I know I am going to be flamed and slammed for posting this in this thread.
However, after seeing another scam take place and watching the crypto community get ripped off once again I decided to put this out there and take all the FUD that comes along with it.
So here it is, straight truth from a legit entrepreneur and the creator of DopeCoin.
It's funny.... looks like the new "marijuanacoin" turned out to be a complete scam and the dev ripped everyone off.
It's really a shame to watch the community get taken advantage of over and over again. Let's be honest and lay it all out on the table...
The marijuana alt coin scene is hanging by a thread and based 100% on speculation and false promises.
PotCoin's development team has basically left the project and throws up a vague update from time to time.... Wasn't there supposed to be a new All-Star partner coming from silicon valley that was going to be announced.... or was this bullshit as well.
And the remainder of the weed coins that have popped up are pushing fake volume on exchanges with bots and all kinds of dirty tricks.
DopeCoin is currently undervalued and showing low volume but I will publicly state that we have maintained our integrity over the years and have one of the best development teams within the crypto space.
I mentioned it before and I will say it again.
The business model that involves buying marijuana with DopeCoin's, Potcoin's, Weedcoin's, Douchecoin's, etc. Is a failed model.
We proved this within the first 3 months of launch and watched as all of our competitors failed to have success with this as well.
PotCoin even went to the Cannabis cup, had a Potcoin ATM machine, purchased radio ads, had Joe Rogan mention them and were featured in VICE.
Even with all of this "success", they were unable to gain a foothold in the marketplace.
Einstein's definition of insanity is to do the same thing over and over again and expect a different result.
So how many more people are going to fall for the scam before the community acknowledges the truth of the situation.
Did you know that Apple is having massive issues getting traction with Apple Pay? Only one out of 20 people who have Apple Pay have ever used it and only 4% of those 1 in 20 people ever use it more than once! And this is coming from a company with thousands of retailers, millions of users, and billions in advertising revenue.
Do you honestly think that a marijuana-related altcoin has a chance to get mainstream traction or are we chasing ghosts?
At least over here at DopeCoin we operate in the real-world and you know that we are not full of shit or offering false promises.
We are the only marijuana-based altcoin that has admitted this failure and more importantly we are the only coin that has come up with a new gameplan and business model.
Thanks for believing in the project and congratulations on being able to see through the smoke and mirrors.
Dopey (aka Adam Howell)
http://dopecoin.com/about/
P.S. Does this statement sound familiar? "Any month now guys we will be listed in dispensaries and be an official payment system for marijuana"
This is complete bullshit and a total lie. Shame on those developers for deceiving the crypto-community over and over.I disagree with you. Not with regards to every cannabis coin that has come out so far being a shitcoin, I do agree with you there. I disagree with your claim that there is no potential for a cannabis-themed coin to be listed in dispensaries, particularly with the rise of "mom" dispensaries.
It simply needs a strong development team with ties to the correct people, and knowledge. People that have smoked a joint before are not what I'm talking about, and that seems to be the majority of what we find. People who have seen a few grams, but know little about the structure of cannabis retail, pricing, strains, etc. Maybe they grew a plant and it makes them feel like they understand cannabis, or they think they know what cbn is. lol. You get my point, or maybe you don't. I'd hope you do if you're going to call your coin dopecoin. Which is a whole other problem in and of itself.
If my mom will use BTC, why wouldn't they use a cannabis-themed coin? I'm not saying Kush coin is good or bad, I haven't even read the ANN. I just happened to read this post and I disagree with you about that one point. I think the fundamentals are good, but we're still waiting to see someone produce a stable coin that can be trusted. No premine is definitely a good start, but what is really needed is a coin that has stability and can be used for more than just buying cannabis.
Your example regarding Potcoin's "success" shows how little you know about building a business. This is why your coin cannot break the market, like many of the other coins. That "viral" success you are expecting from one award show requires attending a lot of award shows. Did you expect them to explode after showing up to an award show that 99% of cannabis users have never been to? Oh, Joe Rogan mentioned them. That should have got them noticed by like 50 people, maybe. At most. What did you think that would do for them?
You further illustrate how little you know about building a business when you bring up Apple Pay. There is a damn good reason why many people don't use Apple Pay. The only validity to this point is that ETH already exists and my mom doesn't accept it, or DASH, or "insert coin here". They only accept BTC. Why should they accept anything different? It's more work to accept other currencies. Competing with Paypal is difficult. Competing with Bitcoin is difficult. Neither is impossible. You don't need to worry about Paypal when it comes to cannabis because you can't really use Paypal to purchase cannabis. At least, not anywhere I know of. lol.
One of the biggest problems with these coins is naming them. They're so focused on pointing out that they can be accepted for cannabis that they make a ticker no dispensary would use without cannabis being fully legal everywhere, and even then it's unlikely. Dopecoin? Are you kidding me? Do you really think they want to associate the sale of their cannabis with heroin? Cocaine? All forms of illegal and legal drugs? It's a common misconception with cannabis users that cannabis is not even a drug. "It's a plant". They'll say. You actually think "dopecoin" was going to take off? You're delusional. You realize that if you accept crypto in business for a product that further complicates your taxes, right? Imagine how much more complicated it gets for people selling a product that's still illegal in most of the world.
Do you really think Aqua Lab wants to take a coin named Cannabis coin? Or Kush? Or Pot? Maybe 420, but that has a negative connotation to it too. "Bitcoin" doesn't. Naming is such an important part of building a business. Calling something you want to be legitimate the most illegitimate name you can think of is not going to get you into dispensaries. They have enough problems taking dollars as it is with the current federal laws.
Now, in about a year that's going to change even more. We're going to see more legal zones popping up. I think that the same technology that allows a dispensary to take Bitcoin can be applied to any currency. The problem is the inconvenience this creates. Why should I take ETH if it just means I have to spend more time to sell and/or manage that ETH?
Right now the problem is the legal issues. Can these be overcome? I think so, but not by a coin that associates itself with crack. Or by a dev that calls cannabis marijuana. (personal yet common pet peeve)
Kushcoin, well. Kush is at least a family of strains... I haven't looked at their plans, but if it doesn't include the coin being used for purchasing things other than cannabis online then it's useless. Cannabis users buy more than just cannabis. Just in the same category, there are vaporizers, rigs, pens, bongs, pipes, and papers. Not even considering things like extraction tools, butane, storage, mats, pics... I could go on all day. I'm not going to because I've been thinking about this long enough that I'm interested in learning how to develop it myself. I've probably said too much already.
I'd like to also point out that, by the logic presented in your post, all altcoins should give up. Every, single, one. Unless they wrote their codebase from scratch, I suppose.
tl;dr
You might be great and honest developers with a great coin, I know very little about dopecoin, but I strongly believe that the ticker would prevent it from being added to most dispensaries, if not all of them. Especially in a community that doesn't want to admit cannabis is a drug. I also strongly believe that you're wrong and that a cannabis-themed coin could be successful, but that we have yet to see it put into practice successfully.
