Topic: [ANN] CannabisCoin [CANN][X11][Official] Unmoderated General Discussions. - page 47. (Read 492677 times)

CANN is the best thing since sliced bread.

People are traveling from as far away as Venus to get some cheap meds.

I have so much CANN coins at the moment, rainbows are shooting out of my ass.

How are the Cannabiscoin devs going to deal w/ the fact that marajuana related transactions are illegal under Federal law?

At present if the government so decided they could shut down Cannabiscoin and seize all assets immediately.  Just because this is on the block chain means nothing. If some from the AGs office in DC calls up Bittrex and Crypsy that's the end of trading essentially killing the coin. They know who the dev is and he'd find himself on charges for money laundering, selling marajuana to kids (it just takes one teenager to buy one gram of pot with Cannabiscoin from a friend to send the dev away for 20 years, etc.)

The banks were given vague clearance to go ahead as long as they meet strict reporting requirements:

FinCEN's legal guidance creates two new categories for banks to report transactions with marijuana businesses. All transactions will be labeled as "suspicious" and banks will have to file so-called Suspicious Activity Reports. Those transactions that banks believe are legal marijuana business can be reported to FinCEN as "marijuana limited" transactions. Those that banks believe may be illegal would be filed as "marijuana priority" transactions and would generate further scrutiny from regulators.

Frank Keating, president and CEO of the American Bankers Association, said:

"While we appreciate the efforts by the Department of Justice and FinCEN, guidance or regulation doesn't alter the underlying challenge for banks," he said. "As it stands, possession or distribution of marijuana violates federal law, and banks that provide support for those activities face the risk of prosecution and assorted sanctions."

Cannabiscoin is a financial instrument specifically designed to facilitate marajuana transactions and as such flies directly in the face of the law.  Banks can hide under the figleaf that they "believe" a transaction involves pot but a cannabiscoin coin transaction will always definitely be for the purchase of pot giving no leeway re enforcement.  Furthermore banks are required to provide detailed transaction history to regulators. Does cannabiscoin have the accountants and regulatory staff to provide this data? Here are the rules:

Also, how does Cannabiscoin handle the post 9/11 Know Your Customer rules that all financial structures must follow? Altcoins fly under the radar because the government could care less about people buying beef jerky, USB cables, etc. Cannabiscoin will actively promote the wide spread distribution and sale of narcotics and so will be under a microscope. Here are the requirements:

Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
Name matching against lists of known parties (such as "politically exposed person" or PEP)
Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
Creation of an expectation of a customer's transactional behavior
Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

Of course since these are valid and uncomfortable people the hurry and buy a ticket for a train ride to the moon people will scream FUD in great big red letters. Let them. Real investors need answers ASAP.

ATTENTION NEWCOMERS OF CANN!
 
First of all, welcome to the CANN community! There are many people who are very excited about this coin's potential, which is why CANN skyrocketed to #12 in just a few days on Coinmarketcap.com! But the unfortunate reality of any Bitcoin-based coin is that there are several people who make a profit off of YOU by creating posts on this forum with the sole purpose to spread "FUD": Fear, Uncertainty, and DOUBT. Read this wikipedia article for more info:
 
http://en.wikipedia.org/wiki/Fear,_uncertainty_and_doubt
 
The more popular altcoins become, the more FUD that magically appears on these forums just as the price is skyrocketing. Why?
 
1) There are professional FUDders who are hired by devs/members of competing coins to bring down the prices of similar coins. 
2) There are people who want to keep prices low long enough so they can save enough money to buy in at a low price.
3) There are traders who sell high, then create FUD, then sell off enough coins to create momentum in the market to drop the coin's price low enough that they can make a huge profit. They do this over and over again and make tons of money off of your fear. Look at the chart for CANN, and you will see that all of the dips in the price have been right after FUD.
4) There are sadistic people who literally get pleasure and feel power from causing others pain. If you search the web for the terms "troll" and "sociopath," you will find research covering this topic.
 
These people are experts at honing in on any possible negative outcome simply to create fear in investors, which actually drives the market price down.
 
We do not know everything that DeltaNine has planned for CANN, but he spent an entire month travelling to various dispensaries across the country in order to build alliances. This could mean he has multiple dispensaries already lined up already. From what I have seen, he is smart enough to not lay his cards on the table all at once, especially since there are competing coin developers who have already stolen his ideas in order to make a profit.
 
Once the price of CANN skyrockets, many more businesses will be on board because, in addition to being a good investment for us, the early adopters, CANN solves many problems.

Looking forward to the media coverage on Monday's historic transaction.
 
And to the regular CANN members--you do more harm responding to FUD. Resist the temptation to debate these people--they could be sadists who simply enjoy controlling your emotions and watching you suffer, in which case you are giving them power/joy. Please, if you want to respond to FUD, I ask that you copy and paste this message whenever someone creates FUD, instead of responding to their points individually.
 
YES WE CANNNNNN!!!

Is it just me or a very important post about the fine paper just got deleted by poster or moderator .