Potential investor here.
Let's say I own a dispensary in Colorado. I have as much business as I can handle because, well, legal weed.
Why should I accept CannabisCoin?
I like the idea behind CannabisCoin and the peg, I just need to understand why more than just this one dispensary associated with the dev will want to adopt it. Why should I accept a coin and sell my weed at a loss in hopes the coin will accrue in value so I can break even. Why not just use Bitcoin? Or Darkcoin since it has anonymity.
Thank you.
First of all, by accepting the CANN Peg, you are being part of the CANN Movement. And the goal is to allow patients access to affordable medication.
As an angel investor, I hear pitches all the time from people where the main crux of their argument is that this will make a positive difference in the world. While that's nice, I already donate to charities and am not interested in another one. I want to know where the value is and, "It's the right thing to do" is not valuable unfortunately.
Secondly, since CannabisCoin is pegged at 1:1, meaning 1 CANN per Gram of Cannabis, CannabisCoin will be a
MORE STABLE cryptocurrency than Bitcoin or Darkcoin.
For example, Bitcoin is already accepted by a dispensary in Washington (
http://www.coindesk.com/washington-dispensary-now-takes-bitcoin-cannabis/)
Now imagine how volatile Bitcoin can be and as a business owner, if you do not instant-exchange your Bitcoin for Fiat, you might take a big loss the next day.
I would agree IF a LOT of dispensaries were accepting CannabisCoin. I want to know WHY dispensaries should accept CannabisCoin. Because if they don't, then the peg won't matter in the medium to long run.
Lastly, the question now in your head is, then how long do I have to wait for CannabisCoin price to reach parity and while waiting, what do I stand to gain? Simple.
You end up with MORE NEW Customers. Customers that got to know you because of the CANN Peg may end up being a long-term customer. (Think the Groupon effect here, small loss on a single product/service in exchange for new customers)
And once the news spread that there are dispensaries that have adopted the CANN Peg, it won't take long for the price of 1 CannabisCoin to reach parity to the average price of 1 Gram of Cannabis.
Most dispensaries already have plenty of customers. There's no reason for them to accept a coin that will result in them getting more customers which would cause them to lose money on every transaction.
CannaisCoin has to hit the tipping point with dispensaries. I want to know how and why that is going to happen and I haven't heard the answer yet. I do hope there is an answer though as I'd love to get on board.
Oh and 1 more thing, why should dispensaries get involved with crypto in the 1st place?
Well, blame the banks for being so hostile to dispensaries. The banks do not want to deal with dispensaries and many are unbanked even up to today!
So what's the risk to the cannabis industry by being unbanked which some may ask?
Well, it’s a massive public safety risk where having a lot of cash on site makes cannabis businesses savory targets to and for criminals.
It also creates ample difficulties for doing business on a day-to-day basis where you cannot offer customers debit or credit card services and where paying your taxes and payroll is very, very challenging.
Read more here:
http://www.usatoday.com/story/money/business/2014/08/31/pot-marijuana-industry/13628491/Agreed. But why should I use Cannabiscoin at a loss over Bitcoin with its sider adoption or Darkcoin and its anonymity?
After reading your post, and having followed this thread for the past month or so. Every single one of your questions have been answered if you had bothered to read the past pages. Dispensaries will be accepting 1cann for 1gram, if you are stupid enough to not believe that will continue to happen after the first transaction, then great, don't go buy $5 worth of coin now and be able to get a bunch of grams. Not our problem. You should use Cannabiscoin because it is backed at 1:1 ratio, dispensaries WILL ACCEPT IT so that's your stability, price will not flucuate like btc, which also means businesses can store their CANN in wallets (or however they want) without fear to come back the next day and see all their CANN they own halved in value. You would sell grams for 1 CANN at a loss (initially) for promotion to yourself, and the coin, which will eventually reach parity, even with that, there is still a limit to how much CANN you can use in dispensaries a day, for obvious reasons.
Seriously, if you really care about the information you took time to type up, either contact the Dev, or READ.
Furthermore... accepting a loss for early transactions, if dispensaries hold their CANN till parity, they lose nothing....
