Topic: [ANN] CannabisCoin [CANN][X11][Official] Unmoderated General Discussions. - page 206. (Read 492677 times)

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?

Oh i thought that you're telling us that you've found new bussniess that could accept CANN, not that you checked if developers aren't lying lol.
Nvm my post then.

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.

i don't understand what you're saying, why i have to email devs for this? herbal wellness is the pharmacy that you can see in the OP pictures, i just called them friday to ask if it's all true and they said that they will accept cannabiscoin as a form of payment very soon

wut?

http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R001.pdf

sorry but i know know what your trying to say?

Did you explain them what it is? Did they say yes and then you did hang or what?
E-mail this to devs with contact info and details and they could ask if it's truth.

So what stops joe blow from selling cannabis coin for say 8 dollars a coin on ebay? It's accepted for 1 gram of cann, that's all agreed to be worth between 10 and 15 dollars. People who aren't familiar or want to care about bittrex or any other crypto trading house can avoid that whole issue and still buy their coins at a discount. You can even offer to print a paper wallet for them and all of that "hard part" dissolves because you're providing a much needed service.

Don't give me poop about eBay's policies. It is within their policy to allow crypto currency sales you just have to CYA and make sure you follow a documented procedure that makes you not liable for people backing out and claiming they didn't receive their item. It simply involves documenting the blockchain trans number with the address assigned to them and documenting the whole process from start to finish. This way you can fight any charge back eBay might impose by fraudulent ebay users.

Nice coin ! I wanna invest some of btc's on this i think that will be go to the moon!

i repeat it the last time because i'm tired:

i called the fucking herbal wellness center inc in phoenix, i asked them if they will accept cannabiscoin as a form of payment and they said: "YES."

YES YES YES YES YES, IT'S ALL TRUE PERIOD

Questions are not really answered here! Have been following the thread since I was attacked here. Only thing that happend where more pics and buzzwords. Yeah a coin dev was found. That is great and should settle the technical coin side. But still the peg. is what makes this coin "special" and more then once there were questions raised about it. Never a clear answer is given and all criticism about it is labeled as FUD etc

The feds fucked themselves by classifying digital coins as commodities and not a currency. They can be bought and sold without FinCEN concerns....that's just my take on what I have heard. I could be wrong.

http://gizmodo.com/irs-declares-bitcoin-is-property-and-must-be-taxed-as-s-1551321725

my advice on cann: call the herbal wellness inc in phoenix arizona and receive some good news from them like: "yes, we will accept cannabiscoin as a form of payment"

Under U.S. law, trading Fiat for Crypto would qualify them as money transmitters and puts them under the scrutiny of the federal government.

http://www.azdfi.gov/Licensing/Licensing-FinServ/MT/MT.html

The logistics of operating a dispensary and registering with FinCEN under current Federal Laws regarding Cannabis, is probably the most risky thing I can imagine doing as you are essentially inviting the Feds into your dispensary.

http://www.fincen.gov/

Now that Ross Ulbricht and Charlie Shrem are facing Federal drug trafficking and money laundering charges, I think the government is going to watch this sector very closely.

http://www.coindesk.com/ross-ulbricht-pleads-guilty-new-drug-charges/

I'm telling you guys this because I don't want anyone to get hurt or involved in something that could land them in prison.  My advice for CannabisCoin?  Take it slow and follow the laws.

Here's my frank opinion on the price pegging.  If this was the intention of the devs from the beginning, it would have been wiser to pre-mine the coin 100% or use the Ripple network and issue IOUs.  This way they could give away the coins to their clientele and to medical users of other states.  There would not be 22,000,000 on the market right now, there would be as many as they distributed based upon how much Cannabis they could sell at that price.

This is not to say it can't be done - it's just that using this method of coin distribution makes the logistics quite complicated in terms of getting businesses and growers to essentially take losses for an uncertain amount of time.  People have families to feed and mortgages to pay, they need USD, so I would think it will be difficult for them to do this.

I don't know, I have a degree in Economics so I think I'm a little biased.

I would be REALLY interested to see if there is an economist on the CANN team that can put together some type of 5-10 year plan on how they expect this to work.  Given the current legal situation regarding cryptocurrency and Cannabis, I imagine this project could take that long to get started.

Also, I would highly encourage people to get acquainted with the KYC/AML (anti-money laundering) laws if you plan on approaching business to take CANN: http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know/

Disclaimer:  I am head of Public Relations and an Economic Analyst for the Cannacoin Dev team.

-Patrick

It will be interesting...since most patients at the dispensaries will not now about the coin. Add in the fact that the dispensary will be selling CANN for fiat...which could be simple paper wallets pre-loaded and offered at a discount. Or laminated ID cards with a CANN address printed on it.

Once people get hip to buying their own cann online and carrying a paper wallet ID with them, adoption rates increase....It CANN work...pulled off? That's what I am waiting to see!

There is also one thing that if you look at the CANN rich list https://chainz.cryptoid.info/cann/#!rich

The top 100 addresses own %85.9 of the existing 81M coins in circulation. Those 100 wallets are most likely tied to insiders and people that got in early and cheap. I know cause I'm one of them, I got in real early before trex, ccex and polo. My purchased were made on AllCrypt when they were the volume leader there.

This coin will take some time to achieve parity and something tells me those top 100 want to see this coin succeed. LiteCoin had a market cap in excess of a Billion, based on nothing buy hype. So it is possible.

>Yes your entitled to 10kg of canndy, but you can only get 3 grams a day. It would take you 30 years or so to get that many, and thats if you go everyday. Most people holding the coins live hundreds of miles away and will most likely be selling them. You dont have to sell your coins on the exchanges. You can sell them to people that live close to the stores on craigslist or ebay. As for the shops they wont sell back untill the price of the coin is atleast 10 dollars or more a coin. A gram of bud is 20 so i see this coin going to around 15 dollars atleast. The people that bought at the low price will be selling around 4 to 5 a coin probably at first. But why would you sell something less than its worth?

3 ngramm a day would be 90 gramm a month would be 1080 gramm a year or $10.000-$20.000 per year per costumer per year. Ten costumer on the first day would cost you a staggering $600 etc. pp. Are you telling me the stores will be selling this amount at a lose? This is completely unrealistic, I am out. Good luck folks.

Yes your entitled to 10kg of canndy, but you can only get 3 grams a day. It would take you 30 years or so to get that many, and thats if you go everyday. Most people holding the coins live hundreds of miles away and will most likely be selling them. You dont have to sell your coins on the exchanges. You can sell them to people that live close to the stores on craigslist or ebay. As for the shops they wont sell back untill the price of the coin is atleast 10 dollars or more a coin. A gram of bud is 20 so i see this coin going to around 15 dollars atleast. The people that bought at the low price will be selling around 4 to 5 a coin probably at first. But why would you sell something less than its worth?

But most people who have the coin have them aquired through trading and will use them to trade. Currently I am holding meger 10k which isn't even that much but would mean I am entitled to 10kg of candy - with that in mind how could they ever realistically exchange the coins on a 1:1 basis when most of the people got the coin for 1/10000 of the price. If they wanted to use that coin on 1:1 place why did they even sell it on the market place and didn't premine it all and then gave out on this basis? Sorry but the economics behind the coin don't look really thought through.