[ANN][XRC]RhinoCoin - A Decentralized Record Label - SKYHOOK - NEW WEBSITE - page 4.

Soul_eater_123

legendary

Activity: 952

Merit: 1000

Quote from: impulsecorp on July 08, 2014, 12:43:03 PM

I have been following Moolah.io, and although they are on shaky legal ground, I don't think they have actually gotten in trouble with the SEC yet. I did another Google search today and could not find any reference to SEC fines or charges. They did need to register with FINRA (another US regulatory agency) as a money transmitter (or something similar) because their site acts as a money exchange, but that is not related to their cryptostock/altcoin offering.

I think the recent SEC fines you are talking about were for Erik T. Voorhees, who did a cryptostock IPO selling "shares" in SatoshiDice and FeedZeBirds sites. According to Wikipedia he is an American citizen and files American taxes, even though he lives outside of the USA, so that is why the SEC was able to have authority over him.

I can't remember where I read about it but it was an article from a reputable source and it stated specifically that anyone selling "securities" to anyone in the US (irrespective of where they were based themselves) had to register. Moolah.io have admitted that they should have gotten registered earlier and are now in the process of doing so - the guy that runs it said so himself.

impulsecorp

member

Activity: 69

Merit: 10

I have been following Moolah.io, and although they are on shaky legal ground, I don't think they have actually gotten in trouble with the SEC yet. I did another Google search today and could not find any reference to SEC fines or charges. They did need to register with FINRA (another US regulatory agency) as a money transmitter (or something similar) because their site acts as a money exchange, but that is not related to their cryptostock/altcoin offering.

I think the recent SEC fines you are talking about were for Erik T. Voorhees, who did a cryptostock IPO selling "shares" in SatoshiDice and FeedZeBirds sites. According to Wikipedia he is an American citizen and files American taxes, even though he lives outside of the USA, so that is why the SEC was able to have authority over him.

Soul_eater_123

legendary

Activity: 952

Merit: 1000

Quote from: impulsecorp on July 08, 2014, 12:00:17 PM

Rhino Coin is in Canada so I am not sure they are doing anything wrong. It is more of a warning to people in the USA that it is risky to try something like this.

Actually Moolah.io is in the UK and got into trouble for not filing with the SEC. They have funny rules that mean that if you have customers/shareholders etc in the US then you must follow US laws and be registered with them. Last month I think it was a different UK company was finded $50,000 because of these rules. Rhinocoin is not immune and since it is a physical recording studio, with real bands etc it makes it a lot easier for the SEC/FTC to pursue them and they like to go for the easy targets.

impulsecorp

member

Activity: 69

Merit: 10

Rhino Coin is in Canada so I am not sure they are doing anything wrong. It is more of a warning to people in the USA that it is risky to try something like this.

Soul_eater_123

legendary

Activity: 952

Merit: 1000

Quote from: impulsecorp on July 08, 2014, 10:15:58 AM

I talk about Rhino Coin in my blog posting today at
http://www.impulsecorp.com/bitcoin_2_making_money

- Eric

That's a good article. Maybe if the Rhinocoin guys bother to read it they'll get an inkling of what kind of trouble they might get into.

impulsecorp

member

Activity: 69

Merit: 10

I talk about Rhino Coin in my blog posting today at
http://www.impulsecorp.com/bitcoin_2_making_money

- Eric

Kinser

newbie

Activity: 3

Merit: 0

Quote from: EBK1000 on July 08, 2014, 02:20:37 AM

As of today they have only sold 370488 XRC and made a tiny profit.

Ive been watching that number on the homepage not update for awhile... is that manually updated or what, because I actually received some coin.

EBK1000

legendary

Activity: 1148

Merit: 1000

A Wound in Eternity

As of today they have only sold 370488 XRC and made a tiny profit.

crimealone

sr. member

Activity: 644

Merit: 251

I noticed that some people said so many shitcoins raised much more money. Please make an example. Please tell me which shitcoin raised more than 2000 btc?

impulsecorp

member

Activity: 69

Merit: 10

Many people here are asking for all sorts of things that are common for altcoin IPOs, but not cryptostock IPOs, and with either one 95% of the companies don't give any more info than Rhino did. That does not make it right, and most of the questions posted are valid (like asking for financials, projection, owner/partner info, etc.), but hundreds of other altcoins have raised lots of money giving much less info based on much shakier business plans.
Keep in mind, I know nothing more about Rhino that what they posted here, so I can't vouch for them.

impulsecorp

member

Activity: 69

Merit: 10

No, I mean RhinoCoin is similar to all the other cryptostocks, such as those at https://cryptostocks.com/securities . That is not the same as all the cryptocurrencies. A Cryptostock and a cryptocurrency are not the same thing. A cryptostock many times goes hand in hand with a cryptocurrency for that stock, but most cryptocurrencies are not cryptostocks. Bitcoin is not a cryptostock. A cryptostock is a company like Rhino, that is basically selling its "shares" (not ownership shares, but profit shares) by creating a new altcoin (in this case, RhinoCoin) for it. Or, a cryptostock may sell shares using an existing cryptocurrency, but then it is really just an unregistered stock bypassing securities laws by dealing only in cryptocurrency. Rhino is not that kind of cryptostock, although any cryptostock is on shaky legal ground in the USA.

RhinoCoin

newbie

Activity: 39

Merit: 0

Quote from: EBK1000 on July 07, 2014, 09:33:15 PM

I got some now, maybe I'm the sucker, we'll see

Thank you for your confidence and support, we are very excited about bringing the crypto revolution to the music indusrty

RhinoCoin

newbie

Activity: 39

Merit: 0

Quote from: impulsecorp on July 07, 2014, 09:25:53 PM

Almost every criticism here applies to all cryptostocks, and there are hundreds of such hybrid altcoins. So, RhinoCoin may or may not be a scam, but you can't fault it for the issues all cryptostocks have. Any cryptostock has a lot of risk, and may have legal issues in the US, and does not have SEC approved type financial records, and the vast majority don't have projected financials or all the other things that normal stocks and investments have. That is just the nature of the game.

You are absolutely correct. As in pretty much every crypto currency there is considerable risk, BitCoin included. In the case of RhinoCoin there are associated risks shared by, investors, development team and studio employees. However with more risk comes more reward

We have taken a serious look at the legal implications and requirements, and by the creation of a Trust all assets, property, royalties and licences will be protected under Canadian Trust Laws.

http://www.cra-arc.gc.ca/tx/trsts/typs-eng.html#specified

EBK1000

legendary

Activity: 1148

Merit: 1000

A Wound in Eternity

I got some now, maybe I'm the sucker, we'll see

impulsecorp

member

Activity: 69

Merit: 10

Almost every criticism here applies to all cryptostocks, and there are hundreds of such hybrid altcoins. So, RhinoCoin may or may not be a scam, but you can't fault it for the issues all cryptostocks have. Any cryptostock has a lot of risk, and may have legal issues in the US, and does not have SEC approved type financial records, and the vast majority don't have projected financials or all the other things that normal stocks and investments have. That is just the nature of the game.

RhinoCoin

newbie

Activity: 39

Merit: 0

Quote from: chesthing on July 07, 2014, 08:15:31 PM

I don't need to read this whole thread, this is an obvious scam from reading the ann post.
Look, if someone asks for money up front for something he promises to provide for the long term future it is a scam. Nobody works for free, even if you pay him a bunch of money up front.
The fact the "dev" won't do escrow for his ipo = biggest red flag you can get.

I'm not surprised with your scepticism with new coins coming out every day claiming to be the next big thing. I would actually appreciate it if you read the entire post Roll Eyes

, so that before you comment and bash people that are trying to change the crypto space into a more productive, legitimate and professional enterprise.

This is not an anonymous post, if you read you will find the information you are look for. I am not new to the crypto world, I have witnessed and experienced the many pump n dumps and scams like the rest of you. Personally, I am tired of it. I am not Wolong, this is not PandaCoin, AsiaCoin, WhiteCoin or any other ScamCoin where the Dev's abandon ship. I am a true believer in crypto and how it can change the world by decentralized autonomous organizations.

We have taken on this venture because we can now integrate the best of both worlds, crypto currencies and music. If you plan to participate in the RhinoCoin community we would appreciate any constructive comments, otherwise you can go back to trading your AirCoins chasing the deam.

Regards,
Richard

chesthing

legendary

Activity: 1414

Merit: 1000

Well, if it's a scam to make btc off a huge ipo, why the fuck would they care about details like legalities?

Soul_eater_123

legendary

Activity: 952

Merit: 1000

Quote from: chesthing on July 07, 2014, 08:15:31 PM

I don't need to read this whole thread, this is an obvious scam from reading the ann post.
Look, if someone asks for money up front for something he promises to provide for the long term future it is a scam. Nobody works for free, even if you pay him a bunch of money up front.

Even if it's not a scam: The fact that they refuse to do even basic research before setting up a business (such as paying a little bit of money to consult with a lawyer first) is a massive red flag and shows complete incompetence. It takes more to set up a business than just having an idea. Also no matter how you try to squirm away and pretend otherwise, attaching a cryptocurrency to a business does not make the business go away, by somehow hiding it under a cryptocurrency umbrella. You still have to follow the rules any other business would have to. If you are giving dividends for what are in effect shares in your company and some of those could be bought or earned by US citizens you must be registered with and abide by all US laws in regard to that. FACT.

chesthing

legendary

Activity: 1414

Merit: 1000

I don't need to read this whole thread, this is an obvious scam from reading the ann post.
Look, if someone asks for money up front for something he promises to provide for the long term future it is a scam. Nobody works for free, even if you pay him a bunch of money up front.
The fact the "dev" won't do escrow for his ipo = biggest red flag you can get.

Soul_eater_123

legendary

Activity: 952

Merit: 1000

Yes. I tried to explain it to you but you don't understand. It doesn't matter what you think. UK companies have had to pay fines to the FTC for doing less than what you are doing and the UK is not part of the USA either (ask Moolah.io). These are also companies that did not do any business directly in the US. Don't give me crap that Canada is some kind of free country. It is even weaker than the UK and get's fucked up the rear end by the Americans even more. I've explained the situation. This cannot work. Screw you guys. I'm going home:)

Topic: [ANN][XRC]RhinoCoin - A Decentralized Record Label - SKYHOOK - NEW WEBSITE - page 4. (Read 34798 times)