincen Regulations for Virtual Currencies: http://www.complianceweek.com/new-fincen-guidance-clarifies-corporate-bitcoin-requirements/article/332667/

From the article:
“The production and distribution of software, in and of itself, does not constitute acceptance and transmission of value, even if the purpose of the software is to facilitate the sale of virtual currency,” FinCEN wrote. As a result, the software would not make the company a money transmitter.

And Finally, might want to do some current events for Bitcoin:
http://bitcoinvista.com/2014/04/05/announcing-free-bitcoins-inside-bitcoins-new-york-to-giveaway-prepaid-bitcoin-cards-to-attendees/

I don't think Bitcoin is registered with FinCEN =)

Did you read the links you posted? 


Bitcoin isn't transmitting bitcoin to people like SiliconValley is doing.

The first ruling states that if a user creates or “mines” a convertible virtual currency solely for their own purposes, they are not a money transmitter under the BSA. The second ruling clarifies that a company purchasing and selling virtual currency as an investment exclusively for the its own benefit is also not considered to be a money transmitter.

The rulings further interpret guidance issued in March 2013. That guidance made it clear that, from FinCEN's perspective, an administrator or exchanger of conveyable virtual currencies that accepts and transmits it, or buys or sells it in exchange for legal tender or another virtual currency for any reason (including intermediating between a user and a seller of goods or services the user is purchasing on the user's behalf) is considered a money transmitter for regulatory purposes.

These guys will essentially be money transmitters and fall under FinCen requirements.  Doesn't matter anyway since these guys have no intention of doing the maildrop anyway.

[coiner777]

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,

Do your research bro...

Fincen Regulations for Virtual Currencies: http://www.complianceweek.com/new-fincen-guidance-clarifies-corporate-bitcoin-requirements/article/332667/

From the article:
“The production and distribution of software, in and of itself, does not constitute acceptance and transmission of value, even if the purpose of the software is to facilitate the sale of virtual currency,” FinCEN wrote. As a result, the software would not make the company a money transmitter.

And Finally, might want to do some current events for Bitcoin:
http://bitcoinvista.com/2014/04/05/announcing-free-bitcoins-inside-bitcoins-new-york-to-giveaway-prepaid-bitcoin-cards-to-attendees/

I don't think Bitcoin is registered with FinCEN =)

Did you read the links you posted?  


Bitcoin isn't transmitting bitcoin to people like SiliconValley is doing.

The first ruling states that if a user creates or “mines” a convertible virtual currency solely for their own purposes, they are not a money transmitter under the BSA. The second ruling clarifies that a company purchasing and selling virtual currency as an investment exclusively for the its own benefit is also not considered to be a money transmitter.

The rulings further interpret guidance issued in March 2013. That guidance made it clear that, from FinCEN's perspective, an administrator or exchanger of conveyable virtual currencies that accepts and transmits it, or buys or sells it in exchange for legal tender or another virtual currency for any reason (including intermediating between a user and a seller of goods or services the user is purchasing on the user's behalf) is considered a money transmitter for regulatory purposes.

These guys will essentially be money transmitters and fall under FinCen requirements.  Doesn't matter anyway since these guys have no intention of doing the maildrop anyway.

"accepts and transmits" is where I assume your argument lies so, if it said "accepts or transmits" you would have a point, but with it being AND, the devs would have to be receiving coins from Silicon Valley to call them "Money Transmitters".

Might also want to check your definition of "Administrator":

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.

Here comes another AND! The devs would need to have the authority to withdrawl XSV from circulation, which is impossible once said coins leave the pre-mined address!

Nice Try, Learn some basic legal jargon before attempting to use it in your arguments =)

[dragonseer]

I'm starting to think people are being paid to post FUD in these threads... I've seen these kind of tactics used on facebook when a page or group tries to support a cause that goes against the status quo... Well, here we go again

[scam_exposer]

I'm starting to think people are being paid to post FUD in these threads... I've seen these kind of tactics used on facebook when a page or group tries to support a cause that goes against the status quo... Well, here we go again

Nobody pays me anything.  This coin has been a scam from the start.

As far as FinCEN requirements, the wording is rather ambiguous and could be interpreted differently by different individuals/ entities.  Silicon Valley coin is basically transmitting a virtual currency and could be classified as a money transmitter.  We'll see how this plays out but like I already stated,  I doubt that the mail drops will even happen.   

[coiner777]

I'm starting to think people are being paid to post FUD in these threads... I've seen these kind of tactics used on facebook when a page or group tries to support a cause that goes against the status quo... Well, here we go again

+1 https://bitcointalk.org/index.php?topic=553124.msg6039800#msg6039800

THE IPO IS CANCELLED DUE TO NEGATIVE ACTIVITY FORM FRAUDULENT USERS! ALL BTC PAID WILL BE REFUNDED TO USERS.

There is a network of scammers that post bad things about a coin and then demand BTC to erase the posts: scam_exposer and sitefive.

This is the proof a PM sent to us, now they demand us BTC to erase all those posts:

http://s16.postimg.org/hohih3nr9/scamx.jpg

Now we know what were they real reasons. I hope that maybe that is not the real reason and they can apologise now for the things they said. That will prove them to be not scammers and maybe they were just wrong about us.

We are now just going to launch the coin without an IPO. We have erase the IPO from main post. Just to proof these people they were doing lies and trying to make schemes with posting bad stuff then demand BTC to erase the posts. We will launch the coin!

As soon as we communicate with our web developer will update the site about it too.

EDIT: thimo is not part of this PMs, please don't hold anything bad about him or post bad things in his thread. We wish them good luck with their coin. Our apologies.

[dots]

I'm starting to think people are being paid to post FUD in these threads... I've seen these kind of tactics used on facebook when a page or group tries to support a cause that goes against the status quo... Well, here we go again

+1 https://bitcointalk.org/index.php?topic=553124.msg6039800#msg6039800

THE IPO IS CANCELLED DUE TO NEGATIVE ACTIVITY FORM FRAUDULENT USERS! ALL BTC PAID WILL BE REFUNDED TO USERS.

There is a network of scammers that post bad things about a coin and then demand BTC to erase the posts: scam_exposer and sitefive.

This is the proof a PM sent to us, now they demand us BTC to erase all those posts:

http://s16.postimg.org/hohih3nr9/scamx.jpg

Now we know what were they real reasons. I hope that maybe that is not the real reason and they can apologise now for the things they said. That will prove them to be not scammers and maybe they were just wrong about us.

We are now just going to launch the coin without an IPO. We have erase the IPO from main post. Just to proof these people they were doing lies and trying to make schemes with posting bad stuff then demand BTC to erase the posts. We will launch the coin!

As soon as we communicate with our web developer will update the site about it too.

EDIT: thimo is not part of this PMs, please don't hold anything bad about him or post bad things in his thread. We wish them good luck with their coin. Our apologies.

lol
can't say i'm surprised although I don't believe anyone has the skills to act as retarded as they are. I think they kinda just realized they were dumb and then tried to find away to make money from it. 

Oh shit!!!! Scam exposer EXPOSED!!!!!

[dbt1033]

I'm starting to think people are being paid to post FUD in these threads... I've seen these kind of tactics used on facebook when a page or group tries to support a cause that goes against the status quo... Well, here we go again

+1 https://bitcointalk.org/index.php?topic=553124.msg6039800#msg6039800

THE IPO IS CANCELLED DUE TO NEGATIVE ACTIVITY FORM FRAUDULENT USERS! ALL BTC PAID WILL BE REFUNDED TO USERS.

There is a network of scammers that post bad things about a coin and then demand BTC to erase the posts: scam_exposer and sitefive.

This is the proof a PM sent to us, now they demand us BTC to erase all those posts:



Now we know what were they real reasons. I hope that maybe that is not the real reason and they can apologise now for the things they said. That will prove them to be not scammers and maybe they were just wrong about us.

We are now just going to launch the coin without an IPO. We have erase the IPO from main post. Just to proof these people they were doing lies and trying to make schemes with posting bad stuff then demand BTC to erase the posts. We will launch the coin!

As soon as we communicate with our web developer will update the site about it too.

EDIT: thimo is not part of this PMs, please don't hold anything bad about him or post bad things in his thread. We wish them good luck with their coin. Our apologies.

lol
can't say i'm surprised although I don't believe anyone has the skills to act as retarded as they are. I think they kinda just realized they were dumb and then tried to find away to make money from it. 

Oh shit!!!! Scam exposer EXPOSED!!!!!

ROFL!  What a dumbass...this made my night.

Exposed!

[SiliconValleyCoin]

Even More Voucher Proof!
Here is a video to go along with the pics 

https://www.youtube.com/watch?v=AZF1ercXtSI   

[Carlitos714]

I'm starting to think people are being paid to post FUD in these threads... I've seen these kind of tactics used on facebook when a page or group tries to support a cause that goes against the status quo... Well, here we go again

+1 https://bitcointalk.org/index.php?topic=553124.msg6039800#msg6039800

THE IPO IS CANCELLED DUE TO NEGATIVE ACTIVITY FORM FRAUDULENT USERS! ALL BTC PAID WILL BE REFUNDED TO USERS.

There is a network of scammers that post bad things about a coin and then demand BTC to erase the posts: scam_exposer and sitefive.

This is the proof a PM sent to us, now they demand us BTC to erase all those posts:



Now we know what were they real reasons. I hope that maybe that is not the real reason and they can apologise now for the things they said. That will prove them to be not scammers and maybe they were just wrong about us.

We are now just going to launch the coin without an IPO. We have erase the IPO from main post. Just to proof these people they were doing lies and trying to make schemes with posting bad stuff then demand BTC to erase the posts. We will launch the coin!

As soon as we communicate with our web developer will update the site about it too.

EDIT: thimo is not part of this PMs, please don't hold anything bad about him or post bad things in his thread. We wish them good luck with their coin. Our apologies.

lol
can't say i'm surprised although I don't believe anyone has the skills to act as retarded as they are. I think they kinda just realized they were dumb and then tried to find away to make money from it. 

Oh shit!!!! Scam exposer EXPOSED!!!!!

ROFL!  What a dumbass...this made my night.

Exposed!

Well off to bed laughing! Should quote this every time they post anything.

[SiliconValleyCoin]

XSV is in this article unless that's what the giveaway was about

http://theweek.com/article/index/259426/from-boobs-to-bill-murray-9-digital-currencies-you-should-know-about

Nice, this is a new one. No giveaway had nothing to do with this. Good Find. 

[P2Pooler]

Looks like Isracoin is showing you how its done. 

[dbt1033]

Looks like Isracoin is showing you how its done. 

Isracoin has the same dev as Marinecoin...dump incoming.

[cacaco]

pools, we need pools before launch！

I'll have one open for launch.

I wanna open a pool, but i need help. Give me the steps please.

[dwolfx]

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,

Im sorry, but if you are involved in crypto, and you still actually care what these defunct organizations like the IRS do, you are in the wrong business.

[scam_exposer]

I'm starting to think people are being paid to post FUD in these threads... I've seen these kind of tactics used on facebook when a page or group tries to support a cause that goes against the status quo... Well, here we go again

+1 https://bitcointalk.org/index.php?topic=553124.msg6039800#msg6039800

THE IPO IS CANCELLED DUE TO NEGATIVE ACTIVITY FORM FRAUDULENT USERS! ALL BTC PAID WILL BE REFUNDED TO USERS.

There is a network of scammers that post bad things about a coin and then demand BTC to erase the posts: scam_exposer and sitefive.

This is the proof a PM sent to us, now they demand us BTC to erase all those posts:



Now we know what were they real reasons. I hope that maybe that is not the real reason and they can apologise now for the things they said. That will prove them to be not scammers and maybe they were just wrong about us.

We are now just going to launch the coin without an IPO. We have erase the IPO from main post. Just to proof these people they were doing lies and trying to make schemes with posting bad stuff then demand BTC to erase the posts. We will launch the coin!

As soon as we communicate with our web developer will update the site about it too.

EDIT: thimo is not part of this PMs, please don't hold anything bad about him or post bad things in his thread. We wish them good luck with their coin. Our apologies.

Ha ha.  Nice try.  All I see is a print screen showing some worthless scammer named site5 trying to blackmail another scammer.  I don't know who the scammer sitefive is and as far as i'm concerned they're as bad as the scammers that launched this scam coin.

In the future if you try and call someone out at least make sure that your "proof" actually proves anything.  Besides, you're just mad because I killed your coin that you were launching.  You are another scammer and a bad one at that.

1. I killed your coin.
2. I disproved your lie.
3. You're just another scammer and your mad that I stopped your scam.


And this coin is still a scam.