Topic: [XSV] ★★ Silicon Valley Coin ★★ | ✈ MailDrop | Video Proof ✔ | Vote MintPal★ - page 3. (Read 83770 times)

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,

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 %

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."

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.  

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.

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.

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.

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 .

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.

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.
 

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.

XwzuzkickjA9mNTRHVprnW5dFrAWVoTTyy
i want it 

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

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

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).

Nice giveaway.

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

 

will trying XSV coin, bring it to the moon

Can I receive some coins? XrdqG2JrE88JFgS1YF6FASFDmkqjTZ6v9U

TY.