So tokyopotato is from CCN? lol that figures. In here trying to discredit this coin, instead of promoting your own and the industry as a whole is a petty, immature course of action.
Topic: [ANN] CannabisCoin [CANN][X11][Official] Unmoderated General Discussions. - page 204. (Read 492677 times)
September 07, 2014, 06:38:55 PM
September 07, 2014, 06:09:53 PM
From the TEAM:
As of right now, CannabisCoin is NOT being sold in any form by any business other than exchanges.
The CannabisCoin team does not see ATMs as a solution and see it more of a marketing scheme used by other coins. Potcoin CIO himself mentioned they aren't doing ATMs anymore. Go figure.
DeltaNine and the Team have legitimate plans which are by the way, backed by a law firm.
Patrick of Canna coin CCN aka TokyoPotato, You have been relentlessly questioning the teams efforts and credibility without reason other than to raise concern and direct attention to "Canna" coin CCN. This is not good practice nor ethical from a "community leader". DeltaNine has been courteous enough to Skype with you and take time out of his movement to talk about future collaborations. This is just a distraction for the team right now.
Regarding collaboration with CannaCoin CCN:
DeltaNine and the CannabisCoin Team has decided not to further collaborate with Canna Coin CCN for current projects or any potential projects implied by TokyoPotato/CCN/Canna coin at this point in time.
The CannabisCoin Team is comprised of industry professionals. We adhere to professionalism.
If you would like to address your concerns with DeltaNine, Skype him personally.
~Dev Team
As of right now, CannabisCoin is NOT being sold in any form by any business other than exchanges.
The CannabisCoin team does not see ATMs as a solution and see it more of a marketing scheme used by other coins. Potcoin CIO himself mentioned they aren't doing ATMs anymore. Go figure.
DeltaNine and the Team have legitimate plans which are by the way, backed by a law firm.
Patrick of Canna coin CCN aka TokyoPotato, You have been relentlessly questioning the teams efforts and credibility without reason other than to raise concern and direct attention to "Canna" coin CCN. This is not good practice nor ethical from a "community leader". DeltaNine has been courteous enough to Skype with you and take time out of his movement to talk about future collaborations. This is just a distraction for the team right now.
Regarding collaboration with CannaCoin CCN:
DeltaNine and the CannabisCoin Team has decided not to further collaborate with Canna Coin CCN for current projects or any potential projects implied by TokyoPotato/CCN/Canna coin at this point in time.
The CannabisCoin Team is comprised of industry professionals. We adhere to professionalism.
If you would like to address your concerns with DeltaNine, Skype him personally.
~Dev Team
September 07, 2014, 06:00:33 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
Yes they accept Bitcoin, but they do not sell Bitcoin.
We are talking about two different things here.
So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?
You are completely missing the point. The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter.
I was incorrect when I said you need a license to accept crypto. Obviously that's not true. Anyone can accept crypto for payments.
Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin? This is where you need to be careful.
We'll is just selling a "paper wallet" then after sending that person " Free "coins against any rules!?they are paying for piece of paper, not the actual coins. I mean they aren't considered money right but more of a Commodity?
They were classified by the IRS as a commodity for tax purposes... but the legal system seems to be clear...
http://www.dw.de/bitcoin-promoter-shrem-pleads-guilty-to-unlicensed-currency-use/a-17902990
What I saw was that he was selling bitcoins to users that we're buying Illegal drugs, Cann coins drugs are legal and medical. He was also Selling them As a "business". The shops that accept Cann business isn't to buy or sell Cann or any crypto to users, but to sell medical marijuana? So what that guy did was totally different. His business was to buy and sell bitcoins to people that then used them to buy illegal drugs.
The shops take their cann trade them for BTC then go to coinbase sell them, then pay taxes for their income.
1) In the eyes of the Federal government, Cannabis is an illegal drug, which is why people should tread carefully
2) I was responding to a user who suggested that the dispensary sell CANN for Fiat
September 07, 2014, 05:22:48 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
Yes they accept Bitcoin, but they do not sell Bitcoin.
We are talking about two different things here.
So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?
You are completely missing the point. The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter.
I was incorrect when I said you need a license to accept crypto. Obviously that's not true. Anyone can accept crypto for payments.
Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin? This is where you need to be careful.
We'll is just selling a "paper wallet" then after sending that person " Free "coins against any rules!?they are paying for piece of paper, not the actual coins. I mean they aren't considered money right but more of a Commodity?
They were classified by the IRS as a commodity for tax purposes... but the legal system seems to be clear...
http://www.dw.de/bitcoin-promoter-shrem-pleads-guilty-to-unlicensed-currency-use/a-17902990
What I saw was that he was selling bitcoins to users that we're buying Illegal drugs, Cann coins drugs are legal and medical. He was also Selling them As a "business". The shops that accept Cann business isn't to buy or sell Cann or any crypto to users, but to sell medical marijuana? So what that guy did was totally different. His business was to buy and sell bitcoins to people that then used them to buy illegal drugs.
The shops take their cann trade them for BTC then go to coinbase sell them, then pay taxes for their income.
September 07, 2014, 05:16:36 PM
All of this might be a moot point in 5 years, but at the moment it's quite relevant, and it needs exploring as this is probably where the CANN devs will need the most help.
September 07, 2014, 05:15:00 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
Sounds like what is needed is a 3rd Party 'Gift Card' provider specifically for the dispensaries.
They could accept crypto (CANN,POT etc) in exchange for Gift Cards.
Once the Dispensary accepts the Gift Card, they 'Cash In' with the provider for Fiat.
Hey,
Now we are talking about solutions! That is a great idea.
September 07, 2014, 05:13:39 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
Sounds like what is needed is a 3rd Party 'Gift Card' provider specifically for the dispensaries.
They could accept crypto (CANN,POT etc) in exchange for Gift Cards.
Once the Dispensary accepts the Gift Card, they 'Cash In' with the provider for Fiat.
September 07, 2014, 05:13:04 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
Yes they accept Bitcoin, but they do not sell Bitcoin.
We are talking about two different things here.
So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?
You are completely missing the point. The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter.
I was incorrect when I said you need a license to accept crypto. Obviously that's not true. Anyone can accept crypto for payments.
Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin? This is where you need to be careful.
We'll is just selling a "paper wallet" then after sending that person " Free "coins against any rules!?they are paying for piece of paper, not the actual coins. I mean they aren't considered money right but more of a Commodity?
They were classified by the IRS as a commodity for tax purposes... but the legal system seems to be clear...
http://www.dw.de/bitcoin-promoter-shrem-pleads-guilty-to-unlicensed-currency-use/a-17902990
September 07, 2014, 05:09:10 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
Dude.
I quoted what you said directly.
"Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter"
And that's just not true.
You're all over the place.
I'm gonna have to put you in the category of "Has no idea what he's talking about."
Bitcycle,
You are completely correct that it's not illegal to accept cryptocurrency and you don't need a money transmitter license. I don't know how I messed that up. What I meant was if you want to sell CANN in a retail store, you are operating as a money transmitter and this can bring the Feds eyes upon you.
It's not just CannabisCoin that is dealing with this... every altcoin and Bitcoin exchange company is dealing with this... getting a money transmitter license is not cheap, especially as regulations become more cumbersome.
I was going to buy a Project Skyhook Bitcoin ATM a few months back but I decided to wait because there wasn't much point if you didn't have a money transmitter license. Since then I've been looking to partner with someone or a company that does have this license in order to work together.
September 07, 2014, 05:07:23 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
Yes they accept Bitcoin, but they do not sell Bitcoin.
We are talking about two different things here.
So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?
You are completely missing the point. The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter.
I was incorrect when I said you need a license to accept crypto. Obviously that's not true. Anyone can accept crypto for payments.
Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin? This is where you need to be careful.
We'll is just selling a "paper wallet" then after sending that person " Free "coins against any rules!? They are paying for a piece of paper, not the actual coins.I mean they aren't considered money right but more of a Commodity?
September 07, 2014, 05:02:25 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
Yes they accept Bitcoin, but they do not sell Bitcoin.
We are talking about two different things here.
So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?
You are completely missing the point. The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter.
I was incorrect when I said you need a license to accept crypto. Obviously that's not true. Anyone can accept crypto for payments.
Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin? This is where you need to be careful.
September 07, 2014, 04:59:43 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
Yes they accept Bitcoin, but they do not sell Bitcoin.
We are talking about two different things here.
So your telling me the shops that get millions of dollars worth of BTCs keep them in BTCs? You don't think they sell them for cash on the exchanges!!?
September 07, 2014, 04:57:00 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
Yes they accept Bitcoin, but they do not sell Bitcoin.
We are talking about two different things here.
September 07, 2014, 04:56:26 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
There are already tons of shops in America that accept crypto as payment.
http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html
Call me paranoid, but your posts are sounding a little bit negative toward cannabiscoin lately.
Am I wrong here?
I agree, it will be the exact same thing as bitcoin. So this should be the same way for Cann. Why would cann be a money transmitter when bitcoin is not, unless your taking about the exchanges that have fiat to btc. I really dont see a problem here.
Anyone that operates a Bitcoin ATM is supposed to follow AML/KYC guidelines and should register as a money transmitter or they could end up in hot water.
Let me ask you a question, why do you think that Coinbase needs your Photo ID and other personal information to make an account?
September 07, 2014, 04:55:20 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?
September 07, 2014, 04:51:44 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!
No, that's not how it works. Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.
September 07, 2014, 04:49:39 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a special strain you can buy with it. Besides the ones they already have that aren't Canndy!
September 07, 2014, 04:47:57 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
Dude.
I quoted what you said directly.
"Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter"
And that's just not true.
You're all over the place.
I'm gonna have to put you in the category of "Has no idea what he's talking about."
Yeah I mispoke.
September 07, 2014, 04:47:45 PM
To be honest... I'm not surprised you guys are annoyed that people bring up the difficult issues surrounding crypto.
These are real issues that should be addressed. These are issues that our team discussed with CANN to address together. It's what we take into account while we build CannaPay. The issue of money transmitting licenses and FinCEN regulations.
You guys think you can just go sell CANN for cash in a retail business? I highly recommend you contact Coinbase, ProjectSkyhook ATMs, or any other business that is involved in USD <---> BTC transactions
http://www.theverge.com/2014/2/7/5390782/three-bitcoin-traders-arrested-in-florida-on-money-laundering-charges
Read what I write and stop reacting emotionally.
These are real issues that should be addressed. These are issues that our team discussed with CANN to address together. It's what we take into account while we build CannaPay. The issue of money transmitting licenses and FinCEN regulations.
You guys think you can just go sell CANN for cash in a retail business? I highly recommend you contact Coinbase, ProjectSkyhook ATMs, or any other business that is involved in USD <---> BTC transactions
http://www.theverge.com/2014/2/7/5390782/three-bitcoin-traders-arrested-in-florida-on-money-laundering-charges
Read what I write and stop reacting emotionally.
I read what you wrote.
You wrote that *accepting* (not selling, accepting) crypto in a retail business means you need a money transmitter license.
And that's flat out wrong. No other way to put it.
September 07, 2014, 04:45:16 PM
I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
Dude.
I quoted what you said directly.
"Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter"
And that's just not true.
You're all over the place.
I'm gonna have to put you in the category of "Has no idea what he's talking about."
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